Bank Of Industry Charges Estate Valuers Against Placing False Values On Assets

 

           The Bank of Industry(BoI) has enjoined Estate Surveyors and Valuers in the country to adhere to ethical guidelines in their profession by not placing false values on companies assets. The bank also confirmed that it has disbursed a total of N780 billion of intervention funds to industries in the real sector of the economy last year.
Speaking during the yearly conference of the Nigerian Institution of Estate Surveyors and Valuers(NIESV) in Osogbo, Osun State, Rasheed Olaoluwa, Managing Director of the bank, said “As a bank, we depend on your judgment.


The institution needs to task its members on the need to embrace fair and ethical practice while performing their duties. According to him, it is often times discovered that false values are placed on assets and this practice is prevalent in an industry where professionals have decided not to adhere to ethical guidelines. “Development and financial institutions most times discover that the value placed on some assets does not represent the reality and this is affecting financial intermediation by development finance institutions. “Estate valuers play a critical role in the society as they are at the centre in placing value on assets.

Similarly, professionals in the estate valuation industry cannot afford to ignore the place of technology in the discharge of their duties in order to be globally recognised and competitive”, he added. Commenting on the loans disbursed, he disclosed that disbursements of intervention funds and loans from the Bank to the nation’s real sector and other key sectors have hit N780 billion as at the end of 2014. He explained that the bank has increased its intervention to critical sectors of the economy within the last five years, specifically from 2010 to 2014.

“BoI has become impactful within the last five years and at least 1.8 million jobs have been created through such efforts.  Before 2009, the level of intervention was below N30 billion, but we have been able to improve access of customers to the funds as well as increase their capacity in the utilisation of such facilities. “We are doing a lot of things to ensure that we can provide that comprehensive support to our small and medium enterprises. We are reviewing our regional status to state offices in order to be able to serve our customers better,” he said.