01/06/2026
The theme of my article this week is thought-provoking! It is on Asset Declaration without professional asset valuation. Read on and share your thoughts in the comment section.
REAL ESTATE ASSET DECLARATION WITHOUT PROPER VALUATION: A WEAK LINK IN NIGERIA'S FIGHT AGAINST CORRUPTION
As political activities gradually gather momentum ahead of the 2027 elections, many public office holders will soon be required to declare their assets either at the end of their current tenure or at the commencement of a new one.
But have you ever paused to ask a simple question:
What is the value of the assets being declared?
While public officials are expected to disclose their landed properties and other assets, our current asset declaration system largely relies on self-assessment. In many cases, properties are declared without independent professional valuation.
A house worth billions of naira may be declared at a fraction of its actual market value. Conversely, assets may be overstated to create the impression that they were acquired long before assuming public office.
Without credible valuation, how do we accurately measure wealth? How do we identify unexplained assets? And how do we distinguish legitimate wealth from illicit enrichment?
In this article, I examine why asset declaration without professional valuation weakens transparency, accountability, and anti-corruption efforts, and why Nigeria should consider including professional valuation, and GIS technology into its asset declaration framework.
Many Nigerians support asset declaration because it is meant to help government track the wealth of public officials and discourage corruption.
However, there is a major problem in the current system: public officers can declare their landed properties without providing a professional valuation of those properties.
This loophole weakens the entire purpose of asset declaration.
The current asset declaration form (Form CCB 1) used by the Code of Conduct Bureau (CCB) allows officials to state the "estimated value" of their properties.
In simple terms, people are allowed to value their own properties without independent verification by a qualified Estate Surveyor and Valuer.
Why is this a problem?
A property's value is not determined by guesswork. The value of land and buildings changes over time and depends on factors such as location, infrastructure, planning approvals, demand, and market conditions.
Without professional valuation, an official can easily declare a property worth ₦50 million when its actual market value may be ₦1.5 billion.
This creates two major risks.
First, an official may deliberately undervalue a property to hide the true extent of their wealth. A luxury mansion or commercial property acquired with questionable funds can appear harmless on paper because its value has been greatly reduced.
Second, an official may exaggerate the value of assets already declared before assuming office. Years later, if they acquire expensive properties through corrupt means, they can claim those assets were already part of their wealth before entering public service.
The absence of independent valuation makes it difficult to challenge such claims.
The result is that anti-corruption agencies struggle to determine whether a person's wealth is consistent with their legitimate income. Asset declaration becomes a paperwork exercise rather than a reliable tool for accountability.
Honestly, I must say the issue goes beyond corruption. Unverified property values can distort the real estate market, encourage tax evasion, reduce government revenue, and make it harder to recover illegally acquired assets. Public confidence in anti-corruption institutions also suffers when obvious gaps remain in the system.
Based on my research, several countries have addressed this challenge by requiring professional valuations and linking asset declarations to land records, tax records, and other government databases. This makes it easier to verify ownership and detect suspicious increases in wealth.
Technology can also help. As a GIS professional, I can say without mincing words that Geographic Information Systems (GIS), digital land registries, satellite imagery, and property databases can be used to verify property locations, track developments, and compare declared values with fair market value (FMV).
The solution is straightforward. Every declared property should be supported by a valuation report prepared by a registered Estate Surveyor and Valuer. Asset values should be reviewed periodically, and government agencies should share information through integrated digital systems.
At the heart of the matter is a simple question: How can anyone measure unexplained wealth if the true value of assets is unknown?
Fighting corruption is not only about knowing what public officials own. It is also about knowing what those assets are actually worth. Until professional valuation becomes a mandatory part of asset declaration, a significant loophole will remain in Nigeria's accountability framework.
My Recommendations
If Nigeria truly wants asset declaration to become an effective anti-corruption tool rather than a routine administrative exercise, I recommend following reforms:
1. Make Professional Valuation Mandatory for All Real Estate Assets
The National Assembly should amend the relevant provisions of the Code of Conduct Bureau and Tribunal Act to require every public officer declaring landed property to attach a valuation report prepared by a registered Estate Surveyor and Valuer.
2. Revise the Asset Declaration Form (Form CCB 1)
The current asset and liability declaration form should be redesigned to capture more detailed information on real estate assets. The information should include the following:
• Property address.
• Plot number.
• Survey plan details.
• Certificate of Occupancy or title information.
• Geographic coordinates of declared properties.
• Property date of acquisition.
• Professional valuation report reference number.
This will definitely improve transparency and real estate asset verification.
3. Establish a Real Estate Asset Verification Unit within the CCB
The Bureau should as a matter of urgency create a specialized Real Estate Asset Verification Unit staffed by the following professionals:
• Estate Surveyors and Valuers.
• GIS Professionals.
• Town Planners.
• Land Administration Experts.
• Land Surveyors.
This Unit would independently verify high-value property declarations and investigate suspicious discrepancies.
4. Deploy GIS-Based Property Verification Systems
The CCB should embrace Geographic Information Systems (GIS) and digital land administration systems.
A GIS-based verification platform would allow the Bureau to:
• Locate declared properties using GPS
• Verify existence of properties.
• Monitor property developments over time.
• Compare declarations with land records.
5. Move from Asset and Liability Declaration to Wealth Verification
The long-term objective should not merely be asset and liability declaration but wealth verification.
The key question should be:
"Can the declared assets reasonably be acquired from the public officer's legitimate income?"
Once this principle becomes the foundation of the CCB system, asset declaration will evolve from a form-filling exercise into a genuine instrument for transparency, accountability, and public trust.
Conclusion
I conclude that Nigeria does not suffer from a lack of asset declaration laws. The challenge lies in verifying the true value of declared assets. A house worth ₦2 billion declared at ₦50 million creates the same problem as an undeclared asset. Until professional valuation, and GIS-based asset verification become part of the process, the fight against illicit enrichment will continue to face significant obstacles.
In addition, asset declaration without professional asset valuation is like auditing a company without checking its accounts. This is because, ownership alone does not reveal wealth. If Nigeria is serious about transparency and accountability, declared real estate assets must be independently valued and verified. Only then can asset declaration serve its true purpose.
What is your view? Should Nigeria make professional valuation of real estate assets a mandatory requirement for all public officers during asset declaration? I look forward to reading your thoughts.
