Chukwuma Nwuba - Academia.edu (original) (raw)
Papers by Chukwuma Nwuba
African Journal of Built Environment Research (AJOBER), Jul 1, 2020
The literature indicates that valuers yield to client influence to bias valuations. Studies also ... more The literature indicates that valuers yield to client influence to bias valuations. Studies also show that client influence has several effects on valuation practice. This study investigated valuers' perception of the effect of client influence on valuation practice with the objective of determining whether the perception differs for valuers of different characteristics. The investigation focused on secured lending valuations in Nigeria. The research design was cross-sectional survey. The sample comprised 270 valuation firms selected through the stratified random sampling design. Data collection utilised questionnaire structured on 5–point Likert format. Data analysis employed mean statistics and Kruskal-Wallis test. The results revealed that valuers perceive that client influence undermines integrity of the valuers; the valuation firm and the valuation profession; as well as questions valuers' expertise and, constrains the development of the valuation profession. This perce...
Measuring housing affordability has become an important field of research and an essential step i... more Measuring housing affordability has become an important field of research and an essential step in housing policy response. Through a review of previous studies from the early 1990s, this study provides a description of the two main approaches to measuring affordability – the ratio and the residual income measures. The objective is to present descriptions of the measures from the perspectives of different authors and the ongoing debate on their relative suitability as affordability measures. The review revealed lack of consensus on the most suitable approach. Some researchers advocate replacement of the ratio approach with the residual income approach while some argue for continued use of the ratio approach. Yet others advocate modified measures that account for the short-comings of the two main measures. Some scholars have actually developed and applied such modified measures. By bringing the diverse views of scholars on the subject over a relatively long period to a single platfor...
Research Journal of Finance and Accounting, 2013
The recent reforms in Nigeria’s banking sector have underscored the need for due diligence in len... more The recent reforms in Nigeria’s banking sector have underscored the need for due diligence in lending. The study investigates the application of real estate as loan security to establish the extent and process of its use by commercial banks in Nigeria. Questionnaire survey was used to elicit response from a sample of commercial banks selected randomly. The findings demonstrate that real estate is the most widely used collateral instrument and banks follow due process in its application as collateral. However, the use is hindered by documentation and foreclosure problems. The findings are consistent with literature that real estate plays a significant role in secured lending, especially in developing countries. Overall, the borrower’s title to the collateral, the nature and quality of the title as well as the value of the real estate are important considerations when banks apply real estate as loan collateral. Thus, real estate, and especially property values, land titles and records...
International Journal of Housing Markets and Analysis
Purpose The purpose of this study is to investigate barriers to accessing mortgages in Nigeria’s ... more Purpose The purpose of this study is to investigate barriers to accessing mortgages in Nigeria’s urban housing markets with the main focus on Kaduna State. The objective was to establish the diverse factors that constitute barriers to urban households’ access to mortgages for homeownership from the perceptions of households, mortgage lenders and the Federal Mortgage Bank of Nigeria. Design/methodology/approach The study used cross-sectional survey with triangulation of results. To enable the triangulation, three new samples were developed from 450 surveys with households and 10 completed by lenders, both in Kaduna State and one survey undertaken by the Federal Mortgage Bank of Nigeria. Data were collected with questionnaires designed on five-point Likert model. Data analysis utilized descriptive statistics and one-sample t-test. Triangulation enabled cross-validation of the results. Findings The barriers include low incomes and savings which constrain households’ ability to pay mort...
The practice of posting collaterals to mitigate credit risk is commonplace in bank lending. Real ... more The practice of posting collaterals to mitigate credit risk is commonplace in bank lending. Real estate is an important collateral instrument especially in developing countries. This study investigated credit risk mitigation with real estate collaterals by commercial banks in Nigeria to establish if real estate is a reliable collateral instrument, the role of real estate valuation and the key issues the banks consider in the process. Response was elicited from a sample of commercial banks in a cross-sectional survey with a structured questionnaire. Data analysis employed descriptive statistics. Findings indicate that real estate is a very reliable collateral instrument and that its valuation is a significant aspect of the risk mitigation process. The reliability of valuation opinion is the most important expectation of the banks from the valuers and the banks are satisfied with valuation advice provided by valuation firms. The banks consider the reputation of the borrower the most i...
