Experts in expense management advocate for changes to reduce unnecessary spending

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The Institute of Appraisers and Cost Engineers, a division of the Nigeria Society of Engineers, has called for the mainstream adoption of engineering valuation, cost engineering and engineering economy practices across Nigeria’s public and private sectors.

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It said the disciplines are critical to reducing waste, improving project delivery and achieving long-term value for infrastructure investments.

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The call was made on Thursday at the institute’s 2026 National Technical Conference held at the Nigerian Merit Award House, Maitama, Abuja, where members also inaugurated Bello Kwalli as the new National Chairman following the completion of Ike Iwenofu’s two consecutive terms in office.

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The conference, themed “Engineering Valuation, Cost Engineering and Engineering Economy Solutions in Emerging Economies,” also featured the induction of new Fellows, Accredited Senior Engineering Valuers and Cost Engineers, as well as Accredited Engineering Valuers, Cost Engineers and Engineering Economists.

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In his welcome address, the outgoing National Chairman, Iwenofu, said Nigeria could significantly improve the performance of engineering projects by embracing globally recognised cost engineering and valuation practices.

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According to him, engineering valuation and cost engineering have become indispensable tools for achieving value for money, eliminating waste and ensuring infrastructure projects are delivered within budget and schedule.

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He said, “This conference offers us another opportunity to continue to proffer solutions on how to improve engineering project outcomes, hence the theme ‘Engineering Valuation, Cost Engineering and Engineering Economy Solutions in Emerging Economies.

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“I consider the theme of this conference appropriate for robust and sustainable national development conversation. Expectedly, the combination of engineering valuation, cost engineering and engineering economy practices provides a structural framework for establishing processes which promote efficiency, waste reduction, tight control over budgets and timelines, strategic alignment that ensures project deliverables meet desired goals and long-term value realisation.”

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He noted that the institute had continued to strengthen professional capacity through training, mentoring, strategic partnerships and compliance with global standards.

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The outgoing chairman also disclosed that membership of the institute had continued to grow, adding that admission remained open only to registered and registrable engineers who successfully completed rigorous professional examinations and qualification programmes.

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Reflecting on his tenure, Iwenofu expressed appreciation to members and formally handed over leadership to his successor.

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In his acceptance speech, the newly inaugurated National Chairman, Kwalli, pledged to reposition the institute as a strategic partner in Nigeria’s economic development through stronger advocacy, institutional partnerships and improved professional standards.

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He described his emergence as a collective achievement for the profession rather than a personal milestone.

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Kwalli said, “Today, I stand before you deeply honoured and profoundly humbled to accept the mantle of leadership as the National Chairman of the Institute of Appraisers and Cost Engineers. This is not merely a personal achievement; it is a collective triumph for our profession, for our members, and for the nation we serve.”

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He said the institute had attained significant legal and professional recognition, positioning it to contribute meaningfully to Nigeria’s valuation ecosystem.

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The new chairman said the institute’s members possess expertise in valuation of property, plant and equipment, infrastructure assets, intangible assets, biological assets, mergers and acquisitions, privatisation transactions, taxation and insurance.

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He also promised to deepen collaboration with key professional bodies and government agencies.

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Established in 2003 as a division of the Nigerian Society of Engineers, the Institute of Appraisers and Cost Engineers became a member of the International Cost Engineering Council in 2008.

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The institute’s mandate is to promote engineering valuation, cost engineering and engineering economy practices in Nigeria while advancing professional standards through certification, training and international collaboration.

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