The Lagos State Valuation Office (LASVO) has convened a high-level stakeholders’ forum to strengthen fixed asset valuation and advance Lagos State’s transition to full compliance with International Public Sector Accounting Standards (IPSAS).
Eko Hot News reports that the forum, themed “Valuation of LASG Fixed Assets for IPSAS Compliance,” was held at the STO Resource Centre, Alausa, Ikeja, and brought together government officials, professional valuers, engineers, accountants, and technical partners.
The engagement focused on best practices in public asset valuation, asset life-cycle management, and innovative strategies for unlocking the economic value of government-owned infrastructure across the state.
In a welcome address, the Lagos State Head of Service, Mr Olabode Agoro, represented by the Director-General, Office of Public Procurement, Mr Fatai-Idowu Onafowote, described LASVO as critical to effective public sector asset management and good governance.
Agoro noted that infrastructure assets such as roads, bridges, drainage systems, water facilities, power infrastructure, and public buildings form the backbone of economic growth and service delivery in Lagos State.
He reaffirmed the state government’s support for ongoing asset valuation initiatives, stressing that accurate valuation promotes transparency, accountability, and public confidence in government institutions while advancing the #GreaterLagos agenda.
Agoro also charged officers and consultant estate surveyors and valuers to remain committed, noting that their contributions would strengthen asset lifecycle management and institutional credibility.
In his goodwill message, the Commissioner for Energy and Mineral Resources, Esv. Biodun Ogunleye, commended LASVO’s leadership and the participation of professionals across disciplines.
Ogunleye emphasised the need to preserve and update asset records, including older infrastructure and heritage assets, to ensure comprehensive valuation.
He further urged valuers to assess the income-generating potential of public assets, stressing that asset valuation should translate into sustainable revenue, poverty reduction, and measurable value for society.
