AN EXAMINATION OF PROBLEMS AND PROSPECT OF VALUATION OF ASSETS OF PUBIC BODIES
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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-meaning Nigerians. It is general knowledge that newly completed government properties depreciate quickly, resulting in economic waste. Investigations indicated that the bad condition of public properties is caused by a member of management, issues such as insufficient money, poor facility management, political influence, bureaucracy, personal interest, and a lack of professionalism.
Undeveloped land and landed properties are among the Nigeria Railway Corporation’s properties. Residential buildings, shops, catering services, offices, and guesthouses are among the landed properties. The management of these facilities by the Railway Property Company Limited,
which is controlled by the Nigeria Railway Corporation Board, has resulted in their unhealthy state. Management of public properties by a board is typically characterised by several obstacles such as bureaucracy,
political influence, and limited financing in the Nigerian Railway Corporation property management system to improve effectiveness and efficiency.
Given the aforementioned negative management tendencies of a board of directors, it is vital to privatise administration of Nigeria Railway Corporation properties in order to inject prudent management into the system.
Professional associations such as the Nigeria Institution of Estate Surveyors and Valuers have recommended privatisation of the management system of public properties as the sole viable alternative for turning around the dilapidation of public properties in this country.
Privatisation promotes prudent administration of public assets. Round pegs should be inserted into round holes in this direction. Nigeria requires the incapacitating of public properties. To be transformed in order to reduce huge economic waste in public properties in this country, the Institution of Estate Surveyors and Valuers,
as well as other related professional bodies in Nigeria, should rise up to advocate for private partnerships in public property management. A change is required in the management of public properties by a board of directors.
There is a need to adopt the style of management of public properties used by the rest of the civilised world. Private partnership engagement in management results in profitability, which should be encouraged, particularly in Nigeria Railway Corporation properties.
CHAPITRE ONE
1.9INTRODUCTION
1.10 Background of The study
The British system influenced estate surveying and value in Nigeria. The theoretical foundations and professional curricula for local training in Nigeria have been modelled after the Rics/Royal Institution of Chartered Surveyors system developed in the United Kingdom. Estate surveyors and valuers in Nigeria naturally followed the practise in the United Kingdom.
Valuation may be defined as the art and science of assessing the worth of a certain property at a specific time and place while taking into account all of the elements that have a direct and indirect influence on the property market. Valuation of an organization’s assets is normally given a lot of attention because an organization’s assets are the core of that organisation.
However, asset valuation is crucial in any organisation, public or private, because it helps to determine the organization’s “going concern,” which is aimed at determining whether the organisation is growing (improving) or decreasing to avoid liquidation.
Public properties, on the other hand, are those built by the government to serve the public. The situation of public properties in Nigeria concerns well-meaning Nigerians. According to the investigation, poor performance and conditions of public properties are caused by a variety of setbacks.
Undeveloped land and landed properties are among the Nigeria Railway Corporation’s properties. Residential buildings, shops, catering services, offices, and quest homes are examples of landed properties.
Nigeria Railways Corporation, one of the public corporations, was founded by legislation in 1912 by the British colonial overlords to provide rail transportation services in the country.
The organisation was built around the policy aims that established it. The headquarters were at Ebute Meta, now in Lagos state, with district headquarters in Ibadan, Enugu, Kaduna, Bauchi, and Kafanchan.
The district headquarters, in turn, have their area offices to improve management policy implementation, thus the colonial masters’ purpose to transfer people, products, and materials to other regions of the country.
However, it is with great regret that the collaboration has fallen short of all expectations.
Against this backdrop, the researcher tries to investigate the problem and prospects of valuing public-sector assets.
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