IDEAS home Printed from https://ideas.repec.org/a/lif/jrgelg/v2y2013p31-45.html
   My bibliography  Save this article

Emerging Issues in Compensation Valuation for Oil Spillage in the Niger Delta Area of Nigeria

Author

Listed:
  • Gabriel Kayode Babawale

    () (University of Lagos)

Abstract

Oil spillage often impacts substantial land area with grave consequences on the vegetation, economic crops/trees, aquatic life, and the entire eco-system. The impact of oil spills is often widespread and could persists for several years with attendant adverse repercussions on both the health and means of livelihood of people living within the impacted area. For this and other reasons, claims arising from oil spillage often run into billions of naira (N) [1US$=N165]. Given the magnitude of the consequential loss and claim, the onus is on the claimant to produce credible evidence to prove that he actually suffered the nature and extent of the injury alleged. This paper reviewed certain fundamental errors that have become commonplace among Nigerian valuers in the discharge of their role of assisting the court to arrive at a just compensation payable for oil spillage in the Niger Delta area of Nigeria. The data used were obtained from valuation reports which the author was privileged to critique as a consultant to a major oil exploration and marketing company in Nigeria. it was found that most of the valuation reports contained flagrant errors and fell short of best practices because less than the required effort is devoted to prosecuting this somewhat complex and highly technical valuation; and more specifically, little attention is paid to the provisions of relevant laws and the standards prescribed by valuation regulatory bodies, which are usually the basis for all statutory valuations

Suggested Citation

  • Gabriel Kayode Babawale, 2013. "Emerging Issues in Compensation Valuation for Oil Spillage in the Niger Delta Area of Nigeria," Journal of Reviews on Global Economics, Lifescience Global, vol. 2, pages 31-45.
  • Handle: RePEc:lif:jrgelg:v:2:y:2013:p:31-45
    as

    Download full text from publisher

    File URL: http://www.lifescienceglobal.com/home/cart?view=product&id=465
    Download Restriction: no

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:lif:jrgelg:v:2:y:2013:p:31-45. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Faisal Ameer Khan). General contact details of provider: http://www.lifescienceglobal.com .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.