Prof. Olurotimi Adebowale Kemiki of the Department of Estate Management and Valuation, Federal University of Technology Minna has said that unless property maintenance practices in the country are strictly handled by experts in Estate Management and Valuation, achieving Sustainable Development Goals (SDGs) remains a mirage as property maintenance is not a trial and error practice.
He stated this while delivering the 103th inaugural Lecture of the University titled “Property Value-What is Behind Six is More Than Seven,” on W ednesday, February 8, 2023 at the University Auditorium, Main Campus, Gidan Kwano, Minna.
Prof. Kemiki who further stated that what determines the worth of property is beyond physical and finances, described the involvement of some individuals from other disciplines in the activities of property management and valuation as an abuse of power. He emphasized that the only professionals exclusively with the right to place value on anything are the estate surveyors and valuers as enshrined in the constitution.
The Inaugural Lecturer also highlighted environmental disamenity resulting from poor infrastructure, poor municipal solid waste disposal, lack of potable water supply and industrial activities among others as some of the factors responsible for the unwarranted devaluation of properties especially in the urban areas.
He further listed some of the vital roles played by estate surveyors in ensuring proper management and utilization of property to include provision of appropriate and accurate estimation of land and property values to proffer public authorities with adequate rates to be charged on properties during compensation and revenue generation, determination of best use of location to avoid citing properties in an incompatible location.
Other roles include development of land information and management system for the purpose of housing provision scheme as well as arbitration and conciliation consultants for settlement of land disputes arising from unlawful possession, trespasses and illegal property transactions.
The don also appealed to leaders in both public and private sectors to always appoint estate surveyors and valuers as heads of maintenance units in their respective organizations in order to avert institutional failure.
“Estate surveyors and valuers should be accorded relevant recognition in infrastructural development and management in Nigeria.” Prof. Kemiki further emphasized.
He also stressed the need for a conscious efforts by the authorities to design policies that will drive and sustain environmental facilities provision and maintenance.