Lagos State Govt Urges NIESV Lagos Branch To Collaborate With Insurance Firms, Other Actors In Real Estate Sector
Following the enactment of the Lagos State Urban and Regional Planning and Development (Amendment) Law, 2019, the Commissioner for Physical Planning and Urban Development, Dr Idris Salako has asked the Nigerian Institution of Estate Surveyors and Valuers (NIESV), Lagos branch to collaborate with insurance companies for proper valuation of properties which fall under the purview of the new regulation.
The new law makes it compulsory for all buildings above two floors to have a valid insurance cover.
The commissioner made the call when he received the Executive Officers of NIESV Lagos branch who paid him a courtesy at his office in Alausa on Friday to discuss ways to help the state government with a successful implementation of the newly amended law.
The commissioner also urged NIESV Lagos to collaborate with insurance firms and other sister associations in the built sector to come up with a proposal on inspection of buildings under the law.
He said, “We are always willing to work with professionals in the private sector in ensuring that all government programmes are successful. We don’t have enough hands in the ministry, so we welcome your contributions and assistance. I will urge you to collaborate with insurance companies and determine the parameters for valuation so that at our end we can also make recommendation that the buildings be valued by a registered professional estate surveyor and valuer for such a valuation document to be valid.”
The commissioner received the NIESV Exco in company of top ministry officials, including the permanent secretary and directors of Town Planning and Lagos State Building Control Agency (LASBCA) among others.
Earlier, the Chairman of NIESV, Lagos Branch, ESV Dotun Bamigbola said it was necessary to involve members of his institution in the mandatory insurance scheme for accurate valuation of properties so that implementation of the law would be beneficial to all the parties, including property owners, insurance firms and the state government.
He noted that of particular interest to NIESV Lagos in the re-enacted law, is the section on compulsory building insurance for any building above two floors, adding that this is a welcome development which also requires the inputs of Estate Surveyors and Valuers.
He said, “By the ESVARBON Act, Decree 24 of 1975, now CAP. E13 LFN 2004, Estate Surveyors and Valuers (ESVs) are the only professionals certified to carry out valuation of properties and assets of all types. Be it buildings and items of plant and equipment, including motor vehicles etc.
“ESVs are therefore critical stakeholders in the implementation of this new regulation. Moreso, our membership manage majority of this buildings. We will be delighted to understand the implementation process and to make our input in the process for effective as well as adequate and wide coverage.
“We recommend that Insurance valuation is a vital document for ascertaining the risk level or risk cover required for a building. This is where the requirement under the amended Urban & Regional Planning Law is germane and welcome.”
ESV Bamigbola also harped on the need to have Building Inspectors from among the NIESV and other professional bodies in the built sector to work with LABSCA.
“We are also suggesting that the ministry create certified Building Inspectors from among the seven built industry professionals who have to apply for this specialised line of practice, like in other climes such as UK.
“Each certified inspector will be attached to a project or two and will have responsibility in case of any wrong doing. This will improve your capacity I’m project monitoring statewide. Government will also be more responsive to prevent building collapse
“Training manuals for what Physical Planning/ LABSCA wants them to do can be created and NIESV will be glad to help. Our Resource Centre can be made available for this specialised Master Class certification training,”Bamigbola said.
While congratulating the commissioner, the ministry and the Governor of Lagos State, Mr Babajide Sanwo-Olu on the signing into law of Urban & Regional Planning (amendment) Law 2019 of Lagos State, the NIESV Lagos Chairman expressed appreciation for the appointment of NIESV Lagos’ nominee, Mr. Tunde Oyegbola, into the Physical Planning Appeals Committee.