International Valuation Day 2023 - President Address
ADDRESS BY THE PRESIDENT AND CHAIRMAN OF THE COUNCIL, NIGERIAN INSTITUTION OF ESTATE SURVEYORS AND VALUERS, ESV JOHNBULL OSARUMEN AMAYAEVBO, PNIVS, RSV,PSLC
ON THE 2023 INTERNATIONAL VALUATION DAY, FRIDAY, MAY 5, 2023
1. Distinguished Noble Colleagues, I am glad of the opportunity to address you on the occasion of the 2023 International Valuation day. More than rhetoric, we have taken a bold step to entrench Valuation and bring to the fore, clearly and convincingly its importance, role, financial and economic benefits. And so, on behalf of The Council, I am delighted to congratulate you on the crucial advocacy push of taking this key area of our Core Competence into the global space.
2. Valuation is key to making right economic and policy decisions. Once you get valuation wrong, so many other things will automatically go wrong, and of course, Estate Surveyors and Valuers are crucial to getting it right, which makes the theme for this year's celebration "Valuation: Key to decision making for asset and resource optimization" topical and appropriate.
3. The aim is to emphatically highlight the huge financial potentials and benefits embedded in valuation, centrality of valuation to making crucial decisions for merger and acquisition, purchase and sale of properties, mortgage, business expansion or finance, infrastructure development, litigation (claims),declaration of assets, real estate development and national economic wealth, especially when it is carried out professionally and appropriately.
4. No doubt, in today’s unstable markets and economy, there is need, more than ever before to instill in those who make decisions at the political and private levels the consciousness of valuation. There is need to remind policy and decision makers that accurate assets valuations form the basis of successful transaction strategies and most importantly, return on investment. It should also be pointed out that accurate and reliable valuation for informed decisions can only be obtained from Estate Surveyors and Valuers, the only professionals empowered by training and law to undertake valuation, to fix monetary costs on asset and/or responsible for the determination of economic worth of assets in all its ramifications.
5. Estate Surveyors and Valuers Registration Board of Nigeria (ESVARBON) Decree No. 24 of 1975, now (CAP E13 LFN 2004) recognises the practice of valuation as the sole prerogative of Estate Surveyors and Valuers. This should serve as enough warning to clients, organisations and end-users not to ever engage non professionals for valuation, the consequences of doing so could be huge and devastating. Non-Estate Surveyors and Valuers also should abide by the law and steer clear of valuation. We must continually state the position of the law.
6. Noble Colleagues, you will be required to use every available opportunity and platforms, including the social media handles to intimate individuals, organizations, communities and government at different levels the huge benefits of carrying out asset valuation and the right professionals to consult and engage. Sound the message eloquently, loudly and clearly that valuation is key to decision making for asset and resource optimization, for accurate policy and economic decisions, and implementation. Always remind them to consult the right professionals; Estate Surveyors and Valuers for valuation services and the dangers of engaging non professionals. Estate Surveyors and Valuers provide valuation or reasonable estimate in anticipation of sale/purchase to guide, and the area of reasonability is where professional competence and professional code which we offer comes in.
7. We are equipped with the skills and competence in line with globally acceptable standards for valuation and these are explicitly entrenched in the Nigerian Valuation Standards otherwise known as the Green Book. Unarguably, the application of these standards has greatly enhanced the quality of valuation services in Nigeria.
8. Sukant Ratnakar, CEO Quantraz Inc, a certified Management Consultant and Corporate professional in crafting business opportunities around the world said, "Professionalism has a universal culture, irrespective of language, religion or country."
9. Professionalism entails we embrace the best global practices and universal standard of practice. That is the only ground on which we would always be relevant and impactful. There is a saying that "you can only give what you have."
10. In other words, we must keep updating our skills and competencies, deliberate in learning and accessing the latest trends and technologies in valuation, understanding new valuation standards and methodologies and approaches to valuation to meet market requirements and expectations in as much as professionalism means incorporating "character, knowledge, and understanding in solving today's problems" according to Lucas D. Shallua, President at Mount Eagle College and University Winston-Salem, North Carolina, United States. These will help us grow to be sufficiently competent and prepared at all times.
11. The initiative which took off a year ago might be a bit late in coming, but we thank God it came and it has come to stay. We are on a campaign to tell the remarkable story of the extraordinary benefits of valuation, and we are going to tell the story with the passion and eloquence it deserves. With a more rigorous Advocacy, more awareness will be created, and many more organizations and individuals will embrace the fact that valuation is key to decision making for asset and resource optimization as well as other economic decisions for wealth creation and national development. Stakeholders will prioritize asset valuation and increase their patronage of professional Estate Surveyors and Valuers in the public and private sectors.
12. More importantly, we should step up efforts to get other countries adopt the initiative. Let us spread the message that valuation of assets underpins crucial economic decisions and wealth generation. Our aspirations for a world of prosperity, dignity and opportunity for all depend on it. Let us declare this loud and clear, and the time to do so is now. Until we achieve this feat, it remains unfinished business of our time.
13. I welcome you all to this landmark occasion and I urge you to come up with creative ideas, such that will help us to realize our objectives. It is my hope that this initiative will offer a fresh insight into the challenges in valuation, as well as producing a Roadmap to turning the challenges to national wealth and benefits. Please bear in mind that your support and cooperation would be needed at all times, and in every step towards reaching our goals.
14. Let me congratulate you all my dear Noble Colleagues once again, and most particularly the Professional Advocacy Initiative Group for coming up with this great initiative which would be complementing the regulatory efforts of the Board and the Institution.
15. Thank you all for being part of this great outing.
16. God bless NIESV !
God bless Nigeria!!
ESV Johnbull Amayaevbo PNIVS, RSV, pslc
President and Chairman of The Council