Journal

 ENERGY POVERTY AND WILLINGNESS TO PAY FOR IMPROVED ELECTRICITY SUPPLY IN AKURE, NIGERIA

 Nnaemeka B. EZEOKOLI, Amos O. ADEWUSI And Jeremiah OLAWOLE

 2018

Electricity is key to the development of any nation. It is especially fundamental for emerging economies whose national developmental agenda require constant availability of power. The industry, services sector, and households all need electricity for their activities. Unfortunately, a major problem that confronts Nigeria as a country is the irregular and unreliable supply of electricity. Households suffer reduction in utility since some leisure activities cannot be undertaken in the absence of electricity thereby forcing most households to resort to the use of costly alternative source with its attendance noise and air pollution besides other adverse consequences. It is against this background that this study examines households’ willingness to pay for improved electricity supply in Akure, with a view to analyzing the factors that influence their willingness to pay. Data were collected from a sample of two hundred and ninety four (294) households living in Ijapo and Orita-Obele Housing Estates in Akure, Ondo State. Contingent valuation survey was employed and binary regression model was used to analyze the factors that influence WTP. Results from the study revealed that households are willing to pay a significant amount to improve electricity supply. The average amount being 20% above what their current electricity bill is. The result further revealed that households’ income, availability of alternatives and nature of jobs among others have significant positive effect on household’s willingness to pay. Therefore, the study recommended that government should invest positively in power infrastructure to improve electricity supply and subsequently increase tariffs since the people are prepared to pay for it. 

 Journal Of Contemporary Research In The Built Environment (JOCREBE), 1(2), 124 – 137

 Journal

 Tenants’ Willingness To Pay For Landscaping Features In Alagbaka Government Reservation Area Of Akure, Nigeria

 9) Bello, V.A. Audu, A.F. And Ezeokoli, N.B.

 2017

The growing awareness of the contributions of landscaping to real property and the eco-system in general has made real estate industry to integrate landscaping into property decisions. However, little is known about the individual’s willingness to pay for the landscape features as consumers do not really have a clear understanding of the landscape value and its connection to property investment. Thus, this study examined the tenants’ willingness to pay for landscape features, and the factors that determine their willingness to pay. Data was gotten from ninety three (93) tenants of residential properties within Alagbaka Government Reservation Area (G.R.A) through structured questionnaire. The retrieved data were analyzed using the Frequency Distribution tables to analyze the socio – economic characteristics of the respondents, and Binary Logistic Regression Model based on the Contingent Valuation Method to analyze the tenants’ willingness to pay for the landscape features and the factors responsible for such choices. The study revealed that tenants are willing to pay bid amount of rent for the incorporation of landscape features into housing process. It further revealed that factors such as Length of stay, Fence and retaining walls, Income, Trees and Shrubs significantly influence tenants’ willingness to pay for landscaping. Therefore, the study recommended that landscape be encouraged and properly managed to ensure that it fulfills the full potential of its lifespan and for optimum returns from the properties. 

 Journal Of Contemporary Research In The Built Environment (JOCREBE), 1(2), 124 – 137

 Journal

 INFLUENCE OF PROPERTY CHARACTERISTICS ON EVENT CENTRES’ RETURNS IN AKURE, NIGERIA

 Ezeokoli, N.B.

 2017

Purpose: The importance of event centres to the functionality of a city has given birth to the study of the physical and functional qualities of event spaces, and their suitability for the proposed functions that are supposed to take place in them. This study thus aims at examining the effect of property characteristics on the returns from event centres in Akure, Ondo State. Design/methodology/approach: To achieve this aim, 18 event centres in Akure were examined, noting their physical attributes through well-structured questionnaires. The data collected were analyzed using multiple regression analysis in order to measure the effect of the explanatory variables on the dependent variable, i.e. event centers’ income returns. Findings: The finding revealed that out of the selected property characteristics, the number of convenience i.e. toilet facilities in an event centre and distance of event centres to a major road significantly affect the returns from event centres at 0.007 and 0.030 levels of significance respectively. Originality/value: It is recommended that the investors in event centres should ensure proper placement and positioning of event centres and their physical attribute during development, because these can have long term effect on the patronage of event centre, and hence, the returns from such centres. 

 In Ebohon, O. J., Ayeni, D. A, Egbu, C. O, And Omole, F. K. Procs. Of The Joint International Conference (JIC) On 21st Century Human Habitat: Issues, Sustainability And Development, 21-24 March 2016, Akure, Nigeria, Page Number 1380-1387

 Conference

 Effect Of Infrastructure Provision On Residential Property Values In Ijaiye Housing Estate, Lagos, Nigeria

 Ezeokoli, N. B. & Nwosu, A.E.

