Companies operating in Nigeria without registering their technology transfer agreements with the National Office for Technology Acquisition and Promotion (NOTAP), a parastatal under the Federal Ministry of Innovation, Science and Technology, may face some hard times as NOTAP strategizes for heavy enforcement.
Speaking while unveiling the date and venue for the NOTAP Technology and Innovation Summit 2025 in Abuja, the Director General and Chief Executive Officer of NOTAP, Dr. Obiageli Amadiobi, said that the Office is concluding arrangements for a showdown with companies that avoid registering technology transfer agreements with the Office.
She stated that it is criminal for any company operating in Nigeria to remit money to their foreign partners without registering the technology transfer agreement with NOTAP. She added that while the government is exploring every legal means of stabilizing the nation’s currency, some companies are in the habit of frustrating government efforts through illegal remittances.
The Director General emphasized that the Central Bank of Nigeria has made it clear in its yearly manual that before any individual or company can access foreign exchange through the apex bank, they must show a NOTAP Certificate, which is proof that the technology agreement is duly registered with NOTAP.
She stated that the three-month moratorium granted to companies to comply with the regulatory law has expired, hence non-compliant companies will have themselves to blame if caught by the law.
Dr. Amadiobi further stated that in line with the Renewed Hope Agenda of the present administration, all hands must be on deck to block every loophole through which funds are repatriated abroad by companies operating in Nigeria, as such amounts to capital flight and should be discouraged.
She reiterated that while some companies don’t register their technology agreements at all with NOTAP, some are involved in over remittances. She advised companies with this habit to turn over a new leaf, as the law is not a respecter of persons and will surely catch up with offenders.
The Director General expressed appreciation to the companies that are diligent in submission of their applications for registration of technology transfer agreement, adding that the Office will continue to partner with such companies to ensure efficient technology transfer and domestication.
