Court declines to bar CBN from using e-Naira trademark
Court declines to bar CBN from using e-Naira trademark
ABUJA– The Federal High Court sitting in Abuja has declined to issue an interim injunction to restrain the Central Bank of Nigeria, CBN, from using the e-Naira trademark.
The court, in a ruling that was delivered by Justice James Omotosho, refused the application that was filed by a private company, E-Naira Payment Solutions Limited.
The company had in a suit it filed before the court, claimed ownership of the e-Naira trademark, alleging that it was stolen from it by the apex bank.
According to the plaintiff, the disputed e-Naira trademark was its sole property based on the acceptance of its application for registration by the Trademark Registry of Nigeria.
It told the court that the CBN hijacked the idea and its trademark, saying it would suffer irreparable damages unless the apex bank was stopped from further infringing on its proprietary right to the trademark.
In a motion on notice marked: FHC/ABJ /CS/2021, the plaintiff urged the court to stop CBN from communicating with the United States of America Patent and Trademark Office on the issue of the disputed trademark until the dispute is fully resolved.
It also pleaded with the court to stop the USA from processing the application of the CBN for formal registration of the e-Naira trademark for the use of both the apex bank and the federal government of Nigeria.
However, in a counter-affidavit it filed in opposition to the suit, the CBN urged the court to dismiss the matter for want of competence.
It described the e-Naira trademark as a national asset that could only be owned and used by the federal government of Nigeria and its topmost bank.
The CBN further told the court that the letter of acceptance of registration issued to the plaintiff in error by the Trademark Registry of Nigeria had since been voided and withdrawn through a letter dated November 15, 2021.
While describing e-Naira trademark as a national intellectual property, CBN, informed the court of its possession of registration certificate from the Trademark Registry of Nigeria, in line with section 22 of the Trademark Act, adding that it was on the verge of getting it registered by the United States of America Patent and Trademark Registry.
The bank maintained that the e-Naira trademark is a sovereign asset of the naira that could not be owned by an individual or private corporate body like the plaintiff.
More so, CBN told the court that the nation would suffer a huge economic and reputational loss should the prayer of the plaintiff be granted.
Ruling on the motion, Justice Omotosho agreed with the apex bank that Nigeria’s economy would suffer more damages than the plaintiff if the request was granted
The Judge held that the letter written by CBN to the US Patent and Trademark Office not to accept the application of the plaintiff was a preservative action aimed at protecting Nigeria’s interest and not with malicious intent as claimed by the plaintiff.
Consequently, aside from rejecting the motion, the court awarded a cost of N50,000 against the plaintiff, to be paid to CBN before the main suit would be heard.
Justice Omotosho fixed June 26 to hear the substantive matter.
