Compulsory Aqcuistition Practices and the determination of Compensation Oayable in the Niger Delta

Victor Akujuru and Les Ruddock

AfRES from African Real Estate Society (AfRES)

Abstract: The right to Compensation for the compulsory acquisition of real property is constitutional and most enabling laws prescribe valuation methods to be adopted in determining the compensation payable. This paper aims at ascertaining the implications of the constitutional provisions and its impact on the compensation payable. It reviews of some legislation, prescribed compensation rates and a valuation report on the Obite-Ubeta-Rumuekpe (OUR) pipeline acquisition is reviewed and the valuation method analysed. When compared with internationally prescribed standards, the paper concludes that the compensation determined does not meet the compensation requirements of adequacy and that the use of predetermined compensation-rates confound the inadequate compensation determination. It recommends the adoption of valuation methods that indicate compensation sums that meet the constitutional provisions.

Keywords: Adequate Compensation; Compensation Rates; Compulsory Acquisition; Valuation Methods (search for similar items in EconPapers)
JEL-codes: R3 (search for similar items in EconPapers)
Date: 2013-10-01
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Persistent link: https://EconPapers.repec.org/RePEc:afr:wpaper:afres2013_119

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