M.Sc. Estate Management

Master of Science in Estate Management

List of Academic Staff

Name	Status and Qualifications	Research Interest
W.A. Durosinmi	Lecturer 1 & Coordinator, B.Tech., M.Tech. (FUT, Minna)	Real Estate Development Finance
B. T. Aluko	Professor, B.Sc., M.Sc., Ph.D. (OAU, Ile- Ife)	Property Investment Valuation, Real Estate Finance, Comparative Land Policies.
O. A. Ogunba	Professor, B.Sc., M.Sc., Ph.D. (OAU, Ile- Ife)	Property Valuation, Development Appraisal, Environmental Valuation/Impact Assessment
A. Olaleye	Professor, B.Sc., M.Sc., Ph.D. (OAU, Ile- Ife)	Property Portfolio Diversification and Management, Performance Measurement, Development Finance, and Real Estate Education
M. T. A. Ajayi	Professor, B. Tech, M. Tech., Ph.D. (FUT, Minna)	Property Taxation and Finance, Geographic Information System
R. A. Adebayo	Professor, B.Sc., M.Sc., Ph.D. (FUT, Akure)	Urban Land Use Administration and Property Market Analysis
T. T. Oladokun	Reader, B.Sc., M.Sc., Ph.D. (OAU, Ile- Ife)	Property Management and Corporate Real Estate Management.
S. A. Afolayan	Senior Lecturer, B.Sc. (OAU, Ile-Ife); M.Sc., Ph.D. (Lagos)	Property Rating and Taxation, Economics of Housing, Estate Services.
N. A. Bello	Senior Lecturer, B.Sc., M.Sc., Ph.D. (OAU, Ile- Ife)	Property and Portfolio Investment Analysis, Property Performance Analysis.
N. B. Udoekanem	Senior Lecturer, B.Sc. (Enugu); M.Sc. (OAU, Ile- Ife); Ph.D. (FUT, Minna)	Urban Economics, Econometrics, Real Estate Market Analysis
A. S. Adeogun	Lecturer 1, HND (Ilorin); B.Tech., M.Tech., Ph.D. (FUT, Minna)	Real Estate Investment Analysis and Urban Management
*G. Amuda- Yusuf	Reader, B.Sc. (ABU, Zaria); M.Sc. (Salford); Ph.D. (Johor Bahru)	Cost Management of Engineering Services, Building Information Modeling, Building Project Financing.
*A. I. Bako	Reader, HND, PGD (Ilorin); M.Tech., Ph.D. (FUT, Akure)	Conservation and Resource Development, Housing and Public Policy.

*B. Sulaiman	Senior Lecturer, B.Sc., M.Sc., Ph.D. (Burgas)	Construction Management and Construction Procurement.
*T.A. Olaniyi	Senior Lecturer, B.Sc., M.Sc., Ph.D. (Ilorin)	Corporate Accounting, Investment Risk Analysis.
*D. Ariyoosu	Reader, LLB, LLM, Ph.D. (Ilorin)	Law of Contract and Tort, Planning and Real Property Law.
*A. A. Kilishi	Senior Lecturer, B.Sc., M.Sc., Ph.D. (Ilorin)	Macro Economics, Research Methods, Econometric Analysis

* Lecturer from other department

B. Introduction

The programme is designed to give students the appropriate and supporting academic environment to conduct advanced studies and research in Estate Management and Valuation.

C. Philosophy

The philosophy of the programme is geared towards developing and providing necessary skills and techniques for sound decision making in land use, land development and land management in order to meet specific needs, professional and academic training desired in the real estate industry and urban community.

D. Aim and Objectives

The Master of Science programme in Estate management is designed to provide an opportunity for qualified professionals and academics to acquire advanced training and expertise in estate management with a view to providing sound decision making in real estate matter. The objectives of the programme are to:

introduce advanced tools and concepts for analysis and decision making in real estate management and to train the students in their use and application;
extend and update the knowledge in the state-of-the-Art of real estate industry and strengthen professional skills/capacity development in the appropriate core areas in estate development and management;
provide sound training in research methodologies and to develop a problem solving attitude in the practice of estate management; and
prepare high level manpower to meet with the demand in the construction and real estate industry.

E. Admission Requirements

Candidates that will be eligible for admission into the Master programme must possess:

Five (5) O‘ level credits in English, Mathematics, Economics, one basic science (Biology, Chemistry or Physics) and the fifth one from: Geography, Technical Drawing, Accounting or additional basic science (Physics, chemistry or Biology).
Candidates with good Honours Degree not below Second Class Lower Division in Estate Management of the University of Ilorin or any other institution recognized by the Senate of University of Ilorin provided they satisfy the minimum score of 60% in a qualifying examination examined by the university, may be admitted for the programme.

