The Executive Secretary of the Financial Reporting Council of Nigeria (FRC), Dr. Rabiu Olowo, has called on newly inducted estate surveyors and valuers to maintain the highest standards of ethics, integrity, and professionalism as they begin their careers.
Dr. Olowo made the remarks at the recent induction ceremony for new members of the Nigerian Institution of Estate Surveyors and Valuers (NIESV) in Lagos, an event symbolizing the continuation of a long-standing tradition of excellence in the profession.
He urged the inductees to produce valuation reports that can withstand scrutiny from auditors, regulators, investors, and courts. “Valuation is dynamic. Markets evolve, standards change, and regulatory expectations shift. Continuous learning is crucial. Uphold ethics, avoid conflicts of interest, document assumptions rigorously, and challenge unreliable information,” Olowo said.
The FRC boss emphasized the importance of transparency and accountability, noting that estate surveyors play a critical role in national development. “Your assessments will influence decisions on loans, investments, mergers, insurance claims, and government asset management. Accuracy is compulsory, integrity is demanded, and negligence has consequences,” he added.
Dr. Olowo highlighted the significant investment by the FRC in building professional capacity, including the Nationwide Training Tour on Valuation for Financial Reporting, which engaged over 1,000 professionals across Lagos, Abuja, Port Harcourt, and Kaduna. The Council has also developed and distributed the Valuation for Financial Reporting Guide at no cost to professionals.
He noted that the Directorate of Valuation Standards within the FRC not only supports professional growth but also regulates valuation practices, ensuring compliance with standards expected of a modern, transparent, and credible economy.
Speaking on the partnership between the FRC and NIESV, Dr. Olowo said, “Our collaboration has produced the Valuation for Financial Reporting Regulation, a landmark framework that will soon become law. Compliance will be binding and essential for the acceptability of valuation reports in financial statements.”
Dr. Olowo concluded by reminding the new inductees that they are entering a profession that carries legal, financial, and reputational responsibilities. “You are becoming custodians of trust, and your work will shape decisions that impact the economy and public confidence,” he said.
