By Desmond Ejibas
Port Harcourt – The Nigerian Institution of Estate Surveyors and Valuers (NIESV) has decried the rising quackery and property fraud in the profession, urging residents to engage only certified professionals to drive economic growth.
The association’s Branch Chairman in Rivers, Mr Nwokoma Nwankwo, made the call during the 2026 International Valuation Day celebration, according to a statement issued in Port Harcourt on Friday.
Nwankwo said unqualified valuers were distorting property values and defrauding unsuspecting clients.
He explained that verifying estate managers would enable Nigerians to avoid falling victim to unqualified practitioners.
“Nigerians must embrace professional valuation to unlock the nation’s economic potential,” he said.
He stated that ‘’the country is endowed with vast underutilised assets,’’ stressing the importance of professional valuation in driving economic growth.
He explained that valuation simply ‘’means determining the appropriate price of assets such as land, houses, businesses, and infrastructure using professional standards.
”Proper valuation can reveal hidden wealth, guide investment decisions, and improve access to credit.
“Accurate valuation builds trust, encourages transparency, and boosts confidence in the economy,” he said.
Nwankwo added that when assets were properly valued, they could be used to drive economic growth and development.
He noted that a reliable valuation system would also strengthen the financial sector, attract investors, and support government planning, taxation, and compensation.
He, however, warned that poor valuation could lead to financial losses, market distortions, and legal disputes.
The chairman urged government agencies, investors, and members of the public to engage qualified professionals when valuing assets.
“Understanding the true value of assets is important for building wealth and securing the country’s future,” Nwankwo added.
The News Agency of Nigeria (NAN) reports that valuation practice in Nigeria is regulated by the Estate Surveyors and Valuers Registration Board of Nigeria, which ensures that standards are upheld. (NAN)
