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The Effect Of Location Of Tertiary Institution On Property Value
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1.5.1 HISTORICAL BACKGROUND OF THE STUDY AREA
Al-hikmah
university, Ilorin Nigeria was established in 2005 by the Abdul-Raheem
Oladimeji Islamic Foundation (AROIF) Nigeria, the university came into
existence via the granting of operating licenses to run as a
conventional private university by the federal government of Nigeria;
license no 010 on the 7th of January 2005. It commenced academic
activities during the 2005/2006 academic session with 70 students spread
across the three (3) take off colleges: humanities, management sciences
and natural sciences.
By the beginning of the 2012/2013 academic
session, Al-hikmah University could showcase four (4) colleges with the
addition of college of education, and a student population of about
three thousand (3000). Al-hikmah University stands out among Nigeria
University with a well-articulated mission of promoting both academic
and moral excellence for the good of Nigeria nation in particular and
for furthering the course of humanity in general. The overall goal of
the university is summed up in its motto “learning for wisdom and
moralityâ€
1.6 DEFINITION OF TERMS
There are some relevant terms used in this topic which includes: -
i)
Property: a property can be defined as any physical or tangible entity
which is owned by a person or a group of people or an entity like a
corporation. Depending on the nature of the property a owner of a given
property has the right to consume, sell, rent, mortgage, transfer,
exchange or destroy it. “McKay, John P (2004)†uses of property
ii)
Institution: an institution can be defined as an establishment,
foundation or organization created to pursue a particular type if
endeavor such as banking by a financial institution (G. M. Hodgson
(2006)
iii) House: can be defined as a place of residence or
refuge, when it refers to a building, it is usually a place in which an
individual or a family can live and store personal property such as
single family “detached home†or an apartment (Stanchack, John (2000),
Civil war, geographical handbook.
iv) Location: the term location
and place in geographical are used to notice and or identify a point of
an area on the earth’s surface or elsewhere. The term “Locationâ€
generally implies a higher degree of certainly then “place†which often
has an ambiguous boundary relying more an human and social attributes of
place identify and sense of place than and geometry. (Gersmeh, P.
(2008) “Introduction to land propertyâ€
v) Value: the word value as
been defined by different scholar, justice bodies was quoted to have
said that value is a word of many meanings. Banbright, (1937) said that
value is been to define the importance of business and economic
undertakings. It implied the capacity of a commodity to satisfy want, it
can also be related to political, social and religious issues
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