Author's Name:	Oladejo E.I, Ukah Obiorah & Onyejiaka J.C.
Subject Area:	Social Science and Humanities
Subject	Other
Section	Research Paper

Devaluation, Real Asset, Niger Delta, Oil Pollution

Global challenges of failing real estate investments, falling market prices of real assets and the steady decline in environmental quality informed the need to study the concept of Real Asset Devaluation. This research was done with particular attention paid to developing countries like Nigeria. The objective of this study was to examine the impact of oil pollution on residential and agricultural property values in Ogoni land. Ogoni land was chosen as the study area due to incessant pollutions in the recent past. It is therefore expected that it would provide the much needed information for this research. The researchers worked with a sample size of 100, randomly selected 25 each from the four local government areas that make up Ogoni land representing a fine blend of both residential and agricultural properties. Field survey, oral interview and questionnaire were used for data collection. Multiple Regression analysis was used to study the relationship between environmental quality and property values. Likert scale was used to analyze the data and Z-test was also used to test the significance of the coefficient of correlation at 5% level of significance. Findings showed that oil pollution had a devastating effect on agricultural and residential property values. The researchers recommends (among others) that immediate and effective action should be taken by the oil companies responsible for the oil spillages in the host communities to clean up the affected areas; while effort should be made to repair all damaged pipelines and replace those that have exhausted their useful life so as to prevent future spillage.