Value gap in Nigerian property compensation practice: measurement and economic effects

Bello, Nurudeen Akinsola; Olanrele, Olusegun Olaopin

doi:10.1080/14445921.2016.1203235

Cited by 4 publications

(3 citation statements)

References 1 publication

Supporting

Mentioning

Contrasting

Order By: Relevance

“…Oladapo and Ige (2014) in their study called for valuation methods that will reflect the meaning of compensation because their study identified lack of uniform standard method for compensation value assessment. Bailey and Clough (2009) earlier reported a similar finding of lack of standard method to compensation assessment for farmers in New Zealand when their lands were acquired for a power transmission lines prior to 1988. This study corroborates the earlier findings of inappropriate method resulting in inadequate compensation in not only Africa developing nations but also in Malaysia, China and Hong Kong.…”

Section: Resultsmentioning

confidence: 72%

Towards Global Uniformity and Sustainable Compensation Valuation for Compulsory Land Acquisition

Olanrele¹,

Alias

Said

et al. 2017

JDBE

Self Cite

View full text Add to dashboard Cite

Compulsory land purchase is a tool for the control of land uses as well as land acquisition for developmental projects by the public authorities (governments). The right of government to compulsorily acquire land for its physical project is domicile in relevant laws of different countries and the laws usually provide for compensation often in money terms to the land/property owners whose land were confiscated. This study focuses on the examination of the compensation process of some countries across the continent in a search for a global standard for uniformity. The paper adopted a content analysis of the provisions of compulsory land purchase laws of selected countries and literature review of some papers on compensation for compulsory land acquisition from different countries. It was found that there is no definition of adequate compensation in any of the public land acquisition law. Though, nomenclatures like Just, Fair, Equity and Equivalence appears in most statutes, the lack of globally acceptable definition of adequate compensation has resulted in the adoption of different basis for market value by valuers/appraisers for compensation. Some laws, like Nigeria Land Use Act of 1978, stipulate the methodology and identify what improvement qualifies for compensation. The study further revealed that Nigeria authorities always rely on government valuers' estimate of compensation amount. The study recommend for a global standardised definition of adequate compensation and methodology for assessment of compensation similar to international financial reporting standard (IFRS) and international valuation standard (RICS Red Book) for other valuations. Such standard will be expected to be incorporated in the statutes on land purchase and compensation to create a global uniformity and sustainable valuation of compensation for land acquisition.

show abstract

Section: Resultsmentioning

confidence: 72%

Towards Global Uniformity and Sustainable Compensation Valuation for Compulsory Land Acquisition

Olanrele¹,

Alias

Said

et al. 2017

JDBE

Self Cite

View full text Add to dashboard Cite

show abstract

“…Babbie (2015) suggests that survey design is probably the best method available for studying social phenomena because it permits researchers to gather original data for describing a population too large to observe directly. The use of the questionnaires was justified because several researchers have used this tool to investigate valuation for compensation practices including Alemu (2013), Bello and Olanrele (2016), Bonaya (2018), Bugri and Kumi (2018), among others. In comparison to interviews, questionnaires are more objective, can gather both qualitative and quantitative data, economical, and effective in that a higher response rate is possible (Young, 2016).…”

Section: Methodsmentioning

confidence: 99%

“…Some losses have been ignored, particularly the intangible ones, and the valuation methodology has been questioned (African Development Bank, 2003;Asian Development Bank, 2007, 2014Holtslag-Broekhof et al, 2018;Munubi, 2016;Omar and Ismail, 2009;Rao et al, 2017;World Bank, 2016). Similarly, Egbenta and Udoudoh (2018), Bello and Olanrele (2016) and Ige and Oladapo (2018) noted that most project affected persons were dissatisfied with the compensation amounts in Nigeria while lack of standardized valuation methods and procedures in Ethiopia have been found to contribute to unfair valuations and compensations (Alemu, 2013). Other existing studies have also shown that adopting statutory rather than market basis of valuation in land acquisition projects results to unfair compensations (Akujuru and Ruddock, 2015;Omar and Ismail, 2009).…”

Section: Introductionmentioning

confidence: 96%

Valuation for compensation practices in Kenya: an evaluation

Museleku¹

2021

View full text Add to dashboard Cite

PurposeThe purpose of this paper is to evaluate the practices for valuation for compensation purposes in Kenya.Design/methodology/approachA qualitative survey design was used to sample the registered valuers using questionnaire/telephone interviews, in addition to review of some policy and legal documents. Content analysis and descriptive statistics was used to analyse the data.FindingsThe study revealed that the most ignored asset losses in valuation for compensation purposes in Kenya are assets of persons without legally recognizable rights, common property resources and social capital, among others, due to the existing legal provisions. Additionally, valuers often fail to apply the appropriate valuation concepts and methods.Research limitations/implicationsThe findings of the study are specific to Kenya since valuations for compensation purposes are statutory in nature and hence the applicable legal frameworks are unique to a specific country, although professionalism issues cut across.Practical implicationsThe study may help professional valuers to update their knowledge and apply the right valuation concepts and methods, and also help policymakers to review their policies appropriately to match the best practices.Social implicationsThe findings of the study, if implemented, are likely to enhance acceptability of compensation amounts hence improving the working relationships between the public project implementers and the project affected persons, to the benefit of the both parties.Originality/valueThe study is of value to professional valuers, policymakers and land acquiring agencies to be more vigilant and professional in the process of acquiring interests in land.

show abstract

Variation in compensation for compulsory property acquisition: Ondo State, Nigeria experience

Ige

Oladapo

2018

Pacific Rim Property Research Journal

View full text Add to dashboard Cite

Value gap in Nigerian property compensation practice: measurement and economic effects

Cited by 4 publications

References 1 publication

Towards Global Uniformity and Sustainable Compensation Valuation for Compulsory Land Acquisition

Towards Global Uniformity and Sustainable Compensation Valuation for Compulsory Land Acquisition

Valuation for compensation practices in Kenya: an evaluation

Variation in compensation for compulsory property acquisition: Ondo State, Nigeria experience

Contact Info

Product

Resources

About