UNIVERSITY OF NIGERIA, ENUGU CAMPUS

DEPARTMENT OF ESTATE MANAGEMENT

A REPORT
PRESENTED I N PARTIAL FULFILLMENT OF THE STUDENT
INDUSTRIAL WORK EXPERIENCE SCHEME (SIWES)
Digitally signed by Ifeanyi Jonas

Ifeanyi Ezema
DN: CN = Ifeanyi Jonas Ezema,
C = NG, O = University of
Jonas Nigeria, OU = University Library
Reason: I have reviewed this
document
Ezema Date: 2008.12.14 10:02:14 -
12'00'

PRESENTED BY

FIRM ATTACHED: JIDE TAIWO AND COMPANY

INDUSTRIAL BASED SUPERVISOR: MRS. BLESSING K%ELQ

MAY TO OCTOBER 2007

 i

DECLARATION

I humbly declare that this Industrial Training Work Experience

Scheme Report was done by me to my best knowledge.

 II

DEDICATION

I am dedicating this work to my family, more especially to my father

whom has been my source of income right from the beginning

 ACKNOWLEDGEMENT

I' am grateful to the mgt of Jide Taiwo & co Estate Surveyors &

valures of no 21 wharf road Apapa Lagos.

My sincere gratitude goes to my industrial based Supervisor Mrs.

Blessing Kalu who encourages me and spent her time to teach me in

this practical work.

I will not fail to mention my Sincere gratitude to the Department of

Estate management for acquiring me the knowledge.

I humbly acknowledge the student Industrial Training work

Experience Scheme for giving me the opportunity to practical zed my

profession.

Finally my gratitude goes to God Almighty whom in his infinite mercy

saw through this industrial training.

 TABLE OF CONTENT
Declaration - - - - -

Dedication - - - - -
Acknowledgement - - - - -

Table of Contents - - - - -

CHAPTER ONE
1.1 Introduction - - - - -

1.2 History of JlDE Taiwo & Company - -

1.3 The Firms Nature of Business - -

CHAPTER TWO
2.1 Departments and Functions Administration
Department - - - - -

2.2 Finance and Accounts Department -

2.3 Agency Department - - - -

2.4 Property Management Department -

2.5 Valuation Department Procedure Unit Function

CHAPTER THREE
3.1 Task Assigned 1 Experience Gained - -
CHAPTER FOUR
4. I Problems Encountered - - - -
4.2 Problems Associated with Valuation Department
4.3 Problems Associated with Assets Valuation -
4.4 Defect in Site Details - - - - -

4.5 Relevance of the Siwes Programme - -

CHAPTER FIVE
5. I Conclusion and Recommendations - - -
 CHAPTER ONE
INTRODUCTION
HISTORY OF JIDE TAIWO COMPANY

Jide Taiwo and company (JTC) is an astute firm of estate surveyors and
valuers and facility managers, incorporated in 1980 and registered with the
estate surveyors and valuers registration board of Nigeria (ESVARBON) to
practice the profession of real estate surveying and valuation throughout
the federation.frC provides highly specialized and professional services in
the areas of human and material resources development and technical
support needed in the management and consultancy services. They are
well equipped with groomed seasoned professionals versed in the property
market, competent to management of properties, development and
valuation of asset/properties. Their key objective is to offer end-to-end
human and material resources initiatives and solution whilst ensuring the
success of our clients in the global property market, management,
development and valuation.

THE FIRM'S NATURE OF BUSINESS

The firm has its
the last 24 years. Ji(
services in the r
a General ~ e a
a Real Estate .4
a Property Vatu
rn Project Manal
a Facility Mana
 CHAPTER TWO
2.1 DEPARTMENTS AND FUNCTIONS ADMINISTRATION
DEPARTMENT

The head ofice main activitic3s are administrating and units as

depicted in the organisational chart. 1-he administrative unit is responsible
r. I . .- .,,. .
for all functions relat
maintenance, informal

2.2 FINANCE AND

The management or tmance aepartment IS neaaea ~y a cnarterea
accountant who ensures the execution of the following activities. The
objectives of the firm are run by its business in a profitable manner, in
order to realize its objectives and maintain adequate accounting records.
The following accounting procedures are specified to ensure that:
The firms assets, liabilities, income and expenses are recorded
daily and accounted for
The accounting and financial recordings are completed and valid
accurate.
The provisions of timely information for management in the day
to day running of the firm
Preparation of periodic accounts and reports to provide a firm
basis for measurinq performance and rr

