1.0 Introduction
1.1 Background of 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 Chartered Surveyors. It remained a natural fact that Estate surveyor and valuer in Nigeria took after from the practice in United Kingdom.
Valuation may be defined as the art and science of estimating the value of a particular property at a particular time at a particular place taking into consideration all the factors 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 include undeveloped land and landed properties. Landed properties are residential buildings, shops, catering services, and office and quest houses. As one of the public corporation, Nigeria Railways Corporation was established by law in 1912 by the British colonial masters to provide 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 seeks to examine the problem and prospects of the valuation of Assets of public bodies.
Therefore, in Nigeria Railway Corporation Enugu district where the research was carried out, the activities that was conducted is to examine the problems and prospect of valuation of assets of public bodies.
1.2 Statement of Problems
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 setback, and his resulted to the stagnation of the corporation.
1.3 Aim and Objectives of Study
The aim of the study is to examine the problems and prospect of valuation of assets of public bodies. In achieving this aim, the following specific objectives were laid out as follows:
…