Candidates that have successfully completed the Postgraduate Diploma in Estate Management at University of Ilorin with a cumulative average of 60%.

F. Duration of the Programme

The Full-time programme shall run for a minimum of 18 calendar months and a maximum of 24 calendar months.
The Part-time programme shall run for a minimum of 24 calendar months and a maximum of 36 calendar months.

G. Detailed Course Description

ESM 801 Research Methodology I 2 Credits

Basis of quantitative and computing skills, technical papers understanding and critical review. Nature and purpose of research. Types of research. Basic competence required of researchers; basics of research. Factors influencing selection of a researchable topic. 30h (T); C

ESM 802 Research Methodology II 2 Credits

Statistical analysis in problem solving. Multiple and pretrial correlations, analysis of time series data. Simple and multiple regression models and their applications. Use of factor analysis, Discriminant Analysis and Analysis of variance (ANOVA). 30h (T); C

ESM 805 Real Estate Portfolio Management I 2 Credits

Modern portfolio theory as applied to real estate analysis, a counterpart to security analysis in the investment market. Strategies and goals relating to portfolio management of assets. The Capital Asset Pricing Model, Modern Portfolio Theory, active versus passive portfolio management. Portfolio structure, risk analysis and diversification. 30h (T); C

ESM 806 Real Estate Portfolio Management II 2 Credits

Corporate Finance with applications to the stock market and real estate investments. Risk and decision making processes. Modern Portfolio Theory. Classical issues such as capital structure, financial leverage and dividend policy are discussed in the light of empirical evidence. 30h (T); C

ESM 807 Real Estate Investment Decisions and Analysis I 2 Credits

Introduction to corporate finance. Techniques for capital budgeting. Cash flow model test and different kinds of financing simulation. Investment problems Analysis. 30h (T); C

ESM 808 Real Estate Investment decisions and Analysis II 2 Credits

Use of quantitative methods for decision making and analysis, linear programming queueing and gaming theory, decision trees, simulation, probability analysis, sensitivity and scenario analysis including optimization and stochastic models. 30h (T); E

ESM 809 Land Management 2 Credits

Land accessibility; land availability, land tenure security, land affordability and ease of land acquisition. Land planning control and the use of land. Formal and informal land tenure systems. Land conflict and resolution mechanisms, land information systems, planning and regulation procedures, land market operation and strategies of development agencies. Compulsory Land Acquisition and Compensation including Resettlement procedures. The role of the NGOs, community-based organizations, UN agencies and World Bank in land management. 30h (T); C

ESM 810 Real Estate Market Analysis 2 Credits

The structures/sectors of the property market; housing/residential, industrial commercial (shops, offices, etc.) recreational/leisure, agricultural, etc. Operations of the property market; Price Mechanism. Theories of Demand and Supply. Property Market Analysis; location, property type, rental/sale etc. Characteristics of property market. Property and investment market performance. 30h (T); C

ESM 811 Urban Land Economics and Public Policy 2 Credits

Definition, scope and nature of land economics. Concepts of supply of and demand for urban land. Land values, land use and land rent. Land investment and urban land market. Economics of urbanization. Theories of urban structures and growth. Location of economic activities. Urban policy. Models of market efficiency. Urban land use succession theory. Economic analysis in an urban framework; Principles of urban economic development, Housing, poverty and unemployment. The theory of land price, bargaining and the structure of property markets in urban areas. The impact of fiscal policies. The economics of property (building) development. Urban property tax policy and administration. 30h (T); C

ESM 812 Property Tax Policy and Administration 2 Credits

History of property tax in Nigeria (and the rest of Africa). Property tax definitions and concepts – Tax base, tax payer, property tax types, objectives of property taxes, objective of property taxation. Methods of assessment. Tax burden. Tax shifting. Tax policy and contents. Valuation of property for taxation. Challenges facing property tax assessment and administration in Africa. Property Tax incentives for Business. Improving performance of property tax in Africa. 30h (T); C

ESM 813 Corporate Real Estate Management I 2 Credits

Role of property in corporate business contexts; Essentials or corporate property asset management. Environmental factors in corporate property asset management. 30h (T); C

