NIESV Moves to Promote Standardisation in Auctioneering Practice in Nigeria

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Ugo Aliogo

As part of efforts to address the issue of wastage of assets in government and individual custody, the Nigerian Institution of Estate Surveyors and Valuers (NIESV) is set to promote standardisation and regulation in the practice of auctioneering in Nigeria.

Speaking at the inaugural lecture of the institution organised in Lagos recently with the theme: ‘The Business of Auctioneering: The Estate Surveyors and Valuers Perspective’ the President of the Institution, ESV, Ajayi Patunola, said the practice of auctioneering was being handled by unqualified persons, adding, what is key is to deliver quality service through professional skills.

He also stated that as valuers, they are in the rightful position to determine the best prices for exchange especially for those assets that due for auctioneering; noting that one of their key strategies is to train up their members in line with international best practices.
He explained that when government sees their desire to take a leadership position in auctioneering, it would be willing to partner them in order to stop the unprofessional practices. “We are bringing quality, regulation and standardisation to auctioneering practice in Nigeria” he said.

Patunola who represented by the First Vice President of the NIESV, ESV, Rowland Abonta, said the lecture was aimed at bringing to the fall, the strategic role of auctioneering as a marketing tool for raising resources and revenue for government and private owners, who have a lot of wasting assets.

The NIESV President tasked members on organising auctioneering fairs which could be hold across the nation, where government and private individuals can bring their assets to be exposed to people interested in such assets and added that on their path as an the institution would carry out the branding of the asset.

He added that the branding would contain the specification, and the usefulness of the asset, stating that when they are able to embark on such activities the volume of wasting assets in government and individual custody would have a window of disposing them.
Patunola added: “There are a lot of government assets that are wasting away. Therefore as a professional body we believe that those assets that are wasting can be converted into cash and the much needed form through auctioneering. Then government required resources to provide services will be made available by this single act of selling of what is not useful.

“It is not only about government even individuals also. The actual reason for this faculty coming onboard is that we have observed over the years that auctioneering business has been left to unprofessional persons who are not trained by the NIESV. The institution has the best skills to apply when it comes to auctioneering. Basically, we are trained valuers and we have the best technical know-how, to access and determined value of any asset.

“Regarding the issue of marketing, we are also skilled especially in knowing the right audience to approach and to bring together in other to market any asset, whether real estate or other tangible assets in terms of equipment. We are preparing the faculty to begin to function effectively and to provide leadership and professionalism in this business in the country.”