By a simple definition, a registered professional in any given field is one who has successfully undergone the academic and practical training and passed through the laid down examinations and/or other rules by a legally recognized regulatory body established by an Act of a country, Continent or Global.
This implies that once one has been through the exercise and recognized/empowered as a professional in that field, he becomes an authority in that field of practice to deal on any subject within the operational limit of the profession.
Estate surveyors and valuers falls into the afore defined professional and it is being operated by a body known as The Nigerian Institution of Estate surveyors and Valuers (NIESV) established by Act 24 of 1975 with a Federal Government regulatory body known as Estate Surveyors and valuers Registration Board of Nigeria (ESVARBON) established by the same Act 24 of 1975, Cap 111 LFN 1990.
Banks attitude to the profession
Some Banks has taken it upon themselves to “re-certify” or decide which firm of Registered Estate Surveyors and Valuers was qualified when it comes to Valuation of interest in land and properties, Assets, plant and machinery of their external clients’ interest.
The undisputed fact about this practice is that they now select few Estate Surveying and valuation firms to be their sole valuers for their internal briefs and that of their external clients.
This ought not to pose an issue if it was for valuation of their internal assets as they have the right to choose the firm of their choice but the un-corporate conduct of their affair goes beyond their own legitimate control to restricting the freedom of choice of qualified professional firms by their external clients that may be in need of one form of facility or the other from them.
They do refer to such act as” internal management policy” but they forget that such management policy MUST be in line with Law of the land. No law backs such an illegal act in any form.
Some of those Banks reject valuation reports prepared by a qualified/Registered firm of Estate Surveyors and valuers from their clients who are presenting it as legitimate document confirming their collateral. Those clients are compelled to use the banks’ chosen firms.
By this singular act, they have breached the fundamental right of their client who should be free to produce valuation report from a qualified and registered professional firm as allowed by law.
Such acts by the banks involved are illegal in the first place and untenable as they have no basis and legal backing for such an absurd.
Some of them hide under the umbrella that some valuation jobs are ‘watery’ and values of their client are inflated. This is the angle I totally disagree with them as they have no such pedigree to determine the worth of a qualified professional’s product without legitimate proof. It is an abuse/challenge to the regulatory bodies in charge of the profession as no Registered Surveying and Valuation firm Certified to practice could comprise their integrity for a valuation job by inflating values.
If such is proved, then such firm should not be allowed to practice and her principals expunged from the profession. The Institute has a motor which is a driving force on her members “Honesty and devotion”.
If the Banks wants to anchor on their above excuses, then they may have forgotten their right of redress for any misleading valuation report which is an act of professional misconduct. The ethics of the profession does not compromise on professional misconducts.
If a firm inflates value of an Asset used as collateral in a bank and it turns out that the interest is to be disposed, such firm can be commissioned to dispose the recommended mortgage value or the market value (depending on the period of exposure of such interest to the market). Failure of such firm to do so with proven evidence of value inflation, such firm should be formally petitioned to the regulatory bodies for necessary disciplinary actions which could lead to expulsion of the firm and/or principal(s) or better still prosecute the firm through court of competent jurisdiction.
Those Bank involved have no such authority and pedigree to restrict their clients valuation report to those preferred by them as one can equally assume that those firms recommended by the banks could protecting the interest of the bank to the detriment of the their clients interest on values of assets. It is illegal and unattainable and negates the authority of professionalism bestowed on such person or firm by law on valuation of assets.
The public should therefore take note that their legitimate right to chose qualified professional firm of Estate Surveyors & Valuers in Assets valuation intended for collateral is been infringed upon by such banks, hence should be resisted.
When there is a request for “Bankers guarantee” document in any business transaction in the country, no specific bank is recommended to do it and no bank that issues such shall be turned down. Why are the banks not relating the same way to chartered Estate Surveying and Valuation firms.
I therefore urge the management of such Banks, the president of chattered Institute of Bankers of Nigeria (CIBN) and the Central Bank of Nigeria (CBN) to look into this absurd act and call those involved to desist from such illegality and abuse of professionalism.
They have various avenues (as stated above) to seek redress from any erring qualified Estate Surveying and valuation firm who conduct themselves in an unprofessional manner.
These few firms favored by those Banks in this illegality should have a rethink on the implication of the act which will only rubbish the profession. They are merely selling their professional birth right for a carrot. The president of the Nigeria Institution of Estate Surveyors and valuers and Chairman of Estate Surveyor and valuers Registration Board of Nigeria should formally take up this matter in the interest of generality of our noble profession before such acts degenerates to other aspects of our operation.
Those Banks involved do not dictate to their client on the lawyer that prepares any legal document required for transaction nor do they impose an Account on their clients when thy need accounts report or audited account from them.
Other professions do respect the Banking profession by allowing their client to submit report from any of the recapitalized Banks in Nigeria and not restricting them to a particular bank.
I look forward to an immediate renege of those Banks from this absurd in the interest of faith in professionalism and respect to the Law of the Land.
EMMANUEL UGWOKE,
MBA, ANISV, RSV, AMNIM
Ugwoke is an Elected Associate member of The Nigerian Institution of Estate Surveyors and Valuers, (ANISV) and Registered member of Estate Surveyors and valuers Registered Board of Nigeria (RSV), and is also the Principal Partner of Emma Ugwoke & Associates.
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