It is mandatory by the Nigerian Insurance Act, 2003 that all public properties be adequately cove... more It is mandatory by the Nigerian Insurance Act, 2003 that all public properties be adequately covered by insurance. Although, this provision of the law is yet to be fully enforced, there are a lot of issues to be resolved in the insurance valuation of these government-owned properties. For instance, the average clause in insurance policy absolve the insurer of any responsibility of excess payment arose from underinsurance. Also, over-insurance which occurs due to insurance valuation will led to over payment of annual premium by the insured. These two scenarios actually call for adequate insurance value to be arrived at, by the professional Estate Surveyors and Valuers. Nigerian’s fluctuating economy poses varying annual inflation rates and uneven periodic depreciation rates which culminate into serious challenges in the valuation for insurance purposes. Segregation of personal items from public assets is expected during identification and enumeration exercise of insurance valuation. These together with other challenges were encountered during insurance valuation of Nigerian Geological Survey Agency, Abuja. These challenges form the basis of this work. Recommendations were made for effective insurance valuation of public building which include strict enforcement of the provisions of the Nigerian Insurance Act for public buildings insurance by the National Insurance Commission (NAICOM) and a streamlined depreciation method for insurance valuation by the Nigerian Institution of Estate Surveyors and Valuers (NIESV) and creation of public awareness by all stakeholders.
Sub-Sahara Africa is characterized with land ownership which bestows no particular wealth on the ... more Sub-Sahara Africa is characterized with land ownership which bestows no particular wealth on the holder because substantial portion of land is transacted in an informal market. Manual system of land titling registration is not only time consuming, prone to corruption and cost intensive but also robs the land-owners the full enjoyment of the potential value of their properties and erodes the government revenue generation through tax avoidance as reveals by this paper. Adoption of GIS/LIS tools in land titling registration will not only bring effectiveness in land administration and management but will go a long way in ensuring the reaping of maximum benefit from land by individual owners and boosting the real estate revenue base of the various tiers of government. This paper focuses on the operation of Abuja Geographic Information System AGIS and other major stakeholders while utilizes extensively the World Bank data on Doing Business. For easy presentation, the paper is divided into five sections covering introduction, literature review, data presentation/analysis, recommendations and conclusions. The paper recommends the establishment of National Land Commission and reviewing of Land Use Act as major ways for the effective operation of GIS/LIS in our land administration system in order to achieve urgent economic transformation being needed in Nigeria.
It is mandatory by the Nigerian Insurance Act, 2003 that all public properties be adequately cove... more It is mandatory by the Nigerian Insurance Act, 2003 that all public properties be adequately covered by insurance. Although, this provision of the law is yet to be fully enforced, there are a lot of issues to be resolved in the insurance valuation of these government-owned properties. For instance, the average clause in insurance policy absolve the insurer of any responsibility of excess payment arose from underinsurance. Also, over-insurance which occurs due to insurance valuation will led to over payment of annual premium by the insured. These two scenarios actually call for adequate insurance value to be arrived at, by the professional Estate Surveyors and Valuers. Nigerian’s fluctuating economy poses varying annual inflation rates and uneven periodic depreciation rates which culminate into serious challenges in the valuation for insurance purposes. Segregation of personal items from public assets is expected during identification and enumeration exercise of insurance valuation. These together with other challenges were encountered during insurance valuation of Nigerian Geological Survey Agency, Abuja. These challenges form the basis of this work. Recommendations were made for effective insurance valuation of public building which include strict enforcement of the provisions of the Nigerian Insurance Act for public buildings insurance by the National Insurance Commission (NAICOM) and a streamlined depreciation method for insurance valuation by the Nigerian Institution of Estate Surveyors and Valuers (NIESV) and creation of public awareness by all stakeholders.
Sub-Sahara Africa is characterized with land ownership which bestows no particular wealth on the ... more Sub-Sahara Africa is characterized with land ownership which bestows no particular wealth on the holder because substantial portion of land is transacted in an informal market. Manual system of land titling registration is not only time consuming, prone to corruption and cost intensive but also robs the land-owners the full enjoyment of the potential value of their properties and erodes the government revenue generation through tax avoidance as reveals by this paper. Adoption of GIS/LIS tools in land titling registration will not only bring effectiveness in land administration and management but will go a long way in ensuring the reaping of maximum benefit from land by individual owners and boosting the real estate revenue base of the various tiers of government. This paper focuses on the operation of Abuja Geographic Information System AGIS and other major stakeholders while utilizes extensively the World Bank data on Doing Business. For easy presentation, the paper is divided into five sections covering introduction, literature review, data presentation/analysis, recommendations and conclusions. The paper recommends the establishment of National Land Commission and reviewing of Land Use Act as major ways for the effective operation of GIS/LIS in our land administration system in order to achieve urgent economic transformation being needed in Nigeria.
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