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What FG’S valuation plan for seized assets means for professionals

For professional estate surveyors and valuers, the plan by the federal government to know the value of the landed properties, plants and machinery, vehicles, electronics, furniture, and equipment, including water vessels, canoes, boats, barges and ship, jewelry, ornaments, and clothing materials, is an icing on the cake.

The valuation of these assets means job opportunity for these professionals who, for reasons of economic downturn, Covid-19 pandemic, and the ENDSARS protest have had their income crimped in the last six to 12 months.

Besides estate agency practice, valuation is a major aspect of the job professionals trained in estate surveying and valuation do. It is also a major source of their income which has witnessed slowdown, leading to income reduction or loss.

Following the recommendations of the Presidential Audit Committee on recovery and management of stolen assets, an Inter-ministerial Committee on Disposal of Assets Forfeited to the government has called for proper coordination and disposal of assets.

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In compliance with the provisions of the Public Procurement Act 2007, the committee has invited proposals for the valuation of those forfeited assets.

Consulting estate surveyors and valuers are to be engaged in the valuation of landed properties; plants and machinery, vehicles, electronics, furniture, and equipment that include water vessels, canoes, boats, barges, and ships as well as jewelry, ornaments, and clothing materials, the committee hinted.

It hoped that the services offered to the estate surveyors will ensure proper coordination and valuation of the government’s assets and promote a uniform, harmonised, and transparent procedure for disposal of forfeited assets in line with FG’S anti-corruption drive.

The Nigerian Institution of Estate Surveyors and Valuers (NIESV) commended the setting up of the committee, noting that proceeds from the disposal would serve as additional revenue for the country, more so as oil revenue dwindles.

Emmanuel Wike, NIESV president, has hailed the invitation of their members to bid for the consultancy jobs, commending the Federal Government for incorporating their requests into the proposed disposal of the forfeited assets.

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