EXPRESSION OF INTEREST (EOI) FOR THE CONSULTANT SERVICES FOR THE VALUATION OF LAGOS STATE GOVERNMENT (LASG) ASSETS IN ACCORDANCE WITH THE INTERNATIONAL PUBLIC SECTOR ACCOUNTING STANDARDS (IPSAS) AND FOR THE CONSOLIDATION OF LAGOS STATE GOVERNMENT (LASG) FINANCIAL STATEMENT
BACKGROUND
The Lagos State Valuation Office (LASVO) is entrusted with the valuation of Lagos State Government (LASG) Assets in accordance with the International Public Sector Accounting Standard (IPSAS) and the consolidation of the financial statement of LASG.
In order to prepare that consolidation of LASG Assets and Financial Statement, the Management of LASVO is embarking on a comprehensive LASG Fixed Assets Valuation. The first phase, which involved the State Infrastructures such as Roads, Bridges, and concrete drains, was completed and has been carried out along with the other phases of the valuation exercise under the supervision and coordination of LASVO. We are now embarking on the consolidation stage of the program, which would involve the valuation of fixed Assets in some sectors that are yet to be captured.
In view of the importance of this exercise to the economic worth of the State, LASVO is seeking suitable reputable Estate Surveyors and valuer firms to carry out the valuation of LASG Fixed Assets in accordance with the International Public Sector Accounting Standards (IPSAS)
(2.0) OBJECTIVES OF THE CONSULTANCY SERVICES
The following are the objectives but not limited to the underlined items:
(I) To locate LASG assets where found.
(ii) Create a comprehensive Fixed Assets Register that can be updated from time to time or uploaded into the Fixed Assets Oracle Module of the State.
(iii) Determine the economic value of each asset in monetary terms.
(iv) Boost the State Net worth by increasing the property, plant & equipment (PPE) Value in the financial statement.
(3.0) PROJECT SCOPE
The Scope of the service includes the valuation of all LASG Assets in the following sectors:
– WATER SCHEMES AND FACILITIES: All Lagos State water schemes and facilities with Agencies under the Ministry of The Environment (Water Corporation, Waste Water, etc.)
– EDUCATION: Lagos State University of Education, Oto Ijanikin and Epe Campuses.
(4.0) REQUIREMENTS FOR INTERESTED PARTIES
- Evidence of Certificate of Incorporation with Corporate Affairs Commission (CAC).
- Evidence of Tax Clearance Certificate for the last three (3) years (2021, 2022, & 2023).
- Evidence of financial capability/availability of financial resources from reputable banks.
- Abridged company Annual Audited Report for the immediate past three years.
- Evidence of the firm’s corporate registration with The Estate Surveyors and Valuers Registration Board of Nigeria (ESVARBON).
- Evidence of registration as a consultant with the Lagos State Public Procurement Agency (PPA).
- Evidence of payment of administrative charges to the Lagos State Valuation Office (LASVO).
- Sworn Affidavit to the following:
(a) That all documents submitted are not only correct but genuine.
(b) That the Director(s)/partners has or have never been convicted by any court of law.
(c) That none of the firm’s Director(s)/partners or any company is bankrupt.
(d) Whether or not any of the firm’s staff has been a member of the Lagos State Government in the past or presently.
(5.0) TECHNICAL REQUIREMENTS
(I) Corporate profile with curriculum vitae showing evidence of professional qualification of key personnel, year of experience, and staff strength.
(ii) Evidence of membership as an Associate of The Nigerian Institution of Estate Surveyors and Valuers.
(iii) Evidence of registration with The Estate Surveyors and Valuers Registration Board of Nigeria (ESVARBON) with a minimum of five years’ experience.
(iv) Verifiable evidence of similar assignments successfully carried out in the past (letter of award and certificate of completion) of two (2) assignments carried out in the last five (5) years.
(6.0) PROJECT DURATION
The project exercise is expected to last for a period of two (2) months.
(7.0) SUBMISSION OF EXPRESSION OF INTEREST
Responses to the EOI shall be submitted electronically on the e-procurement platform of the Lagos State Public Procurement Agency (www.lagosppa.gov.ng) no later than 5:00 pm, West African Time (GMT+), Thursday, 5 December 2024. This is only possible after registration on the platform.
Ø Please note that all participants shall be responsible for their costs and expenses for the submission of their EOI.
Ø Also note that this notice for EOI is only to shortlist qualified candidates and shall not be construed as a contract, nor an intent, promise, or commitment to proceed with parties who respond, and that submission of documents shall not entitle any of the interested parties to any claim against LASG/LASVO by such parties that respond to this EOI invitation.