Gabriel Kayode Babawale and Modupe Omirin
To address the phenomenon of inaccuracy in real estate valuation successfully, it is imperative to ascertain the sources and how valuers are influenced. The purpose of this paper…
Abstract
Purpose
To address the phenomenon of inaccuracy in real estate valuation successfully, it is imperative to ascertain the sources and how valuers are influenced. The purpose of this paper therefore is to identify and assess both the predictive and relative importance of the factors that significantly influence inaccuracy in residential property valuations in Lagos metropolis.
Design/methodology/approach
Data obtained from 250 firms of Estate Surveyors and Valuers were analyzed by a combination of descriptive and inferential statistics including factor analysis, and correlation/regression analysis.
Findings
The study identified: valuers' knowledge and experience; valuers' approach to valuation; and individual characteristics of valuers and valuation firms, in that order, as having significant influence on valuation accuracy in the study area.
Originality/value
If valuers know the factors that significantly influence inaccuracy and understand how they are affected, it would be possible to reduce the incidence of inaccuracy, together with its potential grave consequences to the housing market in particular, and the economy as a whole.
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Funlola Famuyiwa and Gabriel Kayode Babawale
– The purpose of this study is to examine the relationship and pricing effects of physical infrastructure on house rents using the hedonic technique.
Abstract
Purpose
The purpose of this study is to examine the relationship and pricing effects of physical infrastructure on house rents using the hedonic technique.
Design/methodology/approach
Primary data are derived through a questionnaire survey and secondary data from existing literature. Sampling data on 211 detached residential buildings with a range of physical infrastructure attributes within Lekki Phase 1 area of Lagos are analysed with the hedonic regression technique.
Findings
Results reveal significant impacts and a range of price premium estimates of physical infrastructure on house rents in the study area.
Originality/value
The study suggests a nouvelle and contextualized approach for sustainable infrastructure delivery, improvement and maintenance. Appropriate pricing will help to guide and support physical infrastructure development and sustainability. When tailored in line with market support, achievable pricing can be attained in setting land-based user charges and tariffs for cost recovery on projected developments and reform. Results from empirical market evidence also provide demand and viability indicators that offer invaluable blueprints, by which governments, policy/decision makers, investors, town-planning authorities and other stakeholders can take sustainable decisions based on priority, in the face of budgetary constraints – a significant characteristic of the Nigerian economy.
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Olatunde Julius Otusanya, Sarah Lauwo, Oluwaseun Joseph Ige and Olunlade Samuel Adelaja
This study aims to contribute to the emerging discourse on elite financial crime, with particular attention devoted to the role played by the legislature in corrupt practices in…
Abstract
Purpose
This study aims to contribute to the emerging discourse on elite financial crime, with particular attention devoted to the role played by the legislature in corrupt practices in Nigeria. Separations of power, watchdog role of legislature and ideologies have become a major influence in democratic system. Legislative power has developed as a means of providing oversight functions over the executives, thereby inhibiting fraudulent practices in governments.
Design/methodology/approach
The paper argues that the political institutional structures embedded with monopoly, discretion and little or no accountability facilitate financial corrupt practices within the legislature. The paper uses publicly available evidence to show that the legislators in developing countries are actively engaged in corrupt practices.
Findings
The evidence provided in this paper shows that separation of power and representative democracy had not brought about transparency and accountability in government activities in Nigeria. Legislature often trade-off their constitutional power and their claim of service to the public interest by engaging in financial criminal practices.
Research limitations/implications
This paper does not set out to provide a comprehensive analysis of political corruption. Instead, it considers the “dark” side of legislative practice by examining the involvement of legislature in facilitating corrupt financial practices in Nigeria.
Practical implications
The inability of the regulators to effectively sanction legislators implicated in corrupt practices suggests that the current institutional and regulatory apparatus are not fully equipped in dealing with the financial criminal activities of legislators.
Social implications
Despite the arrest and prosecution of some legislators, a number of cases are swept under the carpet. Therefore, this paper suggests that Nigeria need to reform its political system and institutions to promote transparency and accountability in government and to build trust in the legislative process.
Originality/value
This paper considers the “dark” side of legislative practice by examining the involvement of legislature in facilitating corrupt financial practices in Nigeria.