E-Financial
Microsoft at Anti-Counterfeiting Roundtable, Addresses Piracy
Microsoft Nigeria, software and devices company has made recommendations on ways to address software piracy at the Anti-Counterfeiting Collaboration of Nigeria (ACC)’s 5th Roundtable.
The ACC’s 5th Roundtable in conjunction with the International Trademarks Association (INTA) took place in Lagos, with Microsoft as a sponsor.
The ACC is the umbrella body for intellectual Property Rights (IPR) legalization and related issues in Nigeria with membership spanning across all sectors including the Intellectual Property Lawyers Association of Nigeria (IPLAN).
Discussions during the session centred on piracy/counterfeiting as a major concern which cuts across varied goods, products and industries ranging from entertainment, IP/software, textiles, dairy, pharmaceuticals etc.
The discussants noted that transnational lack of borders of the internet makes the unlawful copying and distribution of pirated products, services and designs at a global scale very easy but its enforcement difficult given the difficulty of ascertaining where the infringement took place whether on the infringer’s computer, the server and in which country.
Ijeoma Abazie, head, Corporate Affairs, Microsoft Anglophone West Africa speaking at the roundtable to review the IPR Bill addressed software piracy, its various forms, how it undermines the industry’s ability to innovate, limits economic growth in economies around the world and puts consumers’ data and security at risk as well as the use of anti-piracy technology to checkmate it.
Disclosing some findings of the Business Software Alliance/INSEAD study, Ijeoma said that increasing the use of genuine software by 1% contributes $73 Billion to the global economy as opposed to $20 Billion from pirated software, a whopping gap of $53 Billion.
She highlighted the benefits of curbing software piracy to include increased jobs, tax revenues and safety noting that these are more impactful on the economy as opposed to the endorsement of software piracy which essentially funds terrorism globally, undermines online stability and security.
To recapitulate the time and resources that are wasted by cybercrime, Abazie quoted IDC statistics, “Globally consumers will spend 1.5 billion hours and $22 billion identifying and recovering from the impact of malware and global enterprises will spend $114 billion to deal with the impact of malware-induced cyber-attacks”.
Panellists at the session to discuss the Industrial Property Commission of Nigeria (IPCOM) Bill reached a consensus on the urgent need to draft and enact an IP Bill for Nigeria aligned with international best practice and technological developments.
Lending the voice of the Devices and Software Company for reforms in Nigeria and the West African Sub-region, Abazie recommended the enhancement of enforcement using dedicated specialized IP enforcement, investigating and prosecuting resources and cross border cooperation among Law Enforcement Agencies (LEAs) across West Africa.
She reiterated the need for increased Public Education and Awareness to change the current apathetic public attitudes toward software and IP, leader-led model by Government through the promotion and use of legal software in state-owned enterprises and among all its contractors and suppliers as a precondition for contracting with it and also through implementing software asset management (SAM) programs.
Her submission also included Multi-stakeholder strategy involving private and public sector collaboration on effective enforcement by LEAs; Industry-led initiatives to promote SAM in the public and private sectors; Increased support from the Nigerian Customs Service and strengthened cross border customs collaboration to checkmate the importation and distribution of pirated/counterfeit software; Modernization of IP Laws to provide for the protection and enforcement of infringement of new software innovations, such as cloud computing technologies, online piracy and the proliferation of networked mobile devices; Fast tracking the enactment of an all-encompassing IP Bill aligned with international developments and Fast tracking the passage of the Cyber Security Bill and other related Bills.
The head of Corporate Affairs, Microsoft Nigeria concluded by hinting participants that Microsoft XP operating system will come to its end of life support at the end of April 2014 and as such, security patches will no longer be released, leaving PCs running XP vulnerable to cyber-attacks and almost 14 times more likely than those running Windows 8 to become infected with malware and that to avert this it is advisable to start planning to migrate to the latest version of Windows 8.1 software.
Earlier in her opening address, Lara Kayode, partner, O. Kayode & Co and who represented INTA, stressed the need for public awareness, strong enforcement of and a strong IP legal framework that adequately compensate and protect rights holders whose IP has been infringed as piracy and counterfeiting rob government globally of revenue that can be used to develop economies.
Other attendees at the Roundtable included Brand owners, Regulatory Agencies including the Nigerian Copyright Commission (NCC), Standards Organization of Nigeria (SON), Nigerian Customs Service (NCS) and the Consumer Protection Commission (CPC).
The Pharmaceutical sector, the Trademarks Registry, Law makers, Intellectual Property Practitioners/ Stakeholders and the Federal Ministry of trade and Investment among others were also well represented.
Nigeria Deposit Insurance Corporation (NDIC) has begun the final phase of liquidation for the defunct Premier Commercial Bank, initiating the payment of liquidation dividends to verified creditors, nearly 25 years after the bank’s closure.
Premier Commercial Bank had its operating license revoked by the Central Bank of Nigeria (CBN) on December 20, 2000, following findings of financial instability and regulatory non-compliance.
Since then, the NDIC has overseen the bank’s liquidation process under a winding-up order from the Federal High Court, which designated the corporation as the official liquidator.
