Browsing by Author "Durosinmi, Wasiu Ayobami"
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Item ANALYSIS OF CONSTRAINTS TO VALUATION ACCURACY FOR DIFFERENT PURPOSES IN LAGOS AND ABUJA, NIGERIA(Faculty of Environmental Sciences, Kaduna State University, Kafancha Campus, Nigeria, 2020-10) Wahab, Muktar Babatunde; Ibuoye, Adegboyega Ayodele; Adeogun, Adekunle Sunday; Durosinmi, Wasiu AyobamiAccuracy of valuation exercise for various purposes has been universally emphasized in this current dispensation and as a matter of fact, it has been given a world-wide recognition by the World Bank, which encouraged the preparation of valuation list. The need to close the wider gap between the market value and valuation figure necessitated this study. The study firstly these factors have contributed to valuation inaccuracy and variance. The study utilized reports of valuations on properties submitted to some selected banks to establish valuation variance by comparing the actual market sales (AMS) and valuation figures of the valuation firms to establish valuation inaccuracy. The study selected 100 and 150 estate surveying and valuation firms with more than 10years experience in property valuation, through simple random sampling from Abuja and Lagos. The study further selected 15 banks that constantly requesting the valuation opinions of the selected firms in Abuja and Lagos. The result of analysis of variance (ANOVA) confirmed that there was significant valuation variance among the estate surveyors and valuers (F-ratio at 4.73, p-value at 0.42) and result of t-test showed that the mean difference between AMS and valuations (at p-values less 0.05) was significant. The result of factor analysis(FA) employed further revealed ten (10) the most emphasized groups of factors that contributed about 92.43% variance in determining accuracy of valuation. The study therefore recommends that all the stakeholders in property assessment and valuation exercises should address the most emphasized factors by adhering strictly to lay-down provisions of the profession and principles without compromise in order to achieve accuracy. Keywords: valuation accuracy, variance, inaccuracy, valuation constraints, factor analysisItem ANALYSIS OF CONTRAINTS TO VALUATION ACCURACY FOR DIFFERENT PURPOSES IN LAGOS AND ABUJA, NIGERIA(Kaduna State University Environmental Science Journal, 2020-10) WAHAB, Muktar Babatunde; Ibuoye, Adegboyega Ayodele; Adeogun, Adekunle Sunday; Durosinmi, Wasiu AyobamiAccuracy of valuation exercise for various purposes has been universally emphasized in this current dispensation and as a matter of fact, it has been given a world-wide recognition by the World Bank, which encouraged the preparation of valuation list. The need to close the wider gap between the market value and valuation figure necessitated this study. The study firstly investigates inaccuracy and variance and further analyzed the factors and the extent to which these factors have contributed to valuation inaccuracy and variance. The study utilized reports of valuations on properties submitted to some selected banks to establish valuation variance by comparing the actual market sales (AMS) and valuation figures of the valuation firms to establish valuation inaccuracy. The study selected 100 and 150 estate surveying and valuation firms with more than 10years experience in property valuation, through simple random sampling from Abuja and Lagos. The study further selected 15 banks that constantly requesting the valuation opinions of the selected firms in Abuja and Lagos. The result of analysis of variance (ANOVA) confirmed that there was significant valuation variance among the estate surveyors and valuers (F-ratio at 4.73, p-value at 0.42) and result of t-test showed that the mean difference between AMS and valuations (at p-values less 0.05) was significant. The result of factor analysis(FA) employed further revealed ten (10) the most emphasized groups of factors that contributed about 92.43% variance in determining accuracy of valuation. The study therefore recommends that all the stakeholders in property assessment and valuation exercises should address the most emphasized factors by adhering strictly to lay-down provisions of the profession and principles without compromise in order to achieve accuracyItem Assessment of Adaptation Strategies to Flooding Impacts in Nigeria - A Review(www.itspoa.com/journal/ud, 2018-01-03) Bello, Nurudeen Akinsola; Durosinmi, Wasiu Ayobami; Risikatu, Isyaku AbdulkarimFlooding is one of the climate change natural disasters generated by human activities which constitute a threat to human life, property and the built environment. Although risks from such cannot be fully eliminated, however, adaptation to