Secured Lending Valuation

Pursuant to the powers conferred on the Central Bank of Nigeria (CBN) by Sections 2 (d) and 33 (1) (b) of the CBN Act, 2007 (as amended) and Section 57 (2) of the Banks and Other Financial Institutions Act [BOFIA] 2007, as amended, the CBN hereby issues this Guidelines on Responsible Business Conduct, herein referred to as “the Guidelines” to give effect to the Responsible Business Conduct Principle contained in the Consumer Protection Framework (CPF) for institutions regulated by the CBN.

The Guidelines provide minimum standards of business required of Financial Institutions under the regulatory purview of the CBN to protect the rights of consumers and to hold the institutions accountable as a result of the skewed power imbalance.

Under the Responsible Lending (CBN, "Consumer Protection Guidelines on Responsible Business Conduct", 6 par.7)

"Financial Institutions shall not compel a consumer to buy a product or service, such as insurance or valuation service from a particular provider as a pre-condition for the grant of a credit facility"

In line with this Guidelines, consumers are at liberty to choose from the list of certified and licensed estate surveyors and valuers as provided by the #ESVARBON when applying for a credit facility in any of the financial institutions in Nigeria.

For secured lending valuations, talk to us at +234 806 877 4629, www.akaa-ng.com, www.esvarbon.gov.ng/register-of-esvs/

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