News
FG Secures 340 Patents for Indigenous Inventors
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Geoffrey Nnaji, the Minister of Innovation Science and Technology, said Nigeria can only derive maximum economic benefits from patents when translated into services for economic growth.
He stated this during his official presentation of patent certificates to researchers and inventors facilitated by the National Office for Technology Acquisition and Promotion (NOTAP) in Abuja
The minister explained that since 2010 till date NOTAP has secured 340 parents for indigenous inventors and researchers. “I am reliably informed that from 2010 to date, NOTAP has been able to secure about 340 patent certificates for inventors and researchers of tertiary and research institutes and individuals.
“Let me also congratulate the recipient of these certificates facilitated by NOTAP. I equally wish to emphasise that this is just the first step in reaping the economic benefit of your inventions. The nation can only derive maximum benefit from your efforts, if your patents translate into products/services for economic growth.”
“Intellectual property in the form of technological innovation has today become the basis of international power structure. The speedy industrialisation of the country and its economic growth depend largely on the efforts of our researchers.” he emphasised
Earlier speaking, Dr. Oby Amadiobi, the Director General, National Office for Technology Acquisition and Promotion (NOTAP), reaffirmed that the agency is committed to technology and innovation advancement in the country
She added that since inception, NOTAP has remained committed to this goal, and have successfully facilitated the issuance of over 340 patent certificates.
“Our intervention in this space is driven by a clear purpose; to reduce the financial burden on academicians and researchers so they can focus on the essential tasks of research and innovation.
“We recognize that the process of securing intellectual property rights can be costly and complex, and this often poses a significant challenge for many inventors, especially within the academic community.
So, stepping in to support this process through assisting in evaluation and drafting of patent applications, payment of necessary patenting fees, NOTAP ensures that our researchers can channel their energy and resources into creating solutions that address societal challenges and contribute to national development.
The DG celebrated the awardees, saying their creativity, resilience and commitment are shining examples of what is possible when talent meets opportunity.
NOTAP secured a total of 21 patent certificates for some individuals, groups and the academia, which they promise to monitor and commercialise their products or services to improve the nation’s economy.
One of the recipients, the founder of Horizon International University, Efon Alaaye, Ekiti State. Prof. Ajibade Abiodun who spoke, said they “patent owners” need protection because their inventions and Innovations will not be welcomed by market forces.
News
SEC Urges State Governments to Explore Investment Opportunities in Capital Market
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As part of strategies to harness the potentials inherent within the various states for wealth creation, the Securities and Exchange Commission (SEC) is to embark on investor education for state governments across the country.
Dr. Emomotimi Agama, the Director General of SEC, disclosed this during a meeting with a team from the World Bank Group and the International Finance Corporation (IFC) in Abuja.
He stated that the Commission would approach the state governments to help them understand the many opportunities in the capital market, and strive to enhance their understanding of financial markets, investment strategies, and regulatory frameworks.
According to him, “Imagine setting up factories that will produce goods that can be exported and earning foreign exchange. A lot of Nigerians would be employed and that would lead to wealth creation and economic development.
“That is why the Commission will continue to emphasize education, because if they do not know, there is little they can do until they know. Sometimes it is not because they don’t want to do it, it is just because they don’t know and it is our responsibility to give this vital knowledge for wealth creation.There are some states in the country that are so rich but nothing is happening there. All of their wealth is in the ground.”
He added that the strategic approach will commence soon with the Executive Council of a state in northern Nigeria, to speak to them about the opportunities in the capital market.
“We will create guides, reports, and policy briefs that explain capital market opportunities for state governments, we will translate complex financial concepts into simple, actionable insights and we will use case studies from Nigerian states that have successfully raised capital through bonds or attracted investments in the capital market.
“We believe strongly that if we go out and speak to these people, get them into understanding exactly the benefits and how it is important, get them to manage their own assets meaningfully well, and harness them for greater economic growth for the states, things will begin to change, it is our responsibility to change the narratives and we will keep at it,” he said.
