AMCON MD Challenges Board To Rid Estate Valuation Industry Of Quacks

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Post Views: 78 The Asset Management Corporation of Nigeria (AMCON) on Tuesday, February 5, 2019, expressed concern over the rate of quackery in the es...

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The Asset Management Corporation of Nigeria (AMCON) on Tuesday, February 5, 2019, expressed concern over the rate of quackery in the estate valuation sector, which it oftentimes makes it difficult to get proper asset valuation.
Receiving a delegation of the Estate Surveyors and Valuers Registration Board of Nigeria (ESVARBON), regulators of the sector in his Abuja office, Ahmed Kuru, chief executive of AMCON, urged his visitors to eliminate such quacks that litter every state of the federation as members.
Eliminating such impersonators, he continued is in the interest of AMCON, ESVARBON and the public, just as increased collaboration between both parties, which has become very necessary, given the critical role professionals in the sector play in asset sales for the corporation.
Kuru said this is needed at this time in the life of AMCON, given the pile up of assets, which AMCON has to sell to meet its mandate at the end of the day, adding that valuers are important in determining the worth of an asset.
“We therefore consider ESVARBON as key stakeholders in our recovery mandate and will always encourage this sort of interaction. That is why I have always said that conservativeness is very key in the valuation business because it is critical to how we (AMCON) go about the disposal of the assets we have in our portfolio.
We have always engaged your members and we will continue to engage them to handle our valuations and the reports they come up with affect our decisions. So, we will continue to work with ESVARBON because your job as estate valuers has both negative and positive impact on AMCON,” he stressed.
Responding, Sir Nweke Umezuruike, Chairman of ESVARBON, who led the delegation assured that everything is being done within its powers to ensure that only qualified and registered practitioners practice in the country.
He said ESVARBON under his watch recently introduced an improved Adhesive Stamp (AS) to separate quacks from professionals since January 1, 2019.
“The New Adhesive Stamp is personalised, with practitioners’ names and seal/registration numbers. It is easier to use, with security features to avoid cloning and counterfeiting. The new Adhesive Stamp have brighter blue colour and aesthetically well-pleasing. It does not have expiry date. The raison d’etre for the improvement in the form and its application to varied uses is to enhance better regulation and control in the overall practice of the profession,” he said.
Documents that must carry the new AS, he added, include Valuation/appraisal reports – individuals and private sector organisations; Letters of offer; Arbitration, mediation and independent expert awards; property and facility management control and agreement; project management agreement and reports; Auction agreement and notices; Agency (sales and letting) agreement and Compensation indemnity certificates.
Umezuruike also informed the AMCON boss that ESVARBON has also made a giant leap with its recent publication of the Nigerian Valuation Standards also known as the “Green Book,” which he described as the practice standards compendium. The publication, he said is the result of a collaboration between ESVARBON; International Valuation Standards Council (IVSC) and Royal Institution of Chartered Surveyors (RICS).
He agreed that Estate Surveyors and Valuers have enjoyed treasured professional relationship with AMCON. He said ESVARBON was aware of the key role of registered estate surveyors and valuers to the successful realisation of the statutory mandate of AMCON.
Through ESVARBON’s services to AMCON, both government agencies, he stressed, actually work for the economic development of the country.

Photo Caption: Sir Nweke Umezuruike Chairman, ESVARBON, (standing 6th from right); Ahmed Kuru, Managing Director, Asset Management Corporation of Nigeria (AMCON), holding a copy of the “Green Book;” Aminu Ismail, Executive Director, AMCON; Victor Alonge, Board Member, ESVARBON; Dr. Eberechukwu Uneze, Executive Director, AMCON; and Joshua Ikioda, Group Head, Resolution, AMCON; and other officials of both agencies in a group photograph at the end of the visit to AMCON in Abuja on Tuesday, February 5, 2019.

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