Asset Declaration: ESVARBON To Introduce Valuation Certificate

To forestall the incidence of false declaration of assets by politicians and other citizens, the Estate Surveyors and Valuers Registration Board of Nigeria is set to introduce a property valuation certificate in April.

This initiative, it said, was prompted by the trial of the Senate President, Bukola Saraki, at the Code of Conduct Tribunal.

Saraki is standing trial at the CCT for alleged infractions in his asset declaration forms submitted at the Code of Conduct Bureau.

The Chairman, ESVARBON, Mr. William Odudu, told journalists in Abuja on Tuesday that the new property valuation certificate would eradicate all forms of under valuation of assets as well as falsification of documents submitted at the CCB, stressing that the board was in talks with the CCT on the matter.

Odudu, who spoke on the sidelines of the launch of a book entitled: ‘Mekadolf Formulae for Real Estate Practice: The Valuation Approach’, said, “We are going to have a policy put in place by the regulatory body, that is the board, which will make it now compulsory for a property that is to be registered to carry a valuation certificate that will be signed by a registered estate surveyor and valuer so that you won’t be declaring false value.

“This means that for you to register your asset, it must carry the correct value. And we are going to do this anytime from April this year. We have set up the policy and once the board approves it, it is going to be circulated round the country for this board regulates the practice of land administration throughout the country.”

On whether there was any law by the CCT mandating property owners to provide a valuation certificate, while declaring their assets, Odudu said, “In paragraph 4 of the Asset Declaration Form, it is stipulated that you must indicate the property, its location and market value. Who determines the market value? It is the surveyor and not the person declaring the asset.

“So, we are now discussing with the CCB that any asset that is declared must carry a valuation certificate by a registered estate surveyor and valuer. And that is to be done by the bureau, not the individual. We are to work with the CCB to ensure that anybody declaring, whether at the local, state or national government level, a surveyor will go, verify, document and value the asset.”

—Punchng