The Head of the Directorate for Financial Reporting Council of Nigeria (FRC), Ugochukwu Nwora, during the Nigerian Institution of Estate Surveyors and Valuers’ Valuation Day, themed “Importance of Assets Valuation in Financial Stability,” held in Lagos, said that the council has assembled professionals to provide detailed valuation regulations for the country.
He states that this complied with the instruction of Dr. Rabiu Olowo, the Executive Secretary, who said the valuation regulation should be out by July 31, 2024, at the latest.
Nwora stated, “This regulation will be the first of its kind in Nigeria. The council will showcase the exposure draft to the public before launching it in July. The valuation regulations will guide all professional valuers and firms in Nigeria. We encourage professional valuers and firms to register with FRC, especially for those not registered.”
The Head of the Directorate of Valuation Standards noted that the regulation submission’s essence is consistently adhering to standardized asset valuation.
He said, “We observe that everybody is just turning in reports, and there is no standardization. Hence, we aim to ensure that a reporting council regulates every work done and meets the asset valuation standard.
“We intend to get every valuation professional registered, and once this is done, we will not bring down the entire firm if there is any breach. We would identify the person who contravened and remove the FRC number of such a profession, meaning that such a person cannot practice anywhere in Nigeria.”
However, Gbenga Ismail, chairman of the Nigerian Institution of Estate Surveyors and Valuers, Lagos Chapter, said the occasion served as an awareness campaign on the importance of valuation, asset management, and utilization.
He further proposes that the government make valuation reports an annual event to help provide accurate reports and reject all assumptions about company worth, assets, investments, or financial position.
