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Osun NIESV Train Members on Valuation and Sale of Distressed Property, Uses Ethics, Professionalism others to Guide

Osun NIESV Train Members on  Valuation and Sale of Distressed Property, Uses Ethics, Professionalism others to Guide


By Abisola Ariwodola,
Osun Chapter of the Nigerian Institution of Estate Surveyors and Valuers NIESV have trained its members through Mandatory Continuing Professional Development MCPD on Valuation and Sale of Distressed Property in Nigeria.


This is as it used Ethics, Profession, Professional and Professionalism to guide its members on the rudiments of distressed property valuation and related issues.

The MCPD which was the inaugural in the tenure of the recently elected executive, under the leadership of ESV Adekunle Adedoye, held at the
Osun NIESV House in Osogbo the state capital on Thursday.

In his address, the NIESV National President, ESV Johnbull Amayaevbo PNIVS, RSV, FMP, represented by the 2nd National Vice President, ESV Mohammed Ali Bature appreciated the Osun state NIESV executive of ESV Adekunle Adedoye, he said the MCPD topic which embraces sales and acquisition, insurance policies, property investment among others, are for practitioners to come up with sound template of handling distressed property, its valuation and sale in line with the standard NIESV practice.

According to him, "standardizing practice of estate surveyors and Valuers in the development of the nations economy is important, the Institution will continue to advocate for policies on real estate for people, as well as for the development of the state in particular."

The Guest Speaker, ESV (Prof) Oluseyi Adegoke FNIVS, RSV in his lecture titled "Valuation and Sale of Distressed Property in Nigeria reiterated that landed properties/real estate are crucial to the existence of human beings, since all activities of human takes place on land through forms such as residential, commercial, industrial, educational, recreational among others.

Treating related topics on comparable sales valuation, discounted cash flow valuation, decision tree valuation, the role of Asset Management corporation of Nigeria etc, the Obafemi Awolowo University OAU Professor of Estate Management and Valuation department, cited that no matter the status of investment, the Nigerian Valuation standard (Green book) states that valuation is key and crucial to decision making in the worldwide economic social setting.

Listing common category of distressed property in Nigeria as selling property to offset traveling bills, bad debts, bankruptcy, divorce, health problems, death of a partner, unemployment, panic due to war, riots, earthquakes, floods etc, he stated that professionalism requires that the item of trade be properly established.

In the Sub-Themes: Principle practice and Estate Surveyors and Valuers Liabilities in Valuation and Sale of Distressed Property in Nigeria by ESV Lekan Aboderin ANIVS, highlighted real estate market as highly segmented apart from sub markets created by location, uses and assets classes, he opined that condition of sale could be seen as implying different market nature.

Condition of distressed sale, market participants, value perception, valuation of distressed property and condition of distressed sale was explicitly perused.

In another sub theme of what ethics, profession, professional and professionalism entails according to NIESV standard practice, Dr S.A.O Adegoke (Oscotech Rector) elaborated that the code of professional practice on the Estate Surveying and Valuation Regulations 2014 under NIESV Decree no 24 of 1975 (CAP E13 FN 2014) imposed ethical and professional responsibilities on all it's Practitioners to protect the interest of their clients, those meat to foster cordial relationship among co-professionals and those that safeguards public interest.
The Role of Asset Management, and Cooperation of AMCON in valuation and sale of distressed properties in Nigeria was also extensively discussed by ESV (Dr) C. Ifediora Ph.D, who appraised the role of AMCON and bank issues, completion of assignments where the purpose of the valuation is to estimate value in a forced sale, situation with greater confidence and limited risk to maximize the challenges as well as to maximize the rewards.

Earlier in his opening remarks, the NIESV National Chairman Continuing Professional Development, ESV (Dr) Emmanuel Mark FNIVS, maintained that studying of distressed properties and its valuation helps to professionally provide adequate and accurate guide to investors in real estate.
Describing distressed property as one whose value have been affected by certain factors which have negatively impacted on its price, and the owner who has the legal right to sell is prepared to accept a discounted price, added that conducting research and understanding the reason behind the sale helps expected returns, since it is important for Estate Surveyors and Valuers to evaluate the valuation with feasibility abd validity appraisal.

The Chairman, Osun state Chapter of the Nigerian Institution of Estate Surveyors and Valuers NIESV ESV Adekunle Adedoye in his welcome address said the MCPD is the first since assumption to office of his administration, meant to professionally enrich members in the state with knowledge and experience gained for performance practice.
He pointed out that valuation is a qualitative process of determining fair value of an asset, investment or firm, he added that continuous learning is an evolving skill, a professional needs to practice and get knowledge on handling the risk and return on any investment or property.

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