Members of the Plant and Equipment Faculty of the Nigerian Institution of Estate Surveyors & Valuers (NIESV) have advocated the review of the 11-year old mineral Act and implementation of the road map for the development of the solid minerals sector of the economy.
They made call the end of a four-day international conference on Mineral Assets Valuation and financing organized by the institution in Minna, Niger State, in Collaboration with the Federal Ministry of Mines & Steel Development and the Bank of Industry (BOI).
The stakeholders also sought urgent attention to the infrastructure challenges in the evacuation of minerals from mine sites and harmonization of taxes on mining operators as well as removal of multiple taxation.
The NIESV faculty also resolved to continue to engage all stakeholders in the solid minerals sector towards achieving the laudable objective of the road maps.
Essentially, it was resolved that the vital role of the valuer in the appraisal of mining leases and mining assets in its entirety in conjunction with other stakeholders should be appreciated by the ministry. They noted that financing and financial intermediation in the solid minerals sector require a proper risk analysis that involves valuation.
It was also decided that the roles of artisan miners in the development of the sector was vital and that an emergency status should be accorded them in terms of the financial intermediation by the government. To encourage investors, various issues surrounding mining host community restiveness were discussed extensively and recommendations forwarded to tackle the menace.
Meanwhile, to build competent leadership in the profession, the Lagos State branch of the institution has established ties with the Lagos Business School (LBS) for training of its members and research development. Specifically, the institution is seeking LBS’s partnership in leadership training, real estate programmes, seminar and research/data gathering for the industry.
Chairman, Lagos branch of NIESV, Mr. Rogba Orimolade who led the executive council to the management of LBS in Ajah said the creation of leadership training programmes for its members would help to harness various initiatives put in place.
Orimalade explained that the state branch contributes about 40 percent to the 5,000 national membership strength and solicit the support of the school in addressing the lack of data in the real estate market. He said, “As a branch, we own several physical assets. We also carry out lots of initiatives and programmes whilst we have just recently created a 15-seater resource centre in our branch secretariat, which is meant to promote human capital development among our members and the public at large. The investments have to be fully harnessed so as to deliver the best service to our members. We believe an LBS leadership programme could help in that steed”. He said NIESV through its national and regulatory body would examine the school’s programmes and select those that it deemed necessary for members.
The chairman said the state branch is aware of the shortage of data in the real estate industry stressing that from the first quarter of 2019, it would be launching a quarterly Magazine that will contain reports from NIESV Lagos Research desk bordering on key segments in the real estate industry. The key data would be provided to help and guide the populace in decision making and planning.
“Being the most prominent profession in the built environment, we believe it would be a worthwhile venture for both institutions to organise a joint real estate programme and seminar for professionals and practitioners in the real estate industry. With our membership strength of 5,000 members including students and the LBS alumni network and its wide reach, we are of the belief that it would attract a huge amount of interest and participation from the public”.
He added, “As a Professional Body, our members who are highly seasoned in areas of the Real Estate Industry are more than willing to help provide the much needed training in your various programmes, most especially the MBA Classes and the Owner Management Classes”.
Speaking, the Dean, Lagos Business School, Dr. Enase Okonedo welcomed the initiative noting that it’s inline with the objectives of the institution. She observed that when professional bodies come together to run an association or businesses, various management and leadership principles would be required to move ahead.
According to her, the school also harps on sound knowledge of management and discipline to excel in leadership, business ethics and attitudes that make one a true professional. “A number of organizations require continuous professional development for their members and that is an area the school feel, we maybe able to work together. NIESV, if you have a 5,000 member, it means we should be able to gather data on the industry. “
According to her, there is need to imbibe right attitude through discipline in business and curb sharp practices in transactions. Okonedo stated that the institution had launched a real estate training programme early in the year because of its critical role and potentials to the economy and assured NIESV of adequate support.
Contributing, the director, executive education, LBS Mrs. Lilian Uwaeme said the institution would find out key areas of need by NIESV and develops programmes that suit the association. She assured that the institution would encourage members to participate in LBS open programmes and expects its experts to work with the institution.