A Nigerian man is on his way to becoming the world's richest.

He has won a case against mobil producing unlimited in Nigeria. The supreme court has ruled that indeed mobil producing is to pay him royalties for using his products and has referred the case to the federal High court to determine the actual accrued amount.

USD 8.7 trillion is involved! (too good to be real?)

read the story here :

http://www.vanguardngr.com/index.php?option=com_content&task=view&id=15801&Itemid=43


More info : http://www.nigeriansinamerica.com/articles/2497/1/Mobils-Oily-Battle-Over-Intellectual-Property-Rights/Page1.html

Why do rich firms always try to renege on their agreements?

Idu,

Because they think Nigerians dont need money lol

Mobil is gonna face the music, the guy has taken chevron and other firms to court too,

he might not get all the money, he sure will make it as the richest dude.

Mobil has allegedly offered him $1 billion to settle out of court, he rejected the offer.

One thing is certain: the guy is made!

They cannot do this in America and go scot free but they want to try that in Nigeria “.
Rev. Uwemedimo who has promised to share the royalties with Nigerians has already set up a foundation called King Clement Foundation to register interested people across the country as
patentees to benefit from the huge royalties being expected.

i see a man of God won't forgive and forget when that $$$$$$ is involved

If I were him, I would have taken that $1,000,000,000 Dollars. You never know how the outcome of the trial would be, just to be safe, I'd take the Billion, so if I were to loose the trial, I'd still have more than enough money to take care of myself, donate, and support future generations of my family.

akirika where is my nigerian passport

Are you sure this man won't be a victim of a hit and run driver, Overzealous policeman, Armed robbers turned assasin or stray bullet.

The guy should watch out oh.

Remember the case of one newspaper guy in Nigeria like 2 year ago Agbeyegbe or something like that

Yeah, he should have taken the one billion dollars. He may end up not getting anything at all.

Are you sure this man won't be a victim of a hit and run driver, Overzealous policeman, Armed robbers turned assasin or stray bullet.

The guy should watch out oh.

Remember the case of one newspaper guy in Nigeria like 2 year ago Agbeyegbe or something like that

Chai Nigerians. You are suspect number one if something happens to him.

Lol

Guys, you don't understand the situation here. The supreme court already ruled that mobil's agreement with the guy as per $2 per barrel remains valid.

By Law, only the Federal High Court could determine the amount due, which is the matter in court now. Mobil produces between 2 and 3 million barrels per day. Calculate that and see if $1 billion makes sense.

i'm happy that nigerians have started learning to sue and claim their rights.
Do you know that if we start sueing MTN for all the poor services, one could claim that he lost a business deal worth N1 million due to bad network, he'll not only hit lots of money from the law suit, but MTN will also sit up.
Guys this is great news.

This journalist better be serious.

He must mean N8trillion, not $8trillion.

At $2 a barrell royalty, are you trying to tell me that Mobil has produced $4trillion barrells since 1980?

Mobil's market cap (i.e the sum total of all their shares) is only $500 billion.

On top of that, their income is only $40 billion per year.

If I was this guy, I would take a few billion right now for past royalties and then press for the contract to be respected in the future so I can claim my future royalties.

The World's richest man has no more than $60 billion. All the companies in Dow Jones Industrial are worth less that $10trn. This is unrealistic.

N8trn is about $32billion which sounds right.

he would be smart to settle out of court, this kind of cases drag for years with appeal upon appeal. he would be in an old people's home by the time he get's a verdict.

Ibime:

This journalist better be serious.

He must mean N8trillion, not $8trillion.

At $2 a barrell royalty, are you trying to tell me that Mobil has produced $4trillion barrells since 1980?

Mobil's market cap (i.e the sum total of all their shares) is only $500 billion.

On top of that, their income is only $40 billion per year.

If I was this guy, I would take a few billion right now for past royalties and then press for the contract to be respected in the future so I can claim my future royalties.

The World's richest man has no more than $60 billion. All the companies in Dow Jones Industrial are worth less that $10trn. This is unrealistic.

N8trn is about $32billion which sounds right.

Solid response! I concur with you.

However, the lifetime of most patents is about 25 years, so even if Mobil takes 1982 as the start date, 25 years later gives 2007; the patent is already expired!

fyneguy:

Lol

Guys, you don't understand the situation here. The supreme court already ruled that mobil's agreement with the guy as per $2 per barrel remains valid.

By Law, only the Federal High Court could determine the amount due, which is the matter in court now. Mobil produces between 2 and 3 million barrels per day. Calculate that and see if $1 billion makes sense.

Fyneguy,

Why are you so happy for the man

Does anyone seriously believe that any oil company will offer such inventors $2 for each barrel it produces?

There is no similar precedent in the oil industry nor any particular logic to it.

Ben

Because I'm not like someone here(name with-held)

The man doesnt have to be my relation to be happy for him.

U guys had better stop daydreaming.
if youwant to be of any help right now,u'll be praying for him not argueing or commeting as if you are journalist.
Cos the case had been DISMISSED! and so he's back at the appeal court. again. 
SUPRISED? This na Nigeria now anything fit happen. Complainant dey become Accused.

Some issues are still confusing to me here, some body please help me

1. Did Dr Clement invent this special product while working for Mobil, or indpendently (by the way what is the brand name of the product)
2. If independently, then i expect the following conditions to apply:
a. Scientist invents product and registers patent with national or international patent issuing body.
b. All companies mass producing the product from his formular , pay him royalty, as they produce and sell.
c. if scientist is the sole producer, then that means the enduser cant get the product without paying him.
3. given the conditions in (2) it is baffling that a professional of his caliber should wait for more than 20 years before demanding for his right.
4. which other companies have been using this product apart from Mobil, have they been paying or not

lets reason intellectually here, as sentimental comments will not help this guy. i'm open to correction if i asked a faulty question above.

THIS is a welcome development.


THANKS A LOT NIGERIANS

I love this

You guys should stop 'day-dreaming'

He will get NOTHING!!!!

Trouble brewed in 1980, with the alleged inability of MPNU to come up with an
anti-corrosive chemical to neutralize the salinity of the Qua Iboe Terminal, QTI,
terrain for their offshore operations. Before this time however, activities of the
oil prospecting company were confined to on-shore drilling. According to Jimmy Akpan,
CNL coordinator for the Western states of Nigeria, Uwemedimo brokered an agreement with MPNU in
1980, to develop an ante-dote that would neutralize the effect of salinity on
the pipes that were pile-driven into the seas for oil prospecting.

The patent was registered in 1999. Thats 19years after!!!
The case would be thrown out. More of trying to fraud Mobil

CNL applied for and got government nod of the Non Convention Patent NO RP 13522 in 1999,
apparently establishing it as owner of the intellectual rights to the chemical in question