AN EXAMINATION OF PROBLEMS AND PROSPECT OF VALUATION OF ASSETS OF PUBIC BODIES IN ENUGU STATE
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ABSTRACT
The state of pubic properties in Nigeria is a source of worry to well meaning citizens of this country. It is common knowledge to see newly completed government properties dilapidate very fast, thereby causing economic waste. Investigations revealed the poor condition of public properties is caused by various act backs there a member of management, problems, such as insufficient funding poor facility management, political influence, bureaucracy, personal interest and lack of professionalism. Nigeria Railway corporation properties include undeveloped land and landed properties. The landed properties are residential building shops, catering services, office and guesthouses. Management of these properties by the Railway property company limited, under the control of Nigeria Railway Corporation Board had led to the unhealthy nature of these properties. Management of pubic properties by a board is usually characterized by some difficulties such as bureaucracy, political influence, insufficient funding in the management system of the Nigerian Railway Corporation properties to enhance effectiveness and efficiency. In view of the above negative management tendencies by a board of directors, it is necessary to privatize management of properties of the Nigeria Railway Corporation in order to inject prudent Management in the system. Privatization of management system of public properties has been advocated by professional bodies such as the Nigeria Institution of Estate Surveyors and Valuers as the only viable option to turn around the dilapidation of public properties in this country. Privatization encourages prudent management of public properties. In this direction round pegs should be put in round holes. Incapacitating of public properties in Nigeria needs. To be transformed in order to reduce huge economic waste in pubic properties in this country hence the institution of Estate surveyors and Valuers and other related professional bodes in bodies in Nigeria should rise up to advocate private partnership participates in the management of public properties. Management of pubic properties by a board of directors calls for a change. There is the need to join the rest of the civilized world in their style of management of public properties. Private partnership participation in management brings about profitability and it should encourage especially in the Nigeria Railway corporation properties.
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