ESVARBON in talks with stakeholders over valuation standards, new adhesive stamps
To ensure that quality services are rendered to the public in-line with global best standards, the Estate Surveyors and Valuers Registration Board of Nigeria (ESVARBON) has begun discussions with key stakeholders on the new mechanisms being adopted to enhance professionalism.
As part of the move, ESVARBON, a federal government agency that regulate estate surveyors and valuers, last week met with firms and organisations such as the foremost real estate firm, Knight Frank, the Institute of Chartered Accountants of Nigeria (ICAN) the Chartered Institute of Bankers of Nigeria (CIBN) and the Financial Reporting Council of Nigeria (FRCN).
The agency is seeking collaboration on its new rules and standards, which demands that real estate transaction/documents including valuation/appraisal reports for individual and private sector organisations, letter of offer, arbitration, mediation and independent experts awards, property and facilities management control and agreement, project management, agreement and reports, auction agreement and notices, agency agreement sales and letting and compensation indemnity certificates must carry the new adhesive stamps
Speaking during the meetings and visits, the Chairman of the board, Sir Nweke Umezuruike who led the delegation explained that as the regulator of estate surveying and valuation profession in Nigeria, the tour was necessary to intimate organisations and other key stakeholders in the profession on current efforts to ensure that practitioners deliver standard services to clients.
Umezuruike told the heads of organisations and agency that the mechanisms designed to enhance professionalism include, the improved adhesive stamps for better regulation/control in the overall practice of the profession, establishment of a regulatory compliance and enforcement unit and the introduction of the Nigerian valuation standards otherwise called, ‘The Green Book’.
The chairman declared that the green book is a valuation practice document aimed at ensuring consistent high standards of valuation practice among valuers in Nigeria stressing that it’s a product of local and international collaborations with key stakeholders in the valuation profession.
“The reason for the improvement in the form and application of the adhesive stamps to its varied uses is to enhance better regulation. The stamp has become operational from January 2019 and will be used simultaneously with the old adhesive stamps until the end of June, when the use of the old stamp will be discounted.
ESVARBON is determined to fulfill it’s mandate as provided in Section 2 of it’s enabling Act and no stone shall be left unturned in achieving the mandate. We seek the cooperation and collaboration of your council in ensuring that we have regular feedbacks and valuable inputs into our regulatory works”, he stated.
Addressing the team at the Knight Frank real estate firm in Lagos, the Chief Executive Officer, Albert Orizu said the introduction of the improved stamp and other initiatives are notable efforts that would boost standards and international competitiveness in the profession.
He commended the board for reducing the cost of the stamp, as it would be easy for members to purchase.
The firm however raised concerns on non-uniformity of scale of professional fee charges and tasked the board to do a review of the system.
While receiving ESVARBON members at the Chartered Institute of Bankers of Nigeria office in Lagos, the President/Chairman of Council, Mr. Uche Olowu stressed that professionals in the Nigerian economy must make it work because the nation remains the next frontier for rapid economic development in Africa.
According to him, the introduction of adhesive stamp for practitioners in real estate speaks volume to commitment to quality service stressing that standard is key for people not to mess up the profession.
Olowu said CIBN is the appropriate channel to reach out to bankers and expressed readiness to work with ESVARBON to fulfill the set mandates.
“On our part, we have three core mandates, which include regulating the standard of those seeking to do banking, capacity building for members and advocacy. We set up committee of practice to make sure that knowledge is passed on to the young ones”, he stated.
President, Institute of Chartered Accountant of Nigeria, Rasak Jaiyeola described the role of estate surveyors and valuers in any nation as critical to economic growth.
He lauded the association for initiating the idea of standardizing the profession through various measures.
Jaiyeola charged them to provide a platform for accountants whereby they could learn the use of the Green Book as well as advise them to consider a review of scale of professional fee charges to encourage patronage from government.
At a visit to the Executive Secretary/Chief Executive Officer, Financial Reporting Council of Nigeria (FRCN), Mr. Daniel Asapokhai, he lauded the board for attaining membership of the International Valuation Standard Council (IVSC), a global standard setting board for valuation practices.
Speaking on the green book, he admonished ESVARBON to ensure that practitioners imbibes rules contained in the document and encourage members who wants to do valuation for financial reporting purpose, to register with the Financial Reporting Council of Nigeria.
Asapokhai also charged to strive toward making sure that funding for its activities is sufficiently independent of the profession, which it regulates.