The Estate Surveyors and Valuers Registration Board of Nigeria has emphasised that professionalism and integrity in the real estate sector are critical to safeguarding Nigeria’s economy, as it inducted 382 new estate surveyors and valuers in Lagos.
Speaking at the Board’s 50th anniversary and 49th induction ceremony, Acting Chairman, Terzungwe Dugeri, said estate surveyors play a vital role beyond private transactions, including protecting national assets, ensuring transparency, and supporting sustainable development.
He warned that inadequate funding weakens regulatory capacity, exposing the country to risks in property valuation, investment decisions, and urban planning.
Dugeri called on the Federal Government to strengthen support for the Board to enhance oversight and maintain investor confidence.
He also urged newly inducted professionals to adopt innovation and data-driven practices, highlighting the importance of emerging technologies such as Artificial Intelligence in improving accuracy and aligning Nigeria’s real estate sector with global standards.
In his keynote address, former Board Chairman, Nweke Umezuruike, described poor funding as a longstanding challenge and called for urgent reforms, including digitalisation of records to boost efficiency and transparency.
Similarly, the President of the Nigerian Institution of Estate Surveyors and Valuers, Victor Alonge, charged inductees to uphold ethical standards, noting that the profession’s credibility directly impacts public trust and national development.
Registrar of the Board, Janet Shehu, warned that misconduct would attract strict sanctions, including withdrawal of licences, as part of efforts to maintain discipline.
Also speaking, Austin Otebulu stressed that adherence to ethics and competence is essential in mitigating risks in property transactions and investment advisory.
The event underscored the growing role of estate surveyors in national development, particularly in technology-driven valuation, infrastructure planning, environmental sustainability, and investment advisory, key areas for Nigeria’s long-term economic growth.
Written by Wahab Akinlade