An Evaluation of Compensation Valuation Practice in Nigeria

Austin Otegbulu

AfRES from African Real Estate Society (AfRES)

Abstract: The paper evaluates the practice of compensation valuation in Nigeria in the context of statutory provision and existing Nigerian Valuation standard with a view to determining if the valuation represents a fair and adequate compensation. The study reviewed existing rates in line with economic realities. Case study valuations were undertaken to demonstrate the adequacy or inadequacy of the existing practice. Findings from the study indicate that the existing valuation practice represents an undervaluation of affected assets, which could lead to dissatisfaction by project affected.persons. The practical implication of this is that it could lead to disturbance and delay in project implementation. The study recommends a review of existing statutes and correct application of valuation standard as contained in the statutes and the provisions of the new Nigerian Valuation standard with regard to compensation to enhance fairness in compensation valuation.

Keywords: Compensation; economic-value; rates standards; Valuation (search for similar items in EconPapers)
JEL-codes: R3 (search for similar items in EconPapers)
Date: 2023-01-01
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Persistent link: https://EconPapers.repec.org/RePEc:afr:wpaper:afres2023-014

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