Author: user user

Supreme Court has struck out an appeal filed by Economic and Financial Crimes Commission to overturn the acquittal of Dismass Adoon, former aide to former Director-General of Nigerian Maritime Administration and Safety Agency, Patrick Akpolobokemi.

The panel was led by Justice Mohammed Garba, with Justices Chioma Nwosu-Iheme, Haruna Tsammani, and Jamilu Tukur concurring.

In its September 25 ruling in Appeal SC/ML/29/2025, Supreme Court struck out EFCC’s motion after prosecution withdrew it, holding the case could not proceed any further.

The legal tussle originated at Federal High Court, Lagos Division, which, in 2019, convicted Adoon on counts of conversion contrary to Section 15(1) of Money Laundering (Prohibition Amendment) Act.

He was sentenced to seven years’ imprisonment on each count, with an option of a N7 million fine per count.

Adoon challenged the decision at Court of Appeal, Lagos.

In its unanimous judgment, the court held that the prosecution failed to prove its case beyond reasonable doubt.

Justice Chidi Uwa ruled that Section 15 of the Money Laundering Act is not a strict liability offence and requires proof of knowledge or intent.

The court found that Adoon, as personal assistant to NIMASA’s chief, was responsible only for managing schedules, visitors, and itineraries.

He neither participated in meetings nor in tender processes or committee accounts.

Consequently, there was no evidence he knew or ought to have known that the funds iwere unlawfully obtained.

Emphasising the principle that any doubt in a criminal trial must be resolved in favour of the accused, the appellate court set aside the trial court’s conviction and acquitted Adoon on all counts.

Dissatisfied with the decision, EFCC approached Supreme Court, seeking to overturn the acquittal and reinstate the conviction.

However, following the withdrawal of its motion dated February 4, Supreme Court struck out the appeal, thereby leaving the acquittal intact.

On Saturday, October 11, 2025, the picturesque town of Ile-Isoya in Ife, Osun State, played host to an array of high-profile guests and a significant cultural event as media entrepreneur and public relations expert, Oladapo Adekunle Sofowora, was honoured with the chieftaincy title of Bashorun Ile-Isoya Ife.

The ceremony, presided over by His Royal Majesty, Oba Muriana Adedinni, the Asoya of Ile-Isoya Ife, coincided with the Oba’s 15th coronation anniversary, marking a double celebration steeped in tradition and significance.

The installation rites commenced in the grand palace, where many dignitaries and fellow kings gathered to witness this momentous occasion. Dressed in vibrant, traditional Aso-Oke attire adorned in wine and green hues, Oladapo was accompanied by his wife, Mrs Adunola Sofowora, mother Mrs Olufunke Sofowora, Aare Bashir Olawale Fakorede, and Princess Toyin Kolade Iyalaje Oodua as they participated in rituals that underscored the rich cultural heritage of the Yoruba people.

The ceremony was imbued with prayers and blessings, culminating in Oladapo being crowned with a ceremonial chieftaincy cap. The Asoya presented him with intricate neck and hand beads, a staff, and an official certificate, affirming his new position as Bashorun Ile-Isoya.

A successful businessman, media consultant, and the founder of Rudder Blade Global Company, Oladapo made it a point to celebrate this significant milestone with an extravagant reception that welcomed friends, family, and associates. The soirée was a lavish affair, featuring an impressive array of high-end beverages and a culinary feast that delighted all attending guests. He spared no cost to ensure everyone who attended was treated like royalty.

The London School of Journalism-trained publisher of Cityspy Newspaper took the opportunity to express his gratitude for the title, which he believes reflects his unwavering commitment to the development of Yorubaland and, by extension, Nigeria. His contributions to cultural initiatives and developmental programs locally and abroad have been pivotal in uplifting the Yoruba community.

In 2024, Oladapo was recognized with the UNESCO Children of African Descent Award in New York, a testament to his dedication to social causes and the fight against human trafficking. Following the installation ceremony, he was graciously received by Ooni of Ife, His Imperial Majesty Ooni Adeyeye Enitan Babatunde Ogunwusi Ojaja II CFR at his majestic palace in Ile-Ife. The Ooni offered prayers and heartfelt congratulations, urging Oladapo to continue prioritising the interests of Yorubaland and to uphold the cherished Omoluabi Mantra, which emphasises integrity, honour, and community-oriented values.

