FRC Urges New Estate Surveyors to Uphold Professionalism and Ethical Standards
The Financial Reporting Council of Nigeria (FRC) has called on newly inducted estate surveyors and valuers to adhere to the highest standards of ethics, integrity, and professional competence as they commence their careers, reinforcing the critical role of valuation in national economic development.
Dr. Rabiu Olowo, Executive Secretary of the FRC, addressed the new members of the Nigerian Institution of Estate Surveyors and Valuers (NIESV) during their induction in Lagos. He highlighted that the profession carries substantial responsibility, noting that valuation reports directly influence decisions on loans, investments, mergers, insurance claims, and public asset management. “Accuracy is compulsory, integrity is demanded, and negligence has consequences,” he stated, emphasising the wider economic implications of professional conduct.
Valuation Standards and Continuous Learning
Dr. Olowo stressed the dynamic nature of property valuation, highlighting the need for continuous professional development in response to evolving market trends, regulatory frameworks, and audit expectations. Inductees were urged to document assumptions rigorously, avoid conflicts of interest, and critically assess information to ensure reliable and defensible reports.
Capacity Building and Nationwide Engagement
The FRC has invested heavily in professional development initiatives, including the Nationwide Training Tour on Valuation for Financial Reporting, which has engaged over 1,000 estate surveyors and valuers across key cities such as Lagos, Abuja, Port Harcourt, and Kaduna. In addition, the Council developed and distributed the Valuation for Financial Reporting Guide at no cost to professionals, providing a structured framework for consistent and credible reporting.
Regulatory Oversight and Collaboration with NIESV
The Directorate of Valuation Standards within the FRC plays a central role in regulating practices, ensuring compliance with valuation standards expected in a transparent and modern economy. Dr. Olowo highlighted the partnership between FRC and NIESV in producing the Valuation for Financial Reporting Regulation, a framework poised to become law. Compliance with this regulation will be mandatory for valuation reports included in financial statements, enhancing the credibility of property-related financial information.
Accountability, Transparency, and the Profession’s Role in Investor Confidence
Dr. Olowo concluded by reminding the new inductees of their responsibilities as custodians of public trust. Estate surveyors and valuers are integral to supporting investment decisions, economic planning, and policy implementation. He emphasised that professional diligence directly contributes to the stability and confidence of Nigeria’s financial and real estate sectors.
Conclusion
The induction of new estate surveyors and valuers marks a critical milestone in strengthening Nigeria’s valuation profession. Through adherence to ethical practices, professional rigor, and continuous learning, these professionals are expected to support economic growth, ensure transparency in financial reporting, and foster investor confidence in both public and private sectors.
