AN EXAMINATION OF PROBLEMS AND PROSPECT OF VALUATION OF ASSETS OF PUBLIC BODIES

ABSTRACT

The study was carried out to examine the problems and prospect of valuation of assets of public bodies. In achieving this aim, the following specific objectives were laid out to examine the problems militating against the valuation of the corporation Assets and determine the prospects of valuating the assets of public corporations. The state of Public 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 are members of management, problems, such as insufficient funding poor facility management, political influence, bureaucracy, personal interest and lack of professionalism.

The Management of Public 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 Public properties in this country hence the institution of Estate surveyors and Values 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 Public 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.

CHAPTER ONE

1.0 Introduction

1.1 Background of 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 include undeveloped land and landed properties. Landed properties are residential buildings, shops, catering services, and 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 provide 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. It is against this background that the researcher seeks to examine the problem and prospects of the valuation of Assets of public bodies.

Therefore, in Nigeria Railway Corporation Enugu district where the research was carried out, the activities that was conducted is to examine the problems and prospect of valuation of assets of public bodies.

1.2 Statement of Problems

Assets valuation is an important thing in any performance of the organization without carrying out this valuation an organization might not know when it is liquidating.

In Nigeria Railway Corporation Enugu district Assets valuation have not been given much attention despite the fact that the corporation has an Estate Department.

Investigation reveals with there is problem of bureaucracy and improper documentation which has made it difficult to embark on this project. Also there is some high level of unprofessionalism with the corporation, this is big setback, and his resulted to the stagnation of the corporation.

1.3 Aim and Objectives of Study

The aim of the study is to examine the problems and prospect of valuation of assets of public bodies. In achieving this aim, the following specific objectives were laid out as follows:

…

CHAPTER TWO

2.0 Literature Review

2.1 Introduction

The review of relevant literature is the main topic of this chapter. A literature review covers theoretical and methodological contributions to a certain issue in addition to the state of knowledge at the time of writing. It provides information about the state of the art in relation to the subject you are writing about. It examines the body of work on the chosen subject. The literature evaluation in this study comprises the …

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Preliminary Pages,
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TABLE OF CONTENTS
PRELIMINARY PAGES

Title page
Approval page
Dedication
Acknowledgement
Table of Contents
Abstract
CHAPTER ONE

INTRODUCTION

1.1 Background of Study

1.2 Statement of Problems

1.3 Aim and Objectives of Study

1.4 Research Questions

1.5 Research Hypothesis

1.6 Significance of Study

1.7 Scope of Study

1.8 Limitations of the Study

1.9 Definition of Terms

CHAPTER TWO

LITERATURE REVIEW

2.1 Introduction

2.2 Conceptual Review of Prospect Reform Tests of Public Bodies

2.2.1 Government Waters Down Its Powers in Controversial Bill

2.3 Overview of Neutering Parliament

2.4 Potential Move of Functions from Independent to Political Control

2.5 Careers in Public Sector, Politics and Government

2.6 Theoretical Framework of Specialized Public Service Assets

2.6.1 Valuation Purposes

2.6.2 Analysis of Assets Public Bodies

2.6.3 The Classification Framework

2.6.4 The Role of the Public Bodies Reform Team

2.6.5 The Risks in Real Estate Valuation Practice

2.6.6 The Way Forward for the Estate Surveying and Valuation Profession in Nigeria

2.7 Valuation Approaches

2.8 The Public Sector & Its Public Bodies

2.8.1 Public Sector

2.8.1 Public Bodies

2.9 Empirical Studies

CHAPTER THREE

RESEARCH METHODOLOGY

3.1 Introduction

3.2 Research Design

3.3 Population of Study

3.4 Sampling and Sampling Technique

3.5 Validation of Research Instrument

3.6 Method of Data Collection

3.7 Method of Data Analysis

3.8 Questionnaire

3.8.1 Interview

3.8.2 Key Informants Interview

3.8.3 Observation

3.9 Ethical Consideration

3.10 Statistical Analysis

CHAPTER FOUR

DATA ANALYSIS, RESULT AND DISCUSSION

4.1 Introduction

4.2 Presentation and Analysis of Data

4.3 Test of Hypothesis 1

4.4 Discussion of Findings

CHAPTER FIVE

SUMMARY, CONCLUSION AND RECOMMENDATION

5.1 Introduction

5.2 Summary of Findings

5.3 Conclusion

5.4 Recommendation

REFERENCES

APPENDIX A - “QUESTIONNAIRE”

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