AMCON, ESVARBON Strengthen Partnership

6th February 2019

The Managing Director/Chief Executive Officer, Asset Management Corporation of Nigeria, Mr Ahmed Kuru has pledged that the corporation would continue to seek improved collaboration with Estate Surveyors and Valuers Registration Board of Nigeria because of the critical role they play in asset sales.

In a statement on Tuesday, Kuru spoke when he received a delegation from ESVARBON led by its Chairman, Sir Nweke Umezuruike in Abuja. He stated that such collaboration with the agency was needed this time in AMCON, given the pile up of assets, which AMCON had to sell to meet its mandate at the end of the day.

He said, “Valuers determine a lot of what we do in terms of assets sale. We therefore consider ESVARBON as key stakeholders in our recovery mandate and will always encourage this sort of interaction. That is why I have always said that conservativeness is very key in the valuation business because it is critical to how we (AMCON) go about the disposal of the assets we have in our portfolio.

“We have always engaged your members and we will continue to engage them to handle our valuations and the reports they come up which affect our decisions. So, we will continue to work with ESVARBON because your job as estate valuers have both negative and positive impact on AMCON.”

He also expressed AMCON’s main concern, which had to do with quacks in the sector, which made it difficult to get the right valuation of assets most of the time. Kuru said it would be in the interest of AMCON, ESVARBON and the public if unqualified practitioners in every states of the federation as members of ESVARBON were eliminated. In his response, Umezuruike said estate surveyors and valuers had enjoyed treasured professional relationship with AMCON. He said ESVARBON was aware of the key role of registered estate surveyors and valuers to the successful realisation of the statutory mandate of AMCON.