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ROLE OF INTELLECTUAL PROPERTY RIGHTS IN PRESERVING THE BANKABILITY OF RESEARCH, DEVELOPMENT AND INNOVATION

Intellectual property (IP) refers to creations of the mind, such as inventions, original works of authorship, designs, and symbols, and so on. IP rights are legal rights granted to the creators of these works, allowing them to control their use, distribution, and reproduction. Intellectual Property (IP) rights constitute a vital component of today’s knowledge-based economy especially in the research, development and innovation, (R, D&I) industry.

R, D &I, are interconnected concepts that drive progress and growth. Research involves the systematic investigation of existing knowledge to discover and explore new dynamics. Development involves building and improving upon research by transforming ideas into products and creating functional prototypes. Innovation takes research and development further by transitioning, implementing and scaling the prototypes and solutions into practical products, or processes that create value. The output of these three concepts are regarded as proprietary assets because they represent valuable investments of time, resources, and expertise.

The IP rights generated through protecting the output of research, innovation, and development, such as patents, copyrights, industrial designs, trademarks, and trade secrets, provides a competitive advantage and bestows exclusive legal rights to the creators and innovators to exercise exclusive control over their intellectual creations and to benefit exclusively from all commercial value derived or derivable from such proprietary works.

By safeguarding this proprietary asset, IP rights promote the birthing of new ideas and technologies, ensuring that inventors and creators can optimize commercial benefits derivable from their works and to safeguard same against unauthorized, illegal and unfair use and exploitation.

The importance of Research and Development (R&D) in driving innovation is evident in the significant investments made globally. In 2019, global R&D expenditure totaled circa US$2.4 trillion, with East-Southeast and South Asia accounting for 39%, followed by North America (29%), and Europe (22%). This trend is expected to continue, with R&D World’s editors forecasting a global investment of $2.53 trillion in R&D by 2024, representing a significant increase over the previous years.

In Nigeria, the federal government continues to emphasize the importance of R&D in driving development. In March 2024, President Bola Ahmed Tinubu announced that his administration would dedicate 0.5% of the country’s Gross Domestic Product (GDP) to R&D. This is expected to jump start innovation and home-grown solution to imminent developmental and economic challenges plaguing the nation.

IP plays a crucial role in making R&D expenditure viable and worthwhile for innovators. IP ensures that inventors and creators can recover their investments and generate returns on their creative efforts, motivating them to continue innovating. However, in many cases, they underestimate the enormous commercial value inherent in the proprietary IP rights derivable across the different stages of innovation (from conception to research to ideation, development and final production stages where the result of their R&D converges into a tangible product or service capable of solving real everyday problems). Many innovators do not fully identify, understand, protect, and leverage all the streams of IP rights emanating from their R&D efforts thereby limiting their exploitation and commercialization potentials. Therefore, strategic IP management is crucial, as it creates an avenue for identifying, protecting, and harnessing these IP assets to drive R&D, innovation, and business success.

“IP plays a crucial role in promoting research, development and innovation, by encouraging creativity, investment, and collaboration.”

By recognizing the importance of IP and implementing strategic IP management, corporations, sovereigns and sub sovereigns can harness the full potential of innovation, gain competitive advantage, increase revenue, and make better decisions, ultimately driving social advancement and economic progress.

Significance of IP in Research

It is long established that research is the bedrock of innovation and IP rights are essential in promoting a thriving research environment. IP rights play a pivotal role in incentivizing researchers to create new knowledge pathways which usually precede new innovation and solutions to problems of everyday living and human existence across several industries and sectors including medicine, manufacturing, pharmaceuticals, food production, engineering, extractives, energy and climate, to mention a few.

Copyright plays a critical role in protecting research outputs when they are expressed in literary form by protecting the authorship of all original expression of documented research, including research papers, data compilations, and software. Copyrights foster a culture of knowledge sharing and collaboration by ensuring that researchers receive recognition and compensation for their intellectual contributions in documented form.

Patents, one of the most common intellectual property rights, grants exclusive right to an inventor to commercially exploit his work for a limited period, typically 20 years from the date of grant. This exclusivity encourages researchers to invest time and resources into developing new body of knowledge, new technologies, solutions or products without the fear of immediate imitation. Patents not only protect the functional aspects of inventions but also promote the disclosure of information; by requiring inventors to publicly disclose their innovations in exchange for exclusive rights. Patents facilitate the sharing of knowledge, expertise, and ideas which is essential for further scientific advancements.

In addition to patents, researchers can utilize industrial design IP in the exploratory and investigative phase of a project to safeguard their design-related research outputs, such as design concepts, prototypes, user interface (UI) and user experience (UX) designs, and design research and testing results. By doing so, researchers can prevent others from using or profiting from their design-related research findings without authorization, ensuring that their work remains confidential and secure.

The Impact of IP on Development

Development involves building upon research findings, testing, refining and implementing new ideas or solutions, embracing uncertainty and experimentation, working with others to develop working solutions, products, prototypes, models, or simulations, refining and improving new solutions based on feedback and learning.