2.3 AGENCY DEPAF

The word agency 15 d L V I I L I ~ L C U ~ LUIIUIL~OI
I I 11 I WIIILII CI ~ C I CY
I CILL un
behalf of another called the principal. It is a wide area of activity, which is
not limited or exclusive to real estate as a discipline. Agency practice
basically involves assembling a collection of properties for sa!e,
auctioneering or lease, advertising and security buyers or tenants as the
case may be.
At Jide Taiwo and Co this depar
sections/units, they are as follows;
i. Commercial unit
ii. General letting unit
iii. Sales and auctioning unit

The comniercia1 unit is responsibl

properties, managernentimaintenance and
unit involves in --"-ction of leases in
department, least val and possible tern
I n this unit, esraIe surveyor in charge IS conrracrea ro carry our me
transfer of request interests in a particular property. The transfer can be in
the form of assignment of sublease, short/long tenancies or outright
disposal.
The Jide Taiwo and Co also offers agency service like:
Advice on the sale, purchase or leasing of land and building.
Advice on the fair open market or rental values of property.

2.4 PROPERTY MANAGEMENT DEPARTMENT

Real property as an investment requires to be profitably managed to
nourish the investor and the user and even the property asset thus, to
successfully produce the expected net return on investment. Therefore
property management in its entirety is an important aspect of the
professional services of the estate surveyor and valuer. It is the process of
overseeing the operation and maintenance of real property to achieve the
objectives of the property owner. Specially, property management involves
the prudent organisation of human and material resource with the aim of
achieving defined objectives in real estate investment. Its practice provides
a robust basis for pro.mpt decision making in the up-keeping of property
resources including facilities and harmonizing the dominant interests of the
landlord and various tenants in the estate as contained in lease agreement
executed thereto. ~jectiveof property management is to ensure that
the properties perrorm and achieve physical economic and functional
efficiencies. The prime function of property management is to ensure that
the use to which .a property is put is the most suitable having regard to its
physical character, the demand of its legal and economic attributes.
Property management embraces a wide variety of interrelated activities, its
core function areas includes: letting and management, maintenance and
lease administration, rent collection and remittance, service charge
account, etc. Jide Taiwo and Co uses both the traditional approach and
computerized property management , it involves in performing certain ser-
vices on behalf of a nronertv owner s r ~ has rent collection. servina of
 5

Source management properties in high, medium and low-density

areas for residential and commercial purposes and add to the
manager portfolio of the firm
The department is subdivided into two units:
I. Regular property management unit and
ii. Commercial property management unit.

2.5 VALUATION DEPARTMENT PROCEDURE UNIT FUNCTION

Valuation is the basic'and attributed discipline of the valuer because the
ability to place a monetary value on an interest in land and property
underlines all the other professional pursuits of agency, management,
developments and investment. The valuer expertise assesses the capital or
fair market value of any property at a certain time. Jide Taiwo and Co
operates central valuation system in Lagos with four major zones namely
Apapa central valuation, Victoria Island, Lagos Island and Ikeja.
The central valuation office Apapa is headed by an executive team
while sourcing officers operate from their respective zones. Jide Taiwo and
Co offers valuation of interest in landlbuilding and assets, plant, and
machinery including furr~iture,fixtures, fittings and equipment for purpose
of mortgage, nce,
insura~ compensation, rating, balance sheet,
sale/purchases, rental merger and acquisition bids, privatization and
commerc

TI- qrtment is divided into four(4) units namely;

~evallaauonun11and
 0 Industrial revaluation unit.

Thus the valuation department is subsequently split two inspection

teams to meet up with the demands of their numerous clients--the
valuation sourcing and valuation execution.

The Valuation Sourcing Team:

This is a team of estate surveyors and valuers assigned for the
responsibilities for sourcing for fresh instructions from banks, insurance
companies brokers, oil companies, government, manufacturing companies,
accounting firms, industrials etc.
They assigned to acknowledge all instructions and terms of service
formally stated in accordance with NIESV scales of charges or as may be
agreed under negotiation, also to introduce professional to management
and agency clients on regular basis for valuation and revalidation
proposals.

