ABSTRACT
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.
TABLE OF CONTENTS
CHAPTER
ONE
INTRODUCTION
1.1 Background
of the Study
1.2 Statement
of Problem
1.3
Objective of study
1.4 Research Questions
1.5
Significance of Study
1.6 Scope
of study
CHAPTER
TWO
LITERATURE
REVIEW
2.1 Conceptual
Framework and Review of Literature
2.1.1 Property
Management
2.1.2 Determinants
of Property Values
2.1.3 Private
Property Management Vs Public property valuation.
2.1.4 Concept
of Property and Property Values
CHAPTER THREE
METHODOLOGY
3.1 Introduction
3.2 Area Of
Study
3.3 Research
Design
3.3.1 Sources
Of Data
3.3.2 Data Collection Instruments
3.5. Units
Of Analysis And Observation
3.6 Data
Analysis And Presentation
3.7 Validation Of The Instrument
3.8 Reliability Of The
Instrument
3.9 Limitation
Of Study
CHAPTER
FOUR
DATA
ANLYSIS
4.1
Introduction
4.2
Presentation of Data
4.3 Summary
of Findings
CHAPTER
FIVE
CONCLUSION
AND RECOMMENDATIONS
5.1 Conclusion
5.2 Recommendations
REFERENCES
APPENDIX: QUESTIONNAIRE
CHAPTER ONE
INTRODUCTION
1.1 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.
1.2 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
1.3
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:
1.
To Identify the major problems Public Property valuation
2.
To Determine the ranking of these problems of
property valuation
3.
To Proffer Solutions to Public Property Problems
1.4
Research Questions
The
research questions for this study are thus:
1.
What are the major problems of Public Property valuation?
2.
How’s are these problems of property valuation ranked?
3.
What solutions can Proffer Solutions to Public
Property Problems?
1.5 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.
1.6 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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