This historic event not only solidifies Oladapo Sofowora’s rightful place within the cultural tapestry of Yoruba tradition but also inspires a renewed focus on collective growth and development for the region.

The House of Representatives on Wednesday resolved to investigate why the government-funded modular refinery in Brass, Bayelsa state, has failed to commence despite an investment of about 35 million dollars in the project.

This followed a motion of urgent public importance sponsored by Billy Osawaru (APC, Edo), alleging that despite the investment, there is nothing on the ground to suggest that the government has made such a huge investment.

In view of the motion, the House directed its committee on Downstream and Midstream to investigate the circumstances surrounding these huge financial commitments to the tune of $35m, with nothing on the ground to suggest such a huge investment.

Leading the debate on the motion, Osawaru argued that an increased revenue base for the nation reduces the pressure on the foreign exchange regime and lowers the debt burden, especially as it relates to budget financing.

According to him, it was in the light of the above that the Buhari administration graciously embarked on the need to encourage the funding of modular refineries in the Niger Delta region.

He maintained that under President Bola Ahmed Tinubu’s Renewed Hope Agenda, indigenous refining has been identified as a key driver of energy independence, job creation, and industrial revitalization.

He said the key objective of the present administration is to ensure energy security through improved oil production output in order to increase the Nation’s revenue base, and that every available opportunity has been geared towards this objective.

He explained that sometime in 2020, the Nigerian Content Development and Monitoring Board (NCDMB) invested the sum of Thirty-Five Million Dollars ($35 million) in Atlantic International Refinery and Petrochemical Limited – a modular refinery to be located in Brass, Bayelsa State.

He expressed concern that despite this huge investment of $35 million dollars which is more than N50 billion and enough to fund fundamental components of the national budget, the proposed modular refinery was never set up, adding that there is nothing on the ground to show that such a huge financial commitment had been made.

He disclosed that despite the move by the House to unravel the mystery behind this wastage by mandating its relevant committee to investigate the monumental economic sabotage, nothing has been heard in respect of the subject matter.

He said, ‘In May 2024, a stakeholder submitted a petition to the Economic and Financial Crimes Commission (EFCC) urging the anti-graft organization to probe the multi-million dollar investments made by the Nigerian Content Development and Monitoring Board (NCDMB) among which was the Atlantic Refinery project; and that despite this noble move by the said stakeholder, nothing has been heard about this profound national waste almost a year ago’.

He said the continued inactivity of this Brass modular refinery project raises significant questions about the management of public funds and the effectiveness of oversight mechanisms in Nigeria.

Former federal lawmaker, Ben Murray-Bruce, who represented the Bayelsa East Senatorial District, has announced his resignation from the Peoples Democratic Party (PDP).

He made the announcement on Wednesday in a statement he signed and posted on his Facebook page.

Murray-Bruce lauded the President Bola Tinubu-led administration, stating that for the ‘first time in our nation’s history, we have a President who truly understands finance, who sees the economy not as a political slogan, but as a living organism that must be disciplined, deregulated, and allowed to breathe’.

He expressed confidence in Tinubu’s ongoing economic reforms, describing them as the foundation for the country’s future prosperity.

Murray-Bruce, who has known Tinubu since 1998, praised the president’s deep understanding of finance and commitment to a free-market economy.

‘I have known President Asiwaju Bola Ahmed Tinubu since 1998. I know the man’s mind, his courage, and his conviction. He is not driven by applause; he is driven by results. And today, I can boldly say to you that he is on the right track.

‘For the first time in our nation’s history, we have a President who truly understands finance, who sees the economy not as a political slogan, but as a living organism that must be disciplined, deregulated, and allowed to breathe.

He highlighted the administration’s efforts to stabilize the economy, strengthen the naira, and restore investor confidence through professional leadership at the Central Bank of Nigeria.

Murray-Bruce also commended Tinubu’s national security reforms, noting that the appointment of the National Security Adviser has significantly improved Nigeria’s safety architecture, with insecurity being ‘quietly and systematically dismantled.’

‘The painful reforms we face today are the very foundation of tomorrow’s prosperity. We are moving into a free-market economy, one that rewards hard work and innovation instead of dependency and distortion.

