…As ESVARBON unveils Mekadolf Formulae for estate practice

New formulae for valuation of property have been put forward. These formulae were unveiled last Tuesday during presentation of a book entitled Mekadolf Formulae for Real Estate Practice: The Valuation Approach. The book was written by a lawyer and estate surveyor and valuer, Emeka Emekesri. The Chairman of Estate Surveyors and Valuers Registration Board of […]

New formulae for valuation of property have been put forward. These formulae were unveiled last Tuesday during presentation of a book entitled Mekadolf Formulae for Real Estate Practice: The Valuation Approach.
The book was written by a lawyer and estate surveyor and valuer, Emeka Emekesri.
The Chairman of Estate Surveyors and Valuers Registration Board of Nigeria (ESVARBON), William Odudu who chaired the book launch said the book “will surely sharpen the competence and expertise of estate surveyors and valuers through its exclusive and distinctive area of valuation.”
The author of the book said he wrote to bring about check quacks and bring revolution in estate agency.
He explained that due to ignorance, certain practices are prevalent. For instance, he said in order to evade paying tax, quite often, the value of a property on paper is different from the actual value.
“You pay N100 million on a property but you put N1 million on paper to evade stamp duty. If your title document is fake, when you go to court, you lose,” he stated, emphasizing that tax should be taken on dutiable value, not on the capital value of the asset.
He explained that the use of the formulae in his book solves the problem because by them, tax is taken from dutiable value, not the capital.