Court rejects bid to stop CBN from using e-Naira trademark for Nigeria’s economy

The Federal High Court in Abuja has rejected the request to stop the Central Bank of Nigeria (CBN) from using the e-naira trademark for the growth of the country’s economy.

Justice James Omotosho refused to grant the request brought before him by a private company, E-naira Payment Solutions Limited, which had dragged the CBN before the court, praying for an order of interim injunction restraining the apex bank from using the e-naira trademark on the grounds of lack of ownership.

It claimed that the disputed e-naira trademark was its sole property based on the acceptance of its application for registration by the Trade Marks Registry of Nigeria.

The plaintiff claimed that its ownership of the trademark was being threatened by the CBN’s bid to hijack the mark, adding that it would suffer irredeemable damages if the apex bank were allowed to assume ownership of the mark.

In a motion on notice marked FHC/ABJ/CS/2021, E-naira Payment Solutions Limited asked the court to stop the CBN from communicating with the United States Patent and Trademark Office regarding the disputed trademark until the dispute is fully resolved.

It also pleaded with the court to stop the United States from processing the CBN’s application for the formal registration of the e-naira trademark for use by the CBN and the federal government of Nigeria.

However, the CBN, in its defence, pleaded with the court to reject the request on the grounds that the e-naira trademark is a national asset that can only be owned and used by the federal government of Nigeria and itself.

The apex bank claimed that the letter of acceptance of registration issued to the plaintiff in error by the Trade Marks Registry of Nigeria had since been voided and withdrawn through a letter dated 15 November 2021.

CBN, while describing the e-naira trademark as national intellectual property, informed the court of its possession of a registration certificate from the Trade Marks Registry of Nigeria in line with Section 22 of the Trade Marks Act and that it was on the verge of securing registration from the United States Patent and Trademark Office.

The bank maintained that the e-naira trademark cannot be owned by an individual or private corporate body such as E-naira Payment Solutions Limited and faulted the ownership claims of the plaintiff, adding that there was no proof of its claim in Class 36 that it had registered the mark with the Trade Marks Registry of Nigeria.

Contrary to the plaintiff’s claim, the CBN, in its defence, insisted that Nigeria would suffer huge losses in its economy and reputation in the international community.

In his ruling on the motion, Justice James Omotosho agreed with the CBN that Nigeria’s economy would suffer greater damage than the plaintiff if the request were granted.

The judge held that the letter written by the CBN to the United States Patent and Trademark Office, advising it not to accept the plaintiff’s application, was a preservatory measure aimed at protecting Nigeria’s interests, not a malicious act as claimed by the plaintiff.

Justice Omotosho, while rejecting the request, awarded costs of N50,000 against the plaintiff, to be paid to the CBN before the adjourned date for the hearing of the substantive suit. He fixed 26 June for the hearing of the substantive matter.

ALSO READ FROM NIGERIAN TRIBUNE