ESM 814 Land Administration 2 Credits

Institutional framework for Formal and informal land administration in Nigeria. Land Acquisition and titling processes. Land registration systems. The Land Use Act 1978 and land administration. Processes and requirements for Certificate of Occupancy and Governor‘s consent. Regularization and conversion of customary tenure into right of occupancy in Nigeria. The functions of The Land Use and Allocation Committee and The Land Allocation Advisory Committee respectively for urban and rural lands in Nigeria. 30h (T); C

ESM 815 Rural Environment and Policies 2 Credits

Conflicts between users of the rural land. Agriculture, Forestry and Rural Development in Nigeria. Economics of Small farms. Development of the village. Problems of remote areas; possible solutions. Institutional background to rural amenity and recreation. National and Regional Parks. Forestry and economic development. Recreation problems and policies in Nigeria. 30h (T); C

ESM 816 Land Conflict and Resolution Mechanisms 2 Credits

Nature and concept of land conflict. Causes of land conflict between; landlord and tenant, indigenous farmer and migrant farmer, herder and farmer, herder and herder (cattle rustler), state and customary landowners, and one community versus another over land (boundary dispute). 30h (T); C

ESM 817 Minerals Valuation 2 Credits

Identification of different types of minerals including their industrial processes. Inventory of plants, machineries machine tools and factory equipment for each mineral type – Case studies. Industrial location and concentration in relation to sources of energy, markets, raw materials and labour. Industrial/mining structure and policy. Concept of value as applicable to minerals valuation. 30h (T); C

ESM 818 Comparative Land Policies 2 Credits

Concepts of Land Policy and Land Reform. Proprietary Land Unit (PLU). Proprietary land resources. Motives and complementarities. Reciprocity of relationships. The law of proprietary magnitudes and universal provisions. Land ownership. The nature of customary tenure in the economic and social structure of selected countries in West Africa, Africa, Latin America, etc. Food and Agricultural Policies. Housing Policies. Urban management problems 30h (T); C

ESM 819 Housing Policies and Analysis 2 Credits

Housing; component of urban and regional development. Concepts of housing; sociological, economic, low income housing, low cost housing, rural/urban, staff, home ownership/rental, student, etc. Housing types, needs, stock, supply and demand, etc. Housing infrastructure. 30h (T); C

ESM 821 Urban Management and Development Theories 2 Credits

Explanation of terms – Urban management, urban governance, inclusive city, regenerative city, shanty cities – etc. An overview of urban management practices and systems- land and housing management, land use planning and master plans, Development control, urban renewal policies and strategies. Traffic management – air, road, rail etc. 30h (T); C

ESM 823 Land Law and Tenure Systems 2 Credits

Meaning of land, real property, real estate under the law. Derivation of Nigeria land law. Duality of land rights systems in Nigeria. Concept of ownership and possessive rights. Customary tenure systems – the community, family and stool. The rights of an individual in land. An overview of the prevailing land law in Nigeria. Doctrine of estates- classification, type and mode of creation. Other interests and rights in land- covenants, trusts, mortgage, license, profits, easements. 30h (T); C

ESM 825 Environmental Issues in Urban Areas 2 Credits

An overview of environmental issues in urban areas. Air, water and noise pollution; causes, effects and strategies for management. Municipal wastes management, classification /types, collection, transportation to dump sites and treatment. Dump sites management system. Stakeholders‘ roles in environmental management – Government, NGOs, CBOs, professionals, industrial users, home owners, etc. Government regulations and penalties for environmental code‘s violation 30h (T); C

ESM 827 Urban Strategies and Land Use Planning 2 Credits

Theory and conceptualization, collaborative planning, strategic planning, etc. place-making and visioning, from vision and quality to objective and intervention, master plan and implementation plan, etc. Public – private partnership/participation in planning. Land use planning; master plans, zoning ordinances and codes, subdivision regulations, building regulations, etc. 30h (T); C

ESM 829 Urban Infrastructure Financing 2 Credits

Urban infrastructure – types. Management and governance of the infrastructure sector. Sources of financing infrastructure – internal (equity) and debt financing methods. Relevance of privatization, concessioning, armitage, joint venture, BoT (build, operate and transfer) ,BooT (built, own, operate and transfer), management – employee buyout, franchising, etc and other public – private partnership arrangements in infrastructure development in Nigeria or elsewhere. 30h (T); C

ESM 833 Issues in Land Economy I 2 Credits

Proprietary land unit (PLU), motives and complementarities. Proprietary land resources. Reciprocity of relationships. The law of proprietary magnitudes and universal provisions. Land grabbing. Upgrading squatter/slum settlements. Property and juridical theory. Property as power. Property and social theory. Land acquisition, compensation and human rights. Gender, pro- poor and HIV/Aids, patients‘ approaches to land management in Africa. 30h (T); C

