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Foreigners Own Naira Patent – CBN - Politics - Nairaland

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Foreigners Own Naira Patent – CBN by apala911: 6:50pm On Sep 04, 2012
The trademark patent right of the naira notes in circulation is owned by non-Nigerians, the Central Bank of Nigeria (CBN) has revealed.
The apex bank yesterday cited this as one of the reasons it wants to redesign the naira notes. According to the director of corporate communications of the CBN, Mr Ugochukwu Okoroafor, “it was quite shocking to us when we discovered that the patent rights of some of our notes are owned by non-Nigerians.”
Okoroafor, who spoke with financial journalists in Lagos yesterday, said it is not right or safe for a sovereign state such as Nigeria to have the patent right of its legal tender owned by a foreigner. “It is dangerous for us as a nation because they can hold us at the neck with it,” he stated.
He however noted that the patent rights of the new designs of the naira would be owned fully by Nigerians, adding that this was one of the crucial reasons the CBN wants to restructure the naira.
Okoroafor also debunked reports that the apex bank would be spending N40 billion in the printing of the controversial N5,000 notes as well as that of the redesigned notes. According to him, “it is an absolute lie and it is quite outrageous.”

Stating that people who are making such claims should check their facts correctly, he said “the CBN does not hide how much it spends on note printing annually. It is there in our annual reports, so people who are making such outrageous claims should go and check our annual report which is a public document.”
He said due to the false information that is being proliferated, the CBN had decided to publish the amount it has been spending on note printing as well as what it would spend in printing the new currencies.
He further stated that, rather, the apex bank would be saving N7 billion from the printing of notes annually through its “Project Cure”, as it is cheaper to print, store and transport larger bills.
Defending the introduction of the N5,000 note, he said it is meant to serve big transactions, noting that it is not meant for everyday or minor transactions. He also reiteratedthat it would in no way increase inflation rate in the country as more money would not be injected into the system.
He stressed that the market forces would determine its use, citing the American $1,000 and $10,000 notes which he said are used only for special transactions.
Mazi Okechukwu Unegbu, former president, Chartered Institute of Bankers of Nigeria, said it is not the standard practice to have the patents of national currency held by foreigners. It is because Nigeria lacks the technology and trained personnel to manage its own printing. It is dangerous because if we have to get it back we will pay heavily.

However, he said, it was not enough reason to justify the currency restructure and printing of N5,000 note. “CBN should have first come out with policy to make coins acceptable such as increasing their values before considering its current policy which in itself is contradictory of other policies of the CBN.”

http://businessnews.com.ng/2012/09/04/foreigners-own-naira-patent-cbn/
Re: Foreigners Own Naira Patent – CBN by nduchucks: 6:58pm On Sep 04, 2012
Soludo lipsrsealed
Re: Foreigners Own Naira Patent – CBN by russellino: 7:30pm On Sep 04, 2012
I am really sorry for nigerians if a cbn official can come out and tell us that there can be a patent on our national currency I mean is this crap possible. nigerians need to wake d hell up.
Re: Foreigners Own Naira Patent – CBN by 2mch(m): 7:35pm On Sep 04, 2012
Who gave them the patent in the first place. Was the process legal? If it was illegal and the patent thieves were involved in this illegal process, then the government can fight to get the patent back at just legal fees. This is a heavy disgrace. I find it hard that a Nigerian hiding under foreign fronters does not own the patent. Tell us who owns the patent now so that we can expose the true owner.
Re: Foreigners Own Naira Patent – CBN by dasparrow: 7:45pm On Sep 04, 2012
@Post

Amazing! Who gave or sold the patent to the foreigner? Are we sure Nigeria is truly a sovereign nation? I ask because with the way things are going in Nigeria and with the way Nigerian leaders sell out to foreigners while Nigerian citizens bow and worship foreigners (especially the non black ones), I am truly beginning to wonder what Nigeria and Nigerians are truly all about. May God help us all.
Re: Foreigners Own Naira Patent – CBN by cutievik: 8:46pm On Sep 04, 2012
Nonsense,WTF do these idiots take us for? patent or no patent,we do nt want d #50000 note,rada change our 1000 naira note to coins.
Re: Foreigners Own Naira Patent – CBN by savcy(m): 8:51pm On Sep 04, 2012
Oneday,we will wake up 2 hear that the ownership of Nigeria has long been agreed upon by our politcians. That after 120yrs of our national existence,Russia shud tak ova ownership of our country. grin grin grin
Nigeria,I sorry.
Re: Foreigners Own Naira Patent – CBN by slightlyMad(f): 8:55pm On Sep 04, 2012
patent come in 2 flavours, international and local
while local patent may belong to FG, International may belong to any smart a55

