All living organisms; plants, animals and microbes, carry genetic material that could be potentially useful to humans. Hence, the issue of ownership over genetic resources and related traditional knowledge has become one of the most controversial worldwide agendas. Big pharmaceuticals and the global north argue that genetic resources are common heritages of mankind; hence there should be no restriction of ownership. The global south, however, argue for the recognition of the sovereign right and ownership of states over their genetic resources, hence without their permission no one can either access or own their resources. Mainly until 1990¿s and even currently, there have been acts of accessing and owning the genetic resources and related traditional knowledge without the consent and/or permission of the owning state of the resource and a subsequent acquisition of patent right for the innovations made. It is this act of plunder of genetic resources that is depicted as an act of Biopiracy. Ethiopia, one of the bio-diverse nations, is also a victim. This work calls for an internationally binding instrument to curb the problem.