Boost Knowledge of Intellectual Property Valuation, NIESV Tells Members

Boost Knowledge of Intellectual Property Valuation, NIESV Tells Members

Estate surveyors under the aegis of the Nigerian Institution of Estate Surveyors and Valuers (NIESV) have been tasked to boost their knowledge of Intellectual Property (IP) valuation.

This, experts, who spoke recently during an event organised by NIESV’s group, otherwise known as The Business Assets and Intellectual Property Valuation, said was necessary, as IP has been discovered to be one of the key areas of growing the economy.

Notwithstanding its potentials, speakers at the event, however, lamented the state of IP industry in Nigeria.
But to reverse the trend, the group’s chairman, Lekan Akinwunmi said, NIESV’s president, Emma Wike, gave his nod to organise the training that intended, among others, to bring IP to the fore as a resources that can be used, managed and commercialised to provide economic and social environmental benefits for government at all levels, the community and business.

Akinwunmi said, it was high time stakeholders paid more attention to IP sector, adding that, its value in the long run would impact positively on all stakeholders.

The group’s chairman said every business starts with an idea and that idea is an essential intellectual property asset that can drive business development, economic prosperity and human progress.

“While the opportunities are enormous, each business, regardless of its size, is focused on a core product or
service that differentiates itself from other enterprises and competitors. Protecting an idea is protecting a business and the role that Intellectual Property Rights (IPR) ownership plays cannot be under – estimated in seeing the future of small-and medium-sized enterprises.”

As property valuers, we represent the most rational professional group to ascertain IP value for consistency and in harmonizing ‘tone of value’ between tangible and intangible assets of a business.

Thomas Ashaolu, one of the speakers, who identified five categories of IP assets including technological, marketing, customer based, contract based and literary and artistic, said that, while the first four are associated with business and described as industrial property, fifth simply referred to as ‘copyrights’.

While urging the estate surveyors and valuers to develop themselves, Ashaolu said the nation’s IP industry was huge and largely untapped.

“As property valuers, we represent the most rational professional group to ascertain IP value for consistency and in harmonizing ‘tone of value’ between tangible and intangible assets of a business.”
Nosakhare Uwadiae said intellectual property assets have not received the desired consideration in the scheme of affairs in most corporations in developing economies.

According to him, in Nigeria, for instance, most reputable estate surveyors and valuers were yet come to terms with the reality that IP assets constituted appreciable percentage of the valuable assets of a company, corporation or any business concern.

Uwadiae, who lamented that, the estate surveyors and valuers and valuation users in Nigeria till today concentrated primarily on tangible assets of real estate, said there was much room in the sector to be explored.

To Yomi Ibisola, estate surveyors and valuers have the opportunity now to raise the standard of valuations and increase the confidence in the work that they do on the development of intellectual property.

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