Professor Gabriel Babawale of the Department of Estate Management, Faculty of Environmental Sciences, University of Lagos has advocated the establishment of joint standards committees of regulators of Real Estate valuation in Nigeria.
The Professor of Estate Management also wants the standard committees to govern activities of major valuation end-users, notably the Nigerian Institute of Bankers, the Chartered Insurance Institute of Nigeria and the Capital Market Operators among others.
This formed part of recommendations by Professor Gabriel Babawale while delivering the 19th Inaugural Lecture of the University in the 2021/2022 Academic Session on Wednesday, May 24, 2023.
Titled “Valuation Accuracy: the myth, reality and expectations”, Prof Babawale’s inaugural lecturecovered Real Estate Valuation, the core duties of professional real estate valuers, the uncertainties inherent in real estate valuation and the coping strategies.
The inaugural lecturer took the gathering comprising relatives, colleagues, mentors and mentees, academics as well as an array of friends, admirers and well-wishers through Real Estate Valuation, in its entirety, its importance, valuation accuracy and its danger as well as studies in valuation accuracy.
He recommended that Real Estate Valuation should be information-driven with adequate emphasis on appropriate data gathering, analysis and banking by practitioners
Professor Babawale also advised regulators in the Real estate sector to drive public awareness campaigns to sensitize the general public on the various services offered by real estate valuers and promote larger, multi-disciplinary firms thereby arresting the current fragmentations in real estate.
While charging real estate valuers to be abreast of the dynamics of the marketplace and the growing sophistication of valuers’ clientele, the renowned academic implored regulatory bodies to consider additional regulations and more stringent codes of practice to deter among others, clients’ pressure, encourage valuers’ independence and ensure compliance with approved standards and ethics in real estate.
The Vice-Chancellor, Professor Folasade Ogunsola, FAS, in her remarks before and after the lecture, congratulated Professor Gabriel Babawale on his immense contributions to the body of knowledge.
The Deputy Vice-Chancellor, Management Services, Professor Lucian Obinna-Chukwu who represented the Vice Chancellor, urged relevant bodies to key into the recommendations made by Professor Babawale and explore its potential benefits for national development.
Professor Gabriel Kayode Babawale joined the service of the Department of Estate Management, University of Lagos, in March 1999 as Lecturer II and became a Professor in 2019. His research covers property investment performance, risk analysis, valuation accuracy and property taxation. He has authored more than sixty (60) articles in reputable national and international peer-reviewed journals.
The internationally acclaimed Estate Management Specialist is certified by the Estate Surveyor and Valuer Registration Board of Nigeria (ESVARBON). He is also a registered member of the Nigerian Institution of Estate Surveyors and Valuers (NIESV).