TWO SIMPLE POLICIES THAT CAN LIBERATE ALL NIGERIANS.
Two major laws holding us back as citizens in Nigeria are the Land Use Act and the Nigerian Minerals & Mining Act (NMMA 2007).
While the Land Use Act vests ownership of all land in the respective State governments, the Nigerian Minerals & Mining Act vests control, regulation and ownership of all mineral resources in the federal government.
As a geoscientist with a keen sense of global political and wealth history vis-a-vis land & mineral resource ownership, I have observed that countries, where individuals and communities have all rights and authority over land and resources in their domain, have a higher percentage of prosperous individual capitalists.
Land and mineral resource ownership is very basic and vital to your prosperity as an individual and that of your unborn generation.
The Land Use Act allows the government take your land from you even with a valid C of O & compensates you for only the structures on it anytime the government have need of that land whether for road construction or to build a conservation park, reserve, military base or anything and you are compelled to give that land to the government. Also when you purchase a land, you only have a right to that land for 99years after which the land reverts back to government ownership.
Now imagine how rich you can get if the government has to buy your land from you at market price whether or not you have structures on it and you had the right to refuse to sell. Imagine you don’t get to pay for your land again after 99years. This land asset when properly liquidated without a Land Use Act can help you set up other billion naira enterprises or could be invested in other opportunities such as Mutual Funds, Treasury Bills, ETFs, Venture Capital Firms & Startups. You secure your future retirement and secure the future of your unborn generation even up to the fourth generation.
This is what is obtainable in advanced capitalist climes like the USA, Canada etc. This is why we should demand and vote for candidates who will abolish the Land Use Act.
Now let’s talk about the Nigerian Minerals & Mining Act (NMMA). In case you don’t know, this is a grand theft by the Federal Government of its citizenry. If you don’t have rights to the minerals in your land, how fast can you become established and financially free. In the United States, there’s a law that separates ownership of land from ownership of the resources beneath the land. That means, you can own the land, but another individual has 100% rights to the resources beneath it.
Any business that intends to extract resources from that land, will have to pay royalties to the individual owner of resources beneath the land and not the owner of the land. So if you go to purchase a land, you have to check with the Local Land Bureau who owns the resources beneath the land or if the current owner of the land also owns the resources beneath.
If individuals have rights to ownership of mineral resources, royalties from exploitation of those resources are 100% payable to the resource owner, and business taxes are only paid to the government. Now imagine, you got Petroleum, gas, solid minerals in your land, and all royalties are payable to you and you alone. Imagine the companies exploiting these resources are compelled to have your children in their employ. Imagine these companies have to sponsor your wards to university level as part of the contract agreement. As unbelievable as these may sound, this is what is obtainable in western counties especially USA. These royalties collected by individuals and communities who own the resources can be used to invest in Global Wealth Funds such as Blackrock or you can even set up your own Wealth Fund to rival Blackrock. Your generations unborn will never lack. This is what the draconian Nigerian Minerals & Mining Act deprives from individual citizens.
As election year approaches, let us realize that the region or political parties the candidates come from is not as important as the policies they stand for. Resource Control, True Fiscal Federalism, abolishment of the Land Use Act and the Nigerian Minerals & Mining Act.
These are the chains we need to break to liberate us as citizens. Do you know the number of millionaires will increase exponentially without harming the wealth of already established class if these policies are pursued?
This is why I chose to vote Prof Kingsley Moghalu who stands for and has clearly demonstrated his determination to pursue these policies. Does your candidate choose to pursue these policies too?
Written by Nsenam UDOH (Technical Writer, Venture Capitalist, Futurist, Tech Enthusiast, Geoscientist)