‘Look around you: under this administration, the appointment of the National Security Adviser has redefined our national safety architecture. Insecurity is being quietly and systematically dismantled. The Central Bank, now professionally steered, is stabilizing the economy, rebuilding confidence, and restoring the dignity of the naira.

‘Our foreign policy is again respected. Our fuel supply is deregulated. We will never again live through the humiliation of fuel scarcity. The numbers are beginning to speak, investments are returning, and the world is watching Nigeria rise again.

‘And beyond economics, Bola Tinubu’s infrastructural drive is unprecedented; from massive road networks to modernized ports, airports and housing schemes springing up across the nation. These developments are not just concrete and steel; they are the arteries through which growth and opportunity now flow.

‘I know it is still a difficult season for many families. But as history teaches, reform is never painless. Yet, it is in these moments of sacrifice that nations are reborn.

‘That is why today, I am joining the All Progressives Congress (APC), not for politics, but for progress. Because I believe that Bola Tinubu’s leadership, guided by courage and intellect, will deliver the Nigeria we have all dreamed of.

‘Mark my words: in the full term of eight years, Nigeria will witness phenomenal growth. I choose to stand with that vision. I choose to stand with reform. I choose to stand with the future.

‘Thank you, and may God bless the Federal Republic of Nigeria.’

The new tax reforms will effectively exempt about 99 per cent of individual investors from paying Capital Gains Tax (CGT), according to Mr. Taiwo Oyedele, Chairman of the Presidential Fiscal Policy and Tax Reforms Committee.

Mr. Oyedele on his WhatsApp platform, provided a breakdown of the CGT provisions under the new tax act, set to take effect from January 1, 2026.

Oyedele noted that the reform is not about increasing tax revenue but about promoting fairness and efficiency in the system.

‘The new rules are specifically designed to protect small investors while ensuring that higher-income earners contribute a fairer share,’ he said.

He pointed out that proceeds from sales not exceeding N150 million annually, where the resulting gains are not more than N10 million, are exempt from the tax, a provision that effectively ensures the exemption of most individual investors.

Furthermore, where the sale proceeds exceed this exemption threshold, CGT is still not due if such proceeds are reinvested into the shares of a Nigerian company, a rule intended to encourage domestic investment.

Institutional investors such as pension funds are exempt from CGT, consistent with their exemption from corporate income tax, and companies undergoing reorganisations, mergers, or restructurings are not subject to CGT on those specific transactions.

The Chairman also confirmed that CGT only applies to net gains, as capital losses can be offset against capital gains.

Oyedele directly addressed the widespread misunderstanding that the CGT rate has been raised to 30 per cent, clarifying that CGT has instead been integrated into personal and corporate income tax, which makes the system progressive.

‘The CGT rate has not been increased to 30 percent’ he said. ‘Instead, CGT has been integrated into personal and corporate income tax. This means the tax you pay on capital gains depends on your overall income level or company profits, making the system more progressive.’

He explained that this means the effective CGT rate under the new laws will range from 0 per cent to 30 per cent. This reform, he added, will ensure that low-income earners either pay no CGT or pay less, while higher-income earners contribute a fairer share, and it helps reduce distortions where income could previously be misclassified as capital to enjoy a lower, flat CGT rate.

Oyedele noted that CGT has historically contributed a very small fraction of the nation’s total tax revenue, collecting less than two per cent of what is sourced from Companies Income Tax (CIT) and Value Added Tax (VAT). He provided data to support this, stating that the Federal Inland Revenue Service (FIRS) collected only N52 billion from CGT in 2024, compared to over N15 trillion from CIT and VAT.

He argued that the new reforms are designed to provide a wider tax benefit to businesses. ‘The reduced CIT rate and broader VAT input credits will benefit businesses in the region of N4.5 trillion,’ he stated, adding that this broader tax relief for businesses will improve profitability of companies, equity valuations, and enhance overall investor returns.

Most foreign investors, he further explained, can claim tax credits in their home country for taxes paid in Nigeria under double taxation agreements or unilateral tax relief, meaning CGT paid in Nigeria will often not represent an additional cost.

The Chairman maintained that the new rules are consistent with international best practice, noting that many countries already apply progressive tax treatment to capital gains, and that exemptions for small investors and reinvestment make Nigeria’s regime competitive.

