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EXAMINATION OF PROBLEM AND PROSPECT OF VALUATION OF ASSETS OF PUBLIC BOLTS

CHAPTER ONE

INTRODUCTION

1.1 Background to 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 in 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.           

1.3  AIM 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.      

1.4  RESEARCH 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.     

1.5  SIGNIFICANCE 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    

1.7  LIMITATION 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.