climate change can reduce the exposure and vulnerability to extreme climate and sustain the built environment. This work surveyed literature on climate change flooding and its effects on Nigerian built environment to find out that most developed nations with longer water bodies and greater exposure to flooding disaster have been able to curtail the negative effects of climate change induced flooding over the years than Nigeria were able to minimize the negative effects of climate change flooding on their built environment whereas, Nigeria with comparable minimum and manageable length of water bodies continuously have higher negative impacts from flooding. The application of adaptation theory will mitigate against the effect of climate change flooding and lead to the achievement of a sustainable built environment in Nigeria. The work eventually recommended concerted efforts of all stakeholders in the built environment to cooperate among themselves for the actualization of gains of adaptation approach to climate change flooding in Nigeria towards achieving sustainable built environment.Item EFFECT OF GREEN SPACES ON RENTAL DECISION IN IKEJA METROPOLIS, LAGOS STATE(Faculty of Environmental Design, OAU, Ile- Ife, Nigeria., 2018-09-12) Ola, Olumide Samson; Wahab, Muktar Babatunde; Sule, Abas Iyanda; Durosinmi, Wasiu Ayobami; Dodo, Zakari Usman; Onyekere, Nwanyieze ChisomGreen space is an important environmental amenity in urban areas. Its presence can make the environmental a more pleasant place to live, work, spend leisure time, and thus make substantial improvements in individual well-being. This survey-based study investigates the relative contribution of green space to rental decision of residential property in Lagos. The survey was conducted among resident estate surveyors and valuers in Ileja, Lagos metropolis, using a random sampling technique with a well-structured questionnaire to gather data from 143 respondents conversant with the terrain. The data was subjected to Cronbach’s alpha reliability test to measure internal consistency, the result revealed a high level of internal consistency among the respondents at 0.80 (80% reliability). The data was further analyzed using mean analysis, relative importance index (RII) and chi-square test. The outcome of the survey revealed that provision of green a pace contributes significantly to rental decision. It is therefore recommended that a policy to enforce the inclusion of green space by housing developers and individual landowners should be put in place, while sensitizing the residents on the importance of green space in life sustainability.Item EFFECT OF PUBLIC BUDGETING ON NEIGHBOURHOOD QUALITY AND RENTAL VALUES IN ILORIN(Faculty of Environmental Sciences, University of Ilorin, Nigeria., 2019-04-29) Durosinmi, Wasiu Ayobami; Ajayi, Michael Tolu Adeyemi; Shittu, W. O; Hassan, Abdul Olanrewajuhis study examined the effect of public budgeting on neighbourhood quality and rental values in Ilorin. Budgetary allocations to states by federal government do not found to express relationship with quality of infrastructures in the study area. The condition of infrastructural quality ultimately affects rental income of residential properties. Structured questionnaires were administered across the study area. Descriptive and inferential statistical techniques were adopted to analyse the data. The study revealed that budgetary allocations for infrastructures only have significant effect on low density areas, while medium and high density areas do not feel the impact. The neighbourhood quality indices influenced the rental value in Ilorin by 35.4%- 50.6%. The study also revealed that, there is relationship between condition of neighbourhood quality and rent passing in the study area. The study therefore recommends that, government should channel funds appropriately for infrastructures like; road, power, health and water in the study areaItem Effects of COVID-19 on Urban Housing Delivery and Affordability in Nigeria(Penerbit UTM Press., 2020-12-12) Godswill, Unekwuojo Musa; Adeogun, Adekunle Sunday; Durosinmi, Wasiu AyobamiThe world economy has been experiencing serious disruption due to the advent of COVID-19 pandemic impacting at both local and global scales. Inquiries, studies and researches are currently ongoing to analyse the impacts COVID-19 has on various sectors of the economy so as to enable stakeholders in policy making understand and come up with adequate plans to develop resilience to the pandemic and ensure sustainability of the several affected sectors in the economy. Housing is one of the fundamental needs of man and has no doubt been affected by the advent of COVID-19 pandemic, especially in the aspect of housing need, space requirement, housing