THE VALUATION EXECUTION SYSTEM

This is team of estate surveyors and valuers assigned strictly to carry
out the valuation practice in collaboration with the four units mentioned
either via inspection, measurement and/or survey of property, market
survey and analysis, collection of data and computation and their analysis,
preparation of valuation reports and recommendations.
Regular valuations are executed and delivered with a maximum period
of two days whilst industrial valuations within a period agree with the
client. Valuation reports are signed by the partner/manager in charge of
central valuation in four hard cover copies and distributed as follows: three
(3) copies to the client, one retained in the office while soft: copy is stored
in the disk. The head of ~ x ~ r l l t i oteam
n in conjunction with the
administrative off lcer ensure proper keeping of valuation records and all
L- A
equipment/instrucuons allocates such as: register of valuation briefs,
-. - .

register of executed iobs, fees notes, data banks, files, disk bank, and
manuscript/calci ).

There are d i ~ ~ e r types

e r ~ ~of valuation executed by Jide TAiwo and Co
during my 1.T programme. Iwas opportune to participate in two' different
types such as follows:
Land/building valuation and valuation of plant and machinery (assets
valuation). The land and building valuation involves of land to those with
structures constructed on them. The valuation of interest in land and
building is that estimation of the market worth/value at a particular time,
for a specific purpose. There are procedures that are followed in every
valuation work, the receipt of written instruction from the client to the firm
stating down the terms and conditions; property to valued, location and
description of the property, then an advance payment will be made and a
suitable date fixed to carry out inspection.
After the inspectio~,the valuer makes sure that the report gets to the
client in less than 72 hours.
I n the case of land/building valuation, direct replacement cost are
applied to get the vahe of the building and added to site value to get the
capital value. The value of the site is derived by comparative method after
the capital value is derived; the land value is added to arrive at the open
market value. This is the first value that appears on fee note (receipt) of
ir thn fnrrn
Thn n n ~ 1,1111n
valuationcertificate of th- t,-.lan-.t;nm ~ n n f i r C
t

sale value/liquidation i
method used in deriving the value of building differs depending on the
type of building being valued. After physical inspection of the subject
property and collection of information valuation report writing requires
professional skill such as follows:
Letter of transmittal, photograph of subject property, situation
(description of subject property), location sketch, site data,
accommodation (constructional details ie property data, floor plan and
services), statemen limiting conditions, relevant information and
assumptions, basis . Auation (type of property and purpose of
valuation), valuation certificate. The plant and machinery valuation
involves the estimation of the market worth of a company's assets at a
particular time, for specific purpose. It could be carried out for any of the
purpose earlier stated.
The type of valuation is carried out by assessment of the plant and
machinery using the open market value or the gross current replacement
cost and applying the appropriate rate of depreciation and obsolescence.
The plant and machinery valuation report/certificate is a comprehensive
~n
01 ~ta p3
I.. .
a!
a1
rc
tk
Indicates location and condition of assets therefore assisting loss
adiusters. insured in the event that the risk insured against all

ac~vcs a3 a oasis for measuring m a n a m m ~ n t nwfnrrnanr~

against set st
 CHAPTER THREE
ACTIVITIES DURING THE SJWES PERIOD
3.1 TASK ASSIGNED/EXPERIENCE GAINED

I discovered timeless ideas that have added enormously to my

experience and personal life in the intinery of this programme. Because of
this opportunity, I am now able to bring together in summary the best way
succulents hard-hitting to the points that make my profession successful
as I wished.
The different areas I was involved in during SIWES programme at
Jide Taiwo and Co feature my active participation in the valuation
department which .in turn exposed me to different areas of this noble
profession and generally to the operation of the organisation. The majority
of the work assigned and carried out was under the valuation department
described as follows; in valuation department, my work by assignment was
basically to assist the valuation sourcing team that assigned for the
responsibilities for sourcing for fresh instructions from banks, industries
and companies etc, and also I work in collaboration with valuation
execution team on inspections, measurement/survey of subject properties.
I was assisting in getting the materials/equipment needed for valuation
and inspection ready and ensure that the inspection/valuation day is
negotiated with the client to keep specific time and day before the
inspection start.
During the execution of valuation I participated in taking reading by
using tape, making sketches of the state, layout plan, location sketch, floor
plan and construction details, assist in preparing the valuation report using
firm's template/format and make sure that the report gets to the clients on
time. I attended to clients calls and prepared an engagement letter
detailing the understanding of the client's requirement. I assisted in
preparing valuation costing proposals and followed up the clients request
for feedback and payment of the valuation fee, assisting in making a
requisition to the administrative until for catering services, assist in
developing and printing of photographs of subject properties and
submission of the valuation reports to the clients.
 CHAPTER FOlJR
PROBLEMS ENCOUNTERED

