Key stakeholders played a key role in the new stamp unveiled to enhance professionalism in the sector, the Estate Surveyors and Valuers Registration Board of Nigeria (ESVARBON) Sir Nweke Umezurike has said.
He said the measures were geared towards catching up with the global trend.
He recalled the excitement that greeted the introduction of adhesive stamp in valuation reports, especially by banks, other financial institutions and corporate bodies.
He added that this enthusiasm spurred the association to introduce the adhesive stamp.
Umezurike spoke when he met officials of the Institute of Chartered Accountants of Nigeria (ICAN), the Chartered Institute of Bankers of Nigeria (CIBN), the Financial Reporting Council of Nigeria (FRCN) and one of the oldest real estate firm, Knight Frank in Lagos.
Umezurike explained that the new stamp is personalised with the practitioner’s name and seal or registration number and easier to use with security features to avoid cloning and counterfeiting.
He said It became operational from January 1, this year, and wousld be used simultaneously with the old stamp until June ending, when the the old stamp would be phased out, he added.
On how to confirm the authenticity of the stamp the ESAVARBON chief said the new stamp is bright blue and aesthetically pleasing. On the documents that must carry the stamp, he said they are are valuation/appraisal reports-individuals and private sector organisations; letter of offer; arbitration, mediation and independent experts awards; project management, agreement and reports. Others are property and facilities management control and agreement; auction agreement and notices; agency agreements for sales and letting, and compensation indemnity certificates.
Sir Nweke said as a regulator, the tour was necessary to intimate organisations and other key stakeholders on efforts to ensure that practitioners deliver standard services to clients.
Umezuruike said the stamp would better regulation/control in the practice of the profession; establish a regulatory compliance and enforcement unit and the introduce the valuation standards otherwise called, ‘The Green Book’.
According to the chairman, the document is aimed at ensuring consistent high standards, stressing that it’s a product of local and international collaborations with key stakeholders in the profession.
On the reason for its continued value enhancement, he said: “The reason for the improvement in the form and application of the adhesive stamps to its varied uses is to enhance better regulation. The stamp has become operational from January 2019 and will be used simultaneously with the old adhesive stamps until the end of June, when the use of the old stamp will be discounted”.
According to him ESVARBON is determined to fulfill it’s mandate as provided in Section 2 of it’s enabling Act and no stone shall be left unturned in achieving the mandate. We seek the cooperation and collaboration of your council in ensuring that we have regular feedbacks and valuable inputs into our regulatory works”, he added.
Addressing the team at the Knight Frank real estate firm in Lagos, the Chief Executive Officer, Albert Orizu, said the introduction of the stamp and other initiatives were notable efforts that would boost standards and international competitiveness.
He commended the board for reducing the cost of the stamp, saying it would be easy for members to buy.
The firm, however, raised concerns over non-uniformity of scale of professional fees and tasked the board to review the system.
While receiving ESVARBON members, the Chartered Institute of Bankers of Nigeria (CIBN) President/Chairman of Council, Mr. Uche Olowu, stressed that professionals in the economy must make it work because the nation remains the next frontier for rapid economic development in Africa.
According to him, the adhesive stamp speaks volume to commitment to quality service, stressing that standard is key for people.
Olowu said CIBN is the appropriate channel to reach bankers and expressed its readiness to work with ESVARBON to fulfill its mandate.
“On our part, we have three core mandates, which include regulating the standard of those seeking to do banking, capacity building for members and advocacy. We set up committee of practice to make sure that knowledge is passed on to the young ones,” he stated.
Institute of Chartered Accountant of Nigeria (ICAN) President, Rasak Jaiyeola said estate surveyors and valuers are critical to growth.
He lauded the association for standardising the profession.
Jaiyeola charged them to provide a platform for accountants, where they could learn the use of the Green Book as well as advise them to consider a review of scale of professional fee charges to encourage patronage from the government.
During a visit to the Financial Reporting Council of Nigeria (FRCN), its Executive Secretary/Chief Executive Officer, Mr. Daniel Asapokhai, lauded the board for attaining membership of the International Valuation Standard Council (IVSC), a global standard setting board for valuation practices.
On the green book, he admonished ESVARBON to ensure that practitioners practise the rules in the document and urge those who want to do valuation for financial specialise to register with the FRCN.