ABSTRACT
In Nigeria today, the government and its agencies require land to carryout its development programs and due to the sentiment attached to land voluntary transfer of land by individual to the government is rare. So the government resort to compulsory acquisition and compensation paid there of the individuals whose right of accompany to land are extinguished due to over riding public interest. Laws are enacted to regulation the process of acquisition and compensation among host of other things relating to land derived from the land use Act march 29th of 1978. by virtue of section 29 sub-section 4 paragraph B of the Act compensation assessment upon compulsory acquisition of building, installation or improvement shall be accordingly has been by only a particular approach of valuation that is cost approach. Therefore the purpose of this study is to ascertain whether the present technique for valuing properties for compensation under the land use Act is suitable and to identify the possible associated with compensation under the Act.
CHAPTER ONE
INTRODUCTION
1.1 BACKGROUND AND NEED FOR THE STUDY
Although the various governments in the federation could acquire land at any time by working their power of eminent domain they still (most in the south) face the problem of rigidity associated with native laws and customs. In an attempt to breakdown these rigidity the various land laws were enacted by government among which are public land acquisition decree No 33 of 1976 the state land compensation decree No 38 and the latest of the laws concerning the acquisition of land by government and compensation there to. By section 1 of this act all land comprised in the territory of each state except land vested in the federal government or its agencies are vested in the governor of that state and such land shall be held in trust and administered for the use and common benefit of all Nigeria in accordance with the provisions of the act. The governor laving been vested with all land in his state of jurisdiction is further empowered by section 28 of the act to revoke a right of occupancy (statutory or customary) for over rigidity public interest under section 29 of the act the revocation of a right of occupancy for the cause set out in section 29 entitles the holding and occupier to compensation for vale of their unexhausted improvement at the data of revoke as accordingly provided in section 29 sub section 4 paragraph 6 compensation with respect to building installation or improvement shall be for the amount of the replacement on the basic of the presented method of assessment as determined by the approve it could be seen from the above that the act state explicitly that the assessment of comp sensation payable for compulsory acquisition of real property shall be and according to value cost approach.
1.2 STATEMENT OF THE PROBLEM
From the above discussion certain question might be identified that certainly demand answers.
They include:
(1) Is the technique for valuing properties compulsory acquired for compensation under the land act suitable?
(2) What are problems associated with technique for valuing properties compulsory acquired for compensation under the act.
(3) What is the effect of the act on compensation
(4) What adjustment should be done to the compensation section of the act?
(5) What should be the appropriate technique for valuing properties compulsory acquired for compensation propose under the act?
(6) What should be the appropriate technique for valuing properties compulsory acquire for compensation purposes under the act?
1.3 AIM AND OBJECTIVES
The objectives of the research would be as follow
(1) To as certain whether the present technique for valuing properties for compensation under the land use act is suitable.
(2) To identify the possible problem associated with compensation valuation under the act.
(3) To identify the affect of the land act on compensation.
(4) To suggest necessary adjustment that needs to be made to the compensation section of the act.
(5) To suggest an appropriated technique for valuing properties compulsory acquire for compensation purpose under the act.
1.4 SIGINIFICANCE OF STUDY
There exists in theory and practice different approaches to relation. Each approach is applied depending on the particular condition of and the value estimate needed. The research has trough this project bug righted certain issued and problem that follows. The research is of the opinion that we adopt the open market technique for valuation of compensation
1.5 SCOPE OF THE STUDY
This dissertation analyzes compensation valuation under the land use act. The study to the theory and application of lost approach to value the act the principle of the law of compulsory acquisition and compensation the principles of the laws of equity and to the principles of valuation. The scope of the study does not extend to compulsory acquisition and compensation or have land economic trees and crop. The study also not include compensation for any other purpose such as compensation for ecological palisteribustions compen oil spillage fishing right etc. the study deals with compensation for acquired buildings.
1.6 METHODOLOGY OF STUDY
Research information was obtained from the ministry of lands and housing. Oral interviews were conducted and persons interviewed include practicing estate surveyors and value, legal practitioners, land officers real property owners, expropriated property owners and various other eminent individuals in academic and business. Relevant lecturers’ seminars symposium text book papers and other media were equally chief data sources
1.7 LIMITATIONS OF STUDY
The research is limited by lack of sufficient data and time. In fact this really affected the quantum of data available.
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