Estate Surveyors Institute Threatens Sanctions against Erring Members

James Sowole in Abeokuta

The Nigeria Institution of Estate Surveyors and Valuers (NIESV), has read the riot act against sharp practices by any member of the professional body, warning to punish erring members who go against the rules.

The Chairman of NIESV, Ogun State, Mr. Wale Ojo, issued the warning in Abeokuta while speaking on the sideline of Kunle Olubode Lecture Series entitled “Integrity in Property Transaction: The Missing Link Between the Old and New Professionals,” organised by the institution.

Ojo said that the NIESV has set up a disciplinary committee to sanction erring members through withdrawal of practice license, payment of stipulated fines and other forms of punishment.

He did not disclose the number of members that had been punished in the past, but assured that sanity had returned into estate practices as number of complaints had reduced drastically when compared to the practice in the past years.

He said: “If any member of the NIESV is found wanting, there are penalties for such members. In this state, there are people who have been found wanting and they have been made to suffer for breach of ethics and code of conduct and that cut across every state in the federation.

“People have been made to have their licenses revoked on the act of gross misconduct.

“When it comes to integrity in Ogun State, we have couple of professionals who are well trained. In the past two years no issues have been brought before the panel and that suggest to me that everyone have been doing their work according to the set rules.”

Delivering the lecture, an Expert in Management Accounting, Dr. Gbenga Adeoye, said that transparency and integrity is the missing link between the old and new practitioners in the estate industry.

Adeoye, who narrated several personal experiences, highlighted several fraudulent practices, involving many practitioners.

The guest lecturer said that in order to make money for themselves, many estate surveyors sell land intentionally to more than one person while many defraud clients when measuring land just as some undervalue property for personal gain.

Other forms of fraudulent practices involving estate surveyors and valuers that were identified by Adeoye included delay in remittance of rents to property owners, remitting to property owners amount lesser than what was collected and convincing with clients to buy land not suitable for what he want to use it for.

Adeoye also said that many loans granted by banks have turned to bad debts because property used for collateral were overvalued by estate surveyors when loan was granted while the collateral was not commensurate with loan amount, when the debtor, default in paying the loan.

Proffering solutions to some of the problems, Adeoye said that since sharp practices were not common among old generation professionals, young professionals must not lose touch with the older professionals through constant round table discussions on issues.

He said: “It is important to identify the missing link. There is need to have round table discussions to reset issues.

“All of us should reconnect with the elders that have gone ahead and asked them what to do when one faces certain situations. We need to see how we can eliminate selfish interest, one of the things that conflict with integrity is selfish interest.”