UNDERSTANDING THE CONCEPT OF OWNERSHIP OF MINERALS VIS-VIS THE COMPLICATIONS OF DERIVATION FORMULA IN NIGERIA

The topic understanding the concept of ownership of minerals vis-a-vis the complications of derivations formula is bom out of the present controversies and contradictions inherent in Nigeria’s body polity consequent upon the economic policies and challenges of the present day Nigeria. This work takes an overview of the concept of ownership of mineral resources in Nigeria, the interest that comes along with revenue generated from the minerals particularly the crude oil. The work will analyzed the concept of ownership of minerals in Nigeria and various concepts of ownership in other jurisdictions. The concept of derivation formula in Nigeria and the challenges therein. Other uses analyzed include the complications of the derivation formula, political dimensions associated with it and the dissatisfactions of the Niger Delta people with the current derivation formula. This also involves the call for a review of the derivation formulary existing in the country. The research methodology adopted here is the doctrinal method (or library based search method) which consists of legal texts, journals, statutes, case law and newspapers properly acknowledged. The findings and recommendations are also included.