CEDAT commits to enrolling with the International Valuation Standards Council

The Chief Executive Officer of the International Valuation Standards Council (IVSC), Nick Talbot shakes hands with assoc. Principal Moses Musinguzi, after a meeting with staff at CEDAT

The Chief Executive Officer of the International Valuation Standards Council (IVSC), Nick Talbot visited the College of Engineering, Design, Art and Technology (CEDAT) during his tour of Makerere University on Tuesday 26th March 2024.

The CEO of IVSC, Nick Talbot

The CEO of IVSC, Nick Talbot interacted with the Principal, Teaching staff, and students of the College of Engineering, Design, Art, and Technology (CEDAT) where they deliberated on several issues of concern affecting the Valuation industry. Accompanied by Mugisha Turyahikayo Allan, a tangible and Business Valuation specialist operating in the East African region and Managing Partner of S-M Cathan, the team was at CEDAT in their effort to champion the recognition of the IVSC across the globe and the possibility of establishing a desk for Africa in Uganda.

According to Nick Talbot, the International Valuation Standards Council is a facilitator since everyone has valuation standards and the local partners are important because they understand the local environment and therefore the IVSC works closely with them. He said their visit to Makerere University was to establish linkages with the academia in the area of research and knowledge transfer. The discussions focused on how Makerere University can link up with other universities in Africa, and increase engagement with IVSC by enrolling as a member.

Assoc. Prof. Moses Musinguzi, the Principal of CEDAT welcomed the team to Makerere University on behalf of the Vice Chancellor, Prof. Barnabas Nawangwe.  He gave a brief about Makerere University, the Collegiate system, and the programs offered specifically at CEDAT that relate to Valuation including the Bachelor of Science in Valuation that was due to start,  Bachelor of Quantity Surveying, and the Bachelor of Construction Management that was getting phased out.  He said the country was faced with a limited number of Valuers and that the department responsible for their training was still building capacity. Consequently, he said, the country was faced with a challenge of having few Valuers in the industry most of whom were also not qualified to teach at the University.

Assoc. Prof. Moses Musinguzi, the Principal of CEDAT

Further, he highlighted the challenges faced in the country regarding valuation that have been a subject of discussion.  He cited the example of different valuers using the same method but coming up with different results. The valuation was faced with a lot of challenges including significant risks associated with different valuation aspects of the world, he noted, adding the issue of ethics which was cutting across many professions in Uganda where clients connive with professionals to influence the outcome of the valuation.

The Principal informed the team that the university was handling such challenges by introducing Ethics in the new curriculum as well as addressing such issues raised by the professionals as well as the community through training and research.

In an interface with the students, it was indicated that as future professionals, students needed skills that could be applied internationally, get academic networks from around the world to support their education, the valuation standards, research, and in the endacquire new leadership in the profession. Students were encouraged to consider areas of interest in various aspects of valuation ranging from real estate to environmental issues.

The Head of the Department of Construction Economics and Management Dr. Nathan Kibwami said the unit was still growing with a number of their staff pursuing their PhDs. He said that working closely with IVSC, especially in the area of research around valuation was important in training a new cadre of valuers, through avenues like Guest lectures.

(R-L)HoD Construction Economics and Management, Dr. Nathan Kibwani, CEO of IVSC, Nick Talbot, MugishaTuryahikayo Allan

The International Valuation Standards Council (IVSC) is the independent global standard setter for the valuation profession.  It sets the International Valuation Standards (IVS) which promote consistency and professionalism in the public interest.