The Copyright Society of Nigeria (COSON) recently hosted a forum on copyright at the new COSON House in Ikeja. In attendance were top representatives of several banks and senior officers of COSON.
Some of the banks represented at the forum were UBA, Zenith Bank, Wema Bank, Union Bank, and Keystone Bank.
Speaking at the event, the Chairman of COSON, Chief Tony Okoroji, stated that the forum had become necessary as the banking industry which is a critical driver of the nation’s economy needs to understand that globally a new creative economy is being developed. According to him, if the Nigerian economy intends to thrive in the new environment, the mindset of key players in the economy must change with the understanding that true wealth is no longer just in land, buildings or even oil but increasingly in the creative enterprise of the citizens like music, movies, fashion and beauty, publishing, broadcasting and content creation, software development, etc.
“… respect for intellectual property rights has become central and the banks in Nigeria must begin to understand the value of intellectual property and the various rules guiding the exploitation of creative works”, he said.
Chief Okoroji further stated that it is no longer acceptable to deploy music in a public or commercial setting in Nigeria without a copyright licence and that failure to do so will result in litigation with potential significant damages.
The forum also included a Q&A session allowing participant to discuss and share comments.
COSON is a non-profit organization comprising of owners of copyright or neighboring rights in musical works and sound recordings in Nigeria