Lagos State Valuation Office: Esv. Dr. Adekunle Awolaja Pioneering Excellence in Public Asset Management

ESV. Dr. Adekunle Awolaja is the visionary leader driving innovation at the Lagos State Valuation Office (LASVO). As a world-class institution, LASVO is revolutionising public asset management in Nigeria through cutting-edge technology, international best practices, and unwavering commitment to excellence.

Under Dr. Awolaja’s leadership, LASVO has transformed into a high-tech, data-driven agency, setting new standards for valuation and asset management in Africa. Discover the strategies behind LASVO’s recognition as one of Nigeria’s most transformative state agencies, and learn how the office is unlocking trillions of naira in value for Lagos State.

Key Factors Driving Growth and Innovation at LASVO

The growth and innovation at LASVO are driven by three core pillars: technology adoption, institutional reform, and visionary leadership support. Under the current administration of Governor Babajide Olusola Sanwo-Olu, LASVO has been fully transformed from a manual, paper-based operation into a high-tech, data-driven agency. The integration of Artificial Intelligence, Big Data analytics, and cloud-based storage systems has revolutionised how we capture, manage, and report on public assets. Beyond technology, our commitment to international best practices — particularly IPSAS compliance and alignment with International Valuation Standards — has repositioned LASVO as a world-class public sector institution. Innovation here is not a buzzword; it is baked into our daily operations.

Strategies Behind LASVO Being Recognised Among Nigeria’s Most Transformative Companies

Our recognition as a transformative institution stems from deliberate, strategic decisions. First, we championed Lagos State’s pioneering transition to the accrual basis of IPSAS — making Lagos the first tier of government in Nigeria to adopt this global best practice. Second, we built a comprehensive Fixed Assets Register covering vast infrastructure, including roads, bridges, drainage systems, health facilities, transport, and agriculture assets. Third, we institutionalised stakeholder engagement — bringing together government officials, professional valuers, engineers, and accountants — ensuring our work is collaborative, credible, and consequential. Transformation is not accidental; it is the result of sustained commitment to excellence and accountability.

Competitiveness and Client Satisfaction

As a government agency, our “clients” are the citizens of Lagos State and the institutions that serve them. We remain competitive by maintaining the highest professional and ethical standards in every valuation exercise. We prioritise accuracy, transparency, and timeliness. Every kilometre of road, every bridge, every public building we value feeds directly into the State’s balance sheet and informs critical fiscal decisions. Our value proposition is simple: deliver valuations that are defensible, IPSAS-compliant, and genuinely useful for governance. When our work translates into stronger IGR, better asset lifecycle management, and improved public services, that is the ultimate measure of client satisfaction.

Significant Challenge and How We Overcame It

One of our most significant challenges was the transition from decades of manual, paper-based asset records to a fully digitised, AI-powered system. Government institutions carry the weight of legacy processes, and changing that culture — while maintaining ongoing operations — required extraordinary resolve. We overcame this by securing strong executive buy-in from the Governor’s office, investing in staff capacity development, and partnering with technical experts in ICT and data management. We also phased our approach — tackling roads, bridges, and drainage first, then progressively expanding to health, transport, and agricultural assets. The lesson was clear: transformation requires patience, process, and people.

Technology’s Role in Business Transformation and How LASVO Leverages It

Technology is not just an enabler at LASVO — it is the foundation of everything we do. We have fully embraced AI to enhance the precision of our asset valuations, Big Data to analyse infrastructure patterns across the State, and cloud-based storage to ensure our asset records are secure, accessible, and continuously updated. This technological infrastructure directly strengthens Lagos State’s fiscal health and supports the growth of Internally Generated Revenue. We also align with the EGIS framework to ensure that every valuation exercise meets the most rigorous international standards. In today’s world, a valuation office that is not technology-driven is simply not fit for purpose.

LASVO’s Contribution to the Local Community and Economy

LASVO’s work sits at the heart of Lagos State’s economic governance. By accurately valuing public assets — roads, bridges, water facilities, power infrastructure, public buildings — we provide the foundation for informed government decision-making, fiscal sustainability, and effective service delivery. Our ongoing asset valuation phases have the potential to unlock an estimated ₦4.4 trillion in value for the Lagos State Government, resources that can be channelled into poverty reduction and sustainable development. We are most proud of building a dynamic Fixed Assets Register that will be continuously updated and integrated into the State’s financial systems — a legacy that will serve Lagos for generations.

Goals for LASVO and Plans to Achieve Them

Looking ahead, our primary goal is to complete a comprehensive, fully dynamic Fixed Assets Register covering every sector — health, transport, agriculture, energy, and beyond. We intend to deepen our integration of AI and data analytics, making LASVO a model for public sector asset management not just in Nigeria, but across Africa. We will continue engaging stakeholders, building institutional capacity, and strengthening our alignment with IPSAS and IVS. The Greater Lagos agenda demands a valuation office that is proactive, not reactive — and that is precisely what we are building.