Fresh estate surveyors and valuers who were inducted into the membership of the Nigerian Institution of Estate Surveyors and Valuers (NIESV) recently have been told that their work has real consequences for investors.
The expert, Rabiu Olowo, executive secretary/CEO of the Financial Reporting Council (FRC) of Nigeria, added that there are also consequences for businesses, regulators, lenders, development partners, and the ordinary citizen whose economic welfare is affected by the decisions that their reports will influence.
Olowo spoke at the institution’s 2025 Membership Induction Ceremony in Lagos, with top industry and regulatory leaders, where 539 new professionals inducted were charged to uphold integrity, deepen competence, and help rid the sector of quacks.
The event, themed “Transition to Professional Membership: Upholding Integrity and Creating Value Through Service Delivery,” brought together key figures from the real estate, finance, and regulatory ecosystem.
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Olowo described the induction as “a special moment not only for NIESV but for the entire financial reporting system in Nigeria,” stressing that valuation now occupies a central place in the nation’s economic architecture.
“As you join the fold of registered professionals, it is important to understand that valuation in today’s Nigeria is no longer a narrow technical function,” Olowo said.
“Your work has consequences, real consequences for businesses, regulators, investors, lenders, development partners and the ordinary citizen whose economic welfare is affected by the decisions that your reports will influence.”
Olowo disclosed that the FRC and NIESV had completed a landmark Valuation for Financial Reporting Regulation, which is now awaiting ministerial approval. The regulation, he said, will eliminate unregistered valuers and enforce strict compliance.
“We are joining forces with you to ensure that no unregistered member, no quack, will have any opportunity to take from this profession any longer,” he said. “Poor valuation means poor reporting, and poor reporting will lead to systemic risk.”
Earlier, Victor Alonge, NIESV president and chairman of council, charged the new members to “carry the values of integrity, diligence and excellence” as they enter full professional practice, reiterating the institution’s commitment to stronger collaboration with regulators like the FRC.
Also speaking, chairman of the Day, Umaru Kwairanga, group chairman NGX Group, praised the institution for maintaining high standards and called on new members to distinguish themselves in an increasingly competitive sector.
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“You must uphold the ethics of the profession and justify the confidence the public places in you,” he said.
In his remarks, special guest of honour, Bisi Onasanya, chairman/CEO of The Address Homes, urged the inductees to take ownership of the real estate industry by raising their standards and pushing out quacks.
“There are many people who want to step into your profession but who are quacks,” he said. “If you step up your game, you can block that loophole and make sure the difference is very clear. It is not just a game of selling; professionalism is very important.”
Onasanya, who recounted his transition from banking to real estate, described the sector as “one of the best industries to be in,” adding that success requires discipline, identity, and hard work. “There is no substitute for hard work,” he told the inductees. “Your identity should be clear, and your integrity must be consistent.”
