Business
Commandclem, Inventor of QIT Paints, Says Appeal Court
The Court of Appeal has ruled that Dr. Clement Uwemedimo of Commandclem Nigeria Limited is the statutory inventor of the Anti-Corrosive Special Paint for QIT (Transteel Blue, White Enamel) used in the production of crude oil, condensate, liquefied natural gas and other products.
In a judgement delivered by Justice Kumai Bayang Akaahs, the Appeal Court, Calabar Division, held that on the basis of Section 2 of the Patents and Designs Act Cap 433, Laws of the Federation of Nigeria, 1990, the right to a patent in respect of an invention is vested in the statutory inventor, that is to say, the person who, whether or not he is the true inventor, is the first to file, or validly to claim a foreign priority for a patent application in respect of the invention.
Justice Akaahs said the evidence adduced by Dr. Uwemedimo and Commandclem Nigeria Limited dates back to 1980 when the right to sue on the patent had accrued, noting that any infringement by the respondents or any other person will be actionable at the instance of the appellants starting from August 5, 1999 when the patent was registered by the Federal Government of Nigeria.
He said: “The learned trial judge was right to hold that at the time the defendant was said to have infringed plaintiff’s patent in the early 1980s, the plaintiffs did not have any patent to be infringed.
The plaintiffs only obtained their patent No. RP 13522 on August 5, 1999. At the time the Court of Appeal ruled that the claims in paragraph 29 (iii) (iv), (v) and (viii) of the Amended Statement of Claim were not affected by the Limitation Law, there was no consideration of the evidence to be adduced. If the evidence sustaining the reliefs fell between 1999 and 2001, the action would be maintained. “I am of the view that the respondent can enjoy the benefit created by S.2(4) of the Patents and Designs Act when a contract was subsisting between the parties at the time of the invention.”
On the issue of agreement between Dr. Uwemedimo or CommandClem Nigeria Limited and Mobil Producing Nigeria Unlimited, to pay to Uwemedimo US$2.00 per barrel for every petroleum product produced by Mobil Producing Nigeria Unlimited, Justice Akaahs held that the law does not require that every contract must be in writing unless it is a contract made under seal or it is required by statute.
He said: “If indeed there was any verbal agreement made by the defendants (Mobil Producing Nigeria Unlimited) to pay the sum of $2.00 for every barrel of crude oil produced, the plaintiffs (Uwemedimo) were too hasty in making their “invention” known within so short a time between the first contact by the first plaintiff with the defendants on May 2, 1980 and the research results on June 26, 1980 as chronicled in exhibit 8A.
Justice Akaahs ruled that he did not agree that an agreement to pay $2.00 per barrel of every petroleum product to the plaintiffs would necessarily be against public policy.
He said: “There is no evidence to presume that the agreement being envisaged was to circumvent the provisions in the Petroleum Act or that it will prevent Mobil Producing Nigeria Unlimited from paying royalties to the Federal Government. An agreement freely entered into by the parties will be enforceable unless the agreement will facilitate the commission of a crime or breach any law.”
Business
FG Approves ?758bn Bonds To Clear Pension Backlogs, Says PenCom
Business
Banks Must Back Innovation, Not Just Big Corporates — Edun
Edun made the call while speaking at the 2025 Fellowship Investiture of the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos, where he reaffirmed the federal government’s commitment to sustaining ongoing reforms and expanding access to finance as key drivers of economic growth beyond four per cent.
“We all know that monetary policy under Cardoso has stabilised the financial system in a most commendable way. Of course, it is a team effort, and those eye-watering interest rates have to be paid by the fiscal side. But the fight against inflation is one we all have to participate in,” he said.
The minister stressed the need for banks to broaden credit access and finance innovation-driven enterprises that can create jobs for young Nigerians.
“The finance and banking industry has more work to do because we must finance their ideas, deepen the capital and credit markets down to SMEs. They should not have to go to Silicon Valley,” he said.
The minister who described the private sector as the engine of growth, said the government’s reform agenda aims to create an enabling environment where businesses can thrive, access funding, and contribute meaningfully to job creation.
Business
FG Seeks Fresh $1b World Bank loan To Boost Jobs, Investment
The facility, known as the Nigeria Actions for Investment and Jobs Acceleration (P512892), is a Development Policy Financing (DPF) operation scheduled for World Bank Board consideration on December 16, 2025.
According to the Bank’s concept note , the financing would comprise $500m in International Development Association (IDA) credit and $500m in International Bank for Reconstruction and Development (IBRD) loan.
If approved, it would be the second-largest single loan Nigeria has received from the World Bank under President Bola Tinubu’s administration, following the $1.5 billion facility granted in June 2024 under the Reforms for Economic Stabilisation to Enable Transformation (RESET) initiative.
The World Bank said the new programme aims to support Nigeria’s shift from short-term macroeconomic stabilisation to sustainable, private sector–led growth.
“The proposed Development Policy Financing (DPF) supports Nigeria’s pivot from stabilization to inclusive growth and job creation. Structured as a two-tranche standalone operation of US$1.0 billion (US$500 million IDA credit and US$500 million IBRD loan), it seeks to catalyse private sector–led investment by expanding access to credit, deepening capital markets and digital services, easing inflationary pressures, and promoting export diversification,” the document read.
The document further stated that Nigeria’s private sector credit-to-GDP ratio stood at only 21.3 per cent in 2024, significantly below that of emerging-market peers, while capital markets remain shallow, with sovereign securities dominating the bond market.
To address these weaknesses, the DPF will support the implementation of the Investment and Securities Act 2025, operationalisation of credit-enhancement facilities, and introduction of a comprehensive Central Bank of Nigeria rulebook to strengthen risk-based regulation and consumer protection.
The operation also includes measures to deepen digital inclusion through the passage of the National Digital Economy and E-Governance Bill 2025, which will establish a legal framework for electronic transactions, authentication services, and digital records.
Beyond the financial and digital sectors, the programme targets reforms to lower production and living costs by tackling Nigeria’s restrictive trade regime. High tariffs and import bans have long driven up consumer prices and constrained competitiveness, particularly for manufacturers and farmers.
Under the proposed reforms, Nigeria would adopt AfCFTA tariff concessions, rationalise import restrictions, and simplify agricultural seed certification to increase the supply of high-quality varieties for maize, rice, and soybeans. The World Bank projects that these measures will help reduce food inflation, attract private investment, and enhance export potential.
The operation is part of a broader World Bank FY26 package that includes three complementary projects—Fostering Inclusive Finance for MSMEs (FINCLUDE), Building Resilient Digital Infrastructure for Growth (BRIDGE), and Nigeria Sustainable Agricultural Value-Chains for Growth (AGROW)—all focused on expanding access to finance, strengthening institutions, and mobilising private capital.
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