ESM 834 Issues in Land Economy II 2 Credits

Predisposing function of Antecedents. The reciprocal relation of laterals. Land ownership. Property and land reform. Property and Land Nationalization. Land in a free society. Property and planning. Property and personality. Land conflict. Transport (Air, road, rail and water) management in Nigeria. 30h (T); C

ESM 836 Landlord and Tenant Relationship 2 Credits

Management of shopping centres, industrial real estate, office property and multifamily or multitenant property/estate. Creation of and different types of leases and tenancies; residential, industrial and commercial. Lease/tenancy Agreement (covenants); Express and implied. Enforcement of leases and tenancies. 30h (T); C

ESM 838 Property Insurance 2 Credits

Principles of insurance and loss adjustment in real estate. Principles and legal concepts in relation to insurance of buildings and plant and machinery. 30h (T); E

ESM 840 Business Property Management and Accounting 2 Credits

An overview of the schools of management and their application to property business generally. Forms of business organizations and their relevance to estate surveying and valuation practice. Why are partnerships failing in the country? Office Administration in Nigeria – Location, staff (professional and nonprofessional) recruitment, staff welfare packages, staff disciplinary process, etc. office overhead, administrative overhead, fixed expenses, variable expenses, break-even point. 30h (T); E

ESM 842 Housing and Facilities Management 2 Credits

Housing definition, right, economics and policy. Housing production and consumption. Nature and dynamism of housing market. Public intervention in housing. Facility management (FM) as a discipline and its definition, history of FM; functions of FM; areas of operation, FM as an aspect of property Management; property as corporate asset. 30h (T); C

ESM 843 Transparency in Land Administration 2 Credits

Land and governance – understanding and assessing transparency in land governance. Institutional and organizational ethics and reforms. Participatory methods and community knowledge on land awareness and understanding of transparency and development of indicators; disclosure management, and flow of information; professionalism and its development codes of ethics, incentive systems; and management systems; including regular and independent audits. 30h (T); C

ESM 844 Property Maintenance and Management 2 Credits

Lease structure and covenants. Negotiation of terms. Enforcement of covenants. Structure of the maintenance strategies and management. Maintenance economics and control system. Building maintenance systems – Fundamental principles of building maintenance management, objectives of property maintenance. 30h (T); E

ESM 846 Environmental Management 2 Credits

Environmental protection and problems of urban growth. Political and institutional response to growing environmental problems. Environmental control measures. Pollution control (Air, Noise, Water) – methods of pollution monitoring and control. The management of Water Resources – water availability and avoidance of flooding and water pollution. 30h (T); C

ESM 850 Property and Disaster Management 2 Credits

Definition of disasters. Disaster risk management. Disaster risk reduction, risk awareness and assessment. Early warning, hazard analysis, natural hazards, preparedness. Causes, prevention and management of flood, fire hazards, theft and burglary, and building collapse and others. The role of insurance company, fire fighters and disaster management office [National Emergency Management Authority (NEMA)] in disaster control. Climate change: adaptation for sustainable real estate practice in Nigeria. 30h (T); E

ESM 854 Application of Information Technology to Real Estate 2 Credits

Software applications and data sources used in the commercial real estate business. ARGUS valuation – DCF. Financial modeling using Microsoft Excel. Computer-aided software. Big data management in real estate research. Digital divide and real estate marketing. Building Information Management (BIM) for valuation purpose. The application of computer in property management. 30h (T); E

ESM 856 Sustainable Property Investment and Management 2 Credits

Sustainable development in property studies. Concept of sustainable development. Economics of sustainable design development and management; obsolescence and estate policy. Sustainable development agenda for the property sector and the interface with corporate social responsibility (CSR). 30h (T); C

ESM 858 Real Estate Finance 2 Credits

Mechanisms of Real Estate Finance. Sources of funds. Loan contracts. Principles of mortgage risk analysis. Role of government agencies. Latest developments in Nigerian mortgage industry – property unit trusts, investment trust; partnership schemes such as build, operate and transfer (BoT); build, own, operate and transfer (BooT); privatization; armitage and concessioning; joint venture; etc. 30h (T); E

