Assessing the Methods of Valuing Contaminated Land in Rivers State, Nigeria

The practice of environmental valuation for compensation has raised serious concerns among estate surveyors and valuers (ESVs) practicing in Nigeria due to the challenges posed by the enabling laws and other factors. This study examined the methods adopted by ESVs in carrying out the valuation of land contaminated by oil spill in Rivers State. The study focused on ESVs practicing with registered firms in Rivers State. Primary data was obtained by administration of questionnaires on 120 ESVs out of which 80 questionnaires were retrieved and used for the analysis. Also, semi-structured interviews were conducted with estate surveyors and valuers identified to be experienced in the subject of study in order to obtain data on their practice and experience. The primary data was analysed using, percentages, relative importance index (RII) and principal component analysis as well as coding and narrating for the interviews. The findings indicated that the methods adopted for valuation are the income capitalization, predetermined compensation rate, sales comparison, market prices and depreciated replacement cost approach. The study therefore recommends that professional bodies should continuously train and develop ESVs in this aspect of valuation

An Examination of the Procedures for Valuing Contaminated Land in Rivers State, Nigeria

Contamination is a process by which any material or immaterial substance has environmental impact, and this should be taken into consideration when determining land/landed property values. On the other hand, contaminated land is a land that has been polluted as a result of contact with hazardous substances from industrial or commercial operations carried out on and around the site over a period of years. There have been various contamination issues in Nigeria, especially in the oil rich Niger Delta, that required compensation to be paid to the affected persons based on the assessed value of the properties. The focus of this paper is on the procedures adopted in carrying out the valuation of contaminated land in Rivers State. Data collection was primarily by administration of questionnaire to practicing Estate Surveyors and Valuers in Port Harcourt, Rivers State. A total of 120 copies of the questionnaire were administered on the respondents while 80 (66.7%) was retrieved and used for this study. The study unearthed that the procedures involved in the valuation of contaminated land include definition of problem, determining the scope of the land and its resources/use, data collection from scientific investigation and analysis, selection of valuation method and valuation to produce report. The proportion of the respondents that adopted all the stages ranged between 85.9% and 94.4%. The study therefore recommends that respondents yet to adopt the stages should gear up effort in adopting the procedures to the yearnings and aspirations of the stakeholders, especially the affected/expropriated land owners

Green Entrepreneurship: An Opportunity for Entrepreneurial Development in Nigeria

The environment is very important to human existence, and entrepreneurship on the other hand is known to be vital in economic development. In as much as entrepreneurship is of great importance, it is necessary for enterprising individuals and firms to consider the effects and impacts of their business operations on the environment; this leads to the concept of Green entrepreneurship, green economy, sustainability and eco-friendly products, services and marketing. The green economy became a UNEP agenda since the United Nations Conference on Sustainable Development (Rio +20) held in June 2012; countries are encouraged to take advantage of the transition to the green economy which offers huge economic opportunities for entrepreneurship. For this purpose, this study looked at the concept of green entrepreneurship with the view of the opportunities it offers for entrepreneurial development in Nigeria. An exploratory approach was adopted in this study which involves the review and analysis of various research works on green economy and entrepreneurship; and the findings indicate that most developed and even some developing countries have worked hard on their compliance to green requirements according to UNEP. Considering Nigeria‟s compliance, the study recommends that much needs to be done regarding environmental sustainability, green economy and green entrepreneurship

Green Economy: The Role of Estate Surveyors and Valuer

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

An Examination of the Procedures for Valuing Contaminated Land in Rivers State, Nigeria

Contamination is a process by which any material or immaterial substance has environmental impact, and this should be taken into consideration when determining land/landed property values. On the other hand, contaminated land is a land that has been polluted as a result of contact with hazardous substances from industrial or commercial operations carried out on and around the site over a period of years. There have been various contamination issues in Nigeria, especially in the oil rich Niger Delta, that required compensation to be paid to the affected persons based on the assessed value of the properties. The focus of this paper is on the procedures adopted in carrying out the valuation of contaminated land in Rivers State. Data collection was primarily by administration of questionnaire to practicing Estate Surveyors and Valuers in Port Harcourt, Rivers State. A total of 120 copies of the questionnaire were administered on the respondents while 80 (66.7%) was retrieved and used for this study. The study unearthed that the procedures involved in the valuation of contaminated land include definition of problem, determining the scope of the land and its resources/use, data collection from scientific investigation and analysis, selection of valuation method and valuation to produce report. The proportion of the respondents that adopted all the stages ranged between 85.9% and 94.4%. The study therefore recommends that respondents yet to adopt the stages should gear up effort in adopting the procedures to the yearnings and aspirations of the stakeholders, especially the affected/expropriated land owners