THE Lagos State government has picked seven consultancy firms for a comprehensive statewide valuation of all government-owned infrastructural assets.

The Guardian gathered that the exercise being pioneered by the State’s Valuation Office (LASVO) is scheduled to begin this week and will be handled by Ayo Oladapo and Associates, Jide Taiwo and Company, as well as five other estate surveying and valuation firms.

The Director, LASVO, Dr Adekunle Awolaja, who received the project’s Lead Consultant, Ayoola Oladapo, and other members of the consulting team appointed to execute the assignment in his Alausa office, explained that the infrastructure assets valuation constitutes the eighth phase of Lagos State’s implementation of the International Public Sector Accounting Standards (IPSAS) on an accrual basis, a reform initiative the State has consistently pursued since 2016.

According to him, the valuation exercise is designed to ensure that all public infrastructure assets owned by the Lagos State Government are properly identified, measured, documented, and reported in line with international accounting and valuation standards.

“All data generated from this exercise will be captured and uploaded to a centralised Lagos State Government assets database,” Awolaja stated. “Lagos State remains a trailblazer and, to the best of our knowledge, the only state in Nigeria to have undertaken such an extensive and structured valuation of public infrastructure assets.”

Awolaja disclosed that the stakeholder Ministries, Departments and Agencies (MDAs) for the exercise include the Ministry of Infrastructure, the Ministry of Energy and Mineral Resources, the Ministry of Waterfront Infrastructure Development, and the Lagos Metropolitan Area Transport Authority (LAMATA).

The primary objective is to ascertain the total worth of all public infrastructure in Lagos State, Awolaja explained, adding that the valuation exercise is crucial for determining accurate insurance values and enhancing the state’s capacity for financial planning and asset management.

He highlighted the vast scope of the exercise, noting that assets include over 279 roads currently under construction by the state government, along with numerous jetties, canals, and bridges.
Awolaja said, “Lagos State has a history of pioneering financial reforms in Nigeria, notably being the first sub-national government to adopt the accrual basis of IPSAS for its financial reporting.

The shift from traditional cash-based accounting to a comprehensive accrual system aligns the state with global best practices in public financial management.
“This valuation is critical for determining accurate insurance values, strengthening asset management practices, improving financial planning, and enhancing transparency and accountability in public sector financial reporting. It will also provide a reliable basis for informed decision-making, budgeting, and long-term infrastructure sustainability.”

The Director of LASVO appreciated the entire citizenry of Lagos while enjoining the public to give the required assistance and cooperation to the team in having a seamless and effective exercise.

In his remarks, Oladapo thanked the Lagos State government for entrusting his team with the critical assignment. He reiterated the team’s commitment to delivering a thorough and accurate valuation in line with the project’s timeline and objectives.