ESVARBON trains members on new valuation standards

The Estate Surveyors and Valuers Registration Board of Nigeria (ESVARBON) has held a mandatory training and workshop for its members on the implementation of the Nigeria Valuation Standards (NVS) contained in a document called The Green Book.

Speaking at the event in Lagos recently, the Chairman ESVARBON’s board, Mr. Nweke Umezuruike, said the training was to kick-start the rollout of a comprehensive programme of capacity building for estate surveying and valuation practitioners to ensure proper implementation and compliance with the recently launched NVS.

Mr. Uwezuruike said, “The Green Book is global in outlook, content and structure. This is because valuation rules are no longer national standards existing in isolation. There is now a single benchmark of common valuation standards to which all states can relate, which is the International Valuation Standards (IVS), which we have effectively domesticated.”

The Green Book which is a valuation practice document aimed at ensuring consistent high standard of valuation practice among registered valuers in Nigeria was produced by ESVARBON in fulfilment of its obligations under its enabling act.

ESVARBON is the first real estate profession in Africa to formally adopt and domesticate the IVS into a national valuation standards.

The document is a product of local and international collaboration with key stakeholders in the valuation profession, including the Nigerian Institution of Estate Surveyors and Valuers (NIESV).

The ESVARBON board worked with the International Valuation Standards Council (IVSC) and the Royal Institution of Chartered Surveyors (RICS) in producing the Green Book.