Compensation under sub-section (1) of section 28 of the Act would be as respects:- (a) the land for an amount equal to the rent if any paid by the occupier during the year in which the right of occupancy was revoked, i.e. 1979; (b) buildings, installation or improvements thereon for the amount of the replacement cost of the building, installation or improvement, that is to say, such cost as may be assessed on the basis of the prescribed method of assessment as determined by the appropriate officer less any depreciation together with interest at the bank rate of delayed payment of compensation and in respect of any improvement in the nature of reclamation works being such cost thereof as may be substantiated by documentary evidence and proof to the satisfaction of the appropriate officer; (c) crops on land apart from any building, installation or improvement thereon, for an amount equal to the value as prescribed and determined by the appropriate officer.
— Obaseki, JSC. Foreign Finance Corp. v Lagos State Devt. & Pty. Corp. & Ors. (1991) – SC. 9/1988