The Nigerian Institution of Estate Surveyors and Valuers (NIESV) has called for the proper management and disposal of assets that were forfeited to the Federal Government (FG).
President of the institution, Emmanuel Wike, told journalists in Abuja that the sale of the forfeited assets was a step in the right direction but advised that it should be done by professionals to maximise the benefit to Nigeria.
On November 9, 2020, we reported that the Attorney-General of the Federation and Minister of Justice, Abubakar Malami, inaugurated a 21-man Inter-Ministerial Committee on the Disposal of Federal Government of Nigeria’s Forfeited Assets.
The committee whose members were inaugurated at the headquarters of the Federal Ministry of Justice, Abuja, is expected to sell off all assets forfeited to the Federal Government within six months.
Malami said the President, Major General Muhammadu Buhari (retd.), had approved the constitution of the committee, which is chaired by the Solicitor-General of the Federation and Permanent Secretary, Federal Ministry of Justice, Dayo Apata.
Commenting on the development at a press briefing on Saturday, the NIESV president said, “Proceeds from the exercise will be a source of additional revenue for the country at this time that the country is bewildered with economic challenges which COVID-19 pandemic has further compounded.
“That is the reason the noble assignment must be carried out with dignity and national interest. So, what is worth doing is worth doing well. To achieve the objective of this exercise, the right thing must be done.
“The right channel must be followed. Capable hands must be engaged. Utmost professionalism is required.”
Wike stated that the Public Procurement Act emphasised the need for valuation of any public property before the sale of such property.
He said Section 56 (1) of the Act specifically requested the issuance of valuation report by an independent evaluator, or such professional with appropriate competence to carry out valuation.
“The independent evaluator or such professional with appropriate competence is none other than the professional estate surveyor and valuer who by training and competence is empowered to carry out valuation of all assets,” Wike stated.
He added, “In addition to his training and competence, the Estate Surveyors and Valuers Act, CAP E13 LFN 2007 vests the competency of assets and properties solely on estate surveyors and valuers.”
Based on this, the NIESV president called on government to assign facility and property management of the forfeited assets to estate surveyors and valuers during the pre-disposal period of the said assets, among others.
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