The Nigerian Institution of Estate Surveyors and Valuers (NIESV), Lagos Chapter, has warned that Nigeria may be sitting on more than $300 billion in “dead capital” tied up in undocumented real estate, abandoned public projects and underutilised government assets.

Chairman of NIESV Lagos Chapter, Tosin Kadiri, raised the concern during the institution’s 2026 Valuation Day celebration held in Lagos with the theme, “Unlocking Nigeria’s Wealth: How Valuation Builds Our Prosperity.”

Kadiri said despite Nigeria being richly endowed with assets, the country remains financially constrained because a large proportion of properties and agricultural lands are outside formal valuation and documentation systems.

According to him, more than 70 per cent of properties in Nigeria remain untitled and lack professional valuation, making it difficult for property owners and governments to unlock their true economic value.

He explained that trillions of naira remain trapped in informal markets where assets cannot be effectively taxed, insured, mortgaged or used as collateral due to the absence of verified valuation records.

“Nigeria is asset-rich but unfortunately cash-constrained despite over $300 billion in dead capital stocked in undocumented real estate, abandoned government projects and state-owned enterprises that cannot be leveraged for the country’s economic growth,” he said.

Kadiri noted that while Nigeria’s real estate sector continues to expand, much of the wealth generated within the sector remains invisible to the formal economy because transactions are often driven by speculation instead of professionally verified market data.

“We are sitting on trillions of naira in real estate, yet much of the wealth is locked in untitled land, undervalued properties and informal markets, where price is based on rumour, not evidence because professionals are not engaged in the exercise,” he stated.

He described valuation as a critical tool for unlocking economic prosperity, stressing that sustainable economic growth cannot be achieved on undocumented assets.

“Valuation is the key to unlocking this wealth. You cannot tax it, mortgage it, insure it, compensate for it or invest in it if you do not know what it is worth,” Kadiri said.

According to him, Nigeria’s economic future should not depend solely on oil revenues but also on unlocking the value embedded in land and buildings across the country.

He urged federal and state governments to strengthen asset valuation systems as part of wider economic reforms aimed at boosting internally generated revenue and attracting investment into the property sector.

Kadiri also called on estate surveyors and valuers to uphold professional ethics, embrace technology and strengthen research and capacity development to improve public confidence in the profession.

“I also call on government agencies, financial institutions, developers, corporate organisations and the general public to engage only qualified and registered Estate Surveyors and Valuers for valuation assignments,” he added.

He explained that proper valuation could transform dormant property assets into economic capital capable of supporting entrepreneurship, job creation and business growth.

According to him, properly valued properties in areas such as Surulere, Lagos, or parcels of land in Epe could serve as bankable collateral for small businesses and entrepreneurs seeking access to financing.

Kadiri, however, warned that weak market data, poor public awareness, unregulated practices and limited technology adoption continue to undermine the growth of the valuation profession and Nigeria’s broader real estate market.

“Every thriving economy depends on reliable valuation systems. Valuation remains a key driver of economic confidence and market stability,” he said.

Also speaking at the event, immediate past Chairman of NIESV Lagos Chapter, Gbenga Ismail, described valuation as a vital decision-making tool for both governments and investors.

“Valuation helps government know the true worth of assets and supports informed decision-making. It also reduces disputes because all facts are professionally established,” he said.

Senior Partner at AkinAbraham & Associates, Akinropo Abraham, said proper valuation has become increasingly important amid rising inflation and exchange rate volatility.

He warned that the absence of professional valuation continues to encourage under-reporting of assets and revenue losses for government.

According to him, over 95 per cent of residential and agricultural lands across Nigeria still lack formal valuation records.

A Fellow of the institution, Oladele Olanrewaju, also cited disputes surrounding the Lagos-Calabar Coastal Highway project as an example of the consequences of poor valuation planning.

He argued that involving professional valuers at the early stages of major infrastructure projects would help reduce compensation disputes and legal conflicts between affected communities and government agencies.

“With our professional training as Estate Surveyors and Valuers, we would have inspected and worked out values agreeable to all parties,” he said.

