EXECUTIVE SUMMARY

CLIENT: FAMILY OF LATE ABUBAKAR DOGOYARO BIBI

BAUCHI, BAUCHI STATE

ASSET TYPE: land, building & Inventories

DATE OF VALUATION: 21st November, 2022

PURPOSE OF VALUATION: SALE OR ASSETS SHARING.

BASIS OF VALUATION: MARKET AND FAIR VALUE

OPINION OF VALUE: IN OUR CONSIDERED PROFESSIONAL OPINION, the aggregate

MARKET & FAIR VALUE of the listed Properties is in the sum of:
N241,800,000.00 (two hundred and FOURty one MILLION, eight
HUNDRED THOUSAND NAIRA) ONLY and N190,110,500.00 (one
hundred and ninety MILLION, ONE HUNDRED AND ten
THOUSAND, FIVE HUNDRED NAIRA) ONLY RESPECTIVELY.

NAME AND QUALIFICATIONS: ESV Barr. Musa Adamu Keffi.

ANIVS, RSV, ESQ,

REGISTRATION NUMBER: A-3602

ADDRESS: SUITE: 14 U-M PLAZA, DURUMI, AREA 1, ABUJA

SUITE: 25 HASSAN SADIQ PLAZA KEFFI, NASARAWA STATE
SUITE: 21, ICON PLAZA, OPP. SABON PEGI LAFIA, NASARAWA
STATE.
SUITE: c305, royal PLAZA, mararaba, karu l.g.a, NASARAWA STATE.
Adamukeffibiz@GMAIL.COM
1.1.0 BRIEF/INSTRUCTION:
We refer to your instruction on 21st November, 2022, to
undertake the capital valuation of Late Alh. Abubakar Babayaro
Bibi Assets located along Bagaji Road, Angwan Tanko, Keffi,
Nasarawa State. Sequel to the said instruction, we have
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 conducted inspections, survey, and measurements of the subject
properties to determine the Market Value as well as the Fair
Value. For the purpose of this valuation only, we have classified
the Assets/Properties into three (3) headings such as UMBWA
HOTEL RECEPTION SIDE (PART A), UMBWA HOTEL
HALL SIDE (PART B) and INVENTORIES. And now have the
pleasure in reporting to you as follows:

1.2.0 STATUS OF VALUER:

ESV Barr, Musa Adamu Keffi, the Principal Partner of Adamu
Keffi & Associates (AKA) obtained HND in Estate Management,
PGD in Construction Management and LLB (Hons) from Federal
Polytechnic Nasarawa, Abubakar Tafawa Balewa University,
Bauchi, Nasarawa State University Keffi and Nigeria Law School
Bwari, respectively. He is an Associate Member of the Nigerian
Institute of Estate Surveyors and Valuers (NIESV), a registered
member of Estate Surveyors and Valuers Registration Board of
Nigeria (ESVARBON) and Member Nigerian Bar Association
(NBA).

1.3.0 PURPOSE OF VALUATION:

We inferred from the brief that the report is required with the
aim of ascertaining the Market and Fair Value of the properties
for either Sale or Assets sharing purposes.

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 1.4.0 SCOPE OF VALUATION:
The Properties are hotel buildings and inventories lying along
Bagaji Road, Angwan Tanko, Keffi, Nasarawa State.

1.5.0 DATE OF INSPECTION:

Pursuant to the attainment of the foregoing purposes, the assets,
which is the subject of these valuation exercise were inspected and
surveyed on the 21st day of November, 2022. Consequently, all
observations, comments, as well as our professional opinion
herein contained relate only to that date.

1.6.0 LOCATION:
The properties that formed the focus of our valuation are lying
and situated along Bagaji Road, Angwan Tanko, Keffi,
Nasarawa State. For more detail refer to Site Locational Map.

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 1.7.0 PROPERTY DISCRIPTION:
Land, Building and Inventories.
The properties that form the focus of this Valuation are
described as follows:

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 1.7.1.0 UMBWA DREAM LAND LUXURY SUITE: The whole
development on the site covered an area of about
1,181.090075Sqm on a land measuring about 3,018.4555Sqm
for the purpose of this exercise we divided this hotel into two
(2) part (A&B).

1.7.1.1 UMBWA HOTEL RECEPTION SIDE (PART A): This part

has six (6) blocks of buildings on a land measuring about
597.0625sqm with the following improvement: RECEPTION
BLOCKS contain director office, reception, bar, kitchen, and
store. It covers an area of 157.094005sqm, LODDGING
BLOCKS contain 4 blocks of building with 11 units single
rooms (en-suite) and room and palour suite. The whole lodging
blocks covers an area of about 406.8912sqm, SECURITY
BLOCK contain a security room and toilet and store on the ground
floor, while single office at the upper floor. It covers an area of
about 22.113sqm. LUNDRY BLOCK contains a laundry room. It
covers an area of about 10.963sqm.

