E-Naira Payment Solutions Limited’s bid to block the Central Bank of Nigeria (CBN) from utilizing the e-naira trademark to boost the nation’s economy has hit a roadblock.
Justice James Kolawole Omotosho of the Federal High Court in Abuja rejected the private company’s request on Friday.
Persecondnews recalls that the company had approached the court, seeking an interim injunction to restrain the CBN from using the e-naira trademark, citing ownership disputes.
It claimed that the disputed E-naira trademark was its sole property, citing the acceptance of its registration application by the Trademarks Registry of Nigeria.
The plaintiff claimed that its ownership of the trademark was being threatened by the CBN’s attempt to claim the mark, arguing that it would suffer irreparable damage if the apex bank were allowed to assume ownership.
In a motion on notice marked FHC/ABJ/CS/2021, E-naira Payment Solutions Limited requested the court to restrain the CBN from communicating with the United States Patent and Trademark Office regarding the disputed trademark until the matter is fully resolved.
The company also requested the court to restrain the US Patent and Trademark Office from processing the CBN’s application for formal registration of the E-naira trademark for use by the CBN and the Federal Government of Nigeria.
The CBN, in its defence, urged the court to reject the request, arguing 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letter of acceptance of registration issued to the plaintiff by the Trademarks Registry of Nigeria had been voided and withdrawn via a letter dated November 15, 2021.
The CBN, describing the E-naira trademark as a national intellectual property, told the court that it possessed a registration certificate from the Trademarks Registry of Nigeria, in accordance with Section 22 of the Trademarks Act, and was nearing registration with the United States Patent and Trademark Office.
The apex bank maintained that E-naira trade mark is a sovereign asset of naira that cannot be owned by an individual or private corporate body like the E-naira Payment Solutions Limited.
It faulted the ownership claims of the plaintiff adding that there was no proof of the claim in class 36 that it registered the mark with the Trade Mark Registry of Nigeria.
Contrary to the claim of the plaintiff, CBN in its defence insisted that Nigeria would suffer huge loss in her economy and her reputation in the international community.
Ruling on the motion, Justice 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 sent by the CBN to the US Patent and Trademark Office, instructing them not to accept the plaintiff’s application, was a precautionary measure aimed at protecting Nigeria’s interests, rather than a malicious act as alleged by the plaintiff.
Omotosho, while rejecting the request, awarded a cost of N50,000 against the plaintiff, payable to the CBN before the adjourned date for the hearing of the substantive suit.
June 26 has been fixed for hearing of the substantive case.
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