Lagos Embarks On Comprehensive Asset Valuation For State Parastatals

• Lagos initiates asset valuation exercise for parastatals and agencies
• Collaboration between Parastatals Monitoring Office and Valuation Office
• Aimed at ensuring transparency, accountability, and determining asset worth

Eko Hot Blog reports that in a move to bolster transparency and accountability within its parastatals and government-owned agencies, the Lagos State Government has initiated a strategic collaboration between the Parastatals Monitoring Office (PMO) and the Valuation Office to conduct a comprehensive valuation of fixed assets held by these entities across the state.

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During a high-level meeting convened last Tuesday at the PMO Conference room, representatives from the two offices convened to chart the course for this critical exercise. Mrs. Adetutu Ososanya, the Permanent Secretary of the PMO, presided over the meeting and shed light on the overarching objective.

“The exercise is aimed at ensuring that all fixed assets of government held within the Parastatals are fully captured at the true and fair values in order to identify the critical value-generating areas of the offices holding them,” Ososanya stated.

Underscoring the significance of the valuation process, Mr. Kunle Awolaja, the Director of Valuation, who spearheaded the team from the Valuation Office, assured that the exercise would be conducted with the utmost professionalism and technical expertise.

“We will ensure that the necessary technical machinery is put in place in order to assist the government to determine the current worth of these assets and ensure that the valuation exercise supports government financial performance,” Awolaja affirmed.

The upcoming asset valuation initiative is expected to play a pivotal role in strengthening the state’s commitment to transparent and accountable governance. By accurately assessing the value of fixed assets held by its parastatals and agencies, the government aims to identify critical value-generating areas, optimize resource allocation, and ultimately enhance service delivery for the citizens of Lagos State.

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As the preparations for the exercise gain momentum, stakeholders and residents alike anticipate a thorough and impartial valuation process, paving the way for improved financial management and the efficient utilization of public resources within the state’s parastatal ecosystem.

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