Contemporary property surveyors and valuers who have been inducted into the membership of the Nigerian Establishment of Property Surveyors and Valuers (NIESV) lately have been advised that their work has actual penalties for traders.
The professional, Rabiu Olowo, government secretary/CEO of the Monetary Reporting Council (FRC) of Nigeria, added that there are additionally penalties for companies, regulators, lenders, growth companions, and the abnormal citizen whose financial welfare is affected by the selections that their stories will affect.
Olowo spoke on the establishment’s 2025 Membership Induction Ceremony in Lagos, with prime business and regulatory leaders, the place 539 new professionals inducted have been charged to uphold integrity, deepen competence, and assist rid the sector of quacks.
The occasion, themed “Transition to Skilled Membership: Upholding Integrity and Creating Worth By means of Service Supply,” introduced collectively key figures from the actual property, finance, and regulatory ecosystem.
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Olowo described the induction as “a particular second not just for NIESV however for the whole monetary reporting system in Nigeria,” stressing that valuation now occupies a central place within the nation’s financial structure.
“As you be a part of the fold of registered professionals, you will need to perceive that valuation in at present’s Nigeria is not a slim technical operate,” Olowo mentioned.
“Your work has penalties, actual penalties for companies, regulators, traders, lenders, growth companions and the abnormal citizen whose financial welfare is affected by the selections that your stories will affect.”
Olowo disclosed that the FRC and NIESV had accomplished a landmark Valuation for Monetary Reporting Regulation, which is now awaiting ministerial approval. The regulation, he mentioned, will get rid of unregistered valuers and implement strict compliance.
“We’re becoming a member of forces with you to make sure that no unregistered member, no quack, could have any alternative to take from this occupation any longer,” he mentioned. “Poor valuation means poor reporting, and poor reporting will result in systemic threat.”
Earlier, Victor Alonge, NIESV president and chairman of council, charged the brand new members to “carry the values of integrity, diligence and excellence” as they enter full skilled follow, reiterating the establishment’s dedication to stronger collaboration with regulators just like the FRC.
Additionally talking, chairman of the Day, Umaru Kwairanga, group chairman NGX Group, praised the establishment for sustaining excessive requirements and known as on new members to differentiate themselves in an more and more aggressive sector.
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“You could uphold the ethics of the occupation and justify the arrogance the general public locations in you,” he mentioned.
In his remarks, particular visitor of honour, Bisi Onasanya, chairman/CEO of The Deal with Properties, urged the inductees to take possession of the actual property business by elevating their requirements and pushing out quacks.
“There are a lot of individuals who wish to step into your occupation however who’re quacks,” he mentioned. “Should you step up your recreation, you may block that loophole and ensure the distinction may be very clear. It isn’t only a recreation of promoting; professionalism is essential.”
Onasanya, who recounted his transition from banking to actual property, described the sector as “top-of-the-line industries to be in,” including that success requires self-discipline, id, and exhausting work. “There isn’t any substitute for exhausting work,” he advised the inductees. “Your id needs to be clear, and your integrity have to be constant.”
