Examination of some Legislations Referencing Acquisition of Rights for Oil Exploration, Prospection and Mining in Nigeria

Abstract

There are doubts as to the adequacy and content of the plethora of Legislations (Laws) with particular reference to the acquisition of oil rights for exploration, prospection and mining in Nigeria.  In this article, some legislations relating to acquisition of oil rights in pre-Nigeria State and post-Nigeria State are examined - that is during colonial era and post colonial era.Analysis of practical implications on the interests of investors and the generality of Nigerians have been placed in focus.  The role of the Petroleum Minister in granting or refusing to grant the required licenses and leases to the intending investors is also examined. In the end, it is found that there are adequate legislations. However, implementation, enforcement and reviews of such legislations were found to be very weak or non-existent.Recommendations aimed at better, more efficient and effective oil rights acquisition regimes portraying international best practices are suggested for developmental purposes.

Keywords: Nigerian Legislations, Acquisition, Oil, Exploration, Prospection, Mining, Rights.