Former President, John Dramani Mahama, has stated that limitations for arbitrary powers for asset valuation will curb corruption.
"Stakeholders must agree that if they are to improve asset valuation in the quest to tackle corruption globally, there must be a limit to using arbitrary powers for asset valuation," he stressed.
Former President Mahama noted that they must also amplify tried and tested distinct methods that relied on valuation standards because overstating assets and understating their liabilities had led to crash of some multinational corporations which had reverberating effects on global economy.
Addressing Nigerian Institution of Estate Surveyors and Valuers conference in Ilorin in the Kwara State of Nigeria, the former president said the failure of real estate appraisers to abide by standards leads to overvalued properties that are perceived to have contributed to significant mortgage defaults.
According to him, it impaired the capital reserves and operating ability of many financial institutions and leads to crisis in the world financial system that spread beyond the borders.
"As a person who has served in public office at the highest level, let me tease your minds by raising the issue of requirement for public officers to declare their assets prior to taking office and upon exit from office and regime of declaration of assets is useful tool in the fight against corruption, but in many cases is not utilised to maximum effect.
"The assets declaration forms must be filled by the individual prospective, public office holders and asked to list all assets and properties they own which includes houses, farms, vehicles, jewelry and also required to assign values to each of the assets.
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"How will physical examination of assets and valuation assist to strengthen assets declaration regime to support fight against corruption? What role can determination of the net worth of public officers before and after office assist in curbing the canker of corruption," former President Mahama quizzed.
He pointed out that it was a good practice appraisal organisations required their members to adhere to particular set of standards and cited the American Society of Appraisers and the Royal Institute of Chartered Surveyors insisted on standards and performance measurements partly to avoid mistakes of their past.
Former President Mahama observed that performance measurement was not exact science, but urged the stakeholders to allow indices to guide their noble efforts borne out of intrinsic motivation to right the wrongs of the past.
He challenged the Lagos State Real Estate Regulatory Authority, beneficial ownership legislation, to develop an online portal for planning applications to bring more clarity through probity, accountability and transparency which could better tackle corruption in the real estate sector.
