Valuation and Insurance Department
Valuation and Insurance department is one of the crucial departments in Assets Management Corporation of Nigeria (AMCON) under the Managing Director’s directorate. Valuation and Insurance department is charged with the responsibility of valuing and insuring the Corporation collateralised Eligible Bank Assets (EBAs) purchased from the Eligible Financial Institutions (EFIs). The assets being valued and insured by the departments are categorised into real estate, plant and machinery, specialised assets, licenses, rights, goodwill and business continuity.
The department is responsible for integrating the process of insurance for all assets of the corporation and appointing Valuation Advisers to value Eligible Bank Assets (EBAs) identified for acquisition, managing AMCON-Estate Valuer relationships. The department seeks to improve valuation standard employed by Valuers and also service delivery to various stakeholders particularly on job quality and good standards of reporting and transparency of the process whilst achieving fair remunerative fee structure.
The Valuation and Insurance department is headed by Onosareme Aisedion. The department is divided into different units and functions to ensure maximum efficiency. These functions are:
1. Valuation Administration:
- Maintaining list of Valuers.
- Processing appointment, debriefing and payments of Valuers.
- Attending to request by External Auditors on the update of External Valuers information.
- Follow up on External valuation assignment’s request on assets and ensure the assignments are completed.
- Collation of valuation requests from various Account officers and process MD's approval for appointment of valuation assignments.
2. Source data:
- Liaising with relevant departments in Credit and Asset Management Directorates on extracting source data for valuation of assets.
- Updating valuation report on Finnone.
3. Quality Appraisal:
- Certify that valuation reports are in compliance with Estate Surveyors and Valuers Registration Board of Nigeria (ESVARBON) reporting template.
- Reviewing quality of valuation report and relating with relevant Departments in the Corporation on valuation report.
- Periodic performance review of valuation amount to actual sale amount.
- Inspection of assets
4. Internal Valuation:
- Valuation support for internal valuation committee.
- Review on all reports from External Valuers to ensure that the interests of the corporation is met and consistency of standards.
- Investigations, market survey, check the rates being used for valuation to check the consistency of standards.
5. Insurance Administration: Valuation and Insurance department is responsible for administering the Corporation’s insurances.
- Appointment and debriefing of Insurance Brokers / Underwriters and payment of Insurance Premium and claims.
- Participation in the Corporations insurance portfolio, every insurance broker would have to provide Current National Insurance Commission (NAICOM) license, Current Nigerian Council of Registered Insurance Brokers (NCRIB) registration, Current Professional Indemnity, Current Tax Clearance Certificate, Number of years’ experience, Management Ownership structure, Paid-up Share capital, 2 bank references.
- Provision of insurance cover for the corporations assets, such as Group Life Assurance (which provides covers for all permanent staff working in the corporation), assets under management (all forfeited assets forfeited to the corporation), collateral assets (all valued collateral assets, excluding bare landed assets, assets under litigation, assets under closed accounts category and assets insured by obligors.
- Insurance policy also covers motor vehicle insurance, workmen’s compensation insurance, burglary insurance, fire and special perils insurance, engineering insurance, special risk insurance.
- Monitoring of schedule of insured assets.
- Provision of analysis and inspection on the corporation’s assets that are in the process of being forfeited by the obligor.
- Provision of recommendations of forfeiture value to the corporation.