LANDED PROPERTY SITAUTED AT YAN GORO HANWA

LAYOUT/Y02/HANWA, SABON GARI GRA BY SOKOTO ROAD,

ZARIA, SABON GARI LGA, KADUNA STATE - NIGERIA
FOR
UNITED BANK FOR AFRICA (UBA)

CLEINTS:
HULHULDE RICE MILL LTD
CHIKAJI INDUSTRIAL LAYOUT
ZARIA, KADUNA STATE
GKC/UBA/VAL.08/2025 10-07-2025

The Branch Manager,

United Bank for Africa (UBA PLC),
Zaria Branch,
Kaduna State-Nigeria.

Dear Sir,

VALUATION REPORT ON LANDED PROPERTY SITAUTED AT YAN GORO HANWA

LAYOUT/Y02/HANWA, SABON GARI GRA BY SOKOTO ROAD, ZARIA, SABON GARI
LGA, KADUNA STATE - NIGERIA
1.00 BRIEF
We wish to refer to your instruction in which you instructed us to inspect and value
the above named property with a view to determine the MARKET VALUE and FORCED
SALE VALUE of the subject property. Consequently, the property was inspected and
our Report and Opinion of value are as follows:

2.00 DATE OF OUR INSPECTION

The subject property was inspected on 7th July, 2025. This date is of material
importance to this Report as all facts stated herein including our conclusive valuation
opinion are related to it.

3.00 PROPERTY SUBJECT TO OUR VALUATION

The subject property consists of Two (2) floor shopping complex building enclosed
within a perimeter sandcrete block wall fence with a wrought sliding iron gate for
ingress and egress. The premises are well landscaped.

4.00 PURPOSE OF OUR VALUATION

In accordance with our brief, we have determined the MARKET VALUE and FORCED
SALE VALUE of the subject property. The declared value could be used as basis for
credit facility negotiations or any other management decision making on the
property.

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4.10 BASIS AND METHOD OF OUR VALUATION
Many factors interplay in determining the value of a property. These include the
design, construction and the materials used, location, quality of interest inherent in
the property as well as the state of the economy and the ruling general trend of the
property market. In order to arrive at a value that can be empirically proved under
the prevailing free market situation, different professional techniques have to be
evoked, each acting as a check on the other. Correlation process shall equally be
employed in order to ensure adequate weighting of the relative value factors.

4.20 THE INVESTMENT METHOD

This method looks at the investment potentials of the property as represented by a
stream of Annual income flows by way of rent. This income flow is determined at
arm’s length using passing on the property or comparable properties in similar
locations. The Net Annual Income is then capitalized using an appropriate rate of
Year’s Purchase determined by discount rates offered by comparable securities and
noting the nature of interest comprised in the land. The result is the estimated Market
Capital Value.

4.30 THE COST APPROACH

The use of this method is supported by the structural distortions in the property
market and construction industry. The cost of Equivalent Reinstatement is computed
by applying unit rates to the gross floor space offered by the different sections of the
buildings and other structural developments. These rates are selected in accordance
with the class of finishing’s in each section-taking cognizance of current market costs
of building materials. The figures are then adjusted for depreciation and developer’s
profit and summed up with site value to give a fair estimate of capital value.

4.35 CORRELATION (OR RECONCILIATION)

By this process, the strengths and weaknesses of the valuation approaches are
analyzed and relative factors weighted to draw a conclusive value. The facts and
circumstances applied have to be reconciled. After considering the data, the
premises of value, the assumptions, and procedures employed, the conclusion
should the]n be weighted towards that approach that is best indicator of value.

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4.40 MARKET VALUE
For the purpose of this appraisal the term “market value” is defined as “the highest
price estimated in terms of money that a willing and well informed buyer could be
warranted in paying and a willing and equally well informed seller justified in
accepting for the property when placed in the market for a reasonable period of time,
with both parties acting free from compulsion or duress and with all rights or benefits
inherent in or attributable to the property included in the said value”.

5.00 THE PROPERTY

The Subject Property is commercial (shopping complex).
5.10.1 LOCATION
The Subject property is located at Yan Goro Hanwa Layout/Y02/Hanwa, Sabon Gari
GRA by Sokoto Road, Zaria, Sabon Gari Local Government Area of Kaduna State-
Nigeria. Globally positioned on a Geographical Coordinates N11o7’32.77272”
E7o42’34.57044”. Access to the subject property is by Sokoto Road Sabon Gari
Zaria. Neighborhood is predominantly commercial properties, notable properties in
close proximity to the subject property including RUKKY PHARMCY LAB among
others.
5.20.1 SITE LAYOUT
The site is quadrilateral in shape, appears fairly leveled and well drained covered an
approximate area of 2,414 square meters which equivalent to 0.2414 hectares of
land.
5.30 DEVELOPMENTS ON THE SITE
Developments on the site as at the date of our inspection and valuation consists of
Two (2) floor shopping complex building enclosed within a perimeter sandcrete block
wall fence with a wrought sliding iron gate for ingress and egress. The premises are
well landscaped.