Journal of African Real Estate Research
Property Management, 2015
Purpose – The purpose of this paper is to investigate client influence on mortgage valuation in N... more Purpose – The purpose of this paper is to investigate client influence on mortgage valuation in Nigeria to establish and rank the means of influence clients employ, and the impact of firm characteristics on client influence. Design/methodology/approach – A combination of cross-sectional survey and focus groups research designs was adopted. Questionnaire structured on five-point Likert format was used to collect data from a sample of valuation firms in five Nigerian cities. Descriptive statistics, χ2, and moderated hierarchical linear model were used for data analysis. Findings – Clients’ means of influence on valuation are more of subtle approach than threat or coercion. The most prevalent means are respectively, plea for assistance, promise of continued retainership on banks’ valuer panels, and disclosing the loan amount. Client influence differs across cities; firm characteristics have no influence on client pressure. Practical implications – The research provides basis for valuat...
Journal of Property Research, 2015
Client influence has become a major concern in property valuation. Focusing on mortgage valuation... more Client influence has become a major concern in property valuation. Focusing on mortgage valuations, the study investigated the motives for Nigerian valuers to succumb to client influence from their own perception. A combination of cross-sectional survey and focus group research designs was adopted. A questionnaire in a 5-point Likert format was used to collect data from a sample of valuation firms and weighted mean was used to rank the variables. Descriptive statistics and one-sample t-test were employed for data analysis. The results showed that corruption and indiscipline in the society, valuers’ fear of losing their clients and greed among valuers, respectively, are the strongest motives for valuers to succumb to client influence. The hypothesis tests confirmed the existence of these and other motives. The study concluded that the motives for valuers to succumb to client influence revolve around the business environment, local economic situation, ethical issues, enforcement of discipline and valuers’ experience. However, there is no justification for valuers to compromise their independence and yield to client pressure to bias valuation. The findings raise questions about the quality of valuation practice in Nigeria, particularly the reliability of valuation outcomes, the credibility of valuation reports and the integrity of valuers.
International Journal of Housing Markets and Analysis, 2015
Purpose – This paper aims to investigate homeownership affordability in Nigeria’s urban housing m... more Purpose – This paper aims to investigate homeownership affordability in Nigeria’s urban housing market to establish the determinants of households’ affordability outcomes, and the nature of their impact. Design/methodology/approach – The cross-sectional survey design was adopted. Semi-structured questionnaire was used to collect data from a sample of households selected through a stratified random technique across Kaduna State, the study area. The binary logistic regression was used to model the probability of homeownership affordability as a function of specified explanatory variables. Findings – Household income, savings, construction period and education are determinants of homeownership affordability with positive impact. Conversely, household size, cost of land, building cost inflation, current rental housing expenditures, non-housing expenditures and building cost relative to income are determinants of affordability with negative impact. Practical implications – The findings h...
African Journal of Built Environment Research (AJOBER), Jul 1, 2020
The literature indicates that valuers yield to client influence to bias valuations. Studies also ... more The literature indicates that valuers yield to client influence to bias valuations. Studies also show that client influence has several effects on valuation practice. This study investigated valuers' perception of the effect of client influence on valuation practice with the objective of determining whether the perception differs for valuers of different characteristics. The investigation focused on secured lending valuations in Nigeria. The research design was cross-sectional survey. The sample comprised 270 valuation firms selected through the stratified random sampling design. Data collection utilised questionnaire structured on 5–point Likert format. Data analysis employed mean statistics and Kruskal-Wallis test. The results revealed that valuers perceive that client influence undermines integrity of the valuers; the valuation firm and the valuation profession; as well as questions valuers' expertise and, constrains the development of the valuation profession. This perce...
Measuring housing affordability has become an important field of research and an essential step i... more Measuring housing affordability has become an important field of research and an essential step in housing policy response. Through a review of previous studies from the early 1990s, this study provides a description of the two main approaches to measuring affordability – the ratio and the residual income measures. The objective is to present descriptions of the measures from the perspectives of different authors and the ongoing debate on their relative suitability as affordability measures. The review revealed lack of consensus on the most suitable approach. Some researchers advocate replacement of the ratio approach with the residual income approach while some argue for continued use of the ratio approach. Yet others advocate modified measures that account for the short-comings of the two main measures. Some scholars have actually developed and applied such modified measures. By bringing the diverse views of scholars on the subject over a relatively long period to a single platfor...
Research Journal of Finance and Accounting, 2013
The recent reforms in Nigeria’s banking sector have underscored the need for due diligence in len... more The recent reforms in Nigeria’s banking sector have underscored the need for due diligence in lending. The study investigates the application of real estate as loan security to establish the extent and process of its use by commercial banks in Nigeria. Questionnaire survey was used to elicit response from a sample of commercial banks selected randomly. The findings demonstrate that real estate is the most widely used collateral instrument and banks follow due process in its application as collateral. However, the use is hindered by documentation and foreclosure problems. The findings are consistent with literature that real estate plays a significant role in secured lending, especially in developing countries. Overall, the borrower’s title to the collateral, the nature and quality of the title as well as the value of the real estate are important considerations when banks apply real estate as loan collateral. Thus, real estate, and especially property values, land titles and records...
