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

ABSTRACT

The state of public properties in Nigeria is a cause of concern for well-intentioned Nigerians. It is general knowledge that freshly constructed government properties depreciate rapidly, resulting in economic waste. According to investigations, the bad condition of public properties is caused by a variety of factors, including insufficient money, poor facility management, political influence, bureaucracy, personal interest, and a lack of professionalism on the part of a member of management. Undeveloped land and landed assets are among the Nigeria Railway Corporation’s holdings. Residential buildings, shops, catering services, offices, and guesthouses are examples of landed properties. The unhealthy character of these assets was caused by the management of these properties by the Railway Property Company Limited, which was under the jurisdiction of the Nigeria Railway Corporation Board. Public administration

CHAPTER ONE

INTRODUCTION

Background of the study

Nigerian estate surveying and valuation is a product of the British system. The theoretical foundations and professional curricula for local training in Nigeria have been modeled after the Rics/Royal Institution of Chartered Surveyors system developed in the United Kingdom. Estate surveyors and valuers in Nigeria were naturally inspired by the practice in the United Kingdom.

Valuation is the art and science of assessing the worth of a specific property at a specific time and in a specific location, taking into account all of the elements that have a direct or indirect impact on the property market. Because an organization’s assets are its most valuable assets, valuation of those assets is frequently given a lot of thought.

Public properties, on the other hand, are things that the government has established to serve the public. The state of Nigeria’s public properties is a cause of concern for well-intentioned Nigerians. Various setbacks have been discovered to be the cause of poor performance and conditions of public properties.

Undeveloped land and landed properties are among the Nigeria Railway Corporation’s assets. Residential buildings, shops, catering services, offices, and quest homes are examples of landed properties. Nigeria Railways Corporation was established by law in 1912 by the British colonial masters to provide rail transportation services in the country as one of the public corporations. The organization was built around the policy goals that were established