ESM 860 Project Evaluation 2 Credits

Formulation of investment projects. Principles of cost benefit analysis for economic and social projects. Techniques and criteria for project selection. Measurement of risk and uncertainty. Sensitivity analysis, scenario, simulation. Contingent valuation Environmental Impact Assessment (EIA). The concept of environmental economics. The application of environmental development and sustainability in resource use. Theory of economic efficiency, social equity and ecological integrity. Economic theory of pollution. Cost/Benefit Analysis and Input-Output Analysis. 30h (T); E

ESM 862 Industrial Real Estate Valuation 2 Credits

History, economics and technology of industrial processing; effects on machinery design and manufacture. Industrial location and concentration in relation to sources of energy-markets, raw materials and labour. Development of transportation and the effect of industrial development on land use. Factory planning, layout and general characteristics. Concept of value as applicable to machinery and equipment (ME). ME Valuation Process. Purposes and bases of industrial (ME) valuation. Methods/Techniques of valuation. 30h (T); E

ESM 864 Asset Valuation 2 Credits

Asset – meanings. Comparison with ‗property‘ and ‗liability‘. Asset in relation to the use or trade. Purposes of Asset valuation. Bases and methods of valuation. Nexus between purpose, basis/bases and method(s) of valuation. Emphasis should be placed on financial, mortgage, insurance, auction reserve, rating/land use charge, development properties, development land use and investment valuations, etc. 30h (T); E

ESM 866 Real Estate Development 2 Credits

The development process: models of the development process. Stages of the development process. Stakeholders in the property development process – their duties and functions. Sources of finance for real estate development – comprehensive development. (Urban renewal or regeneration), public sector development. Partnerships between the private development sector, financial institutions and the public sector. The different methods of sharing costs, risks and profits. 30h (T); C

ESM 868 Project Management 2 Credits

Project management: definitions, nature (project vs. operations), life cycle costing, etc. project shareholders/participants and their functions. The project manager – role, functions professional liability, education/training. Project management in projects, project performance measurement. Contemporary issues in project management. Project management issues at the evaluation, preparatory, implementation and disposal stages of development. 30h (T); C

ESM 870 Real Estate Agency and Auctions 2 Credits

Real estate disposal – Marketing and selling: meanings /definitions with practical examples. Three methods of sale – private treaty (haggling) (open market), tendering systems and auctioneering. Marketing strategies and avenues including factors governing their performance. 30h (T); E

ESM 872 Environmental Law in Nigeria 2 Credits

The concept of environmental law. Sources of law. Legal and socio-challenge of environmental law. Sustainable development and environmental law. Pollution control and management. Waste management. Public health and environmental law in Nigeria. Environmental rights. Environmental protection and enforcement. International environmental law. 30h (T); C

ESM 874 Urban Governance 2 Credits

The concept of urban governance. Compare urban governance with inclusive city, urban management, urbanization and their attendant challenges. Land and housing governance – Land rights systems, land administration and land management, etc. Transport (Air, water rail and land/management. Environmental Management, security; human, vehicular traffic, properties, food, etc. Crime control. 30h (T); E

ESM 878 Corporate Real Estate Management II 2 Credits

Practical and strategic aspects of real estate management; commercial property, innovation and change. Incorporating property property outgoing (taxes, repairs, insurance, etc.); Property management and maintenance; Building cost appraisal; relevant factors in whether to buy or rent decision; Role of property in mergers and acquisition; Valuation of plant and machinery. 30h (T); C

ESM 899 Research Project 6 Credits

Each student is expected to write a project dissertation on a topic related to the core subjects of the courses, preferably on a topic of the candidate‘s professional interest. 270h (P); C

Graduation Requirements

M.Sc. candidates must register for all the core courses and select the specified electives in the two semesters. The pass-mark for each subject is 50%. An oral examination of the project will be conducted before a candidate becomes eligible for the award of the degrees. Regular attendance at lectures, seminars and tutorials are essential requirement for the programme. A candidate must have fulfilled the following conditions to be awarded the M.Sc. Estate Management degree:

Core Courses 24 Credits

Elective Courses 8 Credits

Total 32 Credits

I. Summary

Core Courses: ESM 801 (2); ESM 805 (2); ESM 807 (2); ESM 809 (2); ESM 811 (2); ESM

802 (2); ESM 827 (2); ESM 812 (2); ESM 818 (2); ESM 899 (6) = 24 Credits

Electives Courses: ESM 813 (2); ESM 815 (2); ESM 817 (2); ESM 819 (2); ESM 816 (2);

ESM 874 (2); ESM 834 (2); ESM 850 (2)

= 8 Credits

Total = 32 Credits

M.Sc. Estate Management

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