The Nigerian Institution of Estate Surveyors and Valuers (NIESV) has underscored the potential economic advantages of proficiently managing public assets, emphasizing that such management could yield substantial returns for the country. During a press conference held in Uyo, Akwa Ibom State, on the occasion of the 3rd Statutory meeting of the Council, Mr. Johnbull Amayaevbo, the President of NIESV and Chairman of the Council, expressed deep concern over the lack of supervision, regulation, and accountability associated with public wealth in the country.
Mr. Amayaevbo commended the House of Representatives’ Committee on Public Assets for initiating a process to conduct public asset enumeration and valuation, considering it a commendable and forward-looking development. He highlighted the global value of public assets, stressing that their effective management could create the fiscal space needed to stimulate economic recovery.
In addressing the House of Representatives’ initiative, Amayaevbo stated, “The initiative would allow for the prompt recovery of assets valued in the trillions of naira, from stolen and dormant public assets both within and outside Nigeria.” He underscored the significance of utilizing the extensive array of public assets domestically and internationally for the benefit of Nigerians.
As advocates of good governance and active participants in policy formulation, land administration, infrastructure, and facility management, NIESV expressed its unwavering support for the government’s unprecedented approach. Amayaevbo highlighted that their expertise in property valuation positions them to play a pivotal role in the enumeration and valuation of public assets, recommending sales or redevelopment for maximum investment and economic growth.
Moreover, Amayaevbo called for a comprehensive enumeration and valuation of all public assets, urging the publication of a detailed inventory in a register accessible to the public. He emphasized that such transparency would contribute to accountability and foster public trust. Amayaevbo stressed the urgency of taking this proactive route for the nation’s economic benefit, raising a poignant question, “The need to take this route is now – if not now, when?”
Expanding on the importance of effective public asset management, Amayaevbo articulated, “As a professional organization and stakeholder in the nation’s polity, we are deeply concerned about the state of the economy, particularly as it affects the average Nigerian. Better management of public assets can boost the economy.” He noted that the global value of public assets, as per the International Monetary Fund (IMF), surpasses that of global stock markets and GDP. Despite this, public wealth in Nigeria needs to be more audited, supervised and accounted for.
In his address, Amayaevbo acknowledged the country’s current condition of public assets, describing them as “unaudited, unsupervised, often unregulated, and almost entirely unaccounted for.” This lack of oversight has significant consequences, as public assets are often overlooked when formulating budgets, leading to missed opportunities for generating substantial yields.
The NIESV President highlighted the potential fiscal benefits of appropriately recognizing and managing these public assets. “Nigerian Institution of Estate Surveyors and Valuers regards the House of Representatives’ initiative through its Committee on Public Assets to embark on Public Asset enumeration and Valuation as well as the development of an asset register as a healthy and welcome development.”
He stated, “The initiative would allow for prompt recovery of assets, valued in the trillions of naira, from stolen and dormant public assets both within and outside Nigeria.” The recovery of such assets could significantly contribute to the nation’s economic growth and development.
Amayaevbo emphasized NIESV’s readiness to collaborate in implementing this policy as part of their commitment to the government’s initiative. He emphasized their capability, stating, “By virtue of our training and expertise in the valuation of properties and all assets for various purposes, including Accounting (IPSAS), Insurance, Taxation, Asset Register, we should be entrusted with the responsibility of enumeration and valuation of public assets at all levels.”
The NIESV President underscored the importance of transparency in this process, advocating for the comprehensive enumeration and valuation of all public assets and the subsequent publication of a detailed inventory. This transparency, he believes, would enhance public accountability and ensure that the benefits of these assets are optimized for the welfare of Nigerians.
