Property Rights in Nigeria
In Nigeria, for instance, the state of private property ownership is terrible. The right to own is firmly in the hands of the state as provided in section 1 of the Land Use Act (cap. L5 LFN 2004).
This section designates all land within a state to the Governor. But those in the rural communities are usually within the oversight of the local governments.
This is obviously one of the reasons why Nigeria ranks 116 out of 125 countries studied in the IPRI. But the benefits of individual ownership of property cannot be overemphasized.
No fair property rights = no free market capitalism, only crony capitalism.
Investment is insanely risky right now in Nigeria due to government corruption (cough career criminals)
when the rich and organised criminals are free
Like this criminal?
1. Chief Bola Ahmed Tinubu - Net worth: $8.4 billion (₦3 trillion 46 billion)
Bola Ahmed Tinubu - Lagos State Governor from May 1999 - May 2007 is the official richest politician in Nigeria. Apart from being the National Leader of the All Progressives Congress party, Bola Tinubu is also allegedly the owner of Oando PLC, the largest oil-producing company in Nigeria with a revenue of about ₦449 million.
The former Lagos State Governor takes hold of a fleet of high-end vehicles
The Jagaban of Lagos is married to Oluremi Tinubu, a senator representing Lagos Central Senatorial District. One of his children - Seyi Tinubu, was appointed as the emergency financial consultant to all parastatals and local governments in Lagos State. Bola Tinubu also reveals his ambition of becoming Nigeria's President in 2023.
The largest scandals of Tinubu include the lawsuit where Tinubu’s consultant company Alpha Beta is accused of N100bn money laundering, tax evasion and fraud by its Managing Director/Chief Executive Officer (Sep 2018). Just at the beginning of 2020, Bola Tinubu was charged for involving in a white heroin trafficking network operated in the US between 1988 and 1993.
Bola Tinubu's landed properties scattered across Nigeria are worth over ₦120 billion including the mansion worth ₦5 billion at Bourdillon drive, Ikoyi, Lagos. He owns a G-Wagon worth ₦600 million, 2 other Mercedes Benzes, a Range Rover, a Lexus LX 550 and other luxurious vehicles which are undisclosed. Let’s not forget his Bombardier Global Express XRS worth $60 million, it’s probably not his only jet.