The impact of IP on development is significant. IP rights, such as patents, trademarks, and copyrights, provide a framework for innovators to protect their creations and investments. This protection enables them to recover their investments put into the research and the development stage of their creative activity, generate revenue, and reinvest in further R&D, fostering a cycle of innovation. IP also facilitates collaboration and knowledge sharing, as companies and researchers can safely disclose their ideas and technologies without fear of misappropriation.

Moreover, IP rights can attract investment, talent, and partnerships, accelerating the development of new technologies and products, while promoting accountability, transparency, and trust in R&D collaborations, ultimately driving progress and economic growth.

The Significance of IP in Innovation

Research and development is the driving force behind innovation. Innovation is the process of transitioning research findings, developed prototypes, models, or simulations into practical applications. It involves creating and introducing new or improved products, services, processes, or business models that meet new or existing market needs. It is the introduction of change or novelty to existing solutions, products, or services, often through the application of new technologies, processes, or methods that were either developed or improved upon during the researching and development/testing stages. This can be in form of product innovation, process innovation, business model innovation, service innovation, social innovation, and sustainable innovation. At its core, innovation requires creativity, risk-taking, experimentation, collaboration, and iteration. It is also at this point that funding from investors or financial institutions becomes more accessible as the product or idea has reached a certain level of development and validation where the inventor is able to demonstrate a working prototype or a minimum viable product (MVP) that showcases the product’s potential.

IP is most crucial in this transition. IP rights like patents, incentivize innovators by providing them with a temporary monopoly on their creations, allowing them to commercially exploit their inventions, enables them to license their inventions, attract investment, and generate revenue. This financial return on investment encourages continuous innovation and the commercialization of new technologies.

The overarching Need for IP Registration

In general, intellectual property (IP) rights do not necessarily require registration to exist because many types of IP rights arise automatically upon creation or fixation of the work, invention, or innovation. However, for the purpose of establishing these rights, enjoying the first person benefits and gaining the ability to legally enforce IP rights, putting the public on notice becomes essential hence, registration becomes key.

The inherent rights attached to the creations of one’s mind in most situations can end up not being exercisable. For instance, patent rights are granted only after a patent application is filed and approved while for industrial designs, inherent rights may exist in some countries, but registration is typically required to secure protection.

While inherent rights may exist, registration often provides the benefits of:

  1. Legal recognition and evidence

Registration of IP provides official recognition of your IP rights and serves as proof of its creation and ownership.

Asides very popular IP which have been established in several jurisdictions, it is noteworthy that recognition is territorial and such evidence of ownership is only limited to the jurisdiction where the IP was registered. However, some international bodies like World Intellectual Property Organization (WIPO) allow for an extended scope of IP right protection and recognition to all its member states.

  1. Exclusive rights and enforcement powers

Registration grants the owner the exclusive rights to use, sell, or license your IP, and enables enforcement against infringement. This allows the owner to protect their innovations and prevent unauthorized use and profit from such innovation.

  • Market Exclusivity, Public notice and deterrence

The evidence of registration of an IP serves as a notice to the public to refrain from unauthorized reproduction, modification, commercialization, or any other form of usage of the IP, except with express authorization or in cases of fair usage thereby allowing the owner to enjoy exclusive benefits of their IP.

  1. Commercialization Opportunities

Registered IP can be licensed, sold, or used as collateral, hence creating new revenue streams and business opportunities.

  1. International recognition and protection

Registration in one country can provide a basis for seeking protection and exploiting global IP protection in other jurisdictions where such IP assets are in use. Certain intergovernmental organizations such as African Regional Intellectual Property Organization (ARIPO) on the regional level and World Intellectual Property Organization (WIPO) on a broader level also create an avenue for further protection to its member states. This is especially essential in today’s interconnected world, where innovations can quickly go viral.

Conclusion

Intellectual Property is a cornerstone of modern-day research, innovation, and development. By providing legal protection and economic incentives, IP encourages the creation and dissemination of new ideas and technologies. Its role in fostering a thriving research environment, driving development, and promoting innovative solutions, cannot be overstated. Stakeholders are encouraged to prioritize IP awareness, and strategic management to drive progress and impact. As the global landscape continues to evolve, the significance of IP and it’s protection in shaping the future of science, technology, and society will remain paramount.

This article is available in French, click here to read

About DealHQ

We are a Pan-African transactional advisory firm dedicated to enabling businesses operate efficiently within Africa’s dynamic market. We provide stellar business solutions which help businesses navigate the unique challenges and opportunities in the African business landscape whilst enabling them to operate efficiently within their market sphere.

DealHQ’s IP Advisory practice offers a proactive approach to IP management, helping you optimize your portfolio, enhance brand’s value, drive innovation, stay ahead of competition and avoid legal disputes.

Should you wish to seek specialized IP advise on this or any related matter in any jurisdiction within Africa, please contact our Intellectual Property Advisory Team;

Email: IPsupport@dealhqpartners.com; info@dealhqpartners.com; clientservices@dealhqpartners.com

DEALHQ – SUSTAINABILITY GUIDE FOR SMES

Introduction

In today’s rapidly evolving global landscape, the pursuit of sustainability has transitioned from a mere corporate responsibility to an essential driver of long-term success and resilience. As environmental concerns, social equity, and governance (ESG) considerations take center stage, businesses, especially Small and Medium-sized Enterprises (SMEs), are uniquely positioned to make a significant impact. This guide aims to illuminate the path for SMEs to integrate sustainable practices into their operations, not just as a moral imperative but as a strategic advantage.