Mr. Oyedele confirmed that the CGT reform applies to all chargeable assets unless specifically exempt. In addition to the shares threshold, examples of exemptions include individuals selling up to two personal vehicles per year and the sale of an owner-occupied residential property.

He confirmed that the changes will come into effect from January 1, 2026. Details regarding application to existing investments, historical cost, and compliance requirements will be covered under implementation guidelines with inputs from stakeholders.

The Chairman concluded that the key takeaway is that the reforms make CGT fairer, protect small investors, align Nigeria with global best practice, and provide wider tax reliefs that benefit businesses more than the limited CGT collections.

Sir: Every few years, technology delivers a new wave. Right now, it’s Artificial Intelligence. And unlike some past eras, this one may give Nigeria more than just catch-up: we have real chances to lead. We’ve got land, population, a young, adaptable workforce, and growing digital density.

Combine that with recent investments in skilling and policy momentum and you have conditions where AI could power not only tech firms, but entire sectors. Look at energy, logistics, agriculture, telecoms: all filled with opportunity areas that AI can help fix. But what will really determine where Nigeria lands is how we turn potential into action by fixing gaps, building trust, and investing in real infrastructure.

The government’s National AI Strategy signals that AI is no longer a pipe dream but a national priority to drive economic growth, social development, and technological leadership. That vision is now backed by real research and investment. Microsoft, in partnership with PwC and Lagos Business School, recently released a report outlining how Nigeria can accelerate AI adoption. Among its findings: the nation already shows early success across fintech, agriculture, and health tech. The report highlights the Three Million Technical Talent (3MTT) program and Microsoft’s AI Skills Navigator, both designed to close Nigeria’s digital skills gap. The roadmap emphasizes governance, infrastructure, and ethical frameworks as critical enablers for sustained AI progress.

Few countries can match Nigeria’s combination of population, ambition, and raw data. With over 200 million citizens, growing smartphone penetration, and a vibrant start-up ecosystem, the data backbone for AI already exists.

The country’s chronic infrastructure issues, from unstable electricity to poor broadband, should no longer be treated solely as barriers. They are invitations for innovation and investment. The same instability that frustrates entrepreneurs could encourage smarter distributed energy networks (micro-grids) and more resilient edge computing systems to bring data processing closer to where it’s generated.

But technology without governance is fragile. Meta’s recent $220 million fine by Nigeria’s data protection authority and competition commission for mishandling user data shows the cost of lagging in oversight. A second settlement worth $32.8 million this year reinforced the point. These cases underline the urgency of data sovereignty, ensuring Nigerian data fuels Nigerian growth, not foreign algorithms.

Nigeria’s AI strategy and Microsoft’s roadmap offer a joint playbook: build capacity, enforce trust, and enable collaboration between public and private sectors. The government’s task now is execution, ensuring incentives for start-ups, reliable energy, and active monitoring of AI deployments.

Through years of working on data and technology programs across different contexts, one insight has become clear: innovation thrives where infrastructure and ethics meet. For Nigeria, that intersection could define not only our digital future but our global influence.

The Senator representing Borno South Senatorial District, Ali Ndume, has commended President Bola Ahmed Tinubu and the leadership of the Nigerian Armed Forces for their prompt and decisive intervention in restoring peace and normalcy to Kirawa, a border community in Gwoza Local Government Area of Borno State, recently attacked by Boko Haram insurgents.

Ndume, who is also a former Chief Whip of the Senate, in a statement in Abuja, said the rapid deployment of troops by the Nigerian Army following the invasion saved the community from what could have been a major tragedy.

The senator praised the courage, professionalism, and resilience displayed by the military personnel, describing their efforts as ‘a clear demonstration of the renewed commitment of the Tinubu administration to securing the lives and property of Nigerians.’

He commended the Chief of Army Staff, Lt.-Gen. Olufemi Oluyede and the Chief of Defence Staff, Gen. Christopher Musa, for their swift response to the attack.

According to him, their decision to deploy the 153 Task Force Battalion to Kirawa was instrumental in pushing back the insurgents and reclaiming the community from their grip.

Ndume said, ‘The courage displayed by our military and their resilience remains laudable. I have always acknowledged that our military is overstretched, yet they continue to record successes in the face of obvious challenges.

‘Their quick intervention in Kirawa prevented a greater calamity and reassured the people that the government is alive to its responsibilities.’

