AN EXAMINATION OF PROBLEMS AND PROSPECT OF VALUATION OF ASSETS OF PUBIC BODIES IN ENUGU STATE
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The study was carried out to investigate an examination of problems and prospect of valuation of assets of pubic bodies in Enugu State. The state of pubic properties in Nigeria is a source of worry to well meaning citizens of this country. It is common knowledge to see newly completed government properties dilapidate very fast, thereby causing economic waste. Investigations revealed the poor condition of public properties is caused by various act backs there a member of management, problems, such as insufficient funding poor facility management, political influence, bureaucracy, personal interest and lack of professionalism. Nigeria Railway corporation properties include undeveloped land and landed properties. The landed properties are residential building shops, catering services, office and guesthouses. Management of these properties by the Railway property company limited, under the control of Nigeria Railway Corporation Board had led to the unhealthy nature of these properties. Management of pubic properties by a board is usually characterized by some difficulties such as bureaucracy, political influence, insufficient funding in the management system of the Nigerian Railway Corporation properties to enhance effectiveness and efficiency. In view of the above negative management tendencies by a board of directors, it is necessary to privatize management of properties of the Nigeria Railway Corporation in order to inject prudent Management in the system. Privatization of management system of public properties has been advocated by professional bodies such as the Nigeria Institution of Estate Surveyors and Valuers as the only viable option to turn around the dilapidation of public properties in this country. Privatization encourages prudent management of public properties. In this direction round pegs should be put in round holes. Incapacitating of public properties in Nigeria needs. To be transformed in order to reduce huge economic waste in pubic properties in this country hence the institution of Estate surveyors and Valuers and other related professional bodes in bodies in Nigeria should rise up to advocate private partnership participates in the management of public properties. Management of pubic properties by a board of directors calls for a change. There is the need to join the rest of the civilized world in their style of management of public properties. Private partnership participation in management brings about profitability and it should encourage especially in the Nigeria Railway corporation properties.
BACKGROUND OF THE STUDY
Estate surveying and valuation in Nigeria is a child of the British system. The theoretical bases and professional curricula for the local training in Nigeria have been molded after the system established in the united Kingdom by Rics/Royal Institution of Chartered Surveyors. It remained a natural fact that Estate surveyor and valuer in Nigeria took after from the practice in United Kingdom.
Valuation may be defined as the art and science of estimating the value of a particular property at a particular time at a particular place taking into consideration all the factors that bear direct and indirect influence on the property market. Valuation as regards to the assets of any organization is usually given much attention because an assets of any organization is the bedrock of such organization.
However assets valuation is an important thing in any organization both public and private because it helps to discover the :Going concern” of the organization, which aimed at discovering whether the organization is growing (improving) or decreasing to avoid liquidation.
The public properties on the other hand can be seen as properties established by the government to serve the public. The state of public properties in Nigeria is a source of worry to well meaning Nigeria. Investigation revealed that poor performances and conditions of public properties is caused by various set back.
Nigeria Railway corporation properties includes undeveloped land and landed properties. Landed properties are residential buildings, shops, catering services, office and quest houses. As one of the public corporation, Nigeria railways corporation was established by law in 1912 by the British colonial masters to provides rail transportation services in the nation. The organization was structured according to the policy objectives establishing it. The headquarters was located at Ebute meta, now in Lagos state and its districts headquarters were located at Ibadan, Enugu, Kaduna, Bauchi and Kafanchan. The district headquarters in turn have their area offices to enhance implementation of management policies, hence the intention of the colonial masters to transport people, products and materials to different parts of the country.
However, it is with great regret that the cooperation have failed to live up to its expectation in all ramification.
STATEMENT OF PROBLEM
The management of real estate property is a challenging task for an estate surveyor and valuer. The management of public real estate assets particularly poses unique form of problems ranging from over inflation of invoices, corruption, nepotism, and awarding of contract works to contractors not knowledgeable about the jobs to be carried out. This array of issues and others, calls for monetization policy of the Federal Government, where all government properties are transferred to the private entities few years ago. The few exempted property from this government policies includes; residences occupied by Judiciary, Federal Government Secretariat, Schools, Staff quarters of institutions of learning etc.
The in-house professional Estates Surveyors are saddled with the responsibilities of managing such properties. However, despite the monitoring organizations put in place to check corruptions or waste in public services, these problems bedeviling government real estate property valuationstill persist. It is against this backdrop that this research work aims at unravel this multitude of problems and proffer solutions with the Nigeria Railway corporation properties in enugu
Objective of study
The general objective of the study is to examine the problem and prospects of valuation of assets of pubic bodies in Nigerian using the Nigerian Rilway Corporation in Enugu state.
The specific objectives not necessarily in order of priority are:
- To Identify the major problems Public Property valuation
- To Determine the ranking of these problems of property valuation
- To Proffer Solutions to Public Property Problems
The research questions for this study are thus:
- What are the major problems of Public Property valuation?
- How’s are these problems of property valuation ranked?
- What solutions can Proffer Solutions to Public Property Problems?
SIGNIFICANCE OF STUDY
In this regard our significance of study will be both on the theoretical levels and
Practical levels. Theoretically, this study seeks to highlight and widen scholarly perceptions of public property valuation. Practically, the study intends to critically examine the various efforts by public organizations in maintaining public property. Also, this study will be of vital importance to scholars on property valuations and managements and as such serve as a further take off point for future inquiry in the study under review.
Scope of study
The study focuses on the problems and prospects of property valuations in public bodies in Nigeria. The research uses the problems of public property valuationin Nigerian Railway Corporation in Enugu.
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