RECEPTION BLOCK BAR VIEW

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 LODGING BLOCKS SECURITY BLOCK

X
LUNDRY OVERHEAD TANK FRONT VIEW

1.7.1.2 UMBWA HOTEL HALL SIDE (PART B): This part has three
(3) blocks of buildings, uncompleted power house and two
(2) Hut on a land measuring about 1,843.32275sqm with the
following improvement:
COMFERENCE HALL BLOCK containing Hall building. It
covers an area of about 190sqm, BAR BLOCK contain Bar
Mini Hall, waiter section, 2 toilet, security room and Store. It
covers an area of about 261.725175sqm DUPLEX BLOCK

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 contain 20 units single rooms en-suite, 3 units room and palour en-
suite, reception, Kitchen, Dining and bar. It covers an area of
about 274.08825sqm. HUTS BLOCK contains 2 sandcrete
Hut building. It covers an area of about 33.01415sqm.
UNCOMPLETED POWER HOUSE BLOCK contain 0ne wall
sandcrete blocks building.

DUPLEX LODGING HALL

BAR BLOCK HUTS FRONT VIEW TANKS

1.7.2. INVENTORIES: Constitute any other item other than realty
lying Umbwa Dream Land Luxury suite. For more details refer
to inventories schedules.

1.8.0 CONSTRUCTION DETAILS:

The construction of the building structures are of quality materials and
good workmanship that meet the developer’s taste and specifications,

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 though some parts are affected with obsolesces. Further descriptions of
the construction details are:

1.8.1 Roofs: Longspan Aluminum roofing sheet provided with wooden

rafters.
1.8.2 Ceiling: The material uses for the ceiling are made up of PVC
ceiling in Part A and Brazilian and POP ceiling in Part B.
1.8.3 Walls: Sandcrete block walls rendered, screed and painted in
textcoat both internally and externally.
1.8.4 Doors: The Doors are made up of America panel, aluminum casement
and sliding, PVC and fabricated iron doors.
1.8.5 Windows: The windows are glazed aluminum casement and
sliding windows provided with steel burglary proof and
mosquito net.
1.8.6 Floors: German floors on well rammed stone/laterite hardcore
finished variously with Ceramic tiles in all the properties.
1.8.7 Foundation: Sandcrete Pad and strip foundation on mass concrete
bases taken to acceptable depth below ground levels.

1.9.0 ACCOMODATION DETAILS:

The subject properties is purposely designed and built for
lodging and recreational purposes that provide accommodation
units as follows:
PART A
RECEPTION BLOCK
Reception, Director office, Kitchen, Bar and Store.
LODGING BLOCKS
11 unit single room en-suite and Room & palour suite.

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 SECURITY BLOCK
Security room en-suite on ground, store and office on upper
floor.
LUNDRY BLOCK
Laundry room.
PART B
HALL BLOCK
A medium hall.
BAR BLOCK
A mini bar hall, waiter section, 2 toilet, store and security room
HUT BLOCK
2 Unit Hut Building
DUPLEX LODGING BLOCK
GROUND FLOOR
6 Unit single room en-suite, 1 unit kitchen and 1 unit dinning
FIRST FLOOR
5 Unit single room en-suites and room & palour en-suite

SECOND FLOOR
9 unit single room en-suite and Bar

1.10.0 SITE DESCRIPTION:

The whole properties site is well covered with fenced accessible
via gate. The Part A open spaces are well paved and landscaped
(Interlock) while part B interlock are on ground yet to be fixed
but we attached it value to part B properties.

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 Electricity from public main, then Part A with enjoyed borehole
water from Part B and the properties has access to all
communication networks available within the Town.
Note: We consider the borehole as part a property.

1.11.0 CONDITION:
The Lodging Duplex is at newly developed stage, while the
other buildings are at middle age and all the properties are in
good condition.

1.12.0 ENVIRONMENTAL CONSIDERATIONS TOWN AND

COUNTRY PLANNING RESTRICTION:
The appraised properties are located along Bagaji Road, Angwan
Tanko in Keffi Local Government Area of Nasarawa State. And it
was built and being used for Lodging and Hospitality. Based on
the above stated facts, we are of the opinion that the current use
to which the properties are been put, i.e. Lodging and Hospitality
is in conformity with the general use tone of the development in
its neighbourhood. We therefore, believe that the user can not be
in contravention of any land use zoning regulation or byelaws
and accordingly assumed that the said user will continue to be
allowed.

1.13.0 TENURE:
We were not avail with the copy of the papers of the assets for
sighting. Based on brief received from the family, the Assets
belong to Late Alh Albubakar Dogoyaro Bibi.
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1.14.0 SOURCES OF INFORMATION:

Information contained in this report have been obtained through

visual inspections and data supplied to us by both the client and
the residents of such community.

