The National Office for Technology Acquisition and Promotion (NOTAP) has clarified that inventors hold exclusive rights to their intellectual property for a maximum of 20 years. After this period, the rights to the invention is then transitioned to the public domain, allowing anyone to use the work without restrictions.

Obiageli Amadiobi, the Director General of NOTAP, made this announcement during a press conference held in Abuja to mark the African Day for Technology and Intellectual Property. The event, themed “Leveraging Technology and IPRs to Drive the Renewed Hope Agenda,” addressed ongoing debates surrounding intellectual property rights, particularly in the music industry and the necessity of securing permissions from original creators.

Amadiobi highlighted that this commemoration follows a 1999 resolution by the Organisation of African Unity (now the African Union), aimed at promoting the domestication of technology and strengthening intellectual property rights in African countries.

In her speech, she emphasized the role of technology and intellectual property rights in nation-building and wealth creation, stating that these systems foster creativity and innovation. She encouraged young inventors and innovators to develop indigenous solutions to the challenges facing Africa, which would, in turn, help eradicate poverty and promote sustainable development.

Amadiobi explained, “Intellectual Property refers to the creative works of the mind, including literary and artistic pieces, which belong to the creator. These works can only be transferred or sold with the innovator’s permission. However, the exclusive rights to such creations are limited to 20 years in the case of patents. After this period, the invention enters the public domain and can be utilized by anyone.”

She also reiterated the significance of intellectual property in international trade relations, as recognized in the World Trade Organization’s Trade-Related Aspects of Intellectual Property Rights (TRIPS) agreement, which Nigeria has been a party to since 1995. With knowledge becoming increasingly vital in the digital age, Amadiobi hailed the African Union’s decision to commemorate the importance of technology and intellectual property as a key driver of sustainable development in Africa.

The Central Bank of Nigeria (CBN) has instructed all Payment Service Providers to route transactions from Point of Sale (PoS) terminals, both physical and electronic, through a CBN-approved Payment Terminal Service Aggregator (PTSA). This directive, accompanied by a 30-day compliance window, aims to improve the tracking and monitoring of electronic transactions across the country.

This new regulation seeks to decentralize PoS transaction routing, addressing concerns over the previous centralization under a single entity. The CBN issued the instruction in a circular signed by Oladimeji Yisa Taiwo from the Payments System Management Department.

The circular emphasized that PoS transactions from both merchants and agents must be processed through any PTSA licensed by the CBN. Additionally, PTSAs are required to send transactions to processors certified by the relevant payment schemes and licensed by the CBN.

The circular read, “To achieve the objective of tracking electronic transactions in Nigeria, the Central Bank of Nigeria, in August 2011, granted a Payment Terminal Service Aggregator licence to Nigeria Interbank Settlement System Plc. In furtherance of the above, the CBN hereby directs acquirers to route all transactions from PoS terminals at merchant and agent locations, whether on physical or electronic PoS terminals, through any CBN-licensed Payment Terminal Service Aggregator.”

“PTSAs are required to send PoS transactions to only processors certified by the relevant Payment Scheme, nominated by the Acquirer, and licensed by the CBN.”

This development comes after the September 5th deadline for PoS agents to register their businesses with the Corporate Affairs Commission (CAC). Despite legal challenges, the CAC recently announced that it has begun shutting down unregistered PoS businesses that failed to register.

The directive on PoS business registration comes against the backdrop of frequent fraud incidents involving PoS terminals and the Central Bank of Nigeria’s plans to prevent trading in cryptocurrency or virtual currency.

According to a report by Nigeria Inter-Bank Settlement System Plc, PoS terminals accounted for 26.37% of fraud incidents in 2023.

Vice President Kashim Shettima visited Borno State to assess the devastating impact of the recent floods, which have displaced thousands and severely affected critical infrastructure, including the Maiduguri Teaching Hospital, the government house, and the post office. The flooding, triggered by the collapse of the Alau Dam and an overflow of water from its spillways, has submerged several neighborhoods in Maiduguri and nearby towns, including the palace of the Shehu of Borno.

Wild animals, such as snakes, crocodiles, and ostriches, have been spotted roaming the streets after being displaced from the state zoo. The most affected areas, including Fori, Galtimari, Gwange, and Bulabulin, have seen homes swept away and streets turned into rivers.

As the former governor of Borno, Vice President Shettima expressed deep concern for the flood-affected communities and pledged swift federal intervention. He assured the residents that President Bola Tinubu’s administration is committed to immediate relief efforts and long-term solutions to mitigate future disasters.

In a statement by Stanley Nkwocha, Senior Special Assistant to the Vice President on Media and Communications, Shettima emphasized that President Tinubu has outlined a comprehensive strategy to address the root causes of recurrent flooding and other environmental challenges. He acknowledged that the disaster is a stark reminder of Nigeria’s growing threat of climate change.

The Vice President assured that the government is ramping up interventions in flood-prone regions, focusing on community protection, agricultural preservation, and reinforcing key infrastructure. Shettima also stressed the importance of national unity in overcoming the aftermath of such disasters and reiterated the government’s commitment to finding sustainable, long-term solutions to these issues.