security, housing affordability and security of tenure, housing/property investment and construction. This study reviews various existing studies on the current effects and potential impact of COVID-19 pandemic on different facets of urban housing, and its effects on urban housing delivery and affordability, with a view to identifying fissures or gaps as well as filling the identified gaps and create platform for further studies and contribution to knowledge and academic research. Preferred Reporting Items for Systematic Reviews and Meta-Analyses was adopted with a total of 140 documents retrieved and 79 eliminated using adopted criteria leaving out 61, out of which 30 not addressing subject matter in the study area were excluded from findings; thus, 33 documents including PhD dissertations, MSc. thesis, peer reviewed journal articles, books, proceedings, technical reports and other published articles directly relevant to this paper work were succinctly reviewed. Results show COVID-19 has impacted housing need, space requirement, housing security, housing affordability, real estate investment and housing development. The study also shows that residential, hospitality, retail, offices, industrial and healthcare sectors have different experiences of COVID-19 impact as some are positive like in the case of industrial and healthcare while others are negative.Item EXAMINATION OF HOUSING INVESTMENT PERFORMANCE IN ABUJA, NIGERIA.(School of Environmental Technology, Federal University of Technology Minna, Niger State, Nigeria., 2016-05-10) Wahab, Muktar Babatunde; Durosinmi, Wasiu Ayobami; Mustapha, Adamu; Olatunji, I.A; Ajayi, Michael Tolu AdeyemiHousing investment performance is an examination of total return from an invested capital in real estate market, vis-à-vis an associated market risk. The incessant failure of real estate investment is attributed to the lack of feasibility and viability forecast on future of investment and poor analysis of past and present market situations. The objective of the paper is to examine the performance of housing investment return with a view to determining the quantum of risk to be taken to earn an expected return and to establish the most secured investment market. The literature has revealed that the failure of most investment is due to poor analysis of economic and market conditions. The research concentrates on the analysis of Abuja property investment market with view to examining the returns from different real estate sub-markets. The research employed descriptive analysis (standard deviation, coefficient of variation and sharpe ratio) and ANOVA to analyze the data collected through systematic method of sampling. The result of analysis of variance showed a statistically significant difference in returns on investment, at p-value of 0.00013 less than 0.05 level of significant. The results of residential investment performance across three locations in Abuja showed high volatility in Maitama and Wuse residential submarkets at 4.81% and 4.04% respectively, and Gwarinpa market is less volatile at 1.41%. Gwarinpa market showed a stable return on the investment at 6.7% and 6.6% for arithmetic and geometric means respectively. Therefore the research concludes that Gwarinpa residential market exhibited steady and stable return on the basis of average returns, less volatile and performed better on the basis of risk-to-reward ratio than any other submarket at 0.21. Maitama submarket is described as the most risky and volatile submarket at 4.8% standard deviation.Item Examining the Dynamic Trends in Variation of Property Tax Liability and Value of Rateable Hereditaments in Selected States in Nigeria(School of Environmental Sciences Modibbo Adama University of Technology Yola – Nigeria i, 2020-06) Adeogun, Adekunle Sunday; Shittu, W. O; Durosinmi, Wasiu AyobamiThe burden of tax is the property tax liability and is assessed on the value of hereditaments within a rating authority prerogative. However, inefficient operations and processes of property tax administration system in Nigeria has brought about the shortfall in property tax generated over total tax liability on rateable hereditaments. This study focuses on examining the trends in variation of property tax liability and value of rateable hereditaments in three selected states in Nigeria (Lagos, Kaduna and Kano States). Multiple case designs, structured questionnaire survey, as well as documentary source were used to collect data from the three selected states. The study employed descriptive, inferential and content analysis techniques to analyse the quantitative data obtained. The results of trends analysis in property tax liability value over the period (2000 – 2017) revealed that, Lagos had