The Director General of the National Office for Technology Acquisition and Promotion (NOTAP), Dr. Obiageli Amadiobi, has said multinational companies that did not submit their Technology Transfer Agreements (TTA) to NOTAP for proper evaluation and registration will soon face stiff penalties and prosecution.

Dr. Amadiobi made this revelation when she led the top Management staff of NOTAP on a familiarization visit to some Information and Communication Technology (ICT) companies in Lagos, a statement by NOTAP said.

She stated that NOTAP was established to regulate the inflow of foreign technology through the registration of technology transfer agreements to promote the development of locally motivated technologies.

The Director General further stated that while the office is working assiduously to ensure that Nigerian companies are offered the best contractual terms in acquisition of foreign technologies, some companies are hiding under the non registration of hardware to avert registration of their agreements because they have lumped up software and hardware together, thereby short-changing the system.

She expressed the commitment of the office in synergizing with companies that strictly comply with NOTAP rules but will ensure stiff punishment for erring ones.