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The Business Assets and Intellectual Property Valuation (BA &IPV) Division of the Nigerian Institute of Estate Surveyors and Valuers (NIESV) has charged the Federal Government to attach importance to intellectual property rights in the sports industry, saying it will have positive impact on the economy.
This call was made at a press briefing with journalists in Lagos to commemorate the World Intellectual Property Rights Day, celebrated every year, across the globe.
The World Intellectual Property (IP) Rights Day is observed to explore the importance of IP rights in innovation, while ensuring that inventors are fairly rewarded for their efforts in order to earn a living from it, and also protect the goodwill that is vested in brands.
This year’s event, themed ‘Reach for Gold’, aims to appraise the usefulness of innovation and creativity in sports development, and IP rights that will enhance development in the industry.
In his opening remarks, Bamidele Ogunleye, Chairman, BA & IPV Division, represented by Olalekan Akinwumi, Secretary, BA & IPV Division, noted that enormous opportunities abound in sports, as it involved a lot of contracts, rights, and obligations, underpinning the need for IP rights development to exploit the opportunities.
“Sports involve huge investments, innovation, players and athletes whose rights must be protected. It becomes imperative to recognize and protect IP in sports.
“Since sports are interwoven with human endeavors and the economy, the role of IP valuers cannot be undermined in determining the value of intangible assets involved”, said Akinwumi.
He disclosed that the division, which was established two years ago, has embarked on many advocacy programs to deepen IP rights awareness among inventors.
“We are engaging agencies in charge of IP, trademark registration and copyright registration, to make people know about the value of their rights, and how it can be protected,” he said, adding that the division would soon launch a multi-IP forum that would involve inventors, valuers, and lawyers.
Biodun Adeniran, a member of the division, lamented that IP was at an infant stage in Nigeria. “A lot of people are willing to invest in sports, but set-backs such as administrative bottlenecks, deplorable infrastructures, and poor IP culture draw them back.”
Adeniran maintained that IP could be used to secure loans in financial institutions, asserting that Nigeria would have grown beyond current levels if she had known the benefits of IP rights way back.
ISRAEL ODUBOLA
