ASSESSMENT OF WETLAND VALUATION PROCESSES FOR COMPENSATION IN THE NIGER DELTA, NIGERIA

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

ADEQUACY OF LEGAL PROVISIONS ON VALUATION OF WETLAND FOR COMPENSATION IN THE NIGER DELTA, NIGERIA

Compensation assessment is legal issue based on the provisions of the enabling laws and this has taken valuation for compensation out of the purview of the general basis for valuation. Series of arguments as regard the adequacy of the figure of compensation had been put forward, however this study examined the adequacy of the provisions for compensation contained in the various laws in Nigeria with respect to wetland valuation for compensation. Exploratory approach was employed in carrying out the study, that is, compensation provisions of the various laws were reviewed. The study established that wetland ecosystems are composed of both use and non-use goods/services. While compensation provisions were made for use goods (the Nigerian Constitution, Oil Pipeline Acts and the Land Use Act variously made provision for assessment and payment of compensation on land, buildings and crops), no provision was made for non-use goods which constitute a large proportion of wetland resources. To achieve the principle of justice and equity that constitute the fulcrum for compensation, the study recommends an overhaul of the laws relating to assessment of compensation payable to take account of the fact that a claimant loses more than goods that are traded in open market. In other words, the non-use components of wetland resources should be adequately provided for in the laws relating to compensation assessment

CHALLENGES OF VALUING WETLAND RESOURCES FOR COMPENSATION IN THE NIGER DELTA, NIGERIA

The concern for wetland valuation is the determination of appropriate compensation payable to the affected claimants. In the conduct of wetland valuation, the Estate Surveyor and Valuer is faced with a myriad of challenges and this study therefore examines the challenges involved in the conduct of wetland valuation exercise in the study area. Questionnaire, personal and telephone interviews were employed in collecting the primary data used for this study. A total of 72 questionnaire was retrieved and used for the study. The data collected was analysed and presented using frequency distributions and percentages and relative importance index (RII). The study revealed that valuing wetland resources is fraught with challenges such as lack of data (87.3%, RII = 3.84), complex wetland ecosystems (80.0%, RII = 3.75), inadequate government policy (69.1%, RII of 3.29), sophisticated survey design (63.6%, RII = 2.35) and hostility from residents within and around wetlands (32.7%, RII = 2.36). The study therefore recommends collaboration between the professional body and government to provide data bank for the valuation of wetland resources, federal government to formulate policy for wetland use and management, compelling the multinational oil companies to adopt contemporary (environmental) valuation methods in the determination of compensation payable to claimants. Estate Surveyors and Valuers Registration Board of Nigeria (ESVARBON) should mandate Institutions offering Estate Management courses to include environmental valuation as a course, rather than treating it as a topic, as is currently done in majority of the universities

Importance of Accessibility to Reliable Data for Real Estate Practice

Availability of and accessibility to accurate, reliable and timely data is germane to the operation of the property market, in the field of estate surveying and valuation either for valuation/appraisal, management and agency purposes. In this study, the researcher examines the factors militating against accessibility to such data. The study was conducted using questionnaires, administered on practicing Estate Surveyors and Valuers, within Lagos Metropolis. 190 questionnaire was retrieved out of 300 questionnaire (i.e. 63%) administered on the respondents selected from the Nigerian Institution of Estate Surveyors and Valuers’ Directory and this was used for the analysis. The study revealed that inaccessibility to reliable data is a major barrier to valuation consistency. The study further revealed that there is the need for members of the Nigerian Institution of Estate Surveyors and Valuers, just like their counterpart in RICS,UK, to join hands together and create a strong databank comparable to that of the Investment Property Databank (IPD). The databank created as such should therefore be available and accessible to anyone that requires such information, even at a token

