IACE Holds National Summit in Abuja, Wants Ethics of Cost Appraisal Upheld

Emmanuel Addeh in Abuja

The Institute of Appraisers and Cost Engineers (IACE) has held its National Technical Conference in Abuja, with a directive to members to uphold the ethics of the critical segment of the engineering profession.

Speaking at the event, Chairman of the organisation, Ike Iwenofu, stated that the institute has the mandate to promote the practice of engineering valuation, cost engineering and engineering economy in Nigeria.

Over the years, he stated that quackery, professional misconduct and unethical practices, among others, had been the bane of the group’s activities as professionals.

The theme of the Conference: “Sustainability and Ethical Practices in Appraisal, Cost Engineering and Engineering Economy,” he said, was therefore apt as the organisation seeks to address the challenging issues of professional integrity and conduct, responsibility and accountability.

According to Iwenofu, ethical practices, quality assurance, collaboration and communication with stakeholders among members of the profession must be assured by the IACE.

“We shall explore all avenues to promote ethical, professional conduct, competence and dignity in our operations.

“ As an institute, we have continued to engage our members through capacity building, networking opportunities, strategic partnerships to foster collaboration with international and local organisations aimed at expanding our reach and impact in strict compliance with relevant laws, regulations and standards, leveraging emerging technologies to enhance our efficiency and capacity to remain relevant and competitive in a dynamic environment,” he said.

He requested members to conform to ethical standards and professional conduct expected of the group, as erring members shall be disciplined accordingly.

“In furtherance to this development, we have forwarded memoranda to Nigerian Society of Engineers (NSE) and Council for the Regulation of Engineering in Nigeria (COREN) on the need to harness the potentials of engineers in valuation practice.

“The institute shall soon embark on massive advocacy, seminars, partnerships and collaborations, awareness and sensitisation etc. to actualise this promising career path for engineers,” the IACE added.

The Chairman of the occasion was NSE President, Margaret Oguntala, while the guest speaker was  Dr. Wilson Alli.

In a separate communiqué, the conference reaffirmed that valuation is a multi-disciplinary activity and recognised the three main classes of assets usually encountered in valuation.

He named them as: Real estate, property, plant and equipment and business and emphasised that property, plant and equipment remains the main thrust of engineering valuation.

Engineering valuation, it said, entails knowledge of fundamental principles of valuation, costs, service lives and operating characteristics of the components that make up industrial and infrastructural properties.

The conference stressed that the goal of engineering valuation is to deliver a well supported opinion of value that shows that the appraiser has considered all factors materially affecting the assets being appraised.

“The conference emphasised that sustainability and ethical practices are crucial in appraisal, cost engineering, and the engineering economy in Nigeria. These principles ensure that projects are executed with integrity, social responsibility, and environmental stewardship,” the institute stated.