FRC Calls on Estate Surveyors to Uphold Integrity and Drive Value in Nigeria’s Real Estate Sector
FRC Urges Estate Surveyors to Uphold Integrity and Enhance Value in Nigeria’s Real Estate Sector
The Financial Reporting Council (FRC) of Nigeria has emphasised the critical role of estate surveyors and valuers in shaping national development and fostering investor confidence, urging the profession to maintain the highest standards of integrity, professionalism, and value creation.
During the induction of 539 new members of the Nigerian Institution of Estate Surveyors and Valuers (NIESV), FRC Executive Secretary and CEO, Dr Rabiu Olowo, highlighted that contemporary valuation practice extends far beyond technical calculations. According to Olowo, accurate valuation has broad implications for investors, regulators, lenders, development partners, and citizens, influencing financial decision-making and economic welfare.
He noted that estate surveyors are essential to protecting public interest, informing government policy, and enhancing corporate accountability. Olowo further cited the Valuation for Financial Reporting Regulation a key collaboration between the FRC and NIESV as a framework to strengthen valuation standards across Nigeria’s financial ecosystem.
Integrity as the Foundation of Practice
Olowo urged practitioners to embrace lifelong learning, meticulously document assumptions, challenge unreliable data, and avoid conflicts of interest. He underscored the legal, financial, and reputational consequences of valuation reports, which impact loans, insurance, mergers and acquisitions, government asset management, and judicial decisions.
Supporting this perspective, Umar Kwairanga, Group Chairman of the Nigerian Exchange Group (NGX), described transparency and accurate valuation as pillars of financial stability. He emphasised that sustained integrity is crucial to fostering investor confidence in Nigeria’s real estate and financial markets.
Professional Development and Societal Impact
NIESV President, Kunle Alonge, encouraged members to prioritise knowledge acquisition and continuous professional development. Alonge stressed that surveyors and valuers have a responsibility to contribute meaningfully to society by enhancing sector credibility and supporting economic growth.
Special guest Bisi Onasanya, Chairman/CEO of The Address Homes Ltd, reinforced the importance of resilience, discipline, and commitment to ethical practice. He commended NIESV leadership for promoting professionalism and ethical standards that strengthen the real estate sector and safeguard public trust.
Conclusion
As Nigeria’s real estate sector continues to expand, estate surveyors and valuers occupy a pivotal position in ensuring transparency, protecting investor interests, and supporting national infrastructure development. Upholding integrity, embracing continuous learning, and adhering to robust professional standards remain essential for sustaining confidence and delivering long-term sectoral value.
