Olowo Charges Newly Inducted Estate Valuers to Uphold Ethics, Integrity

The Executive Secretary of the Financial Reporting Council of Nigeria (FRC), Dr. Rabiu Olowo, has urged newly inducted estate surveyors and valuers to uphold the highest standards of ethics, integrity, and professionalism as they enter the field.

He stressed that their work now carries legal, financial, and national implications, making accuracy and accountability non-negotiable.

Olowo said this in Lagos, where he spoke as the guest speaker at the 2025 induction ceremony for new members of the Nigerian Institution of Estate Surveyors and Valuers (NIESV).

The ceremony formally ushered new members into the community of professional valuers, symbolises continuity, renewal, and the deepening of a long-standing tradition of excellence.

He urged the new inductees to produce reports that would withstand the scrutiny of auditors, regulators, investors, and the courts.

Olowo added, “As you take your professional oath, I urge you to embrace continuous learning. Valuation is dynamic. Markets evolve, standards change, regulatory expectations shift, and the world increasingly demands transparency.

“You must equip yourselves with the knowledge and discipline necessary to remain relevant, compliant, and competitive. Uphold the ethics of your profession. Avoid conflicts of interest. Document your assumptions rigorously.

“Challenge information that appears unreliable. Produce reports that can stand the scrutiny of auditors, regulators, investors, and courts. Above all, be honest in your methods, in your judgments, and in your interactions with clients and stakeholders.”

Olowo, reminded the inductees that the day’s event was a milestone and also a beginning step for them.

“You are stepping into a field that holds enormous opportunity; opportunity to shape national development, to deepen financial transparency, to restore public trust, and to strengthen accountability in both the private and public sectors.

“As a regulator, I can assure you that the FRC values the role of the valuation profession. We consider you indispensable partners in the journey toward a more credible financial reporting regime, a stronger capital market, and a more resilient national economy,” the FRC boss said.

Olowo stated that FRC, through the Directorate of Valuation Standards, has invested significantly in building capacity.

“Not too long ago, the Council concluded the Nationwide Training Tour on valuation for Financial Reporting, where we engaged about 1000 professionals across the cities of Lagos, Abuja, Port Harcourt and Kaduna.

“The Council has also integrated Valuation for Financial Reporting methodologies into all its training programmes. We have also developed the Valuation for Financial Reporting guide and distributed it at no cost to professionals in all our engagements.

“The Directorate of Valuation Standards of the FRC is not merely a desk; it is an emerging institution within the FRC, established to regulate valuation for financial reporting, develop guidance materials, review valuation practices through inspection activities, and ensure that valuation reports used in financial statements meet the standards expected of a modern, transparent, and credible economy,” he said.

He emphasised that the Directorate of valuation standards at the FRC remains not just as a partner in professional growth, but also a regulator.

“It will support you through training and engagement, but it will also hold you accountable to the responsibilities you accept today,” Olowo added.

Olowo further reminded the inductees that they are not merely joining a profession, but are becoming custodians of trust.

“You will be producing valuation reports that have legal, financial, and reputational implications for organisations. Your assessments of fair value will influence decisions on loans, investments, mergers and acquisitions, insurance claims, government asset management, and even court proceedings.

“When companies publish their annual financial statements, your work will be embedded in the figures that investors use to decide whether to buy or sell shares. Regulators will depend on your work to assess solvency, capital adequacy, and compliance.

“Government agencies will rely on your valuations to make infrastructure and policy decisions. In other words, you are entering a profession where accuracy is not just desirable but is compulsory. Where integrity is not just admired but is demanded, and where negligence is not merely unfortunate, but is consequential,” he said.