The name for it has been around for quite a while. It is derived from the word, 'prebend'. Prebend has an old and religious origin. It is actually "the stipend assigned by a cathedral or collegiate church to a canon or member of the chapter".
In Yoruba context, it will be called Ìṣákọ́lẹ̀, which in urban language is something like ọmọ-onílẹ̀'s kind of operations.
Prebendalism is the word that describes out form of government.
You may also want to call it Encomemdalism, if you use South American history in the shadows of Spanish conquistadors as context.
Ọmọonilẹ̀ism.
Iṣakọ́lẹ̀sy.
The form of government where the rulers just use the land and people as a revenue source to enhance their own income and those of their cohorts as a class. Membership of the class is however open and this feeds the hopes and aspirations of the people such that they do not agitate for major changes since they see in it prospects for their own good fortune and better outcomes.
The defining character of this form of government is that the comfort and compensation of the ruling clique is the essence and policy of state. However, this goal must be fashioned around pretexts that makes a show of putting the people first.
