CRITIQUE VIEW OF COMPENSATION UNDER THE LAND US DECREE
CRITIQUE VIEW OF COMPENSATION UNDER THE LAND US DECREE
In Nigeria today, the government and its agencies require land to carry out its development programmes, and voluntary transfers of property by individuals to the government are uncommon due to the sentiment associated to land.
As a result, the government resorts to compulsory purchase and compensation provided to persons whose right to accompany to land is terminated as a result of overriding public interest.
Laws are enacted to regulate the process of acquisition and compensation, among other things, originated from the Land Use Act on March 29, 1978. According to section 29 sub-section 4 paragraph B of the Act, compensation assessment upon forcible purchase of a building, installation, or improvement shall be determined solely by a cost method.
As a result, the goal of this research is to determine whether the current technique for valuing properties for compensation under the Land Use Act is appropriate, as well as to identify the potential risks associated with compensation under the Act.
1.1 BACKGROUND AND significance OF THE study
Although the various governments in the federation could seize land at any moment by using their power of eminent domain, they still face the challenge of rigidity linked with national laws and customs (particularly in the south). In an attempt to break down these rigidities,
the government established many land laws, including the public land acquisition decree No 33 of 1976, the state land compensation decree No 38, and the most recent of the laws addressing government land purchase and compensation. Section 1 of this act states that all land within each state's territory, except land vested in the federal government or its agencies,
is vested in the governor of that state and 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 has been vested with all land in his state of jurisdiction and 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 the value of their unexhausted improvement at the time of revoke as provided for in section 29 sub sectio As can be seen from the foregoing,
the legislation expressly states that the assessment of compensation due for compulsory purchase of real property shall be based on the value cost method.
1.2 STATEMENT OF THE PROBLEM
Certain questions may arise from the preceding topic that must be addressed.
They are as follows: (1) Is the technique for valuing assets acquired for compensation under the Land Act suitable?
(2) What are the issues involved with the technique for valuing properties acquired for compensation under the act?
(3) What effect does the act have on compensation?
(4) What changes should be made to the act's compensation section?
(5) What should be the appropriate method for valuing properties acquired for compensation under the act?
(6) What is the best method for valuing properties that must be acquired for compensation purposes under the act?
1.3 PURPOSE AND OBJECTIVES
The following are the research objectives:
(1) Determine whether the current method for valuing properties for compensation under the Land Use Act is appropriate.
(2) To identify any potential issues with compensation value under the legislation.
(3) Determine the impact of the land act on compensation.
(4) To make recommendations for changes to the compensation portion of the legislation.
(5) To propose an appropriate technique for valuing properties that are required to be acquired for compensation purposes under the act.
1.4 SIGNIFICANCE OF THE STUDY
Different approaches to relationship exist in theory and practise. Each approach is used depending on the specific condition and value estimate required. The research has corrected several issues and problems that have arisen as a result of this project bug. According to the research, we should use the open market technique to value compensation.
1.5 OBJECTIVE OF THE STUDY
The compensation valuation under the Land Use Act is examined in this dissertation. The study of the theory and implementation of the lost method to valuing an act, the principle of forced acquisition and compensation legislation, the principles of equity law,
and the principles of valuation. The study's scope does not include compulsory acquisition and compensation, as well as land economic trees and crops. The study also does not include compensation for any other reason,
such as compensation for ecological palisteribustions, compensation for oil leakage, compensation for fishing rights, and so on. The study is concerned with compensation for acquired properties.
1.6 STUDY METHODOLOGY
The ministry of lands and housing provided research information. Oral interviews were performed with practising estate surveyors and valuers, legal practitioners, land officers, real property owners, expropriated property owners,
and a variety of other notable academic and commercial figures. Relevant lecturers' seminars, symposiums, text books, and other media were also important data sources.
1.7 LIMITATIONS OF THE STUDY
The investigation is constrained by a lack of data and time. In fact, this had a significant impact on the amount of data provided.