Valuation plays essential roles in the property market either for loan purposes, sale transactions, and portfolio management or performance measurement. Previous studies had established that there was valuation inaccuracy everywhere in the world, including Nigeria. This study examined the causes of such inaccuracies. Survey approach was used in carrying out the study. 150questionnaire was retrieved out of 300 questionnaire (i.e. 50%) administered on the respondents selected from the Nigerian Institution of Estate Surveyors and Valuers' Directory and this was used for the analysis. Descriptive statistics was employed in the analysis of the data collected. The study revealed that valuation inaccuracy in Lagos Metropolis result from dearth of market evidence (data), use of outdated valuation approach and clients' influence. The study established that Valuers in the metropolis engaged in general practice. The paper recommends that Nigerian Valuers should join hands in providing centrally organised databank which will reduce the level of inaccuracy in valuation.
The continuous existence of man is dependent on the free goods and services (e.g. water, air purification, fisheries, timber production and nutrient cycling) provided by his natural environment. Due to the public nature of these goods and services, they are not traded in the open markets hence, they are regarded as not having market prices. As a result, the current economic system fails to capture their losses and this may continue for long if care is not taken. Unless economic decisions (and the associated implications of development options) are made based on valuing the invisible aspects of ecosystems, unfriendly environmental decisions may continue to be taken that will culminate into economic, social and environmental cost which may be unmanageable. It is therefore expedient that a Green Economy with consideration for the immense value of biodiversity and ecosystems be incorporated by both corporate and governmental agencies so as to ensure a sustainable development progression in an economy. In achieving sustainable green economy, the appropriate stakeholders should pay particular attention to the value of natural capital in any policy decision. Hence, this study examined the roles of Estate Surveyors and Valuers (ESVs) in a green economy. Exploratory approach was employed in carrying out the study. Literature review technique was adopted to examine the various aspects of the economy and the roles of ESVs that help in greening the economy. The study identify the roles of ESVs in greening an economy to include: ensuring the use of renewable energy instead of fossil fuel in their management properties, adoption of efficient technology that consumes less energy, advising on waste minimization and appropriate waste management approaches, giving consideration to ecosystem services while carrying out development valuation and finally promoting decent jobs that takes cognisance of employee’s welfare, job security and career prospects. The study therefore recommends that the time has come for Estate Surveyors and Valuers to be actively involved in greening Nigerian economy.
The quality of facilities in educational institutions has been on the increase globally and is receiving much attention in educational research. This is necessitated by the fact that higher educational institutions worldwide are facing commercial competition imposed by economic forces resulting from the development of global education markets. In view of this, this study assessed students' perception of the quality of academic facilities in private universities in Ogun State, Nigeria. This is with a view to improving the quality of university facilities in order to provide a conducive learning environment for students which will aid in good academic performance. 954 questionnaires were randomly administered to students in five private universities in the study area and a response rate of 71% was achieved. Using descriptive statistics, the results revealed that their needs were fairly met with the majority of the facilities sampled in the library, ICT laboratory and classrooms. The study recommended that facility providers should take note of the facilities whose quality students perceive as not meeting their needs, so as to be able to respond appropriately. This will entail ensuring that provision is made for such facilities in terms of budgeting for upgrading or replacement.
Valuation assignments are carried out for various purposes usually determined by the client. Various studies showed that, in addition to the general purposes, wetland valuation could also be required for conservation, rating of oil installations and environmental restitution. The study compared wetland valuation purposes between Lagos Metropolis and the Niger Delta, Nigeria. A total of 163 copies questionnaire were retrieved from Lagos Metropolis while 72 were retrieved from the Niger Delta. In analysing the primary data collected, frequency tables and percentage were adopted. The study revealed that respondents perceived wetland as swampy land, marchland, poorly drained land and infested land. Also the study showed that wetland resources are majorly carried out for loan facilities (98.8%, RII = 4.15) and advice on sales (85.1%, RII = 3.49) in Lagos Metropolis while the prominent purposes for wetland valuation in the Niger Delta are compensation (94.4%, RII = 3.85), rating of oil installations (69.4%, RII = 3.76) and environmental restitution (66.7%, RII = 3.31). The study recommends that NIESV and ESVARBON should compel institutions offering Estate Management to include environmental valuation as a core course and also organise regular professional training/workshop for practicing Estate Surveyors and Valuers. Also, NIESV should incorporate environmental valuation in the curriculum for professional examinations.
The issue of compensation has been debated in various fora; however compensation on wetland resources has not been given the primary place. Wetland valuation like any other type of valuation requires going through stages, which may be more complex than real estate valuation for compensation. This study therefore examined the processes involved in the valuation of wetland resources for compensation purposes with a view to establishing whether or not Estate Surveyors and Valuers in the Niger Delta follow the appropriate steps in the conduct of wetland valuation. The study employed survey method in collecting primary data. A total of 120 questionnaires were administered on selected Estate Surveying and Valuation firms in Bayelsa, Delta and Rivers States, out of which 72 of them were retrieved. The data collected were analysed and presented using frequency distributions and percentages. The study showed that Estate Surveyors and Valuers in the study area follow all steps however with 3.6% involved in determining wetland area. This may affect the correct determination of the extent of damage done to wetland ecosystems. The study further revealed that that only 5.5% of the respondents took any course in environmental valuation during their undergraduate school days. They may not be able to properly appreciate of importance of wetland resources. The study therefore recommends that practicing Estate Surveyors and Valuers would need to update their knowledge since wetland valuation for compensation has become a serious issue in the Niger Delta.
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