The senator urged the military authorities to make the deployment in Kirawa permanent, noting that the border town’s strategic location makes it vulnerable to infiltration by insurgents fleeing military operations in the Lake Chad Basin area.

He further appealed for sustained collaboration between the Nigerian and Cameroonian armed forces to strengthen border security and prevent cross-border incursions by terrorists.

‘Kirawa shares boundaries with communities in Cameroon, and it is important that both countries work closely to police the area effectively.

‘The terrorists often exploit the porous border to launch attacks and retreat into neighbouring territories. Sustained collaboration between our forces will go a long way in addressing this challenge,’ Ndume added.

Ndume also commended the Governor of Borno State, Professor Babagana Umara Zulum, for his relentless efforts in resettling displaced persons and supporting the rebuilding of communities affected by insurgency.

He described the governor’s proactive approach as an example of effective leadership at the subnational level and urged residents of Kirawa to remain vigilant, cooperate with security agencies, and report any suspicious movements in their locality.

‘I sympathise with the people of Kirawa who are at the receiving end of insurgent attacks. My appeal to them is to remain vigilant and to work closely with the security personnel on the ground.

‘Security is a collective responsibility, and the military needs the cooperation of the people to secure the community,’ Ndume said.

The lawmaker also lauded President Bola Tinubu for his clear commitment to restoring peace to the North-East region.

He said since assuming office, the President has shown more than a passing interest in the fight against terrorism, particularly through his continued support for the military and his insistence that the security of lives and property must remain a top national priority.

‘The Tinubu administration has not failed in fulfilling its constitutional mandate of ensuring the safety of Nigerians.

‘Security of lives and property is the first and paramount responsibility of any government, and the current administration is clearly taking that responsibility seriously,’ Ndume said.

The agricultural sector is facing a deepening labour crisis as some growers struggle to find field workers amidst rising cultivation costs. Farmers are battling drastically increased prices for fertilizer, fuel, and pesticides that have surged.

Some reports indicate fertilizer prices have risen by over 200 per cent in a two-year period. The cost hike has been compounded by higher prices for farm labour and machinery, with total investment costs rising significantly across the country.

While the agriculture season is here, The Nation learned that growers are struggling to find workers. This, The Nation gathered, is impacting the agriculture industry. In the past, labourers from Benin and Togo were hired to work on farms in Lagos, Ogun, Oyo, Osun, and Kwara. Their growing popularity as efficient hands increased local farms’ appetite for them.

The number of such temporary migrants, who provided three to nine months of paid work, has grown ever larger. Some lived within the farms until returning home at the end of the harvest period. The Nation learned they were provided free accommodation and a motorcycle at the end of the season. However, the high cost of providing these incentives is now making it difficult for farmers to engage foreign workers.

Chief Executive, Agricultural and Rural Management Training Institute (ARMTI), Dr. Olufemi Oladunni, highlighted the overwhelming financial burden and logistical challenges now facing small-scale farmers across the country. ‘The crisis is having a direct and measurable impact on the nation’s food production targets. It’s affecting total productivity,’ he said. He painted a grim picture of older, small-scale farmers who are unable to bring their harvests to completion. ‘If you see some small, older farmers who start a farm, they will not be able to complete it. Because of shortage of labour to weed the farm.’ Referring to the difficulty in securing farmhands, he said farmers are facing the challenge everywhere. ‘It’s the same experience all over. The same experience,’ Oladunni stated, stressing that what farmers are now forced to pay for manual labour is ‘staggering.’

The ARMTI Chief Executive noted that traditional, non-cash forms of compensation-such as housing and feeding workers throughout the season and then rewarding them with a valuable item such as a motorcycle-are no longer sustainable or attractive. ‘So, those things [non-cash payment methods] may not be a good form of payment.The net result of these economic pressures is a pervasive manpower deficit. That is why shortage of farm labourers are there now,’ he maintained . Oladunni said the soaring cost and severe shortage of farm labour are posing an existential threat to agricultural output. The ARMTI Chief Executive pointed out that the reliance on manual weeding is exacerbated by the high cost of alternatives, adding, ‘Because agrochemicals are expensive.’ He underscored the urgent need for interventions-including greater access to affordable mechanisation-to safeguard the livelihoods of smallholder farmers and secure national food security. To keep pace with population growth and urbanisation, he said tackling the issue of farm hands is important if food production must increase.

