By: Bisola Scott
INTRODUCTION
The internet has transformed the conventional way of trading, and businesses trade over the internet, either exclusively or in addition to having physical stores. This mode of trading is referred to as e-commerce, with the added functionality of electronic transfers of money and data to execute various business transactions.2 With the introduction of online retail stores such as Konga, Alibaba, and Jumia, Nigerians, like consumers elsewhere, are rapidly embracing online shopping.3 Currently, the amount that has been expended on e-commerce transactions in Nigeria is estimated at $12 billion and projected to reach $75 billion in revenues per annum by 2025.4 Some of the advantages of e-commerce include convenience in purchasing and subscribing to services, the provision of an array of products or services to choose from, and discounted prices as it is usually less expensive to operate.5
Intellectual property rights are the highest value-bearing component of e-commerce companies6 and are protectable under intellectual property laws in Nigeria through the avenues of trademarks, copyrights, patents, trade secrets and confidential information. These rights are valuable assets which may generate income and enable a company acquire or maintain a competitive edge in the marketplace. It is vital that e-commerce companies protect their intellectual rights to prevent infringement and theft by third parties, which may result in reduction in revenue generated and sometimes affect the integrity of their brand. The key intellectual property rights in e-commerce businesses are highlighted below.
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