The concept of sustainability has a storied history, tracing back to seminal events such as the 1972 Stockholm Conference and the 1992 Rio Earth Summit. These milestones have shaped the framework within which we understand and practice sustainability today, leading to the establishment of the Sustainable Development Goals (SDGs) in 2015. These goals provide a comprehensive blueprint for achieving a more sustainable and equitable world by 2030.

Our sustainability guide is designed to offer SMEs a detailed roadmap for navigating the complexities of sustainable business practices. It covers critical areas such as the importance of embedding sustainability into business strategies, understanding the regulatory landscape, leveraging sustainable financing, and effectively managing supply chains. By providing actionable insights and practical tools, this guide empowers SMEs to contribute to the global sustainability agenda while enhancing their own operational efficiency and market competitiveness.

We believe that the integration of sustainability into business practices is not only beneficial for the planet but also creates immense value for businesses. Sustainable SMEs can lead the way in innovation, efficiency, and customer trust, driving economic growth and fostering a healthier environment. This guide is a testament to our commitment to supporting businesses in their sustainability journey, offering expert advice and strategic insights to help them thrive in an increasingly conscious market.

We invite you to explore the pages ahead, embrace the principles of sustainability, and join us in the collective effort to build a more sustainable future for all.

To access full guide, click DealHQ Sustainability Guide for SMEs to download guide.

About DealHQ

We are an Africa Focused deal advisory/boutique commercial law firm focused on supporting businesses and positioning them to operate efficiently within their market sphere. We are known for our quality service delivery which is focused on attention to detail, creativity, timely execution and client satisfaction.

Our service offering includes: corporate commercial, real estate & construction, finance, capital markets & derivatives, mergers and acquisitions, private equity, infrastructure, technovation and data privacy, agriculture & commodities, business formations & start up support amongst others.

This content is not intended to replace professional legal advice. It merely provides general information to the public on the subject matter. Should you wish to seek specialist legal advice on this or any other related subject, you may contact us.

You may contact our team on:

Email: info@dealhqpartners.com; clientservices@dealhqpartners.com

Telephone: +234 201 453 6427 or +234 903 344 7205

DEALHQ – CLEAN ENERGY GUIDE

Introduction

The global energy transition is a critical but ambitious shift in the global energy landscape, seeking cleaner and more sustainable alternatives to traditional fossil fuel sources, which have successfully powered technological advancement and large-scale industrialization across the world. At its core, clean energy refers to energy derived from renewable resources that have minimal impact on the environment such as solar, wind, hydroelectric, and biomass energy, which harness the power of nature to generate electricity and power our modern world.

The need to transition to clean energy sources cannot be overstated, particularly in the face of mounting environmental challenges such as flood, extreme weather conditions, deforestation, desertification, eutrophication and severe air pollution, to mention a few. Unlike fossil fuels, which emit harmful greenhouse gases and contribute to climate destabilization, clean energy sources offer a path towards decarbonization and a more sustainable future. Transitioning to clean energy creates a clear path to mitigating the impacts of climate change, whilst reducing our continued reliance on finite resources.

Clean energy transition presents the opportunity for the World Economies to limit rising global temperatures through emission reduction, mitigate the adverse impacts of climate change, promote the well-being of individuals (particularly women and children), increase access to clean cooking, realise the UN Net-Zero target, and achieve affordable and reliable universal access to energy.

As spotlighted across the Guide, the transition to clean energy requires the collective efforts of all sectors of the global community in accelerating the adoption and expansion of renewable energy technologies. This collective effort is particularly needed in funding and regulatory support to ensure a proper balance of the interests of energy generators, consumers’ energy needs and the environment.

The energy gap, particularly pronounced in regions like Africa, underscores the urgent need for innovative approaches to bridge disparities in energy access. Renewable energy stands as the cornerstone of our transition towards sustainability. Harnessing the power of solar, wind, hydro, and other renewable sources not only provides clean and reliable electricity but also mitigates the adverse effects of climate change. The importance of renewable energy cannot be overstated—it is not only an essential tool for achieving carbon neutrality but also a catalyst for economic growth, job creation, and social development.

To access full guide, click DealHQ Clean Energy Guide to download guide.

About DealHQ

We are an Africa Focused deal advisory/boutique commercial law firm focused on supporting businesses and positioning them to operate efficiently within their market sphere. We are known for our quality service delivery which is focused on attention to detail, creativity, timely execution and client satisfaction.

Our service offering includes: corporate commercial, real estate & construction, finance, capital markets & derivatives, mergers and acquisitions, private equity, infrastructure, technovation and data privacy, agriculture & commodities, business formations & start up support amongst others.

The content of this Article is not intended to replace professional legal advice. It merely provides general information to the public on the subject matter. Should you wish to seek specialist legal advice on this or any other related subject, you may contact us.

You may contact our team on:

Email: info@dealhqpartners.com; clientservices@dealhqpartners.com

Telephone: +234 1 4536427 or +234 9087107575

CBN LIFTS RESTRICTION ON THE OPERATION OF BANK ACCOUNTS BY VIRTUAL ASSETS SERVICE OPERATORS (VASPs) IN NIGERIA.

