I forward herewith a copy of the NIESV Green Book for our review.
Kindly send your comments/views as may be appropriate to the NIESV
Secretariat on or before 30th of April, 2017.
Dr. Bolarinde J. Patunola-Ajayi, FNIVS, FRICS, Th.D President - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - DRAFT OF THE NIGERIAN VALUATION STANDARDS (THE GREEN BOOK)
1. Valuation is fundamental and critical to decision making in the global economic and social landscape. In order to enlist the confidence and trust of members of the general public, business institutions and government in valuation, it is necessary for valuers to be consistent, objective and transparent in handling valuation assignments. Adequate knowledge, training, exposure, experience, skills and upholding ethical standards are equally of primary importance to giving unbiased opinion of value, which is as important as chronological, concise and unambiguous valuation reporting for final the user(s).
2. Globally recognised high level valuation principles and definitions are now embodied in the International Valuation Standards (IVS) published by the International Valuation Standards Council (IVSC). ESVARBON and NIESV are ardent supporters and adopters of the universally recognized standards in Valuation, who also supports the global adoption of same.
3. But acceptance of global standards alone is not enough. Effective implementation is also necessary. If confidence and public trust in the valuation process is to be achieved, standards must not only be uniformly interpreted and consistently applied but also actively monitored and enforced.
4. The foregoing is the rationale for the introduction of this Nigerian Valuation Standards, to be known and referred to as the ‘Green Book’. The Green Book formally recognises and adopts the IVS by requiring members to follow them. It also complements the IVS by providing detailed guidance and specific requirements concerning their practical implementation.
5. This approach is reinforced by the Nigerian Professional Standards (NPS) regarding ethics, skills and conduct; and is assured by a well-established system of regulation and by progressive introduction of a system of practising valuer registration.
6. The aim is simply stated - it is to engender confidence in, and to provide assurance to, clients and recognised users alike, that a valuation provided by an ESVARBON registered valuer anywhere in the the Federal Republic of Nigeria will be undertaken to the highest professional standards overall...
Document forwarded for Review and Comments
ESV. Dr. B. J. Patunola - Ajayi (FNIVS, FRICS, Thd) President