highest collection rate followed by Kano and Kaduna at 69%, 31% and 28% respectively and the result of trend importance index revealed that income level from hereditaments, level of education of payers and availability of community services were identified as the most predominant determining factors at 93%, 93% and 92%. Further result of simple regression modeling revealed that 75%, 71% and 73% variations in property tax liabilities are significantly influenced by economic,, institutional, social, individual and socio-economic factor in Lagos. The study therefore concludes that, value of hereditaments level of education of tax payers, availability of community services, simple and transparent property tax system are the most effective factors that activate positive and responsive attitudes towards property tax compliance. The study therefore recommends complete overhauling in institutional framework in Nigeria’s property tax system in order to address factors that can positively influence total compliance to property tax liability.Item Examining the Dynamic Trends in Variations of Property Tax Liability and Value of Rateable Hereditaments in Selected States in Nigeria(School of Environmental Sciences, Modibbo Adama University of Technology, Yola, Nigeria, 2020-06) Adeogun, Adekunle Sunday; Shittu, Wasiu Oyewale; Durosinmi, Wasiu AyobamiThe burden of tax is the property tax liability and is assessed on the value of hereditaments within a rating authority prerogative. However, inefficient operations and processes of property tax administration system in Nigeria has brought about the shortfall in property tax generated over total tax liability on rateable hereditaments. This study focuses on examining the trends in variation of property tax liability and value of rateable hereditaments in three selected states in Nigeria (Lagos, Kaduna and Kano States). Multiple case designs, structured questionnaire survey, as well as documentary source were used to collect data from the three selected states. The study employed descriptive, inferential and content analysis techniques to analyse the quantitative data obtained. The results of trends analysis in property tax liability value over the period (2000 – 2017) revealed that, Lagos had highest collection rate followed by Kano and Kaduna at 69%, 31% and 28% respectively and the result of trend importance index revealed that income level from hereditaments, level of education of payers and availability of community services were identified as the most predominant determining factors at 93%, 93% and 92%. Further result of simple regression modeling revealed that 75%, 71% and 73% variations in property tax liabilities are significantly influenced by economic,, institutional, social, individual and socio-economic factor in Lagos. The study therefore concludes that, value of hereditaments level of education of tax payers, availability of community services, simple and transparent property tax system are the most effective factors that activate positive and responsive attitudes towards property tax compliance. The study therefore recommends complete overhauling in institutional framework in Nigeria’s property tax system in order to address factors that can positively influence total compliance to property tax liability.Item EXAMINING THE IMPACT OF INFORMAL ACTIVITIES ON URBAN ROAD INFRASTRUCTURE IN MINNA, NIGERIA(Department o Survey and Geo-Informatics, Faculty of Environmental Sciences, University of Ilorin, Nigeria., 2020-06) Adeogun, Adekunle Sunday; Owoeye, Idowu Olusegun; Durosinmi, Wasiu Ayobami; Agava, Yusuf Halim; Iroh, EmmanuelMajor concern of urban decision makers is allocation of space for an informal sector economy, this is because the effect of its activity on available infrastructure especially road network infrastructure. The uncoordinated spread of informal activity in Minna has continued unabated, due to high population of people trooping to Minna as a result of its closeness to the Federal Capital Territory (FCT). This paper examined the effect of the informal activities on neighbourhood road network in Minna, Niger State. Primary and secondary data were employed for the study, primary data were generated from residents of the areas and operators of informal activities within the neighbourhood selected, while the secondary data were sourced using the report from the Niger State Urban Development Board. Systematic random sampling technique was used in the selection of 175 respondents and descriptive statistical method of analysis was employed. The Google-Earth map of the area was digitalised using GIS method to determine the extent of encroachment on road setbacks and right of way. The result shows that most of the structures along highway