Valuing Green Buildings in Nigeria: Issues and Challenges

Valuation of green buildings is fast becoming a reality in real estate market hence the need for its awareness, knowledge and expertise by Estate Surveyors and Valuers. The need to be savvy in this area is due to sensitivity which green buildings may impact on value in the market place. Estate Surveyors and Valuers are professionally equipped to assess the worth of real estate investments, however, they require special knowledge of green buildings to be able to ascribe value as appropriate. This study identified the challenges involved in the valuation of green buildings as absence of buildings with green features culminates to lack of data to help in the valuation of such buildings. In the same vein, absence of rating organisations in the country and non-inclusion of green building valuation in curriculum of estate management progammes may also pose serious problem. The study, which was quantitatively conducted, concluded that urgent attention is required in the value enhancement of green features in the valuation assignments in Nigeria

Influence of Employees’ Attitudinal Variables on Organizational Citizenship Behaviour and Organisational Commitment

This study investigates the influence of employees’ attitudinal variables (perceived organisational justice, organisational support, organisational attachment, and mental strain) on organizational citizenship behaviour and organisational commitment among employees in Nigerian private university. Ex-post facto research design was adopted. Non-proportional stratified and simple random sample techniques were used to select six hundred participants from different departments of Babcock University, Ilishan-Remo, Ogun State, Nigeria. Six self-report questionnaires were used to generate data. Two hypotheses were raised and answered using multiple regression (stepwise) and T-test statistics. Findings revealed among other, that the four predictor variables (perceived organisational justice, organisational support, organisational attachment, and mental strain) combined and individually predicted the criterion variables (organisational citizenship behaviour and organisational commitment). Based on the findings, the paper recommended among others, that employers’ of labour should pay great attention to factors that have significant effect on employees’ commitment; in this case, organisational commitment and organisational citizenship behaviour. Keywords: perceived organisational justice, organisational support, organisational attachment, mental strain, organisational commitment, organisational citizenship behaviou

Effects of Infrastructure on Property Values in Unity Estate, Lagos, Nigeria

Property is a bundle of rights whose value is determined by the interplay of various factors classified into accessibility, environmental, neighbourhood and property characteristics. This study assessed the effects of infrastructure on property values in Unity Estate in Lagos Metropolis. Questionnaire was administered on all the 510 households in the study area while 204 (40%) was retrieved and used for the study. Presentation and analysis of data was done using frequency tables and percentages. Also relative importance index was adopted in ranking the infrastructure in order of importance attached to them by the respondents. The study revealed that majority of the respondents are tenants who have been living in the study area for a long time and whose opinion about rental issues within the estate can be relied upon. The study also revealed that blocks flats (62.6%) are common in the study area. Furthermore, the study revealed that water (RII = 2.97), electricity (RII = 2.52) and roads (RII = 2.40) are ranked as the most important facilities required in the estate. On the strength of the findings, the study recommends that facilities within the estate need serious upgrade to further enhance the living conditions of the residents

Wear behaviour of cast aluminium silicon (Al-Si) alloy in dot 4 brake fluid

Abstract : The frictional sliding behaviour of cast Al-Si alloy was investigated with and without DOT 4 hydraulic brake fluid lubrication/environments. Cast Al-Si specimen was produced from wrought alloy and the specimen surface was metallurgically prepared. The as- cast product was characterized with aid of micro-hardness tester, the chemical composition was analysed by X-ray fluorescence (XRF), while X-ray diffraction (XRD) was used to identify phases present, microstructures and surface examinations were done on a high resolution metallurgical Optical Microscope. The properties of the polished and worn sample surfaces were examined by Scanning electron microscope (SEM) equipped with Energy dispersive X- ray (EDS) facilities. A 6mm diameter alumina ball under varying normal loads (3-10 N) was rubbed against the surface of the cast Al-Si coupon specimen. The dry and wet sliding wear behaviour was assessed based on the CoF-sliding time behaviour. From the results, the average CoF values of 0.9064 for dry and 0.2038 for wet contacts were obtained. Comparatively, 1.03E-06 and 4.21E-07 minimum wear intensities; and 467290 and 132170 wear resistances were obtained for dry and wet contacts respectively. Behaviour of cast Al-Si in DOT4 were compared with its performance in DOT3 regarding the hydraulic brake system application