VALUATION OF A FISH FARM

Belonging to: Lagos State University.

Situated at: Lagos State University, Lasu Main Road, Ojo,
Lagos state.
 Prepared by: Group 1
NAMES MATRICULATION
NUMBER
AJIKANLE OMOLARA 190502007
OJO ABDULRAHMON ADEDOTUN 190502009
AJISAFE ROFIAT 190502023
AJAH HAPINESS MARY 190502028
OBAROMI OPEMIPO BLESSING 210502501
OPALUWA ALFRED 190502048
11TH November, 2022.

The Client: DR. Thontteh,

Dear Ma,

RE: VALUATION OF ASSESTS AT LAGOS STATE

UNIVERSITY, FISH FARM, LAGOS STATE.

BRIEF:
Further to the recent instruction from your good-self in respect
of the above subject matter, we have carried out the physical
inspection of the property and conducted relevant market survey
and data analysis, on the basis of which we are pleased to report
as follows:

DATE OF INSPECTION: We carried out the physical

inspection of the property and conducted the survey of relevant
market data on Wednesday the 9th day of November, 2022.
DATE OF VALUATION: The effective date of the valuation
is Friday 11th November, 2022.

HISTORY: Land was used for Cultivation of Crop and

Vegatable.

PROPERTY AGE: This Property was constructed in the year

1999.

PURPOSE OF VALUATION: The objective of the valuation

is to determine the Sales Value of the property in the market.

SCOPE OF THE VALUATION: The scope of the valuation is

limited to the land & buildings, ponds, machineries &
equipment, economic tree, & fishes.

SITE DESCRIPTION: The site is an open land which

measures approximately 11,664square meter (SQM) land. It a
rectangular in shape, appear firm and well drained. The site is
fenced with galvanized iron boundary mesh at the front and
sides. Also fenced with blockwall at the back. Access into the
property is through an iron barred gate.

LOCATION & ACCESSIBILTY: The subject farm is situated

at Lagos State University, Lasu main road – Ojo Local
Government of Lagos State. It is lying on Lasu main Road
beside Babatunde Raji Fashola Senate Building by the right,
opposite Directorate of sandwich degree program. The said
Road took off from Iyana-Iba market through Isheri road then
through the second gate to lasu main road, then stop at lasu gate
bus stop. Turn by your Right into Lagos State University Gate .
Notable landmarks in the location includes Shibiri Primary
Health Centre, MBA Bus stop, Chef Jessy’s Cuisines, Faculty of
Education, Babatunde Raji Fashola Senate House. The access
road to the farm is smooth therefore it is tarred so it is
motorable. The Geographical Co-ordinates of the location are
(6°28'28"N 3°11'59"E) 284m.
Google Map of the Location of Lagos State University Fish Farm
DEVELOPMENTS ON SITE: The development on site at Lagos State
University Fish Farm, Lasu, Ojo, Lagos state are as follows;
HATCHING HOUSE
The site has a building structure that houses 10 fiber pond tanks for nursing and
hatching of fingerlings before they’re taken to the ponds outside the hatching
house.
Size: 20.4m by 10.27m
Foundation type: Shallow Foundation
Roof: Aluminium
Floor: Concrete Floor
Walls: Concrete Blocks Wall
FISH PONDS TANKS
There are 18 circular fibre ponds on the farm, 10 of which are inside the hatching
house and the other 8 tanks are outside on the open spaced farm behind the
hatching house. There are also 2 lined ponds, 4 fiber glass tanks, 12 wooden lined
tanks and 11 earthen ponds.
FIBRE POND TANK 1, 2 & 3
They are circular in shape and made of concrete but coated with a fibre material to
prevent cracks and leakage. They are used to nurse the hatchlings till they develop
into the juvenile stage before being transferred to the other tanks outside the
hatching house.
FIBRE POND TANK 4 & 5
They are circular in shape and used to house fishes that are in the juvenile stage till
they get to the sub adult stage. They are constructed with cement and coated with a
fibre material to prevent cracks that could endanger the fishes and are located
inside the hatching house.
FIBRE POND TANK 6 & 7
They are circular in shape and are used to nurse fishes that have grown into the sub
adult stage, the fishes are then transferred to the other ponds outside the hatching
house when they are close to the table size stage that is the final stage.
FIBRE POND TANK 8 & 9
They are located inside the hatching house and are used for nursing gold fishes.
They are also circular in shape and coated with a fibre material.
FIBRE POND TANK 10
It’s located inside the hatching house and is used for rearing Japanese koi fishes.
It’s circular in shape and coated with a fibre material.
FIBRE POND TANK 11,12,13,14 & 15
It’s located outside the hatching house and are used for rearing fishes in the
juvenile stage. It’s circular in shape and coated with a fibre material.
FIBRE POND TANK 16 & 17
It’s located outside the hatching house and are used for rearing red tilapia fishes.
It’s circular in shape and coated with a fibre material.
FIBRE POND TANK 18
It’s located outside the hatching house and are used for rearing pangasius fishes.
It’s circular in shape and coated with a fibre material.
LINED PONDS
Lined ponds are ponds with an impermeable geomembranes used for retention of
water during the dry season. The farm has two lined ponds.
LINED POND 1 & 2
They are located inside the fish farm and are used for rearing fishes that already in
Table size shape. They are big enough to contain approximately 1,000 pieces of
Table size fish each.t
FIBRE GLASS TANK
There are four fibre glass tanks in the site and are made from wood but coated with
a fibre material for durability. They are also used to rear fishes that are already in
the table sized stage ready for sale.
Volume of each tank: 6m³