5.40 DESIGN AND CONSTRUCTIONAL DETAILS

The building exquisitely designed and constructed with the following constructional
details:-
FLOOR
This is reinforced mass concrete base on hard core based and finished with ceramic
tiles all round.
WALLS
These are made of reinforced mass concrete columns and beams in-filled with
sandcrete block walls held by cement sandmix, rendered smooth and painted both
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 internally and externally with emulsion paints. Walls in toilet are finished with
ceramics tiles.
DOORS
These are made metal paneled types.
WINDOWS
These are made of glazed anodized aluminum casement.
CEILING
This is made of plaster of Paris (POP) types.
ROOF
The roof is long-span aluminum roofing sheet held onto timber trusses.

ACCOMMODATION
Built up area is 1,476 square meters (m2)
 52 Nos. Latable shops
 4Nos. Toilet

6.00 SERVICES
Electricity and pipe borne water supply are connected to the subject property from
the public mains. Effluent disposal is through septic tank and soakaway pit located
within the premises.

7.00 CONDITION
The building appears structurally sound and well maintained, normal wear and tear
expected.
8.00 TITLE
Statutory Right of Occupancy Over the subject property vests and subsists in ALHAJI
ADAMU YA’U in accordance with the True intent and meaning of the Land Use Act No.
6 of 1978. This is evidenced by a Certificate of Occupancy No: 93111-vo456-n96e2-
uo456-n93e7-rw933 With Kaduna Geographic Information Service (KADGIS) reference
File No: KDL.26958 issued in his favour for a term of Seventy Two (72) years effect
from the day of 26th February, 2015.

The title instrument is registered as No.64 at page 1 in volume 31 of the Certificate of

Occupancy Digital Register in the KADGIS Registry office of Kaduna State on 28th
December, 2017.

9.00 LIMITING CONDITION

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 We have not carried out any structural survey of the subject property nor have we
tested their services and we are accordingly unable to comment in this connection.
Similarly, we have not inspected any timber in the premises and no assurance can
therefore be given that any such timbers are free from rot, woodworm or the other
infestations.
10.00 ASSUMPTIONS
In valuing the subject property we have assumed that the information with which we
have been supplied as correct that the property is free from all onerous restriction or
charges; that the title to the property is good and marketable; that the property is not
adversely affected by, or subject to compulsory acquisition due to over-riding public
interest, road widening, new road proposals or planning scheme.

11.00 CONCLUSIVE VALUATION OPINION

WE ARE OF THE PROFESSIONAL OPINION that the OPEN MARKET VALUE of
the subject property as described in this Report between a willing seller and an
informed willing and able buyer REBUS SIC STANTIBUS as at the date of our
inspection and calculation is in the sum of N779,736,000.00 (SEVEN HUNDRED
AND SEVENTY NINE MILLION SEVEN HUNDRED AND THIRTY SIX THOUSAND
NAIRA) ONLY.

WE ARE ALSO OF THE OPINION that the FORCE SALE VALUE of the property
is in the sum of N623,788,800.00 (SIX HUNDRED AND TWENTY THREE MILLION
SEVEN HUNDRED AND EIGHTY EIGHT THOUSAND, EIGHT HUNDRED NAIRA)
ONLY.

No allowance has been made for expenses of realization or taxation, which may arise in
the event of a disposal.

12.00 DISCLOSURE
In accordance with our standard practice, we must state that this valuation certificate
is for the use only of the person to whom it is addressed, and no responsibility is
accepted to any third party for the whole or part of its contents. If our opinion of value
is to be disclosed to persons other than the addressee of this certificate, the basis of
valuation must be stated. If it is proposed to publish the figure, it is desirable that the
form and context in which it is to appear should be approved by us before hand.

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13.00 CERTIFICATION
WE CERTIFY that our employment to carry out this valuation is not contingent upon
the value declared nor have we any present or contemplated interest in the property
rather; our valuation was carried out to the best of our knowledge and in conformity
with the professional standard of the Nigerian Institution of Estate Surveyors &
Valuers of which we are members.

Yours faithfully,

Alh.H.S.Kibiya; B.Tech., (Est.Man. MSC. (Land Rcs Dvt)(ANIVS, RVS, FNIVS)

PRINCIPAL PARTNER

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PICTURES SHOWING LANDED PROPERTY SITAUTED AT YAN
GORO HANWA LAYOUT/Y02/HANWA, SABON GARI GRA BY
SOKOTO ROAD, ZARIA, SABON GARI LGA, KADUNA STATE -
NIGERIA