In a public announcement, the NDIC invited all eligible creditors to visit any of its zonal offices between June 2 and June 27, 2025, to verify and claim their entitlements.
This move marks a critical milestone in the final settlement of claims related to the bank’s collapse.
To facilitate the verification process, creditors are required to present proof of deposit or shareholding, such as a passbook, chequebook, term deposit certificate, or bank statement.
Additionally, valid identification documents must be submitted, including a driver’s license, international passport, national identity card, NIN slip/card, voter’s card, or a formal identification letter from a traditional ruler or local government chairman.
The NDIC assured the public that the ongoing settlement is part of a broader effort to bring closure to longstanding claims resulting from Premier Commercial Bank’s liquidation. The process, according to the corporation, has been designed to ensure efficient disbursement to all verified stakeholders.
Premier Commercial Bank is one of 53 deposit money banks whose licenses were revoked by the CBN between 1994 and 2018 due to various violations and signs of financial distress.
These closures were followed by legal procedures appointing the NDIC to manage asset recoveries and creditor settlements.
By initiating this final phase of payment, the NDIC is reaffirming its commitment to financial system stability and depositor protection while calling on all affected individuals and institutions to complete verification processes promptly to receive their due compensation.
Securities and Exchange Commission (SEC) has directed all public companies and Registrars to stop treating unclaimed dividends older than 12 years as “statute-barred”, especially those dating from before the enactment of the Finance Act 2020.
The directive reaffirms the provisions of Section 60 of the Finance Act, which mandates that dividends unclaimed for over six years be transferred to the Unclaimed Funds Trust Fund (UFTF), where they remain accessible to shareholders pending claims.
The Commission said that shareholders are entitled to continue to claim their dividends that are not statute-barred (that is not above 12 years) before December 31, 2020 “when the Finance Act 2020, came into effect.”
According to the SEC in a Circular, “The attention of the Securities and Exchange Commission has been drawn to the fact that paying companies and their Registrars have continued to treat unclaimed dividends of public companies that are older than 12 years as being “statute-barred” without recourse to the provisions of the Finance Act 2020.
“In response to various inquiries on the subject, the Commission hereby clarifies as follows: The import of the provisions of Section 60 of the Finance Act 2020 (December 31, 2020), is that, where dividends declared by a public company quoted on the Nigerian Exchange Limited remained unclaimed for a period of six years or more, such dividends are expected to be transferred to the Unclaimed Funds Trust Fund (UFTF) to be held in trust and managed pending when the shareholder presents a claim for such unclaimed dividends.
“Pending the setting up and operationalisation of the UFTF by the Federal Government, pursuant to its powers under Sections 3 (4) (e) and 93 of the Investments and Securities Act 2025, the Commission hereby directs public companies and their Registrars to continue to honour all requests by shareholders for the payment of unclaimed dividends as described above, with effect from December 31, 2020”.
The Commission therefore directed public companies and Registrars to effect immediate compliance with the directive and submit periodic reports on same in the manner prescribed in the Commission’s Rules and Regulations.
Federal Inland Revenue Service (FIRS) has revised its Standard Operating Procedure (SOP) as part of efforts to improve consistency, transparency, and service delivery in tax administration across the country.
According to a statement on Monday in Abuja by Mr. Collins Omokaro, Special Adviser on Communication Strategy and Advocacy to the Executive Chairman of FIRS, the revised SOP offers a unified framework for core tax processes including registration, payment, audit, and enforcement.
“This is about people, experience, and impact. It’s a step toward a tax system that supports voluntary compliance and national development,” Omokaro said.
He explained that while FIRS field offices have long operated with good intentions, inconsistent methods across different locations often created confusion for taxpayers.
The revised SOP, he said, is designed to eliminate such disparities by providing a single, clear roadmap for operations in all of the Service’s over 300 offices nationwide.
More than just a procedural manual, the new SOP is described as a statement of institutional direction, reflecting values that define the future of the Service.
Omokaro quoted Dr. Zacch Adedeji, executive chairman of FIRS, as saying that “This SOP is not just a technical document—it is a declaration of who we are becoming as a service. It reflects our commitment to transparency and service to the Nigerian people.”
The SOP update is one component of a broader reform agenda underway at FIRS, which aims to transform the agency into a fully service-oriented institution.
The changes are also aligned with the ongoing digital transformation within the agency, which is intended to harmonize human and technological systems for faster, more reliable, and taxpayer-friendly service delivery.
Internally, the SOP is expected to enhance operational efficiency and provide a foundation for improved staff training, clearer guidance, and stronger evaluation systems. Omokaro noted that every FIRS employee is expected to study, implement, and embody the procedures outlined in the new document.
“With this rollout, every FIRS staff member has a clear mandate: study it, apply it, and embody it. That’s how we’ll earn the trust of Nigerians,” he said.
The SOP reform is being introduced as part of the Service’s broader mission to reposition itself as a modern tax authority grounded in accountability, consistency, and a shared sense of national purpose.
The move comes as the FIRS continues to modernize its processes, improve tax collection efficiency, and foster a culture of voluntary compliance—all aimed at strengthening revenue mobilization to support Nigeria’s development agenda.
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