 2016

The study examines the effect of infrastructure provision on residential property values in Ijaiye Housing Estate. It assesses the level of satisfaction of occupiers with the maintenance of the infrastructure and the effect of the services on the residential property values in Ijaiye Housing Estate, Lagos, Nigeria. Structured questionnaire were administered on one hundred and twenty five (125) respondents for the study. Data collected were analyzed using descriptive (frequency distribution tables and weighted mean score) and inferential (multiple regression analysis) statistics. Findings revealed that parking space is the most adequate of all the infrastructures in the estate, while security and water supply were somewhat adequate. Also, the occupants are satisfied with the maintenance of water supply above other infrastructures, while electricity is the least maintained. Furthermore, the results of the regression analysis shows that all the infrastructural facilities, except type of security outfit and parking garage, have significant effects on the values placed on residential properties in the estate. The R2 Statistics is 0.553, which is significant at 0.000 levels. It is therefore recommended that the available infrastructures in the estate should be adequately maintained in order to keep the functionality and further enhance the value of the residential properties in the estate. 

 In Ebohon, O. J., Ayeni, D. A, Egbu, C. O, And Omole, F. K. Procs. Of The Joint International Conference (JIC) On 21st Century Human Habitat: Issues, Sustainability And Development, 21-24 March 2016, Akure, Nigeria, Pp 552-562

 Conference

 Performance Of Insurance Firms In Housing Deliveryin Nigeria

 Ezeokoli N.B. & Oyedokun T.B.

 2016

Housing is a major necessity of man but its provision has remained a major challenge to most people especially in the developing countries like Nigeria due to huge capital it requires. While insurance firms constitute a major potential source of housing finance, it is not clear if they are contributing significantly to reducing the national housing deficit. This study therefore assesses the role of insurance firms in housing delivery in Nigeria. Both primary and secondary data are employed for analysis in this study. Structured questionnaires were employed to retrieve data from thirty-five (35) insurance firms and sixteen (16) real estate developers operating in Lagos metropolis. Data on investment engagements of insurance companies were also retrieved from the National Insurance Commission and Central Bank of Nigeria. The results of the analysis show that the contribution of insurance firms to housing finance either through direct investment or through loans and advances is very low. The study also revealed that most of the insurance firms do not grant long-term loans which are most suitable for real estate development. Lack of trust in real estate developers, risk associated with real property investment and low public patronage are found as the three most significant factors inhibiting the contribution of insurance firms to housing finance. It is recommended that government should provide an enabling environment that can foster a high level commitment of insurance firms to housing delivery in Nigeria. 

 Journal Of Civil Engineering And Architectural Research, 2(5), 651 – 659.

 Journal

 Prospects Of Investing In Event Halls In Akure, Nigeria

 8) Ezeokoli, N.B.

 2015

In recent times, research has focused on different aspect of the commercial property market, and most of these studies emphasized office market, shops, shopping malls etc. However, this study examined the prospects of investing in event halls in Akure. Data was drawn from thirteen (13) event halls in the study area. The data gotten was analyzed using descriptive statistics such as frequency tables and graph. Weighted Mean Score was used to determine the significance of some factors in determining the success of event halls, while time series analysis was used to show the trend of flow of income generated by event hall in comparison with other investment property types. The result revealed that there is a considerable income flow from event halls throughout the period under study and this has the prospect of increasing within a short period of time as the rate of demand for such halls increases. The result also shows that factors such as convenience and facilities greatly influence patronage of event halls, while others viz; design, security, packing space location, size, environment, friendly attitude, charges placed on the hall are important for high customers’ patronage and hence, the success of event halls. Therefore, it is recommended that real property investors should pay more attention to event hall development and the factors that foster high patronage in order to maximize their returns from such investment. 

