Business
Expert Tasks Surveyors On Global Best Practices
Stakeholders in the real estate sector have called for the implementation of international standards in their business.
They make the call at this year’s conference of the Nigeria Institution of Estate Surveyors and Valuers (NIESV), Lagos State chapter, with the them; E- Standardisation of valuation reports in Nigeria.
Senior Partner/Chief Executive Officer of Nelson Thorpe Alonge Chartered Surveyors and Estate Valuers, Victor Alonge said estate valuers worked in a market that “shadows” other investments.
He said the regulations and methods of property valuation were a subject of interest in and outside the profession, particularly during recession when property values fall.
This, he said, was justified based on the key role valuation plays in ensuring financial stability.
Alonge said in the absence of any standards, valuers had a lot of “flexibility” in calculations and approaches.
“It is the exercise of this unguided ‘flexibility’ by valuers that results in negligent property valuation practices with accuracy and integrity issues,” he noted.
He said it was not surprising that appropriate valuation standards and their regulations had become vital to promoting and sustaining public confidence in the profession.
Uniform valuation standards, he further explained, help to reduce investment risks, boost financial reporting and provide an approach to portfolio and asset valuation.
He, however, warned that the failure to capture the value of underlying assets of private and public sector entities could have severe global consequences not only for investors and shareholders, but also for the public.
“Valuation underpins financial decisions and forms the basis of a range of market activities. It is, therefore, important that valuation is recognised as a coherent and skilled profession. The profession must, however, continue to ensure that it is fit for future challenges,” Alonge said.
He noted that property business underpined a major proportion of financial decisions. This is why the valuation report of a property is one of the most-important requirements that guide decision-making in selling a property, he said.
To achieve this, Alonge said valuation reports helped to evaluate the property, and the buyer, and the seller, in understanding its market value.
“A valuation report thus helps the parties in negotiating the price to be paid for the property. Also, if you are getting a loan from a bank to purchase a property, you will have to submit a report to the bank. This is required by the bank to ensure that even if the loan amount is left unpaid, the outstanding amount is covered by the value of the property,” the chartered valuer said.
Property valuations are, he went on, commissioned for the following reasons: to understand the difference between value and price, make an objective assessment of the asset; remove personal attachment from decision making and prevent funding shocks, among others.
“Payment of tuition fees for undergraduate/postgraduate studies shall be subject to a maximum limit of $25,000.00 per semester,” the Manual states.
The expansion of international card limits also reflects growing confidence among lenders that foreign exchange liquidity has improved enough to support retail dollar transactions.
Speaking recently at the BusinessDay 14th Annual CEO Forum in Lagos, CBN Olayemi Cardoso, governor of the CBN said buying and selling activities now increasingly determine outcomes in the foreign exchange market, unlike in the past when market participants relied heavily on routine Central Bank interventions.
According to Cardoso, Nigeria’s net foreign exchange reserves have risen from just over $3 billion at the start of the reform programme to more than $40 billion, while gross reserves have climbed to about $52 billion, providing stronger confidence for investors and enabling the Central Bank to reserve interventions for periods of market stress rather than day-to-day liquidity management.
The restoration and expansion of international naira card spending limits are increasingly being seen as one of the clearest signs that the benefits of the CBN’s foreign exchange reforms are beginning to reach households, students and businesses making legitimate cross-border payments.
The Secretary-General and Chief Executive Officer, WEC, Dr Angela Wilkinson, disclosed this in a statement, last Thursday.
“Nigeria’s participation comes at a pivotal time as the country seeks to expand energy access, strengthen energy security, accelerate gas development and mobilise the capital required for industrialisation and sustainable economic growth.
“WEC Nigeria will convene leaders from across the energy ecosystem, apply the WEC’s globally recognised Energy Trilemma framework to Nigeria’s unique context, and promote evidence-based dialogue, practical collaboration and informed policymaking.
“It will also ensure that Nigerian and broader African perspectives contribute meaningfully to global energy conversations,” she said.
Wilkinson expressed confidence that Nigeria would play a significant leadership role at the World Energy Congress scheduled for Riyadh in April 2027 and beyond.
The statement also quoted the Chairman of WEC Nigeria, Isa, as describing the country’s participation as an opportunity to deepen national and African leadership within the global energy community through practical solutions tailored to regional development priorities.
He said the platform would promote collaboration across sectors and attract sustainable investments into Nigeria’s energy sector.
The Chief Executive Officer of WEC Nigeria, Wunti, was quoted in the statement as saying that the council would connect leadership, evidence and investment to build a secure, affordable and sustainable energy system.
“This system will be capable of driving economic growth and shared prosperity.”
According to him, the platform will also connect Nigerian institutions and businesses with international knowledge, technology, partnerships and investment opportunities through the World Energy Council’s global network.
Recall that WEC, founded in 1923, is the world’s oldest independent and impartial community of energy leaders and practitioners, advancing informed, collaborative and practical action across the global energy system.