EXECUTIVE SUMMARY

CLIENT: ahmad bala j

Angwan waje, keffi, nasarawa state

ASSET TYPE: BUNGALOW AND SHOPS

DATE OF VALUATION: 25TH JULY, 2022

PURPOSE OF VALUATION: SALE OR PURCHASE

BASIS OF VALUATION: MARKET AND FORCE SALE VALUE

OPINION OF VALUE: IN OUR CONSIDERED PROFESSIONAL OPINION, the

MARKET & FORCE SALE VALUE of the Properties is in
the sum of: N8,750,000.00 (eight MILLION, seven hundred
and fifty thousand naira) ONLY and N6,600,000.00 (six
MILLION, six hundred thousand NAIRA) ONLY.

NAME AND QUALIFICATIONS: ESV Barr. Musa Adamu Keffi.

ANIVS,RSV,ESQ,
REGISTRATION NUMBER: A-3602

ADDRESS: SUITE 14 U-M PLAZA, DURUMI, AREA 1, ABUJA

SUITE 25 HASSAN SADIQ PLAZA KEFFI,
NASARAWA STATE
SUITE 21, ICON PLAZA, OPP. SABON PEGI
LAFIA, NASARAWA STATE
SUITE C305, ROYAL PLAZA, MARARABA,
KARU L.G.A, NASARAWA STATE

[email protected]
1.1.0 BRIEF/INSTRUCTION:
We refer to your instruction on 25 th July, 2022, to
undertake the capital valuation of the properties located
at Angwan Waje, Keffi L.G.A of Nasarawa State. Sequel

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 to the said instruction, we have conducted inspections,
survey, and measurements of the subject properties to
determine the Market Value as well as the Force sale
Value. And now have the pleasure in reporting to you
as follows:

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 Monetary worth of the
properties for either Sale or Purchase purposes.
1.4.0 SCOPE OF VALUATION:
The subject Properties are Three-bedroom bungalow and
Shops located at Angwan Waje, Keffi, Nasarawa State.

1.5.0 DATE OF INSPECTION:

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 Pursuant to the attainment of the foregoing purposes, the
assets, which is the subject of these valuation exercise
were inspected and surveyed on the 25th day of July,
2022. Consequently, all observations, comments, as well
as our professional opinion herein contained relate only
to that date

1.6.0 LOCATION:
The Properties that forms the subject of this Valuation are
situated at Angwan Waje, Keffi L.G.A, Nasarawa State.
For more detail refer to Site Locational Map.

1.7.0 PROPERTY DISCRIPTION:

Land and Building:
The properties that form the focus of this Valuation are
described as follows:
1.7.1.0 Bungalow and Shops: These Properties contained two (2)
blocks of building which the MAIN BLOCK (Bungalow)

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 contain three bedrooms flat. It covers an area of about
121.673Sqm and SHOPS BLOCK contained Four (4) Units
of single Shops. It covers an area of about 41.25Sqm.
The whole development on the site covered an area of
about 162.923Sqm on a land measuring about 502.25Sqm).

MAIN BUILDING

SHOPS
1.8.0 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:

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 1.8.1 Roof: Corrugated in main building and Long span
Aluminum Roofing sheet in shops, provided with wooden
rafters except the uncompleted apartment that is yet to be
roof.

1.8.2 Ceiling: The material use for the ceilings is made up

of PVC and Brazilian ceiling.

1.8.3 Walls: Sandcrete block walls rendered, screed and

painted in textcoat both internally and externally.

1.8.4 Doors: The Doors are made up of flush and wooden Panels
doors.

1.8.5 Windows: The windows are glazed aluminum sliding

and louvers window provided with steel burglary
proof and mosquito net.

1.8.6 Floors: German floors on well rammed stone/laterite

hardcore finished variously with Ceramic Tiles. Except
the shops.

1.8.7 Foundation: Sandcrete strip foundation on mass concrete

bases taken to acceptable depth below ground levels.

