Kwara Hotel’s value increased by 37% in five years, CSO reveals

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A civil society organization, Elites Network for Sustainable Development (ENetSuD), has disclosed the market value and worth of Kwara Hotel, a state-owned hospitality facility in Ilorin, the state capital.

According to a press statement signed by Gambari Volvo, the Director of Investigation and Public Petition (Kwara Central) of ENetSuD, the organization obtained two valuation reports from Jide Taiwo & Co, a reputable estate surveying and valuation firm, that showed the market value of Kwara Hotel as of 23rd October, 2017 and 5th July, 2022.

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The statement revealed that the market value of Kwara Hotel as of 23rd October, 2017 was ₦3,950,000,000 (Three Billion, Nine Hundred and Fifty Million naira) only, while the market value of Kwara Hotel as of 5th July, 2022 was ₦5,427,400,000 (Five Billion, Four Hundred and Twenty-Seven Million, Four Hundred Thousand naira) only.

This means that the value of Kwara Hotel increased by ₦1,477,400,000 (One Billion, Four Hundred and Seventy-Seven Million, Four Hundred Thousand naira) or 37.4% in five years.

The statement explained that the market value was based on the cost approach method of valuation, which estimates the value of an asset by considering the cost of constructing a similar asset of equal utility, and then adjusting for depreciation and other factors.

The statement also said that the purpose of the valuation was to determine the market value of Kwara Hotel for the interest of Harmony Holdings Ltd, the investment company of the Kwara State Government, which requested the service of Jide Taiwo & Co.

The statement added that the communication was to enlighten Kwarans on the worth and market value of Kwara Hotel between years 2017 and 2022, so as to determine whether the proposed investment of ₦17.8 billion to remodel and rebuild it was in the public interest and of economic benefit to citizens.

ENetSuD urged the Kwara State Government to be transparent and accountable in the management of public assets and resources, and to ensure that the welfare and development of the people are prioritized.

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