Ensure Compliance with National Technology Regulations
The National Office for Technology Acquisition and Promotion (NOTAP) has initiated a nationwide audit to address widespread non-compliance in technology acquisition and foreign exchange remittances within the private sector—particularly among financial institutions and corporate entities.
Key Violations Identified:
- Use of unregistered foreign software and platforms.
- Remittances made without valid NOTAP certificates.
- Agreements that exceed the approved domestication period or were never domesticated.
3-Month Grace Period
Effective April 18, 2025, NOTAP has granted a 3-month grace period for companies to regularize their records and register all unapproved technology agreements.
During this period, organizations are expected to:
- Register all foreign technology acquisition agreements with NOTAP.
- Regularize fund transfers made without the appropriate documentation.
- Ensure all foreign software, trademarks, and technical services are backed by valid, domesticated agreements.
Why Compliance Matters
Non-compliance may result in:
- Regulatory sanctions and financial penalties
- Blacklisting or disruptions in operations
- Increased audit scrutiny by oversight agencies, including the CBN and FIRS
How PMS Goshen IP Can Help
At PMS Goshen IP, we specialize in:
- Drafting and registering technology transfer agreements
- Liaising with NOTAP for compliance processing
- Auditing your IP and tech portfolio for risks
- Managing renewals, amendments, and domestication
Let us help you stay compliant and avoid costly enforcement actions. Contact us today for a free compliance assessment.
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