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On Friday 22nd December 2023, the Central Bank of Nigeria (“CBN”) lifted its hitherto ban restricting banks and financial institutions from dealing in or facilitating cryptocurrency related transactions through its recently published “Guideline on Operations of Bank Accounts for Virtual Assets Service Providers (VASPs)” which now authorizes Banks and other Financial Institutions to provide  banking services to virtual asset service providers (VASPs) in compliance with relevant anti-money laundering laws issued by competent authorities. VASPs, Digital Assets Custodians, Digital Assets Offering Platforms, Digital Asset Exchanges, Digital Asset Exchange Operators, and any other entity that may be categorized by the CBN who are licensed by the Securities and Exchange Commission, can now legally operate a designated account with banks and financial institutions subject to the conditions stipulated in the Guideline.

The CBN’s earlier directive of February 5th, 2021, had excluded cryptocurrency transactions from the scope of transactions permitted to be facilitated or processed by financial institutions operating within Nigeria’s mainstream banking system. The 2-year ban which was the Apex Bank’s response to global concerns around money laundering and terrorism finance risks underlying the very opaque and unregulated cryptocurrency market has set the country back significantly from harnessing the benefits of the early adoption of digital currencies as a viable financial asset class.

The Guideline signals a positive change for Nigeria’s hitherto comatose digital assets ecosystem as financial institutions can now outside of their primary activity; facilitate the opening and operation of accounts for VASPs whilst being mandated to establish adequate risk management systems for combating money laundering, financing of terrorism and countering proliferation financing and to ensure adequate activity monitoring/tracking and customer protection. It is worthy of note that this guideline still prohibits banks and other financial institutions from holding, trading and/or transacting in virtual currencies on their own account.

The Guideline prescribes strict requirements for the onboarding of VASPs and operation of bank accounts by VASP account holders – including protocols for customer onboarding/due diligence in a bid to entrench transparency and effective reporting.  Also, it sets operational and transactional limit for all VASP accounts whilst… Click here to download article

 

About DealHQ

We are an Africa Focused deal advisory/boutique commercial law firm focused on supporting businesses and positioning them to operate efficiently within their market sphere. We are known for our quality service delivery which is focused on attention to detail, creativity, timely execution and client satisfaction.

Our service offering includes: corporate commercial, real estate & construction, finance, capital markets & derivatives, mergers and acquisitions, private equity, infrastructure, technovation and data privacy, agriculture & commodities, business formations & start up support amongst others.

The content of this Article is not intended to replace professional legal advice. It merely provides general information to the public on the subject matter.

Email: info@dealhqpartners.com; clientservices@dealhqpartners.com

Telephone: +234 1 4536427 or +234 9087107575

 

WHAT YOU NEED TO KNOW ABOUT THE RECENTLY PUBLISHED NDPC GUIDANCE NOTICE ON THE FILING OF DATA PROTECTION COMPLIANCE AUDIT RETURNS.

Introduction

In compliance with the Nigeria Data Protection Act (“NDPA”), the Nigeria Data Protection Commission (“NDPC/Commission”) on 15th of November 2023 published its Guidance Notice (Notice) on the Filing of Data Protection Compliance Audit Returns (CAR) which is set to take effect from 1st January 2024. This notice sets out procedure to be adhered to by Data Processors and controllers when filing their mandatory annual Compliance Audit Report with the Commission emphasizing the Commission’s commitment to tighten the oversight role in the protection and enforcement of Data Subject rights on the one hand and to engender data usage trust within Nigeria’s burgeoning digital ecosystem.

The Guidance Notice highlights the requirements for inclusion in the Commission’s National Data Protection Adequacy Programme (NaDPAP) Whitelist to be published by the Commission on Data Controllers and Data Processors who demonstrate commitment to safeguarding Data Subjects Rights and prioritize compliance with NDPR.

  1. NDPR Remains the Primary Regulation Governing Annual CAR Filings in Nigeria

The Guidance Notice lays to rest any doubt about the continued applicability of the NDPR following the enactment of the Nigeria Data Protection Act by recognizing it as the primary regulation governing the filing of the mandatory Compliance Audit Report. Data Controllers and Data Processors who have processed personal data of more than 2000 data subjects within the preceding 12 months are by law, mandated to file their Data Protection Compliance Audit Report with the Commission, in accordance with Articles 4.1 (5 & 7) of the NDPR.

It is noteworthy to mention that this is consistent with Section 64(2)(f) of the NDPA, which states that the provisions of NDPR remains in full force and effect except to the extent that any of its provisions is overridden by or conflicts with any provision of the Act.

