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By Lizzy Chirkpi
The Federal High Court in Abuja has delivered its ruling in the ongoing legal tussle over the eNaira trademark, rejecting an interim restraining motion filed by eNaira Payment Solutions Limited against the Central Bank of Nigeria (CBN).
Justice James Omotosho, presiding over the case, ruled against the company’s bid to prevent the CBN from asserting its rights to the eNaira mark, particularly in international jurisdictions like the United States.
eNaira Payment Solutions Limited, led by CEO Jonathan Kenneth Adoke, had approached the court seeking an interim injunction to halt the CBN’s engagement with the United States Patent and Trademark Office (USPTO) and other foreign authorities regarding the eNaira trademark.
The company also sought to compel the CBN to notify the USPTO of the ongoing litigation in Nigeria and to restrain the apex bank from presenting eNaira as a sovereign asset or legal tender abroad. Furthermore, the firm aimed to prevent the CBN from hindering its own attempts to register the eNaira trademark internationally, claiming legal rights to the name based on an accepted application at the trademark registry.
However, the CBN’s legal team countered that the eNaira trademark, representing Nigeria’s national digital currency launched in October 2021, cannot be owned by a private entity. They argued that it is a national asset integral to the Federal Republic of Nigeria’s efforts to promote financial inclusion and drive its cashless policy.
In his ruling, Justice Omotosho emphasized the principle of the “balance of convenience,” weighing which party would suffer greater harm if the interim injunction were granted or refused. He noted that the CBN had already communicated its claim of eNaira being a national asset to the U.S. Trademark Office, describing this action as a “preservatory.”
The judge further stated that granting the interim application would inflict significant damage on Nigeria’s economy and tarnish its international reputation, potentially placing the CBN in an “irreversible position.” He concluded that eNaira Payment Solutions Limited had failed to present a compelling case, finding the application lacking in merit and ultimately refusing it.
“Today, the court rules that the CBN would be placed in an irreversible position if this application is granted,” Justice Omotosho declared. “The plaintiff’s application fails.”
The court has adjourned the substantive suit to June 26 for a full hearing. This ruling provides a temporary victory for the CBN in its assertion of ownership over the eNaira trademark, a digital currency launched as a key component of Nigeria’s financial modernization strategy. The legal battle, however, is far from over, with the substantive suit promising further scrutiny of the rights and claims of both parties.