Realtors, American Society pact on valuation training
TO expose estate surveyors in Nigeria to the demand of appraisal procedures oversees, the estate surveyors and valuers practitioners in Nigeria, have struck a deal with the American Society of Appraisers (ASA).
The pact, it was learnt would create a platform for Nigerian practitioners to update their knowledge in valuation practices.
Though, known as valuation in Nigeria, international practitioners refer to it as appraisal to assess property, equipment, plant and other related businesses for valuation.
The two-week training, which was organised by Messrs Paul Osuji, of Paul Osuji &Co., estate surveyors and valuer, in conjunction with ASA, took place in Lekki Phase 1, and anchored by ASA past President, Leslie H. Miles Jr.
The programme dwelt essentially on Machinery and Equipment Valuation Methodology (MEVM), with sub-topics incorporated. These include; valuation process, approaches value, depreciation, installation (direct and indirect), machinery and equipment classification, among others.
Speaking on the essence of the training, Mr. Kelvin Ofili, an estate surveyor and valuer, said the training became imperative in view of dynamics going on internationally, as far as valuation was concerned. He noted that there are various disciplines that include, appraisal review and management, business valuation, machinery and technical specialities, personal property and real estate, among others.
“Conferences have being held annually in several places such as, Australia, India, Japan, Malaysia, and others that Nigerian Institute of Estate Surveyors and Valuers have been attending. This is to allow us to be accredited for international recognition, not only for certification, but also, to be registered as member of these international bodies, which NIESV is not averse to.
Osuji, in his explanation said valuation was compulsory in such areas like installations in oil and gas industry, aviation sector, real estate and such sundry businesses.
“Investors would want to know the values inherent in the business they want to put their money and who is in position to put them through than estate surveyors? We have the competence, because apart from domestic recognition, there are lots of international conferences we have been attending. We just returned from Japan where we attended conference on plant and machinery installations”.
Besides, Osuji argued that investments have no border, therefore, investment must be certified and accredited, because most of the investors want a certain standard that should not be compromised and that “we, Nigerians must keep to these acceptable standards”
He noted that an appraiser identifies and provides a value for various types of property. Appraisers fall under several categories, such as personal property, real property, machinery and technical specialties, appraisal review and management and so on.
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