By
ESV Sunday Oluwafemi OLAPADE (MINVS, RSV)
ESV Moses Adeolu OJENIYI (MNIVS, RSV)
ESV Adewale Rufai ADEDOKUN (FNIVS, RSV)
In Nigeria, the need for transparency, integrity, and accountability in the management of public assets cannot be overemphasized, especially among public officeholders.
The Code of Conduct Bureau (CCB) plays a pivotal role in enforcing asset declaration laws to prevent corruption and ensure that public officials do not amass wealth illegally. One of the most important tools in ensuring that asset declarations are accurate and trustworthy is the presentation of asset valuation certificate, which is prepared by professional estate surveyors and valuers.
These certificates are crucial for ensuring transparency, compliance with legal requirements, and the integrity of the asset declaration process in Nigeria, especially under the enforcement mandate of the CCB.
The Code of Conduct Bureau (CCB) and the Enforcement of Asset Declaration
The CCB, as outlined in the Constitution of Nigeria and the Code of Conduct Bureau and Tribunal Act, is tasked with enforcing asset declaration laws and ensuring that public officeholders adhere to ethical standards.
The CCB is responsible for receiving and verifying the asset declarations of public officers. The Bureau is empowered to scrutinize asset declarations and investigate any discrepancies or instances of illicit accumulation of wealth. In the course of its enforcement, the CCB relies on asset valuation certificates to verify the accuracy of the reported asset values and to determine whether there has been any unjustified enrichment.
Section 14 of the Code of Conduct Bureau and Tribunal Act stipulates that public officers are required to declare their assets upon assuming office, during their tenure, and at the end of their term. It also highlights the need for verification of the assets declared by public officers.
An asset valuation certificate is critical here because it provides an accurate representation of the asset’s value, making it easier for the CCB to determine whether an official’s wealth has increased significantly without a legitimate source of income.
For example, if a public officeholder declares a property worth a certain amount, the CCB can request an asset valuation certificate to compare the declared value with the certified value by a professional estate surveyor and valuer. Any discrepancies between the declared value and the professional valuation would raise red flags, prompting further investigation. This ensures that public officeholders cannot falsely inflate or deflate their assets to evade scrutiny or mislead the public.
The Role of Asset Valuation in the Asset Declaration Process
Asset declaration is a legal requirement for public officeholders in Nigeria, as stated in the Code of Conduct Bureau and Tribunal Act, particularly Section 14 of the Act, which mandates that public officials disclose their assets at the time of taking office, during their tenure, and upon leaving office.
This legal provision aims to promote accountability and to prevent public officeholders from illicitly accumulating wealth. However, the process of asset declaration can be easily manipulated if asset values are not accurately determined.
This is where the role of asset valuation certificates comes in. These certificates, prepared by certified estate surveyors and valuers, provide an independent and unbiased assessment of the value of an individual’s assets, whether immovable property such as land or buildings, or movable property such as vehicles, electronics, machinery, or financial assets.
These certificates offer an objective valuation based on the current market conditions, providing a clear and reliable reference point for both the public officeholder and the CCB in the asset declaration process.
Without proper asset valuations, public officeholders could understate the value of their assets to evade tax liabilities or conceal illicit wealth. Conversely, they could overstate their assets to project a false image of financial success.
In either case, the transparency of the asset declaration process would be compromised, undermining its intent. By requiring asset valuation certificates, the CCB ensures that asset declarations are based on factual, market-driven data, reducing the likelihood of manipulation and promoting transparency.
Compliance with Tax Regulations
Another crucial aspect of asset valuation certificates is their role in ensuring compliance with Nigeria’s tax laws. Taxation is often based on the value of an individual’s assets, and in order to determine tax obligations fairly, accurate valuations are essential.
Public officeholders, businesses, and even ordinary citizens are required to declare their assets for tax purposes. Without proper asset valuation, tax assessments can either be overstated or understated, leading to legal consequences.
An asset valuation certificate serves as a legitimate proof of an asset’s value, ensuring that individuals and corporations pay taxes based on accurate information. For instance, if a public official owns land or property, the valuation certificate will determine its market value, which will then serve as the basis for calculating property taxes.
Without such certificates, property owners may engage in tax evasion by undervaluing their assets or misreporting their property holdings. In this sense, asset valuation certificates are crucial in ensuring that the tax system is fair and that the public sector receives its rightful share of taxes.
Promoting Investor Confidence in the Real Estate Market
The role of asset valuation certificates extends beyond public officeholders. In Nigeria’s real estate market, where property transactions often involve large sums of money, these certificates are also critical in promoting transparency and fairness.
When purchasing or selling property, an asset valuation certificate prepared by a professional helps to ensure that both parties are operating based on accurate, agreed-upon values.
This is especially important in preventing fraud or the manipulation of property prices. The real estate market’s transparency, underpinned by accurate valuations, attracts both domestic and international investors who are assured of the fairness and stability of the market.
Conclusion
The importance of asset valuation certificates prepared by certified estate surveyors and valuers in ensuring transparency and compliance in asset declaration practices in Nigeria cannot be overstated. These certificates serve as an independent and professional mechanism for verifying asset values, thereby promoting the accuracy of asset declarations by public officials.
By ensuring that asset declarations are based on factual, market-driven data, asset valuation certificates provide a critical safeguard against corruption and illicit wealth accumulation.
Furthermore, these certificates support the CCB’s enforcement efforts, ensuring that public officials comply with the law and that tax obligations are fairly assessed. To strengthen the role of asset declarations in promoting good governance, Nigeria must continue to enforce the use of asset valuation certificates as part of required documents, improve relevant regulatory frameworks, and ensure the professional integrity of estate surveyors and valuers.
This will contribute significantly to a more transparent and accountable public service, ultimately benefiting the Nigerian public
