Valuation of plant machineries, power Aassets, exclusive to estate surveyors not engineers —Expert

1
86

An expert in Real Estate Valuation, Professor (ESV) Godfrey Udo, has described the claim by Engineers that the valuations of plant machineries and assets of power industries are the prerogative of Engineers and not Estate Surveyors and Valuers, as a moot point.

Speaking exclusively to NewsDirect, the don who is a member of the Professional Committee of the Estate Surveyors and Valuers Registration Board of Nigeria (ESVARBON), averred that any fixture to land, be it manmade or not, is part of the characters of land which makes the Valuation of Plant machineries and other assets of power industries a prerogative of Estate Surveyors and Valuers.

He further expressed confidence that the ongoing mediation process designed to determine the tussle between the two professions will dance in favour of Estate Surveyors and Valuers.

Speaking on this note, he stated, “What I will like to narrow my discussion to the valuation process because at the moment now Engineers believe they are the only people that should value the plant machineries or the asset of Power industries and not Estate surveyors; but that is a moot point because when you really look at how land is defined, land includes fixtures on land.

He said, “Land is not just bare land, because anything that has been created as a permanent fixture, whether it’s man-made and is a fixture to land, it is land; which is why certain Chattels valuation is a different type of Valuation.

“The valuation of fixtures on land whether they are plants and machineries are all seen and are all within the purview of Estate Surveyors, but as it stands now there is an ongoing discussion between Estate Surveyors and Engineers of which the Ministry itself is mediating and I think we will like to wait until the outcome of that mediation.”

He, however, attributed the tussle to an offshoot of one of the effects of merging together the Ministry of Power, Works and Housing by the President Muhammadu Buhari led administration, recommending that more efficiency will be experienced if the Ministries are separated and operated differently.

He said, “I think in a country like ours where things are inefficient, we should try to create opportunities for efficiency and looking at that, Works should be separated from Housing and Power, so that you could allow for efficiency but if there are other overriding reasons to merge them, maybe it’s economic I do not know, but I don’t think it will result in efficiency for Works, Power and Housing.”

Commenting further on the effects of merging the three sectors, ESV. (A/Prof) J.A. Onyike averred that the Omnibus combination of the Ministries will not yield the expected efficiency that is required for the growth of the sectors.

He further recommended a decomposition stating that “If for purpose of cost that may not be possible, at least leave Power alone and keep Works and Housing together.

“By so doing each Ministers in these two Ministries, now will have more time to give to the Ministry in particular, because of their high level of importance in the economy. My explanation is that instead of this omnibus Ministry that didn’t work effectively, let us have at least two Ministries out of that omnibus combination; so that Power will be given its deserving attention, because economy can only move if Power comes to stay,” he added.

1 COMMENT

LEAVE A REPLY

Please enter your comment!
Please enter your name here