EARTHEN PONDS
 There are 11 earthen ponds on the fish farm. They are artificial lakes constructed
by excavating the earth in order for the fishes to retain some features of the natural
aquatic environment. They are also used to rearing table size fish ready for sales.

OPEN MARKET VALUE OF FISHES PRESENT ON THE FARM

Description Type of Pond Number Number Total Market Total
of Ponds of fishes Number Value Market
per ponds of Fishes per Fish Value per
(#) pond (#)

Catfish (Hatching Fibre Pond 3 300 900 15 13,500

Stage) Tank
Catfish (Juvenile) Fibre Pond 5 200 1,000 50 50,000
Tank
Catfish (Sub- Fibre Pond 4 300 1,200 1,000 1.200,000
Adult) Tank
Goldfish Fibre Pond 2 20 40 2,000 80,000
Tank
Japanese Koi Fibre Pond 1 20 20 7,500 150,000
Tank
Pangasius Fibre Pond 1 18 18 1,200 21,600
Tank
Red Tilapa Fibre Pond 2 25 50 2,500 125,000
Tank
Catfish (Table Lined Pond 2 1,000 2,000 1,500 3,000,000
size stage)
Catfish (Table Fibre Glass 4 200 800 1,500 1,200,000
size stage) Tank
Catfish (Table Earthen Pond 11 3,000 33,000 1,500 49,500,000
size stage)

Total 55,340,100
Less 32,760,000
expenses(feeding
, herbs and
transportation)
22,580,100
 MACHINERIES AND EQUIPMENT
Fish Farming requires machineries and equipment for smooth running of the farm.
The following are found on Lagos State University Fish Farm.
MACHINER YEA QT CONDITI CURRE Depreciati DEPRECIAT TOTAL
IES RS Y ON NT on rate ED COST MARKE
OF COST (#) T
USA PER VALUE
GE UNIT (#)
(#)
Fibre Pond 15 18 Good 1,000,00 @4% 960,000 17,280,0
Tank 0 00
Lined Pond 20 2 Good 1,200,00 @5% 1,140,000 2,280,00
0 0
Earthen Pond 23 11 Average 350,000 @5% 332,500 3,657,50
0
Air 5 1 Good 150,000 @2 147,000 147,000
Conditioning
Unit LG
Over Head 10 1 Good 2,500,00 @3% 2,425,000 2,425,00
Tank + Bore 0 0
Hole +
Scaffolding
Grinding 9 1 Average 165,000 @3% 160,050 160,050
Machine
Pelleting 9 1 Average 300,000 @3% 291,000 291,000
Smoking 12 1 Average 900,000 @3.5% 868,500 868,500
Kiln
Cage Culture 5 1 Good 600,000 @2% 588,000 588,000
Canoe 10 1 Average 100,000 @3.5% 96,500 96,500
Aquaponics 1 3 Good 300,000 - 300,000 900,000
Instrument
Generator 6 1 Good 130,000 @2% 127,400 127, 400
Mud 10 1 Good 120,000 @3% 116,400 116,400
Pumping
Machine
Total 28,820,4
00

SERVICES
Electricity: The Electricity on the farm is being sponsored by the Lagos State
University.
Water: The supply of water on the farm is being sponsored by the Lagos State
University.

TENURE & OCCUPATION

It is a Government owned Farm though we didn’t sight any title document. The
farm was commissioned on Wednesday, 6th January 1999.

FARM CONDITION
This report doesn’t constitute structural survey on the properties nor did we carry
out any technical examination of any of the machines and equipment. The
maintenance is good and effective.

BASIS OF VALUATION
The basis of our valuation is the market value. The market value is the estimated
amount for which a property should exchange on the date of valuation between a
willing buyer and a willing seller in an arm’s length transaction after proper
marketing wherein the parties had each acted knowledgeably, prudently and
without compulsion.

METHOD OF VALUATION
We have adopted the Cost Method which is also known as the depreciated
replacement cost method of valuation is a method of determining the value of a
property or an asset by reference to the cost of replacing the property or asset as
new, and then making allowance for depreciation to take care of age, wear and tear
and other form of obsolescence.

BREAKDOWN OF VALUE OF ASSETS

S/N ASSETS DESCRIPTION MARKET VALUE (#)
1 Land and Building
2 Fishes 55,340,100
3 Economic Trees
4 Machineries and Equipment 28,364,625
Total