G.O. SODIPO AND CO.

NEWSLETTER

JUNE, 2014.

In this quarter’s newsletter we take a look at Technology Transfer Agreements and the requirements of the National Office for technology Acquisition and Promotion (NOTAP), highlighting the necessary information any company engaged in bringing in technological products and service’s needs in other to pay for or remit money to the foreign technology owner, while simultaneously ensuring legal and tactful protection and control of useful/beneficial technological solutions that have been brought in.
It is pertinent to note that the technology transfer need not be from a Foreign company into Nigeria, it could also be from an inventor, for instance a professor from the Research and Development Department of a Nigerian University, seeking to transfer his/her invention to a Nigerian Entrepreneur for commercialization, an example of this could be for instance General Dr Ovadje who invented a lifesaving machine in the year 2000, connecting with Investors to produce his invention on a larger scale.
Prior to such commercialization,(which could be in the form of an outright sale, self-actualization, franchise, gift or licensing) the technology inventor would need to protect its intellectual property either via registration of the work at the Patent and Designs Registry, the Trademark Registry or the Nigerian Copyrights Commission.