By Mashe Umaru Gwamna
An Estate Surveyor and Valuer, ESV Abdullahi Liman, has stressed the importance of professional valuers in ensuring fair and transparent compensation during the disposal and acquisition of assets.
Liman stated this in Abuja yesterday, noting that professional valuers play a critical role in determining the actual value of properties and ensuring that beneficiaries receive appropriate compensation.
According to him, compensation refers to payment made for property acquired or affected in the overriding public interest.
He explained that the compensation process begins with a client’s instruction or brief to value the property for compensation purposes, followed by correspondence with the paramount ruler, chairman of the local government and other relevant traditional stakeholders.
He said after the property had been introduced to the community, a date would be fixed for the compensation exercise, while the traditional ruler would convene a meeting with stakeholders to inform the affected people about the process.
“The Chief appoints his representative to follow the valuers during assessment. The valuer will carry out the assessment and calculate the actual value of each individual property,” he said.
Liman added that the valuation exercise would subsequently be subjected to the necessary approval by the Minister or Executive Secretary, depending on the relevant authority.
On the payment process, he explained that each beneficiary is required to complete a claimant form containing details such as name, amount payable, thumbprint or signature, as well as a passport photograph.
He added that the claimant’s bank account details would also be collected to facilitate payment.
“The valuer is very important in carrying out the actual valuation for each beneficiary and determining the value of his or her property for compensation,” Liman said.
He emphasised that valuation for compensation purposes requires professional expertise, stressing that only registered Estate Surveyors and Valuers are legally qualified to undertake property valuation in Nigeria.
“In Nigeria, there is no other person authorised to carry out valuation except registered Estate Surveyors and Valuers,” he said.
Never miss a moment! Get the stories shaping Nigeria, delivered straight to your phone. Follow Peoplesdaily Newspaper on WhatsApp for breaking news, exclusive reports, and the headlines everyone will be talking about, before anyone else.