Co-Founder , Cato Foods, Pelumi Aribisala, attributed the situation to the massive disruption in the foreign exchange rate and the steep rise in the cost of assets. According to him, these factors are crippling the farm labour market, forcing farm owners and workers into a payment stalemate that is severely impacting agricultural productivity.

He explained that the current state of farm labour is ‘a very difficult one right now,’ a struggle that began in the past year. The crisis, he continued, stems from the breakdown of a long-standing system where farmhands, often migrant workers from neighbouring countries such as the Republic of Togo, were paid at the end of the season with assets, primarily motorcycles.

‘You know before we used to pay with motorcycles.This system worked when the Naira’s value was low relative to their home currencies, making the motorcycle a coveted, high-value asset. However, the significant devaluation of the Naira has made this payment method untenable for farm owners. A motorcycle that once cost between N450,000 and N600,000 now goes for ‘only N1.5 million.So that is making agribusinesses or farm owners reluctant in paying with the motorcycle. Simultaneously, the farm workers are now reluctant in collecting cash,’ he noted. ‘Because by the time they get the cash back to their country, in the Republic of Togo, they don’t get up to what they should get,’ he stated. This, he indicated, has led to a major shift in worker demands. Instead of cash or an end-of-season asset, he said the workers now demand payment based on specific tasks completed. ‘So most of them now just want to work activity. They want to be paid for activity. which is very expensive,’ Aribisala stressed.

The Northern Nigeria Minorities Group (NNMG) has cautioned against attempts to ethnicise the nomination of Professor Joash Ojo Amupitan, SAN, as the new Chairman of the Independent National Electoral Commission (INEC), describing such actions as divisive and harmful to national unity.

In a statement signed by its Convener, Chief Jacob Edi, the group expressed concern over what it called ‘ongoing efforts by certain individuals and interest groups to ethnicise’ Professor Amupitan’s appointment. It noted that the nominee hails from the Okun ethnic nationality in Kogi State, one of the minority groups in Northern Nigeria.

NNMG condemned recent social media attacks and commentaries by some ‘self-styled northern voices’ accusing President Bola Ahmed Tinubu of ethnic bias in the appointment, insisting such claims were baseless.

‘Nothing could be further from the truth,’ the statement read. ‘This is the first time in 65 years since the establishment of a statutory electoral commission in 1959 that a northern minority has been appointed to lead it.’

The group recalled that in past administrations, no northern minority had opposed the appointment of individuals, mostly from the North West and North East, to head the electoral body for several consecutive years.

NNMG urged Nigerians to acknowledge that northern minorities are equal stakeholders in the Nigerian project and should not be subjected to ridicule or suspicion when entrusted with national leadership roles.

‘We recall that this unfortunate trend of delegitimising northern minority appointments gained traction during the administration of President Olusegun Obasanjo, when any appointment extended to a northern minority was derisively dismissed as ‘not northern enough,” the group said. ‘The current ethnicisation of Professor Amupitan’s appointment is a direct continuation of that ugly and retrogressive trend, and it must stop.’

The NNMG stressed that the North is not defined by ethnicity but by its geographical breadth and diversity, describing those promoting ethnic-based criticism as ‘enemies of national unity and progress.’

It expressed concern that some individuals in the region still perceive northern minorities as mere demographic fillers ‘unworthy of the privileges and recognition that come with our place in the federation.’

‘Such thinking is antiquated, divisive, and inimical to the spirit of modern governance,’ the statement added. ‘After 65 years of independence, our guiding principle should be competence, integrity, and capacity, not parochial sentiments that have stunted our national growth.’

The group described Professor Amupitan’s nomination as a bold step toward inclusivity, equity, and meritocracy, commending President Tinubu for recognizing the North’s diversity and giving all constituent groups a sense of belonging in his appointments.

It further warned against attempts to polarise the country along ethnic or sectional lines, calling on political actors, commentators, and citizens to rise above identity politics and focus on building strong institutions that function effectively regardless of who leads them.

‘The time for ethnic arithmetic is over,’ the NNMG declared. ‘The era of competence, fairness, and national responsibility must begin in earnest.’