  1. Vital Role of Data Protection Compliance Organizations

The Notice emphasizes the crucial role of Data Protection Compliance Organizations (DPCOs) in the implementation of Nigeria’s Data Protection framework by supporting Data Controllers and Data Processors to developing self-guided compliance strategies that demonstrate transparent and accountable reporting in line with the NDPR. Specifically, the Guidance Notice identifies the underlisted as the key responsibilities of DPCOs:

i.   Facilitating the filing of CAR with the Commission:

DPCOs support Data Controllers and Processors with the conduct of Audits and submission of Reports with the Commission in line with the NDPR. The Notice emphasizes the need to ensure that DPCO’s services are priced in a manner that guarantees minimal financial burden on Data Controllers and Processors.

ii. Engaging in Non-Fee-Paying CAR Work:

DPCOs are encouraged to occasionally provide audit support service to start-ups, not for profit organizations and businesses who are unable to pay for the mandatory audit service as part of their Corporate Social Responsibility (CSR) to foster inclusive compliance.

iii. Knowledge Transfer for DPOs during Audit Exercise:

DPCOs are required to use the Audit exercise as an opportunity to provide practical training for DPOs and other personnel in the Client Organizations they serve. Evidence of such practical training embedded in the audit exercise will entitle the participating DPOs to Continuous Professional Development (CPD) Credit, which will be an essential audit parameter under the soon to be published NDPA General Application and Implementation Directive (GAID).

  1. Getting Listed on the NaDPAP Whitelist

The Notice outlines the compliance metrics for inclusion in the National Data Protection Adequacy Programme (“NaDPAP”) which include verifiable compliance with Data Protection Principles and Lawful Basis such as Privacy Policies and Notices, Consent forms; regular filing of CAR, sensitization of data subjects on data subjects’ rights, appointment of DPO, engagement of a DPCO, training and capacity building for Staff amongst others.

Successful filing of the CAR entitles Data Controllers/Processors to be listed in the National Data Protection Adequacy Programme (NaDPAP) Whitelist.  It is worthy to note that failure of a data controller or processor to file CAR as legally required is a ground for disqualification from being listed on the NADPAP Whitelist irrespective of whether such Data Controller or Processor has proven data privacy compliance policies and framework that comply with the prescribed requirement of the NDPA and NDPR.

Whilst being listed in the NaDPAP Whitelist establishes a presumption of compliance and a demonstration of the data controller/processors commitment to safeguarding data-subjects rights; it does not confer immunity or protection against Data Subject claims or liabilities.

  1. Mandatory Induction Training for DPOs

All designated DPOs are required to participate in the free induction training that will be organized by the Commission in January 2024. The training is expected to re-enforce the rights of data subjects and compliance obligations outlined in the NDPA and the GAID.

  1. Minimum Information Requirement for inclusion in a Compliance Audit Report

The notice highlights the key focus areas for any CAR to be filed with the Commission. Each Report accompanying the NDPC audit questionnaire shall at the minimum cover the underlisted:

i.  Evidence of the Data Controller/Processor’s awareness of the provisions of the NDPR, as contained in the  internal data privacy framework of the organization.

ii. Evidence of Capacity Building and Continuous Training of Staff, Contractors, Licensees on their obligations as data administrators under the NDPA.

iii. Implementation of Privacy Policy and Notices within the organization, that align with NDPR requirements.

iv. Clear and detailed compliance directives communicated to all individuals involved in data processing, emphasizing adherence to the NDPR.

v.  Appointment and availability of Data Protection Officers overseeing and ensuring compliance with the NDPR.

vi. An inventory of the categories of personal data being processed and maintained by the Data Controller or Data Processor, specifying the principles and lawful basis for processing each category.

vii. Technical Measures implemented to ensure Confidentiality, Integrity, and Availability of Personal Data guided by the principles of Privacy by Design and by Default.

vii. The institutionalization of a robust mechanism for addressing grievances related to data protection.

viii. A comprehensive list of all agents or contractors engaged in data processing, along with details of their training programs and overall compliance with the NDPA.

  1. Default and Non-Compliance with filing CAR

Non – Compliance with CAR filing on or before the deadline which is set for March 2024 attracts a default fee of an additional 50% of the filing fee. Additionally, non-compliance with the Notice may amount to a violation of the NDPA, which attracts penalty as prescribed under the NDPA.

Conclusion

It is imperative for Data Controllers and Data Processors to prioritize timely and efficient filing of the yearly mandatory Data Privacy Compliance Audit Report in accordance with the NDPA and this not only signifies adherence to regulatory standards but also underscores a collective responsibility to fortify data privacy measures, ensuring a safe and secure digital ecosystem for all stakeholders.

 

This Article is written by DealHQ’s Technovation and Data Governance Practice Team.

DealHQ is a licensed Data Protection Compliance Organization (DPCO). We understand the importance of safeguarding sensitive data and complying with local and foreign data protection laws applicable to your business to protect your organization’s reputation and mitigate potential cybersecurity or data violation risks which can have significant financial, legal, and systemic implications for your Business. Our service niche includes (1) Data Protection/Governance Advisory (2) Data Protection Compliance Support (3) Data Protection Audit Services and (4) Outsourcing of Data Protection Officers.

