The Valuation profession plays a vital role in the global economy, especially when determining the value of real estate and related assets, which constitutes the largest store of global wealth. The International Valuation Standards Council (IVSC) decides and sets the general standards for valuation practice around the world. To foster global participation, reach and inclusion, the IVSC formed its Membership And Standard Recognition Board (MSRB).
The Board has professionals act as national and regional representatives of their Valuation Associations. The overarching objective of the Board is to ensure that the highest valuation standards are being upheld in their various countries.
This year, Dr Uche Egwuatu, a female valuation professional from Nigeria was appointed a representative of the Estate Surveyors And Valuers Registration Board Of Nigeria (ESVARBON), making her the first Nigerian ever to serve on the board. Here’s why her appointment is a big win, and what it means for the Valuation Profession in Nigeria.
Who is Dr Uche Egwuatu and why is her appointment important?
Dr Uche Egwuatu is a senior partner in the firm of Chika Egwuatu and Partners, a Real Estate Surveying and Valuation Consultancy with head office in Abuja, the Federal Capital city of Nigeria. She is a member of the Estate Surveyors and Valuers Registration Board of Nigeria (ESVARBON), the Board that sets the standards and regulates the Estate Surveying And Valuation profession in Nigeria. She presently chairs the education committee of the board with the responsibility to assist the board in determining the standard of knowledge and skills to be attained by persons seeking to join the profession.
IVSC sets the global Valuation Standards while MSRB ensures compliance with the standards
IVSC is a non-profit organization that sets international standards for valuation professionals around the globe. To date, the IVSC has up to 160 member organizations from around the world and numerous sponsors who are leaders in the valuation profession. The Membership and Standards Recognition Board (MSRB) is set up within the IVSC framework, and their duty is to enforce compliance to the set standards by the IVSC. They work with both new and existing valuation organizations in order to ensure that their practice and overall activities comply with the principles and codes of practice set out in the International Valuation Standards (IVS).
This year, 10 representative members from 10 new countries were appointed, including first time members from Nigeria and Uganda. The new members came from Israel, Ecuador, Ireland, Nigeria, Uganda, Romania, Canada, Ukraine, Kenya, and India.
What is most interesting about this appointment is the addition of representatives from three different African countries (Nigeria, Kenya, and Uganda):
- Dr Uche Egwuatu of the Estate Surveyors and Valuers Registration Board of Nigeria;
- Bernadette Gitari of Royal Institute of Chartered Surveyors (RICS) Kenya and;
- Mugisha Turyahikayo Allan of the Institution Of Surveyor, Uganda.
Dr Uche Egwuatu and Mugisha Turyahikayo Allan are both the first representatives from their countries to join this board. Estate Intel sees this addition as progress for the Valuation profession in Nigeria and a help to further strengthen the profession’s position in the property industry.
According to the chairman of the Estate Surveyors and Valuers Registration Board of Nigeria (ESVARBON), Sir Nweke Umezuruike, in an interview with IVSC, he says: “As we often remind ourselves, the world is a global village. Foreign direct investments are coming to Nigeria and if Nigeria gains investors’ confidence, more of such investments will come. It is important therefore that valuers in Nigeria are seen as keeping to international norms, especially as set out in IVS.”