Assessing the methods of valuing contaminated land in Rivers State, Nigeria
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Date
2020
Authors
Ajibola, M.O
Kabiamaowei, A.I
Oluwunmi, A.O
Owolabi, D.R
Journal Title
Journal ISSN
Volume Title
Publisher
Academic Journal of Interdisciplinary Studies
Abstract
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.
Description
Scholarly publications
Keywords
Compensation , Contaminated Land , Environmental Valuation , Niger Delta , Research Subject Categories::SOCIAL SCIENCES
Citation
Ajibola, M.O., Kabiamaowei, A.I., Oluwunmi, A.O. and Owolabi, D.R. (2020). Assessing the methods of valuing contaminated land in Rivers State, Nigeria. Academic Journal of Interdisciplinary Studies, 9(2), 173–181.