Chief Edi reaffirmed that northern minorities remain a stabilising force in the federation, saying: ‘When placed together, we are not just ‘minorities’; we are the real majority that believes in the unity and progress of Nigeria.’

In Nigeria, people are innovative and creative, yet their financial gain ends at the court of law. Whether it is music or technology, the owners of intellectual property (IP) are finding the difficulty of receiving reasonable compensation when their rights are violated, not because the law is deaf and dumb, but because it is not valued.

The economic value of IP is still not judicial. Most courts continue to see infringement as a moral offense and not an economic harm. The outcome? Token awards that are not based on commercial reality.

In the case of the Pupayannis vs MTN and Others, the artist was only able to claim N20million of that which he was entitled to at 10%. Similarly, N2 million was awarded in Okiki Bright vs 9mobile, Globacom and Others, after six years of litigation, which is hardly enough to incur legal expenses. Such verdicts reveal a structural loophole: the lack of viable IP Valuation evidence in a court of justice.

By accepting and using expert evidence of valuation, a court makes an effective statement, the creative works are not an afterthought; they are assets. Where they use professional IP valuations, the damages are based on the realities in the market, they discourage infringement, and are consistent with international practices.

Courts in advanced jurisdictions such as the United States and the United Kingdom regularly rely on the services of IP valuation professionals who advise on the award of monetary damages in copyright, patent, and trademark cases.

They know that without economic evaluation, justice is symbolic and not compensatory. A similar commercial discipline is required in Nigeria’s judiciary.

The International Valuation Standards Council (IVSC) identifies IP, such as copyrights, trademarks, patents, and industrial designs, as intangible assets that can be valued using three primary methods, which are Cost, Market, and Income. These are practical techniques, which are the Relief-from-Royalty, Discounted Cash Flow (DCF), and the Excess Earnings models. Both of them offer an organized system to evaluate actual losses, projected profits, and reasonable compensation.

In cases where the economic value of IP is valued by courts, their decisions are both legally and financially credible.

To the inventors and rights’ owners, IP valuation is not merely a tool of the courtroom – it is a source of money. A sound valuation gives them strong bargaining power in the negotiation of disputes, licensing, and investment. It also sends a warning to those who may want to infringe that there are some economic repercussions of doing that. Such a change of attitude promotes licensing, prevents piracy, and re-characterizes the IP controversies as moral fights in the context of financial responsibility.

The judiciary in Nigeria has the key to unlock the huge potential of the nation’s creative economy. A value-based compensation judicial system creates investor confidence and allows IP-backed financing of industries like entertainment, technology, and pharmaceuticals. IP-backed financing is already a multi-billion-dollar asset class around the globe. Nigeria can develop its own form should valuation enters judicial opinion.

To do so, the judges working on IP cases need to be exposed to the principles of valuation in organized settings. The roster of certified IP valuation experts of the judicial courts should be maintained to offer independent technical opinions.

The judiciary, in partnership with the Nigerian Copyright Commission (NCC), Trademarks Registry, and financial institutions, ought to come up with valuation policies, disclosure procedures, and licensing and royalty transfer databases. Such data infrastructure will enhance comparability and increase the credibility of the expert reports.

Once IP valuation becomes a common court procedure, then innovation is bankable. Start-ups are able to collateralise their IP, investors can price intangible assets with confidence, and inventors are able to be fully compensated on a full-value basis. Its ripple effects will be increased expenditure in R and D, employment, and quantifiable input in the growth of GDP.

Nigeria is the place of innovation and justice. Should the judiciary institutionalise IP valuation as a standard of evidence and economic valuation, it will accomplish not merely the reinforcement of the rule of law, but the transformation of the creative into the capital, which is a rather obvious departure from oil dependence.

By judicial reform, here I do not mean legal reform, but economic reform. Some court results on reliable IP valuation create confidence in securitization, licensing, and financing innovation. Once the logic of valuation is used consistently by the courts in Nigeria, the creative and knowledge economy of the nation can finally become performance-oriented as opposed to potential.

– Lekan Akinwumi, an Estate Surveyor and Valuer, Principal Partner, Lekan Akinwumi and Co, is a specialist in Intellectual Property (IP) Valuation and Securitization. He is a PhD student who wrote from Lagos, is working on ‘Developing a Framework for Intellectual Property Valuation and Securitization in Nigeria.’