corridor have been converted to commercial for informal activities use and the open spaces and vacant plots converted also, for various informal activities, such as, viewing centres which occupies 9%, car wash centres 5%; automobile mechanic workshop 9%; motor-bicycle and tricycle mechanic workshop 7%; game houses 6%. The study concluded that, the present pattern of development, especially along the major road in selected areas have negated the basic principles of smart city on the integration and communication route network within the city without optimising the efficiency of city operation and infrastructure and other services. The study recommended the monitoring of informal activities so as to reduce the rate of nuisance and decay development caused by informal activities.Item Examining the Impact of Informal Activities on Urban Road Infrastructure in Minna, Nigeria(Department of Surveying and Geoinformatics, Faculty of Environmental Sciences, University of Ilorin, Nigeria, 2020-06) Adeogun, Adekunle Sunday; Idowu, Olusegun Owoeye; Durosinmi, Wasiu Ayobami; Agava, Yusuf Halim; Iroh, EmmanuelMajor concern of urban decision makers is allocation of space for an informal sector economy, this is because the effect of its activity on available infrastructure especially road network infrastructure. The uncoordinated spread of informal activity in Minna has continued unabated, due to high population of people trooping to Minna as a result of its closeness to the Federal Capital Territory (FCT). This paper examined the effect of the informal activities on neighbourhood road network in Minna, Niger State. Primary and secondary data were employed for the study, primary data were generated from residents of the areas and operators of informal activities within the neighbourhood selected, while the secondary data were sourced using the report from the Niger State Urban Development Board. Systematic random sampling technique was used in the selection of 175 respondents and descriptive statistical method of analysis was employed. The Google-Earth map of the area was digitalised using GIS method to determine the extent of encroachment on road setbacks and right of way. The result shows that most of the structures along highway corridor have been converted to commercial for informal activities use and the open spaces and vacant plots converted also, for various informal activities, such as, viewing centres which occupies 9%, car wash centres 5%; automobile mechanic workshop 9%; motor-bicycle and tricycle mechanic workshop 7%; game houses 6%. The study concluded that, the present pattern of development, especially along the major road in selected areas have negated the basic principles of smart city on the integration and communication route network within the city without optimising the efficiency of city operation and infrastructure and other services. The study recommended the monitoring of informal activities so as to reduce the rate of nuisance and decay development caused by informal activities. Keywords: Informal Activities, Infrastructure, Neighborhood, Route Network, Smart CityItem Factors Influencing Rental and Capital Values of Residential Investment Property in Abuja, Nigeria(Penerbit UTM Press., 2020-06-28) Bello, Nurudeen Akinsola; Adetoye, Sulaiman Adepoju; Durosinmi, Wasiu AyobamiThere are various purposes the rental or capital values of residential investment property could be sought. However, most previous studies on factors influencing value of residential investment property are expressed in a general term; not specifically indicating whether rental or capital value. This may mislead investors in making the wrong investment decision. Using aggregation and disaggregation approach, this study examined the general and specific factors determining the rental and capital values of residential investment property in Abuja, Nigeria with a view to providing information that could guide the investment decisions. With the use of a structured questionnaire, cross sectional survey was adopted to obtain the perceptual opinion from 136 estate surveying and valuation firms in the study area. Data was analyzed with descriptive statistics of Relative Important Index (RII). The findings reveal a variation in the outcome of general factors and specific factors and that in specific term, factors influencing the capital value are significantly more in quantity and rating than the ones influencing the rental value. Out of the 23 (13 for rental and 10 for capital value) general determining factors, 11(3 for rental and 8 for capital value) are actually significant. Average number of rooms; change in maintenance cost/taxes and the neighbourhood characteristics mainly influence the rental value of residential