Don Wants Surveyors To Protect Land Owners

A university teacher and  head, Estate Management Department of the Rivers State University of Science and Technology, Dr. (Mrs) I.B. Kakulu, has urged members of the Nigerian Institution of Estate Surveyors and Valuers (NIESV) to always ensure that land owners whose properties are contaminated by oil spill are protected in the course of carrying out valuation for compensation.

Dr. Kakulu who is also a fellow of the NIESV said no valuer can be tied to one method of valuation, but that the valuer as a professional will use his own discretion to determine the best approach to valuation.

The University don who was speaking while presenting a paper titled “Environmental Assessment Processes and Contaminated Land Valuation in Oil and Gas” at the 2012 Mandatory Continuing Professional Development (MCPD) of the NIESV held in Port Harcourt recently, stated that the reasons for valuation of contaminated land are for compensation purpose and to give professional advise for the purpose of redevelopment of the land.

She said that what the valuer will consider in contaminated land is the loss in income to the owner or occupier of the land; the highest or best use of the contaminated land, and the risk involved, especially if the land is stigmatised.

According to her, “compensation and valuation is a major challenge all over the world, and there is so much valuation going on in the oil industry as both workers and corporate bodies themselves acquire land for development and operations”.

Mrs Kakulu also remarked that the degree of spill or contamination on land will also determine the compensation, adding that the report on contaminated land is what the valuer will use as a tool for his valuation report.