USE OF RIGHT OF OCCUPANCY AS A SECURITY FOR ADVANCES AND ITS ROLE IN LAND DEVELOPMENT IN NIGERIA

Abstract

Land is a veritable source of wealth in Nigeria that provides the physical bedrock for all communal social and economic interaction and as such, government, corporate organisation, and individual strives to own, hold, lives in and use land. One major means of owing, occupying and using land outside allotment, inheritance, lease; mortgage is through the grant of Right of Occupancy. The Right of Occupancy is a creation of the Land Use Act 1978 which likened it to a trust relationship wherein, the Governor is the trustee/owner while the citizens are the beneficiaries/owners of the land. The right of occupancy is a grant of term of years to a citizen to hold, occupy and use a particular land. This work basically examines the right of occupancy and demonstrates how the right of occupancy is used as advances for security and development of land in Nigeria. The work adopts analytical and doctrinal research method. It reveals that the right of occupancy is used as collateral for loan and generation of revenue. It argues that arbitrary revocation of right of occupancy and high cost of obtaining consent are the bane of the right of occupancy. It recommends amongst others the reduction of incessant revocation of right of occupancy of and use of mandamus to compel Governors to grant right of occupancy.