property while cost of construction; type of structure/quality of facilities; potential of rental growth; title and size of the land; neighbourhood attributes; inflation impact; size and structural characteristics and state of supply in property market are the main factors influencing the capital value. This noted variation is an indication for property investment stakeholders to be cautious and specific in the selection of the most appropriate determining factors for their investment objective to avoid investment decision errors.Item INSTITUTIONAL BARRIERS TO SUSTAINABLE URBAN HOUSING DEVELOPMENT IN LAGOS(Parvenu Technologies, 2020) Wahab, Muktar Babatunde; Ola, Olumide Samson; Durosinmi, Wasiu AyobamiThe twenty-first century has been defined as the urban century characterised by more than half of the world’s population living in towns and cities. The demographic movement to the majority of urbanised states is expected to be reached before (WUP 2005) and in Africa not before 2030. The trend, however, is clear with ‘the urban’ continuously outgrowing ‘the rural’ in terms of housing infrastructure and amenities. In the next two decades, cities in the developing world will absorb 95% of urban growth (UN-Habitat, 2006). Moreover, the rapid rates of urbanization have led to the growth of megacities of over 10 million in developing countries. In 1975, there were three megacities in the world: Tokyo, New York and Mexico City. In 2005, there were 20 such cities, 16 of which were located in the developing world (WUP 2005). Nigeria is the most urbanized and largest population of black in sub-Sahara Africa. In its last official census in 1963, Nigeria’s population was 55.6 million. In 1973, it was estimated to be 79.7 million; in 1983, 90 million and in 1986 close to 106 million, in 2006 it was 160 million and currently Nigeria population is estimated to be 180 million. All of this population resides in a land area roughly equal to California and Arizona combined. Urban areas represent less than 10% of the land area of the country, yet accommodate 28% of the population. The urban growth rate is 3 to 5 times greater than the rural growth rate (Okaye, 2009). Throughout the country of Nigeria, the annual urban growth rate is estimated to be between 6 and 10% (Olotuah & Bobadoye, 2000; Oladunjoye, 2005). However, Nigeria has a large and ever-increasing housing deficit which stood at approximately 8 million housing units in 1991 and 12-14 million housing units in 2007 and, also a more recent estimate puts the figure even higher at 16-17 million housing units (Akeju,2007; Aikhorin, 2008). At an average cost of N2.5 million per housing unit, Nigeria would require N35 tri ck of adequate political will by the government to deal with the housing problem (Akomolafe, 2007llion to fund a housing deficit of 14 million housing units. The situation is worsened by the high incidence of corruption in all other relevant sectors of the Nigeria economy and the la). Consequently, the 21st Century Nigeria Inherited a serious problem of inadequate housing, resulting from many years of neglect, underdeveloped housing finance system, limited supply of long term funds, low household income levels, high unemployment, high inflation rate, high interest rate on mortgages, high cost of land and building materials, poor planning and poor implementation of housing policies and programmes, existence of administrative bottlenecks That make the processing and securing of approvals for building plans, certificate of occupancy and other necessary government permits very difficult, and the unmitigated corruption in the allocation government land within the frame work of the Land Use Act, cap. 202 LFN 1990 (Ogwu, 2006; Onyike, 2007). However, Nigeria at large has an ever-increasing housing deficit which stood at approximately 8 million housing units in 1991 and 12-14 million housing units in 2007. Another estimate puts the figure even higher to be between 16-17 million housing units (Akeju, 2007; Aikhorin, 2008; Sombo, 2007; Uroko & Akintola, 2008). On the basis of an average cost of construction, N2.5 million per housing unit, Nigeria would require N42.5 trillion to fund a housing deficit of 17milllion housing units. Therefore, the need to substantiate the effort of government by private housing sector to augment the deficit is therefore bedevilled by institutional barriers and further handicapped the effort of private bodies and individuals to make up the deficit. The aim of this paper is to examine the various institutional barriers confronting private housing development and how they stand as challenges to private housing developers and finally to identify the ways forward toward achieving sustainable urban housing development.