Login Register
feel free to call 09056000005

Survey Reveals 80% of Government Buildings Lack Appraisal Value

Surveyors have said the failure to conduct valuations of government land was having a negative impact on revenue generation in the country
The Managing Partner of Samson Agbato Consulting, Emmanuel Ebede, said 80 percent of lands were not valued due to ignorance.
He said, “Understanding or knowing the worth of an asset will help to appreciate its value. If this is not done, we will not know what value it can create. Over time, we have seen assets, especially government assets, because they do not actually know the value of these assets.
 
“A lot of government properties, secretariats, government buildings, offices, among others, are being abandoned, for example, the old secretariat in the Ikoyi area of Lagos. Also, high-rise buildings that could yield substantial income for the government have also been abandoned for a while because they do not understand the value they carry.”
According to him, if asset valuers are called upon to help carry out this valuation, the government can know how much of its funds are wasting away because of these abandoned properties.
He added, “We know the debt profile of the country today. If these assets are utilized, it will help in reducing to an extent the debts. Valuation should be looked into because these assets are many in several states of the country, including the Federal Capital Territory.
 
“So, if we know the worth, we can ascertain if the government wants to sell it off and make money out of it than leaving it to waste for years without yielding any income, either through rent or outright sale. With the valuation of the assets they  will be able to know what to do with the assets to maximize revenue.”
 
In the same vein, the Quality Control Officer of the Valuation Unit, Samson Agbato Consulting, Adedeji Opayiga, said the Nigerian system did not prioritize real estate investments
He said, “If you go to Ikoyi, there are so many abandoned buildings there, and the value of those buildings today worth billions of naira, and the resultant effect is the waste, which is not boosting revenue generation for the economy.
“An investment analysis can be done to look at viability analysis or appraisal evaluating the worth of these properties. This is part of the call of estate valuers to help with the estimation.
“In addition, a joint venture can be set up with private investors. This can birth a collaboration model on maximizing these abandoned lands to boost the nation’s revenue.”
Meanwhile, the Head of the Valuation Unit, Samson Agbato Consulting, Ayo Ajayi, noted that it was obvious that many of the country’s assets were being wasted. He said, “Our refineries are wasting. We have a culture of wastage and we need to keep working on our ideologies. These assets are wasted because the maximum usage generates the highest and best use.
“Real estate being an avenue for money laundering, people just purchase lands without using them, just tieing the lands down, especially lands in prime locations.”
 
 
 
Source: Punchng.com
 

Similar Topics

US Election Race Intensifies: How Results Could Impact Nigeria’s Real Estate Market As the...

15 days ago Read More

Equatorial Guinea Official Baltasar Engonga Ebang’s Video Sparks Controversy In recent days,...

15 days ago Read More

Nigeria’s digital real estate company, Sytemap, has raised concerns over the ongoing trust...

a month ago Read More

Governor Babajide Sanwo-Olu of Lagos State has urged for more investment to address the persistent...

a month ago Read More

Housing sector stakeholders have raised concerns that the rising interest rates in the country are...

a month ago Read More

Lagos State Governor, Babajide Sanwo-Olu, has emphasized the significance of innovation,...

a month ago Read More

The Association of Private Practicing Surveyors of Nigeria (APPSN), a subgroup of the Nigerian...

a month ago Read More

Nigeria has been admitted into WorldSkills International, marking a historic milestone in the...

2 months ago Read More

The Federal Government has launched the Ministry of Finance Incorporated Real Estate Investment...

2 months ago Read More

The National Board for Technical Education has inaugurated the Sector Skill Council for...

2 months ago Read More

The Environmental Defense Fund has partnered with Africa Practice to combat climate change in...

2 months ago Read More

The Minister of Housing and Urban Development, Ahmed Dangiwa, has reiterated the crucial role of...

2 months ago Read More

The Real Estate Developers Association of Nigeria has announced initiatives aimed at enhancing...

2 months ago Read More

The Global Environment Facility has approved $3.28m to tackle land degradation in Kebbi State under...

2 months ago Read More

The commercial real estate market is currently grappling with several major challenges, including...

2 months ago Read More

Real estate development is a key driver of economic growth in any region, and Africa is no...

2 months ago Read More

The Federal Government has signed a Memorandum of Understanding with Shelter Afrique...

2 months ago Read More

The Federal Government has issued a 90-day deadline for subscribers of the National Housing...

2 months ago Read More

The Minister of Housing and Urban Development, Ahmed Dangiwa, has disclosed that plans are underway...

3 months ago Read More

A real estate firm, Gestpoint Nigeria Limited, has implored the Federal Government to simplify the...

3 months ago Read More