*The content of this Article is not intended to replace professional legal advice. It merely provides general information to the public on the subject matter.*

To know more about our Data Privacy Services? Please contact our team:

Email: info@dealhqpartners.com; clientservices@dealhqpartners.com

Telephone: +234 1 4536427 or +234 9087107575

Overview of the Guidelines for Contactless Payments in Nigeria

Nigeria has experienced significant growth and development in its financial sector, driven in large part by the integration of technology.
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The financial services sector has been at the forefront of leveraging technology to address challenges, enhance services, and stimulate economic growth. With banks and fintech companies in Nigeria embracing innovative solutions such as mobile banking, online platforms, and electronic payment systems to offer convenient and accessible financial services to a wider population, it is clear that there is a recognition of the potential inherent in technology to reshape financial services.
A case in point which highlights the efforts being put into building a more innovative financial ecosystem is the introduction of contactless payments. The COVID pandemic and the resultant lockdown triggered significant changes in the payment industry. Specifically, it amplified the need for contactless payments and ushered in a wave of unprecedented innovation and product development in the payment industry globally.
Given the record traction in the Nigerian payment market, the Central Bank of Nigeria (CBN), recognizing the… Click here to download article...

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About DealHQ

We are an Africa Focused deal advisory/boutique commercial law firm focused on supporting businesses and positioning them to operate efficiently within their market sphere. We are known for our quality service delivery which is focused on attention to detail, creativity, timely execution and client satisfaction.

Our service offering includes: corporate commercial, real estate & construction, finance, capital markets & derivatives, mergers and acquisitions, private equity, infrastructure, technovation and data privacy, agriculture & commodities, business formations & start up support amongst others.

The content of this Article is not intended to replace professional legal advice. It merely provides general information to the public on the subject matter.

You may contact our team on:

Email: info@dealhqpartners.com; clientservices@dealhqpartners.com

Telephone: +234 1 4536427 or +234 9087107575

Episode 3 Season 2- Nigeria’s Energy Transition Plan – One Year On: Cost vs Gains Analysis

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On this Episode 3; our Ayobami Elias leads Mr. Akin Akinfemiwa, the CEO of Geregu Power, in conversation around Nigeria’s Energy Transition Plan specifically assessing its capacity to meet Nigeria’s immediate and future energy demands, whether the plan is aligned to economic priorities of providers of capital, developers and users of energy and most importantly what just energy transition means to Africa vis-à-vis finding the capital required to implement our Net Zero ambition.On top replica luxury watches on the online website. High quality Rolex, Omega, Breitling, Cartier and so on for sale.

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WHAT YOU NEED TO KNOW ABOUT THE NIGERIA DATA PROTECTION ACT, 2023

INTRODUCTION

As technology and digital innovation continues to advance, the volume of data generated and exchanged by users of the internet, mobile/web applications and other digital devices has raised the security of personal data to the status of “matter of national concern” in Nigeria.

On the 14th of June 2023, the President of the Federal Republic of Nigeria, signed into Law, the Nigerian Data Protection Act (the Act) thereby establishing by statute, the Nigerian Data Protection Commission; which is entrusted with the power to make and enforce regulations for the protection and security of the personal data of Data Subjects in Nigeria.

  1. SCOPE OF THE LAW

The Act provides the legal framework for the establishment of the Nigeria Data Protection Commission, the regulation of the processing of personal data of Data Subjects, and for other related matters. The objective of the Act is to safeguard the constitutional right of Data Subjects in Nigeria as relates to the processing activities undertaken by Data Processors or Data Controllers.  A Data Controller is a person, organization, or a statutory body who determines the purposes for, and the way Personal Data is processed or is to be processed. Consequently, a Data Processor is one who processes the data in the manner prescribed by a Data Controller).

  1. WHO DOES THE ACT APPLY TO?[1]

The Act applies to and is binding on Data Controllers or Data Processors who are either:

  1. Resident or operating in Nigeria;
  2. Processing data within Nigeria; or
  3. Processing data of Data Subjects in Nigeria.
  1. EXEMPTION

Data Controllers or Processors who fall into any of the underlisted categories are exempted from the application of the Act:

  1. One or more individuals who process personal data solely for personal or household purposes;
  2. Data Controllers or Processors who deal with/process personal data which have been prescribed for exemption by the Commission.
  1. ESTABLISHMENT OF THE NIGERIA DATA PROTECTION COMMISSON

The Act establishes the Nigeria Data Protection Commission as an independent body responsible for prescribing regulations, codes, guidelines, and procedures in furtherance of its functions geared towards the enhancement of personal data protection.

The overall policy direction of the affairs of the Commission shall be controlled by a governing council which shall consist of seven people headed by a Chairman who shall be a retired judge of a superior court of record. All seven members of the governing council shall be appointed by the President on the recommendation of the Minister.[2]

  1. LAWFUL BASIS FOR PROCESSING PERSONAL DATA

Personal Data of a Data Subject can only be processed when a lawful basis for such has been established. The Act like other Data Privacy statutes (such as the GDPR) recognizes that Lawful Basis shall be deemed established in the following scenarios:

  1. Consent: Data Subject’s consent has been procured and the consent has not been withdrawn;
  2. Contract: Processing the personal data is necessary or the performance of a contract for which the Data Subject is a Party;
  3. Legal Obligation: Processing the data is necessary for compliance with a legal obligation to which the Data Controller or Processor is subject;
  4. Public Interest: Processing the personal data is necessary for public interest purposes or in exercise of official authority vested in a controller;
  5. Vital Interest: to protect a life;
  6. Legitimate Interest: Where the processing of personal data of a data subject is necessary in the legitimate interest of the processor or another third party.