 Journal Of Economics And Sustainable Development, 6(10), 140 – 147

 Journal

 Rental Analysis Of Residential Properties In Close Proximity To The Federal University Of Technology, Akure, Nigeria

 Adebisi, O.S., Ezeokoli, N.B., Oletubo, A.A. And Alade, T.J

 2015

This research analyzed the rental values of residential properties within the neighbourhood of the Federal University of Technology, Akure (FUTA). It examined among others the relationship between students’ population off-campus and the rental values of proximate residential properties, and the factors that influence the rental values of residential properties within the neighbourhood of the institution. The data for the study was collected through structured questionnaires from twenty (20) registered Practicing Estate Surveyors and Valuers in Akure and from the Student Affairs Division of FUTA. The data collected were analyzed using Descriptive Statistics (Weighted Mean Scores and frequency tables and graph) and Inferential Statistics (Correlation Coefficient). The study revealed that the major factors often discovered from relevant literature to determine rental values of residential properties such as facilities and condition of repairs among others were the least ranked within the neighbourhood of FUTA. The study also revealed that there was a positive relationship between the population of students of FUTA living in the private rented sector and rental values of selected residential properties over the years. This indicates that demand pressure from students and residents contribute immensely to the changes in rental values within the area. It is therefore recommended that government and higher educational institutions should be encouraged to make a clear and definite statement concerning the provision of on-campus accommodation. Also, likely impacts of higher educational institutions on local rental market should be integral to the establishment and expansion plans of every higher institution. 

 Ethiopian Journal Of Environmental Studies And Management, 8(1), 28 – 38.

 Journal

 Effect Of Vacancy On Shopping Centre’s Investment Returns In Akure, Nigeria

 Bello, V.A. And Ezeokoli, N.B.

 2015

The paper examined the effect of vacancy rate on the rental return of shopping centres in six (6) major retail areas in Akure. Data on rental values and vacancy rates in thirty five (35) shopping centres were collected from 17 Estate Surveying firms in Akure. The shopping centres had a total of 1,352 rentable spaces with 1,183 occupied. The data was analyzed using descriptive statistics such as frequency distribution tables and graphs, one sample t-statistics and Simple Linear Regression Analysis. The result showed that vacancy in shopping centres are on the increase especially in Oke Ijebu axis of Akure thereby causing a decline in the expected returns from the centres. The result further showed that as vacancy rate in shopping centres increases, the rent per metre square reduces as owners tend to reduce rent to retain tenants. There is need for shopping centre developers to employ the services of estate Surveyors and Valuers to carry out feasibility and viability appraisal of their projects before embarking on them. This gesture will check the oversupply of centres. 

 In J.A.B. Olujimi, O.O. Ogunsote And A.O. Awodele (eds). Infrastructure, Economic Development And Built Environment: A Book Of Readings (Chapter 41, Pp 355-360), School Of Environmental Technology, Federal University Of Technology, Akure, Nigeria.

 Conference

 Responsiveness Of Maintenance Department To Building Faults And Defects In The Federal University Of Technology, Akure

 O.S. Adebisi & N.B. Ezeokoli

 2014

Performance of a building is a function of its level of maintenance and that of its component parts. This study seeks to examine how the Maintenance Department of the Federal University of Technology, Akure responds to building faults and defects in the University. A total of 100 students and 50 staff of the institution were randomly sampled for questionnaire administration, while a staff of the maintenance department was also interviewed. The data collected were analyzed using descriptive statistical tools and Weighted Mean Score. The result shows that majority of the buildings and facilities in the institution (especially the old ones) are not properly managed. The results also reveal that the maintenance department has not been performing to expectation. This was as a result of inadequate funding and lack of basic tools and equipment. It is therefore recommended that there should be proper monitoring and adequate funding of the maintenance department in the institution in order to enhance effective maintenance culture hence, the performance of buildings in the Federal University of Technology, Akure. 

 Ethiopian Journal Of Environmental Studies And Management, 7(5), 581 – 587.

 Journal

 The Practice Of Investment Viability Appraisal In Akure, Nigeria

 Ezeokoli, N.B., Adebisi, O.S. And Olukolajo, M.A.

 2014

This paper examines the role played by Valuers in choosing the right viability appraisal technique for an investment appraisal. Structured questionnaire was administered on twenty one (21) registered estate Surveying and Valuation firms in Akure, out of which fourteen (14) were retrieved and found good for analysis. The data obtained were analyzed using descriptive statistical tools such as frequency tables and weighted mean score on 3 and 4-point likert formats. The result of the analysis revealed that Valuers mostly make use of Payback Period, NPV and IRR, which are deterministic in nature. This is as a result of the Valuers basing their appraisals mostly on economic and financial criteria only without fully analyzing the factors such as the prevailing inflation rate in the economy and the level of risk tolerance of their client. The outcome of a good investment appraisal forms the basis upon which any investment decision is based. A good investment is an offset of a good viability appraisal, and the Valuers’ role is to give such advice that will maximize the benefit’s objective of the investor.