Ugochukwu Nwora, the Head of the Directorate of Valuation Standards at the Financial Reporting Council of Nigeria, stated that the council has mobilized relevant professionals to develop valuation regulations for the country.
He disclosed this information at the Valuation Day organized by the Nigerian Institution of Estate Surveyors and Valuers, with the theme "Importance of Assets Valuation in Financial Stability", held recently in Lagos.
He observed that this regulation will be the first of its kind in Nigeria, and the council will unveil the exposure draft to the public before its launch in July. The valuation regulations will provide guidance to all professional valuers and firms in Nigeria. It is encouraged for professional valuers and firms to begin registering with FRC, especially for those who have not registered.
Nwora highlighted that the FRC would standardize and regulate submissions, ensuring consistency and adherence to asset valuation standards..
The Chairman of the Nigerian Institution of Estate Surveyors and Valuers, Lagos Chapter, Gbenga Ismail, stressed that the occasion aimed to advocate and raise awareness about the importance of valuation, asset management, and utilization.
He added that the institution aimed to persuade the government to acknowledge the significance of the process and make it an annual event.
Ismail emphasized that valuation was the critical factor driving the institute's advocacy to both the public and private sectors. He added that accurate projections needed endorsement, validation, and a proper valuation report to certify all assumptions.
Meanwhile, Abidemi Ojo, the Honorary Publicity Secretary of NSEIV, Lagos Branch, mentioned a disparity in the valuation reported over time.
