Weed out bad eggs, BoI urges surveyors

The Managing Director of the Bank of Industry, Mr. Rasheed Olaoluwa, has tasked the Nigerian Institution of Estate Surveyors and Valuers to fashion out a way to check the bad eggs among them to restore bankers confidence in valuation done by their members.

Olaoluwa said this in Osogbo on Thursday at the opening of the 45th annual conference of the NIESV.

The BOI boss said commercial and development bankers had been disappointed on many occasions after discovering a great disparity in valuation of property done by members of NIESV and value of the real assets.

Olaoluwa also charged estate surveyors and valuers to emulate the rest of the world by adopting the use of technology to advance their practice.

He said, “There are a number of bad eggs among your members. I want you to tackle this at this conference. As bankers, we rely on valuation done by estate surveyors and valuers but for example there are some property valued by some of your members at N200 million but when you see the property, their value is less than N50 million.

“The institution must also ensure that they go on along with the rest of the world because the rest of the world is going at a very fast rate. The institution must adopt technology to increase efficiency, reduce operation cost and to add value to their services.”

The President of NIESV, Mr. James Omeru, in his welcome address said estate surveyors and valuers were honest, devoted and patriotic and highly result oriented persons.

He stated that the theme of this year’s conference: “Urban regeneration as a catalyst for national development” was picked as a way of deliberating on how to proffer solution to environmental, social and infrastructural challenges facing urban centers in Nigeria. ”

Omeru advised the Federal Government as well as various states to appoint estate surveyors and valuers to head relevant agencies for better performance.