Surveyors back Reps on asset enumeration

The Nigerian Institution of Estate Surveyors and Valuers has said it was fully in support of the decision of the House of Representatives Committee on Public Assets to embark on Public Assets Enumeration and Valuation as well as the development of an asset register in the country.

The surveyors described the initiative as a “healthy and welcome development”

Speaking while addressing a press conference during the 3rd Statutory meeting of the Council of the Institution held at Mandela Hall, Watbridge Hotel, Uyo, Akwa Ibom State on Saturday, NIESV President, Johnbull Amayaevbo, said the Institution was ready to partner with the Federal Government on the implementation of the policy.

Noting that better public assets management could boost the economy and facilitate prompt recovery of assets, valued in trillions of naira, particularly stolen and dormant public assets within and outside Nigeria.

The President lamented that the government has ignored such assets in formulating budgets and hardly recognise that such could generate substantial yields to jump-start the country’s ailing economy

Amayaevbo said, “Better management of public assets can boost the economy. Yet unlike listed equity assets, this public wealth is unaudited, unsupervised, often unregulated, and almost entirely unaccounted for in our country.

“As a consequence, when formulating budgets, the government largely ignores the assets we own and somehow does not recognise that such assets could generate substantial yields that would open up much-needed fiscal space, which could be used to kick-start economic recovery.

“Nigerian Institution of Estate Surveyors and Valuers regards the House of Representatives initiative through its Committee on Public Assets to embark on Public Asset enumeration and Valuation as well as the development of asset register as a healthy and welcome development.

“We are also ready to partner with the government in the implementation of this well-intentioned policy.

“By virtue of training and expertise in the Valuation of Properties and All Assets for various purposes including Accounting (IPSAS), Insurance, Taxation, Mortgages, Asset Register, etc, Estate Surveyors and Valuers should be entrusted with the responsibility of enumeration and valuation of public assets at all levels, with recommendations on sales or redevelopment of such assets for investment maximisation and transformation into engines of economic recovery and growth.

“The initiative would allow for prompt recovery of assets, valued in the trillions of naira, from stolen and dormant public assets both within and outside Nigeria.

Amayaevbo who doubles as chairman of council, said that the institution’s branches across the country would be fully involved, adding that caution should be applied in order not to dent the reputation of the institution.

“‘For maximal outcomes, branches of the Institution shall be fully involved. They should identify the assets in their respective branches (mostly in the capital cities), and the location of the assets and advise on what could be done with them.

“Caution must be applied so that the image and reputation of the Institution would not be called to question because some of the assets are subjects of litigation.

“Deliberate and relentless actions to check against indiscriminate sales and misappropriation of government assets must be ensured.

“Comprehensive enumeration and valuation of all public assets as well as the publication of a detailed inventory of the assets in a register must be made available to the public. The need to take this route is now – if not now, when?” he asked