Zenith Properties Nigeria Limited revalued a building on 31 December 2023. The building had an original cost of ₦45,000,000, accumulated depreciation of ₦9,000,000 and a remaining useful life of 30 years at the revaluation date. The fair value was determined at ₦54,000,000. Which of the following correctly states the revaluation surplus to be recognised in Other Comprehensive Income?

Under IAS 16, the revaluation surplus equals the difference between the fair value and the carrying amount at the date of revaluation. Carrying amount = ₦45,000,000 − ₦9,000,000 = ₦36,000,000. Revaluation surplus = ₦54,000,000 − ₦36,000,000 = ₦18,000,000, recognised in Other Comprehensive Income and accumulated in equity as revaluation surplus. The remaining useful life affects future depreciation charges, not the surplus calculation.