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    MarketForces Africa » MarketNews » FG Inaugurates Board for Effective, Affordable Housing Operations

    FG Inaugurates Board for Effective, Affordable Housing Operations

    Julius AlagbeBy Julius AlagbeAugust 27, 2024Updated:August 27, 2024 MarketNews No Comments4 Mins Read
    FG Inaugurates Board for Effective, Affordable Housing Operations
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    FG Inaugurates Board for Effective, Affordable Housing Operations

    The Minister of Housing and Urban Development, Ahmed Dangiwa, on Tuesday inaugurated the Estate Surveyors and Valuers’ Registration Board of Nigeria (ESVARBON) for effective operations and affordable housing.

    Dangiwa, while inaugurating the 22-member professional body in Abuja, said that it was necessary due to the expiration of terms of several of the board members, which has led to a shortage of active members.

    He said that the board had been unable to meet the quorum of 11 members required by the Estate Surveyors and Valuers Registration Act.

    According to him, although a new chairman was appointed after the former chairman’s term ended on March 17, the terms of 15 other members have also expired, further contributing to the Board’s inability to function effectively.

    “There are five appointees from five states, four from four institutions, three on the minister’s representation, and two from the Institute of Estate Surveyors and Valuers, while the nomination from Oyo State is being awaited.

    “It is important to note that the board is an essential organ charged with the duty of overseeing the profession of estate surveying and valuation in Nigeria.

    “President Bola  Tinubu  has mandated the Federal Ministry of Housing and Urban Development to transform the housing sector for the actualisation of the Renewed Hope Agenda.

    “Therefore, all agencies, institutions, and parastatals under the ministry must be alive to their responsibilities and work hard towards achieving the objectives for which they were set up,’’ he said.

    Dangiwa said that estate surveyors and valuers played an important role in the successful delivery of affordable housing across Nigeria.

    He ssaid that their professional expertise eensured that land and property valuations were accurate and reflected fair market values crucial for facilitating cost-effective housing solutions.

    “Furthermore, estate surveyors contribute significantly to urban planning and development.

    “They help to ensure that housing projects are well-structured, financially viable, and sustainable. By working closely with developers, they help to optimise resources, making housing more affordable for Nigerians.

    “In addition to their role in housing delivery, estate surveyors are critical in preventing building collapses, which this ministry aims to address.

    “They do that by ensuring that property inspections and assessments are thorough and in accordance with professional standards,’’ he said.

    The minister urged the ESVARBON board to focus on its mandates which include determining who qualifies as estate surveyors and valuers.

    He said that  the mandate  also included establishing the required standards of knowledge and skill for those seeking registration,  and maintaining a register of qualified persons and publishing the list periodically.

    He added that ESVARBON was tasked with regulating and controlling the practice of estate surveying and valuation, and performing other functions as conferred by the Act.

    He, therefore, charged the board to promote excellence in estate surveying and valuation, uphold the integrity of the profession, foster collaboration and knowledge sharing and advance the interests of members and the public.

    The chairman of the board, Dosu Fatokun, said that with its reconstitution, ESVARBON  would continue its vital role of regulating and controlling the practice of the  profession to ensure integrity, professionalism and transparency.

    “I assure the minister that under my watch, ESVARBON will live up to the expectation of the Federal Government and the public in general,’’he said

    He said that the board would strengthen its regulatory framework, promote innovation, technology and professionalism, forester collaboration, and contribute to the renewed hope housing agenda.

    He requested that members of the board should be appointed as facility managers to professionally handle the post development issues relating to housing estates and cities.

    “These includes disposal by sale, lease or balloting as well as establishing facility management model for the new stock of infrastructure.

    “A usual derogatory refrain is that Nigeria lacks maintenance culture. A sizeable public infrastructure of the nation is under the Federal Ministry of Housing and Urban Development.

    “The board  offers to partner with the ministry and other built environment professionals to fashion out an appropriate maintenance model to improve our infrastructure repairs and upkeep culture in the country.’’ #FG Inaugurates Board for Effective, Affordable Housing Operations

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    Julius Alagbe
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    Julius Alagbe is a senior financial journalist and Editor at MarketForces Africa with nearly two decades of experience in finance, accounting, and economics reporting.He is one of Nigeria's most prolific financial market reporters, covering capital markets, monetary policy, corporate earnings, banking, telecoms, and macroeconomic developments across Africa.Julius has built a strong footprint reporting on Nigeria's leading corporates and financial services sector, including coverage of the Nigerian Exchange Group, Central Bank of Nigeria monetary operations, MTN Nigeria, GTCO, and major investment banking transactions.He regularly monitors the CBN’s open market operations, interbank FX markets, and equity market movements, providing readers with real-time intelligence on Nigeria’s financial landscape.His reporting draws on direct access to institutional research from firms including Moody’s Ratings, CardinalStone Securities, Fitch, and other leading African investment houses.Julius brings analytical depth and editorial rigour to every story, making complex financial data accessible to professionals, investors, and policymakers across Africa.Julius Alagbe is based in Lagos, Nigeria.

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