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Faculty seeks valuation of Lagos National Stadium, intellectual property


National Stadium, Surulere

As Nigeria joins the rest of the world to mark the world intellectual property (IP) day and Sports 2019, the Business Assets and Intellectual Property valuation division of the Nigerian Institution of Estate Surveyors and Valuers (NIESV) has called for the valuation of National stadium in Lagos and other intellectual property in the country.

They say, the valuation of the stadium will unearth its present worth and possible investment to rehabilitate it. The faculty also made case for a fair play in rewarding efforts of inventors and creators while protecting the goodwill vested in brands.

With the theme of this year’s celebration, ‘Reach for Gold’, the focus is to take a critical look into the important role of innovation, creativity in sports development, the excitement it provides for the people as well as the IP rights that encourage, protect and support the development.

Speaking at the event, Prof. Bamidele Ogunleye represented by the Secretary of the faculty, Mr. Olalekan Akinwunmi, said that sports are full of human activities. “Sports unite people, and involves a lot of movement, contracts, agreements, rights and obligations.

“Since sports are also interwoven inhuman endeavors and the economy, the role of IP valuers cannot be overemphasized in the determination of the value of intangible assets involved. With a huge of intangible assets at play and lots of economic activities also playing out over time, there must be value.”

Prof. Ogunleye stressed that as investors invest, they will like to know the market value of their investment, likewise the innovators would simply not like to create something not valuable, the players want to have the knowledge of the goodwill before signing the contract.

He also noted that valuation is key in business or economic activities, and our roles in sports as a big economic activity are important because there is no human relationship, sports inclusive, that are totally devolved of rifts and infringements.

“As IP valuers, we analyze the level of damages before the claimants lay claims or before litigations. Fortunately, there are international valuation standards (IVS) to guide us in carrying out the determination of such values.

“We implore the federal government to see sports as a serious business that needs attention and policy backing. This would protect the various IP rights, it would boost the morale of sport entrepreneurs, innovators and players as well and our Gross Domestic product and income would grow via taxes from this sector, while crating job opportunity for our teaming youths and other sports lovers,” he added.

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