1.9.0 ACCOMODATION DETAILS:

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 The properties are purposely designed and built for
residential purposes that provide accommodation
units as follows:
BUNGALOW:
2units of bedroom room no toilet, 1 unit of bedroom
en-suite, 2 units of parlour and 2 guest toilet.

SHOPS:
4 units of shops.

1.10.0 SITE DESCRIPTION:

Electricity supply from public main and access to all
communication networks available within the Town.

1.11.0 CONDITION:
The Bungalow is at middle age developed stage and is
in good condition while the shops are at newly
developed stage.

1.12.0 ENVIRONMENTAL CONSIDERATIONS TOWN

AND COUNTRY PLANNING RESTRICTION:
The appraised properties are located at Angwan Waje,
Keffi L.G.A of Nasarawa State. And it was built and
being used as residential settlement and some part is
used for commercial. Based on the above stated facts,
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 we are of the opinion that the current use to which the
property is been put, i.e. residential and commercial, is
in conformity with the general use tone of development
in its neighbourhood. We therefore, believe that the
user can not be in contravention of any land use zoning
regulation or byelaws and accordingly assumed that
the said user will continue to be allowed.

1.13.0 TENURE:
We were not availed with the copy of the Properties
papers for sighting. But we assumed that all title
documents in respect to the properties are vested in our
client possession.

1.14.0 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.

1.15.0 ASSUMPTIONS:
Generally, we have assumed that the information which
we have been supplied with, are correct and that the
properties are not affected by any adverse town
planning regulations/restrictions or any other such like
onerous restrictions of law now or in the near future.

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1.16.0 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 N4,000,000 to
N6,000,000 depending on location, access to facilities.
While the construction cost per square meter for
Bungalow buildings is between 40,000/sqm to
60,000/sqm and 30,000/sqm to 40,000 for shop buildings
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, environmental amenities and other
situational advantages and disadvantages of the
property to arrive at our opinion.

1.17.0 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) as the
estimated amount for which an asset or liability should

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 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.
Our opinion of the “Forced Sale Value” is related to the
structural price of the assets under severe imperfect
market condition such as sale by Auction or Tender.
The Forced Sale Value is therefore, computed on the
important assumption of restricted time limit within
which to negotiate the sale and on the premises of other
restrictive conditions divergent to the conditions of
sales under open market situations.

1.18.0 PREMISE OF VALUE:

The premise of value is based on current and existing
use which means the current way an asset, liability of
group of asset and/or liabilities is used. We assumed
that the existing used of the properties as residential
reflect it highest and best use. We therefore value it as
residential property.

1.19.0 METHOD OF VALUATION:

In line with the requirements of the aforementioned
purpose and basis 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

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 neighborhood. Contractors Method was applied in
determining the value of the improvement.

1.20.0 OPINION OF VALUE:

IN OUR CONSIDERED PROFESSIONAL OPINION as
at 25th July, 2022 with reference to Market value and Force
sale value of the subject property for the purpose of either
Sale or Purchase. The Valuation was carried out in
conformity with Nigerian valuation standards - the
GREEN BOOK which has incorporated the international
valuation standards (IVS) and all other applicable current
standards such as international financial reporting
standards (IFRS), and international property measurement
standards (IPMS). Therefore, the MARKET VALUE of the
Properties is in the sum of: N8,750,000.00 (EIGHT
MILLION, SEVEN HUNDRED AND FIFTY
THOUSAND NAIRA) ONLY.
AND ALSO IN OUR CONSIDERED PROFESSIONAL
OPINION, the FORCE SALE VALUE of the Properties is
in the sum of: N6,600,000.00 (SIX MILLION, SIX
HUNDRED THOUSAND NAIRA) ONLY.
1.21.0 CAVEAT TO THE VALUATION:
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;

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 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 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.

1.22.0 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,

MUSA ADAMU KEFFI ANIVS,RSV,ESQ.

Principal partner

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