The Lagos State Valuation Office (LASVO), has commenced the verification and tagging exercise of all State-owned property.

According to a statement signed by the Director, Lagos State Valuation Office, Adekunle Awolaja, the exercise will end on 30th November, 2020.He explained that the primary objective of the exercise is to identify and locate all Property, Plants and Equipment (PPE) assets of the State, ascertain their condition, determine their economic worth in monetary terms and proffer recommendations for optimising usage of such assets.

The Director revealed that the valuation of government assets is in compliance with global best practices, International Public Sector Accounting Standards (IPSAS), International Valuation Standards (IVS) and International Financial Reporting Standards (IFRS), all of which have been adopted locally by the State.

Awolaja, therefore, solicited for the support of all Ministries, Departments and Agencies and enjoined them to provide the necessary information and assistance to the Agency’s staff who have been assigned to their offices.