NIESV considers signing MOU with RICS for best practice in real estate industry

NIESV considers signing MOU with RICS for best practice in real estate industry

In a bid to achieve international best practices in Nigeria’s real estate industry, the Nigerian Institution of Estate Surveyors and Valuers (NIESV) has said it is considering signing a Memorandum of Understanding with the Royal Institution of Chartered Surveyors (RICS).

The President of the institution, Mr. James Omeru who disclosed this when top management of RICS led by its Managing Director, Mark Walley paid a visit to his office, said that such MOU will be in the area of training and institutional support., Leadership reports.

Omeru said,” In view of our interwoven history and the need for joint efforts towards attaining high global standards in the real estate sector, we have for a while been desirous of entering into a Memorandum of Understanding with RICS to assist further in the area of training and institutional support. We do not want to reinvent the wheel but to work with credible partners such as the RICS.

“All our members must subscribe to a our code of ethics and practice and the institution is a member and has been playing an active role in the international valuation standards council . In fact our representative Mr. Akin Olawore is a past director of the council and represented us at its AGM.

“We subscribe to all professional protocols such as the international Property measurement standards and in the international ethics standards. We train our members on these standards and we are currently working on additional Guidance Notes for the various areas of practice. “

Omeru emphasized that since inception the institution has been very conscious of the need to ensure highest ethical and practice standard amongst its members.

“Apart from our internal self regulatory mechanism, the institution is also regulated by the Estate Surveyors and Valuers Registration Board of Nigeria, a regulatory established by the government and also by other bodies such as Financial Reporting Council

Earlier, managing director of RICS Mr. Mark Walley said both institution share common goals , saying”, we both set standards , train , educate and see to regulation of the standards. We do that for the benefits of the societies in which we operate. So there are very common things between the two organizations. We can do quite a lot of things together.”

He said as a global institution they can help the nation property market to stand and obtain best practices saying they have about 110, 000 members globally in 150 countries around the globe and offices in the countries.