THE REASSESSMENT OF THE LEGAL INCIDENCE OF POWERS, RIGHTS AND RESTRICTIONS OF HOLDERS OF LICENCES/LEASES IN THE PETROLEUM SECTOR IN NIGERIA
There exists rights, powers and restrictions on the holders of the petroleum licences in the Nigerian Petroleum Industry, but these rights and powers are whittled down by the provisions of the Petroleum Act and other relevant legislations. The constitution vests the ownership of mineral resources to the Federal Government and by the Land Use Act, all lands are vested in the State Government. The rights and powers of the holders of the licences/leases can be revoked but must be done in accorda...