Speaking earlier, Mr. Tom Ceusters, Director, Treasury Market Operation IFC, said the delegation of the World Bank Group and IFC were on a two weeks mission to Nigeria to have deep conversations with regulators and organisations in the financial sector with a view to coming up with plans to help their endeavours.
News
Meta to Begin Layoffs Across All Operations from Today
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Meta Platforms, the parent company of Facebook, Instagram, and WhatsApp, is set to implement company-wide layoffs starting Monday, February 10, 2025.
Notifications will begin at 5 a.m. local time in most countries, including the United States.
However, due to local regulations, employees in Germany, France, Italy, and the Netherlands will be exempt from these cuts.
Staff in over a dozen countries across Europe, Asia, and Africa will receive their notifications between February 11 and February 18.
The layoffs are expected to affect approximately 5% of Meta’s workforce.
They will target the company’s lowest performers in what is termed “performance terminations.”
This move is part of Meta’s broader strategy to streamline operations and focus on key areas of growth.
Concurrently, Meta is expediting the hiring of machine learning engineers and other essential engineering roles.
The hiring process is scheduled to take place between February 11 and March 13, aligning with Meta’s strategic priorities for 2025.
Unlike previous company-wide layoffs, Meta plans to keep its offices open on Monday and will not issue any additional updates regarding the decisions.
The company has declined to comment further on the internal memos detailing these plans
News
NEMSA, NAICOM Sign Agreement to Boost Electrical Safety, Insurance
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The Nigerian Electricity Management Services Agency has signed a Memorandum of Understanding with the National Insurance Commission to enhance electrical safety compliance in residential, commercial, and industrial buildings, as well as ensure adherence to insurance policy requirements for these structures.
A statement issued by Ama Umoren, NEMSA’s Head of Communications and Protocol Unit, on Sunday in Abuja, stated that the MoU establishes a collaborative framework between NEMSA and NAICOM to ensure that as a pre-condition, all electrical installations in residential, commercial, industrial premises, hazardous locations, industries and factories are duly certified by NEMSA before the Insurance Policy is processed by all Insurance Companies.
It stated further that the partnership between NEMSA and NAICOM aligned with the Federal Government’s commitment to strengthening the reliability and safety of Nigeria’s electricity sector.
The NEMSA’s Managing Director/Chief Executive Officer, Engr. Aliyu Tukur Tahir, while speaking during the signing ceremony, emphasised the importance of this collaboration in mitigating risks associated with electrical accidents and infrastructure failures.
“This partnership with NAICOM is a significant step towards ensuring that all electricity consumers, operators, and investors adhere to the highest safety and risk management standards.
”By integrating insurance compliance into electrical safety enforcement, we are safeguarding lives, investments, and the overall integrity of the power sector,” he stated.
Tukur, who is also the Chief Electrical Inspector of the Federation, said going forward, ‘’It will also be a requirement by NEMSA that all Facility Applicants of its statutory inspection, testing and certification, should ensure that their Facilities are insured with Insurance Companies, for safety and mitigation of risk.”
On his part, the Commissioner for Insurance and Chief Executive Officer of NAICOM, Mr Olusegun Omosehin, reiterated NAICOM’s commitment to ensuring that all power sector players embrace insurance as a critical risk management tool.
“Insurance plays a crucial role in cushioning the effects of electrical hazards and infrastructure-related incidents. Through this MoU, we will work closely with NEMSA to enforce compliance with relevant insurance policies, ensuring that the power sector operates with adequate risk mitigation mechanisms in place,” he said.
The collaboration will involve joint awareness campaigns, regulatory enforcement, and information-sharing initiatives to promote electrical safety and insurance adoption across the power sector.
This strategic partnership marks a milestone in the drive to enhance safety, reliability, and sustainability within Nigeria’s electricity industry and the country at large.
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