Ownership is the right to the exclusive enjoyment of an estate. It involves activities and actions which confers proprietary power being exercised by a person or group of person.
The concept of the ownership of land implies the exclusive management, control and enjoyment of certain benefits from land namely; the right to use land, to receive income from it, to exclude others from it and to transfer it to another person by way of sale, lease, will pledge or gift.
There are 5 ingredients which facilitate Estate Ownership:
- There must be an owner: This is a person or group of people capable of exercising power or authority over an estate in accordance with the law and custom. In Nigeria only a major can own, the minor cannot own, the lunatics can’t.
- There must be an object to be owned: This refer to the fact that the subject of ownership is certain and must have economic value that confer special privilege on the owner.
- Intention to own: Ownership brings responsibilities which must must be exercise.As an owner, one must be able to maintain this control for ownership to be achieved and refers to the degree of interest.
- There must be people with competitive right: Competition brings value one may not know the worth of what he have, until he has lost it.
- It must be backed by law: The essence of ownership lies in a right which law or custom will uphold.