If they drag the country to court, Nigeria and generations to come will pay dearly for it.
Re: Foreigners Own Naira Patent – CBN by gistme24(m): 8:57pm On Sep 04, 2012
The only thign I gather from this is that these people are hell bent on printing this new notes and are just coming up with reasons to justify their act.
Why are they telling us this now? Na today them enter office ?
And while we are still at it, every patent has an expiry date, so when will these patents expire? Why don't we just wait till then and redesign our notes?
SLS is on a quest, as usual.

4 Likes

Re: Foreigners Own Naira Patent – CBN by Wallie(m): 8:59pm On Sep 04, 2012
dasparrow: @Post

Amazing! Who gave or sold the patent to the foreigner? Are we sure Nigeria is truly a sovereign nation? I ask because with the way things are going in Nigeria and with the way Nigerian leaders sell out to foreigners while Nigerian citizens bow and worship foreigners (especially the non black ones), I am truly beginning to wonder what Nigeria and Nigerians are truly all about. May God help us all.

Nobody. In 2007, Soludo and Obasanjo re-dominated Naira and created new notes. The most likely scenario is that they contracted a foreign design company to design the new notes. If that were the case, the company simply retained ownership of the designed notes, which is not that unusual but shouldn’t have happened. One can always pay extra to own everything associated with the design.

This is akin to hiring a programmer to design customized software and having the programmer retain ownership of the actual code. This means that you cannot change the code at a future date without the programmer’s consent/help.
Re: Foreigners Own Naira Patent – CBN by mrrock: 9:00pm On Sep 04, 2012
This is more reason I now believe there's a very selfish criminal motive hiding behind the N5,000 policy.
Why is Mr. Sanusi desparate to print N5,000 note against all odds??

1 Like

Re: Foreigners Own Naira Patent – CBN by sexkillzmumu: 9:02pm On Sep 04, 2012
Naija! Naija!! Naija!!!
Where art thou headed to?
Re: Foreigners Own Naira Patent – CBN by pass4life(m): 9:03pm On Sep 04, 2012
I can't believe this! How can a foreigner have the rights to our own Naira...what is really going on in this country. Come CBN, you guys get that Patent Rights back before we wake up one day and we are told that Nigeria is owned by foreigner too.

On a serious note, government and CBN should get that rights back in any LEGAL means possible.
Re: Foreigners Own Naira Patent – CBN by Nobody: 9:05pm On Sep 04, 2012
Now that we are aware that the patent of our legal tender is owned by foreigners. Redesign all the notes and dont bring up the fvcking 5000 Note. This is not Zimbabwe.

2 Likes

Re: Foreigners Own Naira Patent – CBN by Gonzaga1010(m): 9:07pm On Sep 04, 2012
CBN u guyz r always d boss
Re: Foreigners Own Naira Patent – CBN by ujchief(m): 9:09pm On Sep 04, 2012
mrrock: This is more reason I now believe there's a very selfish criminal motive hiding behind the N5,000 policy.
Why is Mr. Sanusi desparate to print N5,000 note against all odds??
they come up wit reasons why they 'must' print the 5k note. Wil the printing change the patent right of the already existing notes? I'm waiting on the presidency to take a stand on this. I remember how yaradua squashed soludo's redomination plans.
Re: Foreigners Own Naira Patent – CBN by esere826: 9:18pm On Sep 04, 2012
Patent owned by foreigners? what am I not getting here?

Can some monetary (non governmental) expert please explain!!!

I am in a state of shock
Re: Foreigners Own Naira Patent – CBN by 2mch(m): 9:21pm On Sep 04, 2012
esere826: Patent owned by foreigners? what am I not getting here?

Can some monetary (non governmental) expert please explain!!!