Relatedly, even after Lawful Basis is established, every Data Processor is expected to adhere to these general principles:

  1. Personal Data must be processed in a fair and transparent manner;
  2. Personal Data must be collected for a specified and legitimate purpose; and must not be further processed in a manner or for a purpose incompatible with that which has been specified;
  3. Personal Data collected must be limited to that which is adequate and relevant for the purpose for which it is collected;
  4. Personal Data must be retained only for only as long as is necessary to achieve the Lawful Basis for which it was collected;
  5. Personal Data must be processed in a manner that guarantees the security of personal data against loss, unlawful processing, destruction loss or damage.
  6. Personal Data is processed for the purpose of a legitimate interest by a data controller or third party to which the data is disclosed.
  1. KEY PROVISIONS TO NOTE

Amongst other things, the following mandatory provisions are to be noted by and complied with by all Data Controllers and Processors:

a. MANDATORY APPOINTMENT OF A DPO

All Data Controllers and Processors of major importance[3] are now mandated to appoint a designated Data Protection Officers (DPO) with expert knowledge of data protection laws and practices and who may either be an employee of the organization or engaged under a valid service contract[4].

b. DATA PROTECTION IMPACT ASSESSMENT

Every Data Processor or Controller who envisages that any of its processing activity is likely to violate or result in high risk to the rights and freedom of  Data Subjects by virtue of its nature, scope, context and purpose; is mandated to conduct a data protection impact assessment. It is expected that the Commission will issue guidelines to establish the categories of processing which will now require the conduct of data protection impact assessment.[5]

c. REPORTING DATA BREACHES

Every Data Controller is required to notify the Commission within 72 hours of becoming aware of any personal data breach which is likely to result in a risk to the right and freedom of a Data Subject.[6]

d. CROSS BORDER DATA TRANSFER

Cross-Border Transfer of personal data to third parties no longer requires the supervision/consent of the Attorney General of the Federation. Notwithstanding Personal Data of Data Subjects cannot be transferred to a cross border recipient; unless the transferor has satisfied itself that the foreign third-party recipient:

  1. Has a lawful basis for processing such data;
  2. Has in place a mechanism to ensure adequate level of protection of such data to the extent and level prescribed by the Act. [7]

e. REGISTRATION OF DATA PROCESSORS AND CONTROLLERS

The Act mandates the registration of Data Controllers and Data Processors of major importance with the Commission within six months from the commencement of the Act or of becoming a Data Controller or Data Processor of major importance.  The Act also prescribes the process of registration and grants the Commission the power to prescribe the registration fee and to grant exemptions from registration at their reasonable discretion. Furthermore, Registered Processors and Controllers must notify the Commission of any change in the registration details provided.

The Commission is expected to keep a register of Data Controllers and Processors on its website and to update same regularly. When a Data Controller or Data Processor ceases to be one of major importance, it must notify the Commission who shall remove its name from the register[8].

f. GENERAL RIGHTS OF DATA SUBJECTS

The Act guarantees Data Subjects the inherent right to:

  1. Obtain from a Data Controller; confirmation as to whether its personal data is being stored or processed and where so; further information on the purpose, nature/category of data being processed, recipients of such data including international/cross border recipients, period for which data will be kept;
  2. Right to demand rectification, erasure or restriction in processing (pending resolution, objection or enforcement of a legal claim) without delay;
  3. Right to decline to give or to withdraw consent;
  4. Right to demand discontinuation of processing (except on grounds of public interest);
  5. Right to lodge a complaint with the Commission;
  6. Right not to be subject to a decision based solely on automated processing of personal data.

g. RIGHT OF AGGRIEVED DATA SUBJECTS TO FILE COMPLAINTS WITH THE COMMISSION

The Act has provided a procedure for Data Subjects whose rights have been violated or is likely to be violated by any Data Controller or Processor; to file a complaint with the Commission[9]. The Commission is mandated to investigate and where it is established that the right of a Data Subject is likely to be violated, the Commission will  issue an appropriate compliance order  against such Data Controller including:-  (1) a warning (2) a directive to comply or (3)  a cease and desist order.

Where however an actual violation is established; the Commission may issue an enforcement order issuing sanctions against such Data Processor or Controller. Such order may include (1) a directive to remedy (2) a directive to pay compensation (3) order to account for profits made from a violation (4) order to pay penalty which in the case of a Data Controller of major importance will be the higher of NGN10Million or 2% of gross revenue for the preceding financial year.  Where the offender is not a Data Controller of major importance, the penalty will be the higher of NGN2Million OR 2% of gross revenue for the preceding financial year. Where Data processor or controller is dissatisfied with the order imposed by the commission, it is at liberty to apply to court for judicial review, within thirty days of the issuance such order[10].

