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FRC Set to Release Valuation Regulations by July

Ugochukwu Nwora, the Head of the Directorate of Valuation Standards at the Financial Reporting Council of Nigeria (FRC), has announced that the council is in the process of finalizing valuation regulations for the country. This significant development was disclosed during the recent Nigerian Institution of Estate Surveyors and Valuers Valuation Day event in Lagos, themed "Importance of Assets Valuation in Financial Stability."
 
Nwora stated that the council has mobilized relevant professionals to draft the valuation regulations, following a directive from the Executive Secretary, Dr. Rabiu Olowo, to ensure their completion by July 31, 2024. These regulations, a first of their kind in Nigeria, will be shared with the public as an exposure draft before their official launch in July. The aim is to provide comprehensive guidance to all professional valuers and firms operating in Nigeria, urging those yet to register with FRC to commence the registration process.
Financial Reporting Council of Nigeria
Highlighting the importance of standardization and regulation in asset valuation, Nwora emphasized the FRC's commitment to ensuring consistency and adherence to valuation standards across the board. He underscored the need to streamline valuation submissions and enforce regulatory standards to maintain integrity and professionalism in the industry.
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Additionally, Nwora outlined the FRC's approach to ensuring compliance, stating that every valuation professional must register with the council. In cases of breaches, individual culpability will be addressed without penalizing the entire firm, thus upholding accountability and professionalism within the sector.
 
Meanwhile, Gbenga Ismail, Chairman of the Nigerian Institution of Estate Surveyors and Valuers, Lagos Chapter, described the event as an advocacy and awareness campaign highlighting the significance of valuation, asset management, and utilization. He expressed the institution's objective of garnering government recognition for valuation processes, advocating for their regular implementation.
Ismail stressed the critical role of valuation in decision-making processes for investors, businesses, and analysts, emphasizing its impact on investment strategies, mergers, acquisitions, and financial decisions. He emphasized the need for accurate valuation reports to validate assumptions and ensure informed decision-making.
 
Abidemi Ojo, the Honorary Publicity Secretary of NSEIV, Lagos Branch, addressed the issue of disparity in valuation reports over time, attributing it to various factors such as non-disclosure of property documents, client influence, and inaccurate market data. He emphasized the importance of addressing these discrepancies to enhance the credibility and reliability of valuation processes in Nigeria.
 
Source: PunchNG
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