The Use and Implementation of Valuation Standards in Lagos, Nigeria
Abstract:
This study examined the use and implementation of valuation standards in Nigeria with the aim of assessing the degree of compliance within Nigerian valuation practice. The essence was to provide a framework for the enhancement of consistency and ultimately accuracy in property valuations. The data collection instrument was a questionnaire survey. A total of 139 questionnaires were administered to Estate Surveyors and Valuers; 102 (73.38 %.) were duly returned and found useful for the survey. Also, 24 questionnaires were distributed to Valuers’ clients {represented by Banks}, out of which 17 (70.83%) were duly completed and retrieved. Data collected was analyzed using frequency distributions/percentages (for nominal scale measurement) and relative importance indices and regression for categorical data (for ordinal scale measurements). The study showed that most Estate Surveyors and Valuers possess the valuation standards but do not make use of them. The regulatory bodies Nigerian Institute of Estate Surveyors and Valuers and the Estate Surveyors and Valuers Registration Board of Nigeria were found to be fairly effective in some aspect of supervision, enforcement, development, and enlightenment CPDs on such standards. The bodies were short of what is adequate in ensuring compliance with such standards at all times. Hence, the Estate Surveyors and Valuers viewed the standards as merely advisory. It is therefore recommended that regulatory institutions adopt a more aggressive policy of enforcing practicing valuers to own, read and comply with valuation standards so as to ensure greater standardization in valuations and in turn greater valuation accuracy ORDER COMPLETE MATERIAL FROM CHAPTER 1-5
