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Property Valuation

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We undertake the valuation of all classes of properties/assets for a variety of purposes such as Insurance, Mortgage, Balance Sheet, Sales/Purchase, Compensation, Rating, Probate and Investment. Asset Valuation is the estimation of the market Value of asset at a particular time by professional Valuers in the Market, employing universally acceptable principles that best suit the goal(s) of the client.

 

The objective of a valuation exercise is to ascertain the present worth of an asset or an interest in property in economic terms. It entails the determination of the value or worth of an interest in an asset using information from the prevailing economic situation.

Also the motive behind a valuation exercise determines the ultimate value assigned to the asset. Hence the valuation exercise can be carried out with a view to determining the followings:

  • Open Market or Fair Value
  • Mortgage Value
  • Rental Value
  • Insurance Value
  • Rate able Value
  • Forced Sale Value
  • Compensation Value etc.

 

Thus it is possible for an asset, be it land, building, furniture, fitting, fixtures, motor vehicles or items of plant and machinery or oil installation to have differing values on the same date depending on the purpose of the exercise. In each case the value is affected by different set of conditions which may have little to do with the type, age and the state of the asset e. g.

 

FAIR VALUE OR OPEN MARKET VALUATION:

Fair Value or Open Market Valuation is based on the price which the asset can reasonably be expected to realize in a sale under normal property market conditions. Thus the value here is the highest price in terms of money which a property will command at the date of valuation in a competitive and open market under all conditions requisite to a fair sale, the buyer and the seller, each acting prudently, knowledgeably and assuming price is not affected by undue stimulus.

 

COMPENSATION VALUATION:

This may be defined as the valuation of properties to be compulsorily acquired by an acquiring authority, bearing in mind the relevant statutory provisions, governing compulsory acquisition and compensation.

By compensation claim we mean the quantity or amount in monetary terms a claimant whose right or interest has been expropriated can reasonably claim under the provisions of the relevant law authority an acquiring authority to compulsorily acquire such interest or right in land or property.

 

Consequently, compensation should therefore be seen as the consideration or payment made in monetary terms for the expropriated right or interest of claimant, the objective is to as much as possible restore the claimant whose right or interest is expropriated to his original position, i.e. he should be neither worse off nor better off as a result of the compulsory acquisition.

WORKING EXPERIENCE ON SIMILAR JOBS.

  1. Nigeria Gas Company Row Acquisition, Ibafo – Ikeja, Lagos 1997.
  2. Shell Nigeria Gas Row Acquisition, Itoki – Agbara, 1999 – 2000
  3. LNG Row Acquisition (Port Harcourt) 1997 – 1998
  4. Ondo State Sport Stadium Extension Compensation Valuation, Akure
  5. Ondo State Trade Four Complex, Igbatero Road, Akure
  6. Local Government Political Party Secretariats Acquisition and Compensation Valuation, (Ondo State)
  7. Oluwa Glass Factory Land Acquisition and Compensation Valuation at Igbokoda Aiyetore, Ondo State.
  8. Egbe Dam Valley Acquisition and Compensation at Igede-Ekiti Ondo State.
  9. Maxwell Kobe Cantoonment, Rubuka, Jos. 2010 -2012.