The Financial Reporting Council (FRC) of Nigeria has called on estate surveyors and valuers to maintain high standards of integrity, professionalism, and value creation, highlighting their pivotal role in national development and the growth of the real estate sector.
Speaking during the induction of 539 new members of the Nigerian Institution of Estate Surveyors and Valuers (NIESV), Executive Secretary/CEO Dr. Rabiu Olowo emphasized that modern valuation extends beyond technical assessment.
It now carries significant implications for investors, lenders, regulators, development partners, and ordinary citizens, influencing economic welfare and financial decision-making.
“As part of the national infrastructure supporting investment, you must protect public interest, guide government policies, enhance corporate accountability, and shape the credibility of financial reporting,” Olowo said.
He further highlighted the collaboration between FRC and NIESV, citing the Valuation for Financial Reporting Regulation as a landmark initiative aimed at improving valuation practices within Nigeria’s financial ecosystem.
Integrity and Continuous Learning Key for Professional Growth
Olowo urged inductees to embrace lifelong learning, rigorously document assumptions, challenge unreliable information, and avoid conflicts of interest. He stressed that valuation reports carry legal, financial, and reputational weight, affecting loans, investments, mergers, acquisitions, insurance claims, government asset management, and court decisions.
Supporting this view, Umar Kwairanga, Group Chairman of NGX, noted that accurate valuation, transparency, and guidance are pillars of financial stability, and integrity must remain the foundation of practice to inspire investor confidence.
NIESV President Kunle Alonge encouraged members to focus on knowledge acquisition and professional development, urging them to go beyond ordinary practice and make impactful contributions to society.
Special guest, Bisi Onasanya, Chairman/CEO of The Address Homes Ltd, reinforced the importance of hard work, resilience, and commitment to learning, commending NIESV’s leadership for driving ethical and professional standards in real estate valuation.
