THE PROFESSIONAL VALUTION OF TRADITIONAL BUILDINGS FOR COMPENSATION IN SELECTED RURAL AREAS, NIGER STATE.

Abstract

The adequacy of Compensation payable for Properties acquired by government for overriding public interest is a subject of contention in many circles, particularly among the affected parties and in developing countries. This paper examined the valuation of traditional buildings for payment of compensation in selected rural areas in Niger State. It carefully examined the type of structures in the study area, the procedure and methodology of assessment to establish the adequacy of compensation payable, and the challenges in valuing these class of properties. Particular emphasis is placed on the uniqueness of the valuation of this class of properties. Principal data were derived from, physical inspections and field surveys, and interviews conducted with the affected property owners and participating estate surveyors. Among other discoveries, it was discovered that the compensation payable so far are inadequate and no plan to resettle the claims being farmers as the amount payable cannot purchase another similar land for their habitation and economic activities. It is therefore paramount that valuation for compensation be properly carried out such that it reflects the value under the circumstance to the person forced to sale.