An Estate Surveyor and Valuer, Apeh Jeremiah Ojochegbe, said a valuer is needed in compensation of properties for demolition.
ESV. Ojochegbe stated this in Abuja yesterday during an interview .
He said the provision of infrastructure is one major function of the government, whether at the federal, state, or local government level.
“Take, for example, road infrastructure, where there is a need to construct an entirely new road or the expansion of an existing road. There are often interests of private individuals in properties, farmland, and others which often will falls within the right of way for such project”, he stated.
He explained that before the commencement of construction works, an Estate Surveyor and Valuer is called to assess the value of the interests that will be affected.
This assessment is important as it is the basis on which the affected claimants will be compensated for their interest that is affected.
“Depending on the interest being valued a compensation valuation says, for example, a residential building along the corridor of the road project will entail the valuer to carry out a comprehensive physical inspection of the subject residential building taking, measurement, pictures and other details”.
He said the Valuer analyses the compensation payable by calculating for the replacement cost/value of the affected structure, excluding the value of the land on which the structure is sitting.
“The value arrived at the end of analysis gives the authority in charge of the project an ideal of the compensation that is considered fair to be paid to the claimants whose interest will be affected.
“Since the availability of good infrastructure is a key indicator to measure the standard of living of the people and also the economic growth of a nation, the provision of it is obviously inevitable.
So also is the compulsory acquisition of the interest of individuals.
He emphasized that It is therefore important to note that for a fair compensation payable to affected claimants whose interests are compulsory acquired, the service of an Estate Surveyor and Valuer is needed.
“ In fact, by law, it is only the Estate Surveyor and Valuer that is authorised to place value on any assets within the country”, he added.
