Intellectual Property is an important asset, and its value can only be fully realized and enjoyed when fully protected. Nigeria has proven to be a major global hub for innovations in tech, music, movies, etc. The Nigerian FinTech and music industries’ annual monetary worth is said to be about $545 Million and $45 million, respectively. The Nigerian economy supports and values creativity and innovation, and as a result, our laws make provisions for the protection of intellectual property. Intellectual Property includes trademarks, patents, copyrights, and trade secrets, which all form valuable assets that impact the value ascribed to a company, for example, in the event of an acquisition or disposal.
The protection of IP in Nigeria is mostly governed by the Trademark Act, and the Patents and Designs Act, and the agency responsible is the Trademarks, Patents, and Designs Registry of the Federal Ministry of Trade and Investment.
Nature of Intellectual Property
According to the World Intellectual Property Organisation (WIPO), Intellectual Property (IP) refers to creations of the mind, such as inventions; literary and artistic works; designs; and symbols, names, and images used in commerce.
A person’s Intellectual Property may be protected by a patent, copyright, or trademark. A patent protects your inventions, such as when you invent something innovative, i.e., new software, e.g., ChatGPT. A trademark protects the name, logo, and symbols pertaining to your products or brand. Copyright protects your original works, such as literary, musical, dramatic, and artistic works, sound recordings, and broadcasts, including songs, movies, published articles, computer programs, novels, etc. Patents and trademarks must be registered before they can be protected from infringement or unauthorized use in Nigeria. Even though copyright can be registered in Nigeria, registration is not mandatory, as original works are automatically protected when they are reduced into a definite form of expression from which they can be perceived, reproduced, or communicated directly or with the aid of any machine or device.
The Benefits of Protecting Your Intellectual Property
Intellectual property is an asset, and as a result, it can be stolen, copied, adapted, and infringed upon in any possible way if not properly protected under the appropriate system created for its protection. The infringement would also not be redressable if the intellectual property is not protected. A well-protected intellectual property right guarantees the owner the following benefits:
It protects your creativity as the author of the work. Protecting your intellectual property ensures that your creativity is not taken advantage of without your authorization, thus leading to a loss of patronage from customers and a loss of revenue.
IP protection gives you a right to the exclusive use of your intellectual property. Any unauthorized use by any other person is an infringement that gives you the right to proceed against them to stop the unauthorized use and claim damages.
Protecting your intellectual property protects your brand against reputational damage. Your intellectual property, such as your brand name and logo, distinguishes your business and sets it apart from your competitors. If your intellectual property is not protected, counterfeit goods could be sold or poor services delivered with your brand name and logo which would affect the reputation and overall goodwill of your business.
It is a source of revenue or income. IP helps you make money when you license, sell, or commercialize your creations or inventions.
IP can be used as a security, for example, when raising funds for your business. For instance, patents of an invention can be used as collateral for securing loans.
How to Protect Your IP in Nigeria
It is very important that you take adequate measures to ensure you do not disclose your IP to anyone before they are fully registered. Your IP can be protected by registering it with the Trademarks, Patents, and Designs Registry and the Nigerian Copyright Commission (NCC). For start-ups seeking investors, this should be done even before pitching your idea to any investor. Disclosure of your IP before registration could prejudice or affect your rights over the IP if someone registers it before you. Most IPs, for example, trademarks and patents, operate on the basis of the “first to file” principle. Also, ensure that your works that are eligible for copyright protection are fixed in a definite form of expression before passing them on to any other person.
Remedies for Breach of IP
The owner of an IP can seek available remedies in the court having jurisdiction where his IP has been infringed. The remedies available include:
Damages or accounts of profits. Damages could be awarded to compensate for the loss suffered as a result of the infringement. Alternatively, an account of profit could be ordered to enable the IP owner to recover all the profits made by the infringer from the unauthorized use of the IP.
This remedy operates to stop the infringer from continuing the unauthorized exploitation of the IP.
Delivery is up for destruction. The court could make an order mandating the infringer deliver the infringing products and the devices used in making them for destruction.
Conclusively, Intellectual Property is an important asset, and its value can only be fully realized and enjoyed when fully protected. Nigeria has proven to be a major global hub for innovations in tech, music, movies, etc. It is very important that you take adequate measures to ensure you do not disclose your IP to anyone before they are fully registered. Start-ups have to be particularly careful with their IP before pitching to investors. In the event that a protected IP is infringed, there are remedies available to the IP owner in the form of damages, an injunction, and the destruction of the infringing products.