The Minister of Power, Works and Housing, Babatunde Fashola, has called on Estate Surveyors and Valuers Registration Board of Nigeria (ESVARBON) to reconcile the land evaluation system in line with its economic realities.
Speaking at the inauguration of the reconstituted board, he called on them to settle the disparity between the country’s land evaluation system and the current economic realities.
He urged the professionals to develop an open evaluation for the different parts of the country as well as evolve means of making the practice of estate valuation simple enough and responsive to accommodate all persons.
The minister said because of the global economic slowdown, property owners in some other jurisdictions were offering discounts on their properties to ensure optimum occupancy.
Fashola wondered why the reverse was currently the case in the country where, according to him, the economy was being greatly challenged by tight capital.
The Minister noted that property owners in the country had often argued that properties were valued higher so they could have an “impact on percentages and commissions.
In his remarks, Chairman of the Board, Mr Olayinka Sonaike, thanked the Minister and the Federal Government for the opportunity and privilege given the members to serve on the Board, pledging that members were in a fit position to contribute to the economic growth of the country.
By Daniel Tyokua.