International Journal of Housing Markets and Analysis
Purpose The purpose of this study is to investigate barriers to accessing mortgages in Nigeria’s ... more Purpose The purpose of this study is to investigate barriers to accessing mortgages in Nigeria’s urban housing markets with the main focus on Kaduna State. The objective was to establish the diverse factors that constitute barriers to urban households’ access to mortgages for homeownership from the perceptions of households, mortgage lenders and the Federal Mortgage Bank of Nigeria. Design/methodology/approach The study used cross-sectional survey with triangulation of results. To enable the triangulation, three new samples were developed from 450 surveys with households and 10 completed by lenders, both in Kaduna State and one survey undertaken by the Federal Mortgage Bank of Nigeria. Data were collected with questionnaires designed on five-point Likert model. Data analysis utilized descriptive statistics and one-sample t-test. Triangulation enabled cross-validation of the results. Findings The barriers include low incomes and savings which constrain households’ ability to pay mort...
The practice of posting collaterals to mitigate credit risk is commonplace in bank lending. Real ... more The practice of posting collaterals to mitigate credit risk is commonplace in bank lending. Real estate is an important collateral instrument especially in developing countries. This study investigated credit risk mitigation with real estate collaterals by commercial banks in Nigeria to establish if real estate is a reliable collateral instrument, the role of real estate valuation and the key issues the banks consider in the process. Response was elicited from a sample of commercial banks in a cross-sectional survey with a structured questionnaire. Data analysis employed descriptive statistics. Findings indicate that real estate is a very reliable collateral instrument and that its valuation is a significant aspect of the risk mitigation process. The reliability of valuation opinion is the most important expectation of the banks from the valuers and the banks are satisfied with valuation advice provided by valuation firms. The banks consider the reputation of the borrower the most i...
Journal of African Real Estate Research
Property Management, 2015
Purpose – The purpose of this paper is to investigate client influence on mortgage valuation in N... more Purpose – The purpose of this paper is to investigate client influence on mortgage valuation in Nigeria to establish and rank the means of influence clients employ, and the impact of firm characteristics on client influence. Design/methodology/approach – A combination of cross-sectional survey and focus groups research designs was adopted. Questionnaire structured on five-point Likert format was used to collect data from a sample of valuation firms in five Nigerian cities. Descriptive statistics, χ2, and moderated hierarchical linear model were used for data analysis. Findings – Clients’ means of influence on valuation are more of subtle approach than threat or coercion. The most prevalent means are respectively, plea for assistance, promise of continued retainership on banks’ valuer panels, and disclosing the loan amount. Client influence differs across cities; firm characteristics have no influence on client pressure. Practical implications – The research provides basis for valuat...
Journal of Property Research, 2015
Client influence has become a major concern in property valuation. Focusing on mortgage valuation... more Client influence has become a major concern in property valuation. Focusing on mortgage valuations, the study investigated the motives for Nigerian valuers to succumb to client influence from their own perception. A combination of cross-sectional survey and focus group research designs was adopted. A questionnaire in a 5-point Likert format was used to collect data from a sample of valuation firms and weighted mean was used to rank the variables. Descriptive statistics and one-sample t-test were employed for data analysis. The results showed that corruption and indiscipline in the society, valuers’ fear of losing their clients and greed among valuers, respectively, are the strongest motives for valuers to succumb to client influence. The hypothesis tests confirmed the existence of these and other motives. The study concluded that the motives for valuers to succumb to client influence revolve around the business environment, local economic situation, ethical issues, enforcement of discipline and valuers’ experience. However, there is no justification for valuers to compromise their independence and yield to client pressure to bias valuation. The findings raise questions about the quality of valuation practice in Nigeria, particularly the reliability of valuation outcomes, the credibility of valuation reports and the integrity of valuers.
International Journal of Housing Markets and Analysis, 2015
Purpose – This paper aims to investigate homeownership affordability in Nigeria’s urban housing m... more Purpose – This paper aims to investigate homeownership affordability in Nigeria’s urban housing market to establish the determinants of households’ affordability outcomes, and the nature of their impact. Design/methodology/approach – The cross-sectional survey design was adopted. Semi-structured questionnaire was used to collect data from a sample of households selected through a stratified random technique across Kaduna State, the study area. The binary logistic regression was used to model the probability of homeownership affordability as a function of specified explanatory variables. Findings – Household income, savings, construction period and education are determinants of homeownership affordability with positive impact. Conversely, household size, cost of land, building cost inflation, current rental housing expenditures, non-housing expenditures and building cost relative to income are determinants of affordability with negative impact. Practical implications – The findings h...