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The Estate Surveyors and Valuers Registration Board of Nigeria has reinforced its stance on professional ethics, warning that strict disciplinary measures will be applied to practitioners whose actions undermine public trust in the real estate sector.

Speaking during the board’s 50th anniversary celebration, Acting Chairman, Terzungwe Dugeri, emphasised a zero-tolerance policy for unethical conduct, stressing that safeguarding integrity remains central to the profession’s credibility.

The event, which also featured the induction of 420 new estate surveyors and valuers, marked a milestone in the board’s history since its establishment in 1975. Dugeri noted that the latest intake brings the number of registered professionals to 7,954 but warned that the sector still faces a manpower gap relative to Nigeria’s expanding property market.

He urged newly inducted members to uphold professional standards and adapt to emerging trends, particularly the growing influence of technology and artificial intelligence in real estate practice.

According to him, clients are becoming increasingly tech-driven, and failure to meet evolving expectations could erode confidence in professional services.

In a keynote address, former ESVARBON chairman, Nweke Umezuruike, reviewed the board’s performance over the past five decades, acknowledging progress while pointing to lingering structural challenges.

He commended efforts to promote indigenous valuation standards and collaboration with the National Universities Commission in standardising estate management education. He also highlighted partnerships with the Nigerian Institution of Estate Surveyors and Valuers in conducting professional examinations.

However, Umezuruike raised concerns over gaps in institutional record-keeping, recurring leadership conflicts, weak enforcement of disciplinary measures, and funding limitations largely dependent on practitioners’ contributions.

He called for reforms, including improved leadership structures, expanded academic programmes, and increased financial support from key users of valuation services such as financial institutions, the judiciary, and anti-corruption agencies.

Also addressing the inductees, Chairman of the Board of Trustees of NIESV, Austin Otegbulu, stressed the importance of diligence and accountability in professional practice.

He warned that negligence could expose practitioners to legal liabilities, urging them to prioritise accuracy and ethical conduct in valuation work.

Otegbulu further noted that the profession is evolving toward data-driven analysis, sustainability, and environmental valuation, adding that only practitioners grounded in competence and integrity will remain relevant.

As the sector continues to expand, stakeholders say strengthening ethical compliance and professional standards will be critical to sustaining trust and driving growth in Nigeria’s real estate industry.

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The Estate Surveyors and Valuers Registration Board of Nigeria (ESVARBON) has said that Nigeria can significantly reduce insecurity if government and stakeholders adopt smarter, technology-driven land management systems nationwide.

Speaking at the board’s 2025 Annual Valuers Assembly in Lagos with the theme, “50 Years of Regulatory Excellence: Golden Legacies and Brighter Tomorrow,” former Chief of Army Staff, Lt. Gen. Tukur Buratai (rtd), said that poor planning, unchecked slum expansion, and weak land administration have contributed to urban crime and instability.

Buratai noted that many Nigerian cities are still characterised by unplanned settlements that lack roads, drainage systems, recreational spaces, schools, and essential public infrastructure—conditions that fuel insecurity.

He said liveable, organised urban environments naturally deter criminal activities because they promote healthier living conditions and stronger community structures.

According to him, estate surveyors and valuers are central to tackling the problem because they help governments and communities design, regulate, and maintain orderly land-use systems.

“Government cannot deliver safe and liveable cities without the input of estate surveyors and valuers. When communities are properly laid out—with roads, pavements, schools, markets, hospitals, recreation centres—people live better and crime reduces,” he said.

The Acting Chairman of ESVARBON, Prof. Terzungwe Dugeri, said that regulating the profession has become even more critical in a globalised, tech-driven world.

He warned that as the economy transforms, surveyors are frequently pressured to compromise standards, making ethical regulation essential.

He stressed that the board is adopting digital tools, virtual platforms, and modern technologies to strengthen monitoring, registration, and quality control.

“Technology has changed our practice. We must embrace it while upholding the highest ethical standards. All eyes are on estate surveyors and valuers,” he said.

Also speaking, the Registrar of ESVARBON, Janet Shehu, emphasised that practitioners must fully embrace digital transformation, including artificial intelligence, to remain relevant and deliver accurate, transparent services.
She said the board expects strict adherence to ethical codes as it works to modernise the profession and support national development.

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