Complying with IVS will attract foreign trust in Nigerian valuers -Prof Udo

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By Moses Adeniyi

Estate Surveyor and Valuation Expert, ESV Professor Godfrey Udo has applauded the adoption of the International Valuation Standard (IVS) constituted in the Green Book as new standards for surveyors and valuers in Nigeria, stating that it will build the trust of foreigners in Nigerian valuers.

The don, a Professor of Estate Management, University of Uyo, said that the new standards will ensure a conformity to best global standards that will build confidence in the professional services of Nigerian valuers.

He added further that with the new development, clients can now be supplied with information and details on how valuers arrived at their valuation of properties and assets.

According to him, “It’s not really a departure from past practices, it’s just a conformity to the standard that is international, so that foreigners can now trust our valuation that it conforms to International Standards.

“Once foreign countries know that we adhere to strict International Standards of the practice, then they can trust the valuation that our valuers do because there are certain procedures that you must follow from accepting a brief to doing a valuation, and the kind of disclosures that you have to give in the process of carrying out the valuation, until you draw your recommendations.

“There are certain internationally accepted procedures that have to be followed; we must conform to that and our clients also need to know that. Our clients have the right to ask some certain questions and to get an answer to them.

“For example if a client wants to know the procedure by which you arrived at a particular value, or valuation, you are obliged to serve the client how you arrived at that; and those are internationally acceptable practices.

“Telling the client how you arrived at a particular valuation, then you will be able to do it successfully; but at least you will know the considerations that you have given.”

Being a member of the Professional Practice Committee of ESVARBON, he said that the board is currently putting training and monitoring measures in place to ensure strict compliance to the new standards contained in the Green Book.

He said, “The training and the updating of training; that is, the Continuous Functional Development of Estate Surveyors in the country is the responsibility of the Board (ESVARBON), because the Board has to make sure that everybody practicing the profession is competent and now that we have the Green Book, there has been a training for all Surveyors in the country on how to use the content of the Green Book and how to comply with it.

“Along with that, there is a Compliance Unit in the Board and the duty of the Compliance Unit and the Compliance Officer in the Board is to make sure that surveyors within the country comply with standard.

Speaking on the measures of sanctions to ensure strict compliance, he said that “If we find out that there is anybody who doesn’t comply, then we will sanction the person or make sure we find a way to ensure he complies by attending the training and then meeting certain standards in his practice.

“The mode of the sanction will depend on the infractions or whatever the noncompliance issue is. We are not thinking of taking away your license unless we find out that you are engaging in conducts that are not in the interest of the public; because once you begin to do things that are not in the interest of the public; not just to your clients, someone like that is considered dangerous and people like that will have their licenses withdrawn but those are extreme cases.

“However, before that is done in anyway, of course, we have procedures and those procedures will be followed.”

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