Improper Pricing of Nation’s Assets Has Culminated in Substantial Revenue Loss – Ogun NIESV
The Nigerian Institution of Estate Surveyors and Valuers (NIESV) on Tuesday, blamed the current economic instability to the federal government’s failure to properly evaluate the nation’s assets before disposing of them.
This is just as the Ogun State chapter of NIESV also called on the Prince Dapo Abiodun led administration in the state to immediately commence inventory taking of the state’s functional and abandoned assets, value such to enable the citizens understand how solvent or otherwise the state is on the heels of agitations for a new minimum wage.
NIESV State Chairman in Ogun, ESV Bola Orekoya stated this while speaking in an interview with journalists during an advocacy and sensitization rally held in Abeokuta, the state capital as part of the activities marking the year 2024 edition of the National Valuation Day.
Disclosing that the focus for this year’s celebration is “Importance of Asset Valuation for Financial Stability”, Orekoya particularly emphasized that improper pricing of the nation’s assets has culminated in substantial revenue loss and financial instability in Nigeria.
He said “So many of these asset are all over the place, all over the nation. Public asset, especially the public buildings, the library and even the baracks , they are public asset.
“Improper pricing of asset has led to financial instability in Nigeria and the focus for this year is “Importance of asset valuation for financial stability” so that we create more awarness among the rank and file so that everybody will know where to go and what to do as far as their asset are concerned both private sector, public sector and the business organisation.
The Institute proposed a partnership between the federal government and estate surveyors and valuers in the area of valuation to achieve realistic economic stability.
Orekoya stated “Government should engage estate surveyors and valuers fully to assist in asset valuation, which will go a long way in ensuring financial stability for both the private and public sectors.”
Speaking earlier, Vice Chairman of the Institute, ESV Adejimi Adeolu, who disclosed that Ogun State has lots of assets, both functional and abandoned, said Governor Dapo Abiodun would be doing the state a lot of good if his administration would embark on an immediate inventory taking, “value them to enable us all know the worth of this state”.
“We must however, emphasise that in embarking on this evaluation exercise, the state government must engage the service of the private practitioners, place their findings side-by-side with that of the valuers in government service and compare them to really understand the true worth of the state”.
