Valuation is the process of developing an opinion of value for real estate. It is fundamental and critical to decision making at all levels both locally and globally. 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 end user(s).
To this end, the faculty shall seek for the effective implementation of the goal and principles of valuation to equal international standard. 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.
Our core competence shall include
- Valuation of Land and Building for varying purposes
- Valuation for inclusion in company's balance sheet/financial statements
- Valuation for mortgage and lending by financial institutions
- Valuation of going concern businesses and business interests
- Valuation of individual trade related properties
THE GREEN BOOK PROJECT
The Faculty was saddled with the responsibility of producing the Nigerian Standard of Valuation - the Green Book. It is our determination to follow up with this project to seeing its final production and implementation (Kudos to our past leaders who midwifed the project). The localized version is to conform to the International Standard.
To serve as a platform for members of the institution to acquire and develop specialist knowledge and competence in the area of valuation (Land and Building)
1. Organize research and training programmes in the nature of seminars and workshops that will cut across various branches of the institution.
2. To continue and complete the production and implementation of the Green Book Project.
3. To enlightened members on the relevance and use of the Green Book.
4. To engage members (using the various platforms) in educative discourse that are germane to the professionalism of valuation.
5. To continue in the defense of incursion of other professionals into our already preserved Valuation Practice.
6. To ensure international best practice in the area of valuation delivery.
7. To continually post, relevant educative materials on the available platforms for members to study and digest as well as add up to their library.
8. To collect Valuation Data across the nation for the purpose of preparing Valuation Data Bank.