Lagos State Valuation Office (LASVO) is set to commence the Site Visitation, Physical Inspection, and Valuation of all Lagos State Government Assets in all the State-owned Health Facilities Statewide, to determine the Fair Value in tandem with International Public Sector Accounting Standards (IPSAS) Implementation.
The exercise will also include the Creation and Management of a detailed and comprehensive Fixed Assets Register for the Moveable Assets (consisting of Furniture, Fittings, Office/Computer Equipment, Medical and Specialised Equipment etc.), in all the captured Health Facilities owned by the State in conjunction with Messrs. Adefila & Partners (Consultant Estate Surveyors and Valuers) having been recommended and selected by the Lagos State Public Procurement Agency (LASPPA).
In a statement issued on Friday by the Agency, the Director of LASVO, ESV. Adekunle Awolaja said the valuation exercise is scheduled to commence on Monday 5th February 2024 and end on Friday, 29th March 2024.
He explained that the exercise aims to enable the State to keep proper records of its Assets in alignment with International best practices for Public Organisations which ensures Consistency, Accountability and Transparency. Awolaja averred that the office carries out the valuation of government assets in compliance with global best practices, such as International Public Sector Accounting Standards (IPSAS), International Valuation Standards (IVS) and International Financial Reporting Standards (IFRS).
According to him, all Property, Plant and Equipment (PPE) of the State, must be identified to ascertain their condition, determine their economic worth in monetary terms and proffer recommendations for optimising the usage of such assets.
It will be recalled that this is the 6th Phase of the IPSAS Compliance Project by the Office, hence virtually all sectors have been touched but there is still a long way to capture all other State-owned assets.
The Director, therefore, solicited the support of all Health and allied agencies in the State to provide the necessary information and assistance to the Consultants and staff of the Valuation Office.