Estate Unit To Create Asset Register For UniPort

Worried by the paucity of a reliable Data Base on all landed property owned by the University, the Estate Unit has concluded plans to create an Asset Register for easy access by stakeholders in line with global best practice.

Head of Estate Unit, Mr. Chima Jack-Osimiri, who made the disclosure in a proposal to the Vice-Chancellor, Professor Ndowa Lale, expressed displeasure that nothing has so far been documented in the areas of surveying, valuation and title deeds.

“In a normal situation, there should be records that people can refer to in respect of University landed property anywhere in the world. The proposed exercise is designed to fill that yawning gap in the system and bring our records up to date in line with what obtains elsewhere. We have already commenced work to document the capital, insurance, acquisition, compensation, rentals and ratings, including property management, development and agency,” the Estate head told our Correspondent in an interview.

He disclosed that the Unit had already written preliminary valuation reports on properties at the University, Delta and Choba Parks, including those at the College of Continuing Education at Nkpolu-Oroworukwo, Port Harcourt, the Port Harcourt Business School. Others are the University’s Liaison Offices in Lagos and the Federal Capital Territory, Abuja.

In the comprehensive exercise that we are proposing to the administration, the valuation report would include photographs and other relevant documentations that would lead to the development of an authentic Asset Register for the University, Mr. Jack-Osimiri explained, adding that the documentation would, thereafter be made available to Principal Officers and other stakeholders that may be interested in the asset base of the University for official purposes.

“Any person who wishes to know the state, number, type and location of the University’s landed property can go on the Internet to have easy access to them for official dealings. With such properly written and pictorial evidence, the University can additionally solicit credit facilities from lending agencies such as the World Bank as the University of Lagos recently did with such important documentation. Again, such a documentation could also attract the attention of public-spirited individuals and organisations that may wish to partner the University in property development,” the Estate head said.

On the modalities for implementing the project, Mr. Jack-Osimiri disclosed that the Schedule Officers from the Estate Unit would embark on extensive inspection visits to take measurements, constructional details and photographs, including enumerations, market surveys, assessment and computations for each hereditament on location to location basis with a view to determining the capital, insurance, rating and rental values of each facility with the aim of fixing the appropriate premium payable annually to insurance firms on each property.

Mr. Jack-Osimiri appealed to heads of the locations to be valued to be ready with title documents of the landed property and other relevant documents for ease of reference, adding that a final report would be submitted to the Vice-Chancellor at the end of March, 2017.   

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