Lagos State Valuation Office (LASVO) has held a one-day retreat and capacity training development session on assets valuation for staff of some core Ministries, Departments and Agencies (MDAs) at the LCCI Exhibition and Event Centre, Olowopopo Avenue CBD, Ikeja.
Speaking at the event with the theme: “Retreat on Valuation of Lagos State Government Fixed Assets in Tandem with International Public Sector Accounting Standards (IPSAS) Implementation 2021/2022”, the Director Lagos State Valuation Office Mr. Adekunle Awolaja, commended the participants for their past efforts and hard work.
He emphasised that the valuation of Lagos State Fixed assets Phase V is vital in view of the need to key into Making Lagos 21st Century Economy, which is one of the key components of the present administration’s T.H.E.M.E.S development agenda.
Awolaja said “Lagos State comes first in adapting to IPSAS in relation to Valuation of Fixed Assets. The importance of IPSAS is to ensure uniformity in the preparation of accounts so that foreign investors can have the confidence or be relatively assured of their investments”.
Earlier, Permanent Secretary, Office of the State Auditor-General, Mr. Adeniji Salami, opined that it is essential for the Valuation Office to assess fixed assets, especially with a focus on infrastructural assets such as Roads, Canals, Drainages and Bridges among others.
Salami gave kudos to the Valuation Office for not relenting in ensuring that there is less wastage and transparency in the management of the State Fixed Assets, just as he informed the participants of expectation from his office being the recipient of their reports.
According to him, all Property, Plants and Equipment (P.P.E) must be identified to ascertain their conditions and economic value, because the list of the fixed assets would be uploaded into the Oracle module to generate digital access numbers as tags for all State Government assets.
In his remarks, the Director-General, Public Procurement Agency (PPA), Mr. Fatai Idowu Onafowote, emphasised the need for LASVO to have a symbiotic relationship with the Public Procurement Agency (PPA) in regards to procurement and boarding/disposal of unserviceable assets to aid transparency.
Participating MDAs included LAMATA, Public Service Office, State Treasury Office, Lagos Fire Service, Motor Vehicle Administration Agency, Vehicle Inspection Service, Lagos Ferry Services (LAGFERRY), Lagos Bus Service Limited, Lagos State Traffic Management Authority and Lagos State Wharf Landing Fees Collecting Authority among others.
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CAPTIONS:
PIX 1: (L-R) Permanent Secretary, Office of the State Auditor-General, Mr. Adeniji Salami; Director Lagos State Valuation Office, Mr. Adekunle Awolaja; Representative of Public Service Office, Mrs. Omolara Abbass and Mr. Kolawole Adefila of Adefila & Partners.
PIX 2: Permanent Secretary, Office of the State Auditor-General, Mr. Adeniji Salami at the event.
PIX 3: Director-General, Public Procurement Agency, Mr. Fatai Idowu Onofowote at the event.
PIX 4: Cross-section of Representatives of different MDA’s at the retreat