There are numerous impediments touching various aspects of

operation in different departments. Invariably, the various challenges in
relation to the nature of their respective activities consequently give
barriers to the targets of the firm. Some of the problems commonly
encountered in department I was fully participated are described as
follows;

PROBLEMS ASSOCIATED WITH VALUATION DEPARTMENT

Human factors financial inducement/valuation with client's
intent:
A lot of clients induce the valuer financially to be able to get the
value that will just be enough to take care of their obligations if the asset
is not up to that value and constituting the problem of over valuing the
subject, registration of valuation report from clients while they are
expecting high value from the valuation report or late in presentation of
valuation report delayinglnon-payment of valuation fee which deterrent
the valuation targets.

PROBLEMS ASSOCIATED WITH ASSETS VALUATION

Due to the manual method involving extensive computation on
replacement costs of each items, nothing the book value, depreciating and
upgrading lasted.for long time, which contributing a lot of typogra,~hical
and computational errors.
 DEFECT I N SITE DETAILS/DISHONESTY I N THE INFORMATION
SUPPLIED BY CLIENTS
Due to incorporates attitude of the operator of plant and machinery
the estate surveyor and valuer in charge sometimes end up in gathering
deficient information i.e. Price list, type, modelmake and other features.

Double Counting: This is a situation where the surveyor in charge took

the detailed inspection of plan and machinery inspection in place of the
landlbuilding inspection.

RELEVANCE OF THE SIWES PROGRAMME

Invariably, students have been privileged to undertake the SIWES
programme that provides a better opportunity to practicalize all the
knowledge they acquire in school and equip them fit into the labour
market in the near future. It gives students a glimpse of the labour market
and how to carry on in it near the future. It also offers students a chance
to meet people and learn how to deal with them professionally. I n this
aspect Ihad every reason to enjoy my SIWES because not only the office
and working environment rather I got to the operations of the organisation
and different aspect of the real estate business. This gave me a sense of
purpose and direction, in my chosen career. Ialso got to meet a lot of
people while Iwas exposed to the operations of the organisation, banks
and establishments such as Nigeria Bottling Company, Central, Bank of
Nigeria, Zenith Bank Plc, First City Monument Bank, Cheveron, Exxon
Mobil, EIF Oil Marketing Nigeria Ltd and Nigeria Maritime Authority etc.
therefore, Ihave tested a bit of the task and challenges ahead of me in
terms field associated with this noble profession in respect of profession
and practice such as Accounting, Economic, Architecture, Building And Law
Etc.
I discovered timeless ideas that have added enormously to my
experience and personal life in the course of undertaking SIWES and
because of this opportunity Iam able to bring in focus the summary of the
best relevance of SIWES programme.
 CHAPTER FIVE
GENERAL APPRAISAL OF THE PROGRAMME
5.1 CONCLUSION AND RECOMMENDATIONS

The SIWES is a programme introduced into the tertiary institutions

in collaboration with ITF that offers the students an opportunity to
practicalise all the knowledge they acquire in school. It is an opportunity
for the students to try and fit into the labour force thereby learning more
beyond what they taught in school.
I also learn how very necessary it is to manage all resources
available to me no matter how small it was and also the value of earning a
living.
I would strongly recommend that students industrial work
experience scheme (SIWES) should be introduced in those departments
where it does not exist like accounting and business management so as to
expose the students to the practical aspect of their discipline. It would also
give them a sneak preview of the labour market and enable us (as
students) attribute more appreciation of the act of having to earn a living.