Where an order is defiled, the defaulting Processor or Controller commits an offence and becomes criminally liable upon conviction by a competent court [11]. The court may also order the Processor or Controller upon conviction to forfeit any economic benefit or financial proceeds in accordance with the Proceeds of Crime (Recovery and Management) Act or any other similar law.[12]

h. JOINT AND VICARIOUS LIABILITY

Directors, Managers, Partners, Secretaries or other similar officer of any convicted Data Processor or Controller shall be deemed jointly and vicariously liable with the organization for any breach or violation or offense under the Act; unless such officer can prove that the offence was committed without his/her knowledge, consent or connivance; and that he/she exercised all such diligence to prevent the commission of the offence. Data Controllers and Data Processors also remain vicariously liable for the acts or omissions of their agents, clerks, servants or employees.[13]

  1. LIMITATIONS IN RESPECT OF LEGAL PROCEEDINGS AGAINST THE COMMISSION

Whilst the Commission remains a legal entity which can sue or be sued, Actions against the Commission are required to be instituted within three months of the time in which such cause of action arose and subject to the service of a one month written notice of intention to sue having been served on the Commission. The Act further directs that no execution or attachment process can be issued against the property of the Commission in respect of an action or suit filed against it[14].

  1. TRANSITIONAL PROVISION

The Act  recognizes and has given legitimacy to  all  actions (orders, rules,  decisions, directions, licenses and authorizations) of NITDA, OR the Bureau  done prior to the coming into force of the Act as if they are acts of the Commission itself and they shall remain binding  until they are waived, cancelled or repealed by the Commission. This includes specifically, the Nigerian Data Protection Regulation (NDPR) 2019.[15] The Nigeria Data Protection Commission effectively succeeds the erstwhile Nigeria Data Protection Bureau (NDPB) and puts to an end the argument that the NDPB is not statutorily created.

IMPLICATION FOR BUSINESSES IN NIGERIA

It is clear given the priority and attention given to  the assent of the by the newly elected President of Nigeria and the Federal Executive Council; that data privacy is recognized as a critical focus area for the Federal Government. It can therefore be fairly deduced that enforcement of the Act will be top of mind for the Government and the Commission.

The Act has further mandated registration for all data processors and controllers within the next six months. Consequently, Businesses operating in Nigeria except where exempt will be required to immediately reposition their protocol of operation to ensure consistent compliance with the Act. Finally, Data Processors and Controllers must keep as top of mind the potential risk of sanctions and criminal liability where they have directly or vicariously violated the rights Data Subjects as guaranteed under the Act.

This Article is written by DealHQ’s Technovation and Data Governance Practice Team, DealHQ is a licensed Data Protection Compliance Organization (DPCO). We understand the importance of safeguarding sensitive data and complying with local and foreign data protection laws applicable to your business to protect your organization’s reputation and mitigate potential cybersecurity or data violation risks which can have significant financial, legal and systemic implications for your Business. Our service niche includes (1) Data Protection/Governance Advisory (2) Data Protection Compliance Support (3) Data Protection Audit Services and (4) Outsourcing of Data Protection Officers.

About DealHQ

We are an Africa Focused deal advisory/boutique commercial law firm focused on supporting businesses and positioning them to operate efficiently within their market sphere. We are known for our quality service delivery which is focused on attention to detail, creativity, timely execution and client satisfaction.

Our service offering includes: corporate commercial, real estate & construction, finance, capital markets & derivatives, mergers and acquisitions, private equity, infrastructure, technovation and data privacy, agriculture & commodities, business formations & start up support amongst others.

The content of this Article is not intended to replace professional legal advice. It merely provides general information to the public on the subject matter.

Do you need to know more about our Data Privacy Services? You may contact our team on:

Email: info@dealhqpartners.com; clientservices@dealhqpartners.com

Telephone: +234 1 4536427 or +234 9087107575

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[1] Part I Nigerian Data Protection Act, 2023.

[2] Part II and III of the Act.

[3] A Data Controller or Processor domiciled, resident in or operating in Nigeria who processes or intends to process personal data of such number of Data Subject within Nigeria as the Commission may prescribe as being of major importance.

[4] Section 33 of the Act.

[5] Section 29 of the Act.

[6] Section 41 of the Act.

[7] Part IX of the Act.

[8] Part X of the Act.

[9] Sections 47, 48 and 49 of the Act.

[10] Section 51 of the Act.

[11] Section 50 of the Act.

[12] Section 53 of the Act

[13] Section 54 of the Act

[14] Part XII of the Act.

[15] Section 64 the Act.

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The open banking ecosystem in Africa has certainly taken flight, with countries such as South Africa, Kenya, Nigeria and Ghana recording unprecedented rate of product development, innovation and adoption across the regions digital financial services market. That said, strengthening financial systems regulation, risk management and financial data governance remain critical to achieving continuous and sustainable growth in the sector. The introduction of Nigeria’s open banking regulations is bold, audacious and enviable. It is expected that its implementation will be strategic and impactful.

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Season 2 Episode 1- The Appropriation Act 2023: Key Implication for Nigerian Businesses

Simply is a sponsored podcast of DealHQ Partners, where we engage thought leaders on trending issues around law and business in the most simplistic manner.
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On the first episode of Season 2, Our Tosin Ajose leads Mr. Opeyemi Agbaje, the Founder and CEO of RTC Advisory Services Ltd – a leading strategy and business advisory firm, in a conversation on the recently enacted 2023 Appropriation Act. The conversation bothers on the key elements of the expenditure and revenue summary, Nigeria’s ballooning public debt profile, and the potential impact of the 2022 finance bill on Nigerian businesses.

Listen here:   linktr.ee/DealHQ