1.15.0 ASSUMPTIONS:
Generally, we have assumed that the information which we
have been supplied with, are correct and that the properties are
not affected by any adverse town planning
regulations/restrictions or any other such like onerous
restrictions of law now or in the near future.

1.16.0 MARKET ANALYSIS:

The area where the Properties situated are favoured with
evidences of recently concluded arms-length transactions on
properties and our analysis of concluded 900sqm plot of land
within the neighborhood indicate exchanged at arm's length
transactions for sums ranging between N3,500,000 to N5,000,000
depending on location, access to facilities. While the
construction cost per square meter is between 222,000/sqm to
250,000/sqm for Bungalow and 70,000/sqm to 100,000/sqm for
terrace building depending on the quality of
construction/design.
We have taken into consideration the purpose of this valuation
as well as physical condition of the neighborhood,
environmental amenities and other situational advantages and
disadvantages of the property to arrive at our opinion.

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 1.17.0 BASIS OF VALUATION:
Given the purposes of this valuation, the basis relied being the
fundamental measurement assumptions is to arrive at the
current “Market Value” as defined by the International
Valuation Standards (2011) as the estimated amount for which
an asset or liability should exchange on the valuation date
between a willing buyer and a willing seller in an Arm’s length
transaction, after proper marketing and where the parties had
each acted knowledgeable, prudently and without compulsion.
“Fair Value” as defined by International Financial Reporting
Standards as the price that would be received to sell an asset or
paid to transfer a liability in an orderly transaction between
market participants at the measurement date.

1.18.0 PREMISE OF VALUE:

The premises of value is based on current and existing use which
means the current way an asset, liability of group of asset
and/or liabilities is used. We assumed that the existing used of
the properties as commercial reflect it highest and best use. We
therefore value the properties as commercial properties.

1.19.0 METHOD OF VALUATION:

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 In line with the requirements of the aforementioned purpose
and basis of Valuation, we have determining the land value via
‘Direct Market comparison approach’. The method envisages
that the value of the property is related to sale prices of similar
properties within the neighborhood. Contractors Method was
applied in determining the value of the improvement . However,
in line with the purpose of this valuation certain adjustment
(discount) were been made in accordance to Muslim tradition.

1.20.0 OPINION OF VALUE:

IN OUR CONSIDERED PROFESSIONAL OPINION as at 23rd
November, 2022 with reference to Market value and Fair value of
the subject properties for the purpose of either Sale or Assets
sharing. The Valuation was carried out in conformity with
Nigerian valuation standards - the GREEN BOOK which has
incorporated the international valuation standards (IVS) and all
other applicable current standards such as international financial
reporting standards (IFRS), and international property
measurement standards (IPMS). Therefore, the aggregate
MARKET VALUE of the listed Properties is in the sum of:
N241,800,000.00 (TWO HUNDRED FOURTY ONE MILLION,
EIGHT HUNDRED THOUSAND NAIRA) ONLY.
AND ALSO IN OUR CONSIDERED PROFESSIONAL
OPINION, the aggregate FAIR VALUE of the listed Properties is
in the sum of: N190,110,500.00 (ONE NINETY MILLION, ONE
HUNDRED AND TEN THOUSAND, FIVE HUNDRED NAIRA)
ONLY.
Breakdown as follows:
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S/N DISCRIPTION MARKET FAIR VALUE
VALUE N N
1. UMBWA HOTEL RECEPTION SIDE 60,800,000 45,600,000
PART A
2. UMBWA HOTEL RECEPTION (HALL 181,000,000.00 135,750,000
SIDE) PART B
3. INVENTORIES UMBWA HOTEL 181350000.00
(RECEPTION SIDE) PART A
4. INVENTORIES UMBWA HOTEL 3,982,500
(HALL SIDE) PART B
5. TOTAL VALUE 241800000 366682500

1.21.0 CAVEAT TO THE VALUATION:

i. We were not required to commission any geological
investigation or test to determine the precise load bearing
capacity of the soil. Our observation on the soil is
therefore derived solely from our visual impression of its
surface.

ii. If the figure of valuation in this report is disclosed to

persons other than the addressees the basis of our
valuation should be stated;

iii Possession of this report should not carry with it the right
of publication, without prior consent of the client and
Ourselves of the form and context in which the
publication would appear;

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 iv The valuation figures in this report, have not taken into
consideration tax or any expenses of realization in the
event of sale.

1.22.0 CERTIFICATION:
WE CERTIFY that this valuation has been done in accordance
with the ethics of the Nigerian Institution of Estate Surveyors
and Valuers in which the undersigned is a corporate member.

Yours faithfully,

MUSA ADAMU KEFFI ANIVS,RSV,ESQ.

Principal partner

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