Dr. Rabiu Olowo, Executive Secretary of the Financial Reporting Council of Nigeria (FRC), has called on newly inducted estate surveyors and valuers to uphold the highest standards of ethics, integrity, and professionalism.

Speaking at the 2025 induction ceremony for members of the Nigerian Institution of Estate Surveyors and Valuers (NIESV) in Lagos, Dr. Olowo stressed that their work carries legal, financial, and national implications, making accuracy and accountability non-negotiable.

“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,” he said.

Dr. Olowo urged the inductees to embrace continuous learning, noting that valuation is dynamic and markets evolve. He emphasized the need to produce reports that withstand scrutiny by auditors, regulators, investors, and the courts.

“Uphold the ethics of your profession. Avoid conflicts of interest. Document your assumptions rigorously. Challenge information that appears unreliable. Above all, be honest in your methods, in your judgments, and in your interactions with clients and stakeholders,” he said.

Highlighting the importance of the profession in national development, he noted that valuation reports underpin financial transparency, strengthen public trust, and guide policy and investment decisions.

Dr. Olowo also commended the ongoing collaboration between the FRC and NIESV, particularly in developing the Valuation for Financial Reporting Regulation, which will reshape valuation standards in Nigeria once approved by the Ministry.

“The moment this regulation becomes effective, compliance will not be optional. It will guide auditors, inform FRC inspections, and determine the acceptability of valuation reports used in financial statements. Your expertise must be sound and compliant,” he warned.

He further highlighted the FRC’s capacity-building efforts, including nationwide training programs that have engaged about 1,000 professionals across Lagos, Abuja, Port Harcourt, and Kaduna.

“The Directorate of Valuation Standards of the FRC is not just a regulator; it is a partner in your professional growth. It will support you through training and engagement, but it will also hold you accountable to the responsibilities you accept today,” Dr. Olowo said.

He concluded by reminding the inductees that as custodians of trust, their work is critical for a credible financial reporting system and a resilient national economy.