Valuers seek re­spon­si­bil­ity in fight against cor­rup­tion

Daily Trust - - PROPERTY - By Ben Atonko

Fight against cor­rup­tion can be more suc­cess­ful if the Nige­rian In­sti­tu­tion of Es­tate Sur­vey­ors and Valuers is made part­ner in the strug­gle.

Speak­ing at the open­ing of the 2015 Manda­tory Con­tin­u­ing Pro­fes­sional De­vel­op­ment Sem­i­nar in Abuja last Thurs­day, Na­tional Chair­man Nige­rian In­sti­tu­tion of Es­tate Sur­vey­ors and Valuers, Elder Wil­liams Oruka Odudu re­minded the gath­er­ing that only Es­tate Sur­vey­ors and Valuers are em­pow­ered by law to value as­sets.

He called on the Bureau of Pub­lic Pro­cure­ment to en­sure that non reg­is­tered valuers are not al­lowed to do jobs.

Odudu tasked the Code of Con­duct Bureau (CCB) say­ing, it’s not enough to de­clare as­sets. Reg­is­tered valuers must be en­gaged to ver­ify the doc­u­ments and value of the de­clared as­sets, adding that by this, valuers can be use­ful in the fight against cor­rup­tion.

He charged valuers to do val­u­a­tion based on the set tem­plate as val­u­a­tion out­side that will not be ac­cepted.

Also speak­ing, Chair­man, Nige­rian In­sti­tu­tion of Es­tate Sur­vey­ors and Valuers, Fed­eral Cap­i­tal Ter­ri­tory (FCT) Branch Mr Em­manuel Alao noted that overde­pen­dence of Nige­ria on rev­enue from oil sec­tor has caused much harm to the coun­try’s econ­omy.

There­fore, re­sort­ing to land resources as rev­enue and fix­ing the loop­holes in real es­tate tax­a­tion will help Nige­ria.

He said suc­cess­ful, should to con­sid­er­a­tion

for this to be gov­ern­ment have more

for es­tate sur­vey­ors and valuers be­cause “We’re well versed with the rel­e­vance of taxes es­pe­cially on landed prop­erty which is a ma­jor source of rev­enue of gov­ern­ment rev­enue any­where in the world.”

Alao who noted that since 1970’s, over 80 per­cent of an­nual rev­enue of the three tiers of gov­ern­ment comes from oil hailed the es­tab­lish­ment of the FCT Board of In­ter­nal Rev­enue say­ing it will tackle the sev­eral gaps in a num­ber of col­lectable taxes cre­ated by the First In­land Rev­enue Ser­vice (FIRS).

He said though prop­erty tax is hard to avoid be­cause it is vis­i­ble and im­mov­able, it is not ex­ploited to its fullest ex­tent due to weak­ness in prop­erty as­sess­ment and ad­min­is­tra­tion.

Theme of the sem­i­nar was: Al­ter­na­tive Rev­enue Gen­er­a­tion for Na­tional De­vel­op­ment: The Rel­e­vance of the Es­tate Sur­vey­ors and Valuers.

The meet­ing was av­enue to re­train es­tate valuers as well as ven­ti­late an over­view of the im­por­tant in­ter­ven­tions of the pro­fes­sion in na­tion build­ing.

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