Why engineers, estate surveyors bicker over plant, machinery valuation

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Two main built environment professional groups, engineers and estate surveyors and valuers, have in the past few months been embroiled in a professional battle over who has the right and professional competencies to undertake the valuation of plants and machinery.
Whereas close watchers of this battle dismiss it as an unnecessary distraction, the professionals involved say the raging argument is worth the time being invested in it because, according to them, depending on how it turns out, it could disenfranchise a whole professional from their rightful job of being plant and machinery valuers.

“What is at stake is who has the right to value items of plant and machinery. It is not a function of naira and kobo alone. It’s a function of which professional is trained to undertake the valuation of these items,” Chudi Ubosi, an estate surveyor and valuer, explained to BusinessDay.
Gbenga Olaniyan, CEO, Estate Links – a firm of estate surveyors and valuers, agrees, pointing out however that the bickering had a lot to do with professional fees, which translate into naira and kobo.

“Plant and machinery valuation is a big job; it is such that the smallest plant and machinery valuation job is bigger than the biggest property valuation job,” he explained, adding, “whereas engineers know about the integrity and condition of plants and machinery, estate surveyors and valuers are the ones who know the value or the market price of these items.”
Paul Osaji, also an estate surveyor and valuer, takes it further, saying that the quest by engineers to attempt to delve into valuation of plants and machinery and other assets thereby creating confusion and misrepresentation of facts in order to become what they are not is disturbing and misleading.
“It is important that we differentiate between … Read More...