I am in a state of shock

For every Naira printed this person gets a percentage/fee. Not only was this person paid, but for like 20years, they will keep getting paid as long as their designs are used. I dont think this agreement was disclosed to the public or agreed upon by the previous NASS. This is why this is void and illegal. Knowing this though, it is not clear if the FG wants to get a new designer, or they just want to enslave the Nigerian currency to this same "designer" for another 20years. How this validates the N5,000 note is still unclear. This is so stupid it is shocking.

1 Like

Re: Foreigners Own Naira Patent – CBN by Nobody: 9:24pm On Sep 04, 2012
somebody tell me I am dreaming
Re: Foreigners Own Naira Patent – CBN by DisGuy: 9:29pm On Sep 04, 2012
I think its more with the new 'polymer' notes, just my opinion though
Re: Foreigners Own Naira Patent – CBN by olapluto(m): 9:39pm On Sep 04, 2012
I dont get it! If the design is not from a Nigerian, then it belongs (and can be patented) to a Foreigner. This has nothing to do with the ujustified N5000 introduction. It is unfortunate that we have leaders who take pleasure in deceiving Nigerians. Patenting the Naira does not mean the Naira is unsafe. If the patent owner comes tomorrow to ask for withdrawal of their design, all we need to do is put some new changes to the note and patent it to a Nigerian's name. Chikena!
And even having the patent will be a thing of pride to whosoever it's named after. This is a non-issue. Let Sanusi come up with a more tangible reason why N5000 is the next thing Nigeria needs
Re: Foreigners Own Naira Patent – CBN by olapluto(m): 9:40pm On Sep 04, 2012
2mch:

For every Naira printed this person gets a percentage/fee. Not only was this person paid, but for like 20years, they will keep getting paid as long as their designs are used. I dont think this agreement was disclosed to the public or agreed upon by the previous NASS. This is why this is void and illegal. Knowing this though, it is not clear if the FG wants to get a new designer, or they just want to enslave the Nigerian currency to this same "designer" for another 20years. How this validates the N5,000 note is still unclear. This is so stupid it is shocking.
I need a proof of that!
Re: Foreigners Own Naira Patent – CBN by 5alive(m): 9:42pm On Sep 04, 2012
If by 2moro GEJ wakes up& says Nigeria has been sold to China. Pls call me Jua chong chin

3 Likes

Re: Foreigners Own Naira Patent – CBN by 2mch(m): 9:42pm On Sep 04, 2012
The thing is someone is benefiting from this. Because they could have easily paid the designer off. But they chose to go with a designer that wanted his design patented. Someone in government is involved in this and needs to be exposed. It is not like the naira design is even anything extra ordinary. It is more expensive in the long run to use a patent. Especially when it is attached to a currency.It is time for the masquerade to be exposed, rather than paying it again with the new N5,000.
Re: Foreigners Own Naira Patent – CBN by Kk4(m): 9:43pm On Sep 04, 2012
savcy: Oneday,we will wake up 2 hear that the ownership of Nigeria has long been agreed upon by our politcians. That after 120yrs of our national existence,Russia shud tak ova ownership of our country. grin grin grin
Nigeria,I sorry.

Loool. Russia is badas too
Re: Foreigners Own Naira Patent – CBN by 2mch(m): 9:44pm On Sep 04, 2012
ola_pluto:
I need a proof of that!

Go and find out the meaning of patent my friend.

1 Like

Re: Foreigners Own Naira Patent – CBN by hakwise(m): 9:44pm On Sep 04, 2012
Yeah....I av always known that with †ђξ level of corruption in Nigeria, unbelievable silence of we nigerians n †ђξ greed of our leaders I can assure you that Nigeria itself is sold out already .....believe M̶̲̥̅ε̲̣̣̣̥ and our leaders are really concealing alot from us !!!!..their are more!!! More shocking revelations..(The americans know all these things n they av done their maths ...that is how they arrived at 2015 for our breakup !!.we are gettin there already....***CLAPPING BRAVO***

1 Like

Re: Foreigners Own Naira Patent – CBN by Nobody: 9:45pm On Sep 04, 2012
Comment?
Wetin i wan talk wey person neva yarn before?
In short sef! I dun taya for Naija!
Re: Foreigners Own Naira Patent – CBN by akhis: 9:57pm On Sep 04, 2012
Dis Guy:

I think its more with the new 'polymer' notes, just my opinion though

CBN had also earlier said that nations are moving away from polymer. I think the best explanation for this is that CBN is that are confussed.
Re: Foreigners Own Naira Patent – CBN by DeaconFrost1(m): 10:08pm On Sep 04, 2012
Abeg madam give me 2 groundnuts, 1 sachet of kunu, 8 baskets of sugar and eeeem eeeem 2 basins of garri make i chop b4 d price go increase pass levels, make no man or woman remove dis post oh, hmm nah my mb i de use if nt 2day , make i stop 1st b4 dem do
Re: Foreigners Own Naira Patent – CBN by adewaleafolabi(m): 10:11pm On Sep 04, 2012
apala911: The trademark patent right of the naira notes in circulation is owned by non-Nigerians, the Central Bank of Nigeria (CBN) has revealed.
The apex bank yesterday cited this as one of the reasons it wants to redesign the naira notes. According to the director of corporate communications of the CBN, Mr Ugochukwu Okoroafor, “it was quite shocking to us when we discovered that the patent rights of some of our notes are owned by non-Nigerians.”
Okoroafor, who spoke with financial journalists in Lagos yesterday, said it is not right or safe for a sovereign state such as Nigeria to have the patent right of its legal tender owned by a foreigner. “It is dangerous for us as a nation because they can hold us at the neck with it,” he stated.
He however noted that the patent rights of the new designs of the naira would be owned fully by Nigerians, adding that this was one of the crucial reasons the CBN wants to restructure the naira.
Okoroafor also debunked reports that the apex bank would be spending N40 billion in the printing of the controversial N5,000 notes as well as that of the redesigned notes. According to him, “it is an absolute lie and it is quite outrageous.”

Stating that people who are making such claims should check their facts correctly, he said “the CBN does not hide how much it spends on note printing annually. It is there in our annual reports, so people who are making such outrageous claims should go and check our annual report which is a public document.”
He said due to the false information that is being proliferated, the CBN had decided to publish the amount it has been spending on note printing as well as what it would spend in printing the new currencies.
He further stated that, rather, the apex bank would be saving N7 billion from the printing of notes annually through its “Project Cure”, as it is cheaper to print, store and transport larger bills.
Defending the introduction of the N5,000 note, he said it is meant to serve big transactions, noting that it is not meant for everyday or minor transactions. He also reiterated that it would in no way increase inflation rate in the country as more money would not be injected into the system.
He stressed that the market forces would determine its use, citing the American $1,000 and $10,000 notes which he said are used only for special transactions.
Mazi Okechukwu Unegbu, former president, Chartered Institute of Bankers of Nigeria, said it is not the standard practice to have the patents of national currency held by foreigners. It is because Nigeria lacks the technology and trained personnel to manage its own printing. It is dangerous because if we have to get it back we will pay heavily.

However, he said, it was not enough reason to justify the currency restructure and printing of N5,000 note. “CBN should have first come out with policy to make coins acceptable such as increasing their values before considering its current policy which in itself is contradictory of other policies of the CBN.”

http://businessnews.com.ng/2012/09/04/foreigners-own-naira-patent-cbn/

Basic economics teaches about the types of forces that determine day-to-day activities: economic (invisible hand), social and political forces. 4 years in Economics school taught me that Economic principle and theories fail when it comes to Nigeria. Why? simple, Nigeria is riddled with a messy interplay of political forces driven by sheer and shameful greed.
Commonsense would tell us the simple use of the N5,000 - More of looting. Look at it what does the N5000 enable people to do? Is it not making it more convenient to hold more of money in cash? isn't this negating the principles of a cashless economy? More cash being untraceable creates is just the perfect environment for criminals
Rather than making N5000 we should be withdrawing higher denominations from circulation, as well as properly implementing penalties for cash handling. That way people would be forced to use cashless methods. Eventually reducing illegalities and making people generally more accountable.


A branch of Economics that Nigeria needs is Common Sense Economics.

3 Likes

Re: Foreigners Own Naira Patent – CBN by excondido(m): 10:18pm On Sep 04, 2012
.....death to the wolves.

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