Mrs Talatu Dogo,
Opposite AEDC Sub-station, Angwan Nepa,
Keffi-Nasarawa State,
Nigeria.
Dear Madam,
RE: VALUATION OF TENEMENT BUILDING SITUATED
OPPOSITE AEDC SUB-STATION, ANGWAN NEPA,
KEFFI, NASARAWA STATE
VALUATION CERTIFICATE
1.1.0 PREAMBLE:
We refer to your instruction to undertake
the capital valuation of the property located
opposite AEDC Sub-station, Angwan Nepa,
Keffi L.G.A, Nasarawa State. Sequel to the
said instruction, we have conducted
inspections, survey, and measurements of
the subject properties to determine the
Market Value as well as the Fair Value.
Now have the pleasure in reporting to you
as follows:
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1.2.0 STATUS OF VALUER:
ESV (Barr). Musa Adamu Keffi, the
Principal Partner of Adamu Keffi &
Associates (AKA) obtained HND in Estate
Management, PGD in Construction
Management and LLB (Hons) from Federal
Polytechnic Nasarawa, Abubakar Tafawa
Balewa University, Bauchi, Nasarawa State
University Keffi and Nigeria Law School
Bwari, respectively. He is an Associate
Member of the Nigerian Institute of Estate
Surveyors and Valuers (NIESV), a
registered member of Estate Surveyors and
Valuers Registration Board of Nigeria
(ESVARBON) and Member Nigerian Bar
Association (NBA).
1.3.0 PURPOSE OF VALUATION:
We inferred from the brief that the report is
required with the aim of ascertaining the
Market and Fair Value of the property for
sale or purchase purposes.
1.4.0 DATE OF INSPECTION:
Pursuant to the attainment of the foregoing
purposes, the asset, which is the subject of
these valuation exercise were inspected and
surveyed on the 10th day of June, 2021.
Consequently, all observations, comments,
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as well as our professional opinion herein
contained relate only to that date.
1.5.0 LOCATION:
The property that formed the focus of our
valuation is situated opposite AEDC Sub-
station, Angwan Nepa, Keffi L.G.A of
Nasarawa State. For more detail refer to
Site Locational Map.
1.6.0 PROPERTY DISCRIPTION:
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[email protected] Land and Building:
1.6.1 SUBJECT PROPERTY: The development on
the site covered an area of about 236.394sqm
on a land measuring about 600sqm with the
improvement of 12 units’ room & palour,
single room, external toilet and store.
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SUBJECT PROPERTY
1.7.0 CONSTRUCTION DETAILS:
The construction of the building structures
are of quality materials and good
workmanship that meet the developer’s taste
and specifications. Further descriptions of the
construction details are:
1.7.1 Walls: Sandcrete block walls rendered,
screed and painted in some part.
1.7.2 Doors: The Doors are made up of wooded
doors.
1.7.3 Windows: The windows are made up of
wooded window.
1.7.4 Floors: German floors on well rammed
stone/laterite hardcore.
1.7.5 Foundation: Sandcrete Strip foundation on
mass concrete bases taken to acceptable
depth below ground levels.
1.8.0 SITE DESCRIPTION:
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[email protected] The site covers a total area of about
600Sqm with access small via gate.
1.9.0 TITLE:
We were not availed with the copy of the
Property papers for sighting. However, we
assume that all document related to the
property are vested in the possession of Mrs.
Talatu Dogo.
1.10.0 SERVICES:
Electricity is accessible and connected to the
property from the public mains of the Abuja
Electricity Distribution Company (AEDC).
Meanwhile there is No evidence of connection
to pipeborne water from the water
corporation of Nasarawa State Water supply
similarly, the property have access to all
communication networks available within
the Town.
1.11.0 SOURCES OF INFORMATION:
Information contained in this report have
been obtained through visual inspections
and data supplied to us by both the client
and the residents of such community.
1.12.0 ASSUMPTIONS:
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Generally, we have assumed that the
information which we have been supplied
with, are correct and that the property is
not affected by any adverse town planning
regulations/restrictions or any other such
like onerous restrictions of law now or in
the near future.
1.13.0 BASIS OF VALUATION:
Given the purposes of this valuation, the
basis relied being the fundamental
measurement assumptions is to arrive at
the current “Market Value” as defined by
the International Valuation Standards
(2011) asthe estimated amount for which an
asset or liability should exchange on the
valuation date between a willing buyer and
a willing seller in an Arm’s length
transaction, after proper marketing and
where the parties had each acted
knowledgeable, prudently and without
compulsion. “Fair Value” as defined by the
International Valuation Standards (2011) as
the estimated price for the transfer of an
asset or liability between identified
knowledgeable and willing parties that
reflects the respective interests of those
parties.
1.14.0 METHOD OF VALUATION:
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In line with the requirements of the
aforementioned purpose and bases of
Valuation, we have determining the land
value via ‘Direct Market comparison
approach’. The method envisages that the
value of the property is related to sale
prices of similar properties within the
neighborhood. Contractors Method was
applied in determining the value of the
improvement in line with the professional
standard. Investment Approach was also
applied to income generating properties in line
with the standard.
1.15.0 MARKET ANALYSIS:
The area where the Property situated is
favoured with evidences of recently
concluded arms-length transactions on
properties and our analysis of concluded
900sqm plot of land within the
neighborhood indicate exchanged at arm's
length transactions for sums ranging
between N2,500,000 to N3,500,000
depending on location, access to facilities.
While the construction cost per square
meter for tenement building is between
30,000/sqm to 40,000/sqm depending on the
quality of construction/design.
We have taken into consideration the
purpose of this valuation as well as
physical condition of the neighborhood,
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[email protected] environmental amenities and other
situational advantages and disadvantages
of the property to arrive at our opinion.
1.16.0 OPINION ON CAPITAL VALUE:
IN OUR CONSIDERED PROFESSIONAL
OPINION, the MARKET VALUE of the
property is in the sum of N5,000,000.00
(FIVE MILLION NAIRA) ONLY
While the FAIR VALUE is N3,700,000,00
(THREE MILLION, SEVEN HUNDRED
THOUSAND NAIRA) ONLY.
1.17.0 NOTES
i. We were not required to commission
any geological investigation or test to
determine the precise load bearing
capacity of the soil. Our observation
on the soil is therefore derived solely
from our visual impression of its
surface.
ii. If the figure of valuation in this
report is disclosed to persons other
than the addressees the basis of our
valuation should be stated;
iii Possession of this report should not
carry with it the right of publication,
without prior consent of the client
and ourselves of the form and
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context in which the publication
would appear;
iv. The valuation figures in this report,
have not taken into consideration tax
or any expenses of realization in the
event of sale.
1.18.0 CERTIFICATION:
WE CERTIFY that this valuation has been
done in accordance with the ethics of the
Nigerian Institution of Estate Surveyors
and Valuers in which the undersigned is a
corporate member.
Yours faithfully,
ESV Barr, M. ADAMU KEFFI
Principal partner
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