PROBLEM OF COMPULSORY ACQUISITION AND COMPENSATION UNDER THE LAND USE ACT
The word land means different things to different people and in different context. These different meanings notwithstanding, land, since prehistoric time, has been of elemental significance to the affairs of man.
In this thesis the various interests compulsory acquired were looked into. The compensation paid for these interests were adequately examined to determine the adequacy of the compensation. In the payment of compensation, time factor was also considered to determine the effect of inflation on the amount payable, using interest rate as the parameter of measurement..
This study examined the evolution and formation of acquisition laws in Nigeria with a detailed examination of the public lands acquisition Act Cap – 167 and the Land Use Act of 1978 as its objective. Another objection of this study is to see whether the acquisition and compensation of Akure Airport actually conformed with the provision of the law.
The necessary data required for this study were collected through interview, relevant documents and records were examined in the ministry of lands and Housing Akure.
Finally, it was discovered that serving acquisition notice through the family head is adequately efficient and cost effective as against the4 provision of the Land Use Act. There was delay in payment of compensation. Also, no interest was paid for the delay in payment of compensation as provided for by the law.