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EXAMINATION
OF PROBLEM AND PROSPECT OF VALUATION OF ASSETS OF PUBLIC BOLTS
CHAPTER ONE
1.0INTRODUCTION
1.1
Background of the study
Estate
surveying and valuation in Nigeria is a child of the British system. The
theoretical bases and professional curricula for the local training I Nigeria
have been molded after the system established in the united Kingdom by
Rics/Royal Institution of charactered surveyors. It remained a natural fact
that Estate surveyor and values I Nigeria took after from the practice in
united kingdom.
Valuation
may be defined as the and science of estimating the value of a particular
property at a particular time at a particular place taking into consideration
all the teutors 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 includes undeveloped land and landed properties.
Landed properties are residential buildings, shops, catering services, office
and quest houses. As one of the public corporation, Nigeria railways
corporation was established by law in (912 by the British colonial masters to
provides 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 sacks to examine the problem and
prospects of the valuation of Assets of public bodies
1.2STATEMENT
OF PROBLEM
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 set
back, and his resulted to the stagnation of the corporation.
1.3AIM AND
OBJECTIVES OF THE STUDY
The aim of
this study is to examine the problems and prospects of the valuation of Assets
of public bodies in Enugu State.
THE
FOLLOWING ARE THE OBJECTIVES
a. To know if the corporation do
carrying assets valuation and the last time it was carried out.
b. To examine the problems militating
against the valuation of the corporation Assets.
c. To suggest ways of Ameliorating the
problems.
d. To determine the prospects of
valuating the assets of public corporations.
1.4RESEARCH
QUESTION
The
following research question needs answer
a. How often and when last does the
Nigeria Railway corporation carry out the valuation of their Assets.
b. What are the problems hindering the
valuation of the corporation Assets?
c. Suggest ways of solving the problems
d. What are the prospects of carrying
out Assets valuation of public corporations.
1.5SIGNIFICANCE
OF THE STUDY
Assets
valuation is an important aspect of any establishment because it help to
identify if the organization is
progressing or regressing.
This
research will serve as a wake up call to the management of the Nigeria railway
corporation on the need to always embark on this exercise hence it will help to
promote the performance of the corporation.
Also this
study will benefit the rail users hence it will encourage improvement in the
corporation.
Also this
research will serve as a guide to intending researcher (s) on the said topic or
related topic.
1.6 SCOPE OF THE STUDY
This study
will centre on the problems and prospects of the valuation of assets of public
bodies in which Nigeria Railway corporation Enugu districts were chosen. That
to say that it will concentrate on Enugu district headquarter only
1.7LIMITATION
OF THE STUDY
In carrying
out the research on this study, some relevant factors were considered as a
hindrance to the accomplishment of the set task. These factors include:
i. Insufficient provision of relevant
information on the project topic.
ii. Time factor
iii. The respondents attitude to respond to
the questions asked, especially the staff of the Nigeria Railway
corporation.
HOW TO RECEIVE PROJECT
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