A private indigenous firm, ENaira Payment Solutions Limited (RC 508500), has sued the Central Bank of Nigeria over what it termed an infringement of its trademark and violation of its corporate name, warning the apex bank to desist from using its corporate name from henceforth.
The recent development comes few days to the anticipated launching of Nigeria’s first digital currency, named ‘’eNaira’’, scheduled to be launched on October 1, 2021. However, in what seems to be a major setback to this project, the aforementioned firm argued that it is the holder of the trademark ‘’eNaira’’ registered in class 36 and in class 42. It also claimed that since it (the company) still operates or exists as a legal entity and complies with the statutory requirements as regards the filing of its Annual Returns and the payment of Company Income Tax, the recent attempt by the CBN to adopt its name is tantamount to infringing on its trademark or better put, a violation of its corporate name.
READ: eNaira Platform Goes Live, records 1 million hits in 24 hours
For this reason, the firm through its solicitor Olakunle Agbebi Esq., approached the Federal High Court in Suit No: FHC/AB/CS/113/2021 between ENaira Payment Solutions Limited V Central Bank of Nigeria, sought restraining orders including an order to restrain the CBN from proceeding with the proposed launching on the 1st of October, 2021. The CBN is hereby put on notice of the pendency of this suit and advised not to resort to self-help or present the Honourable Court with a fait accompli by proceeding with the proposed launching pending the hearing and determination of this suit. The CBN is hereby reminded that the Supreme Court in the case if Military Governor of Lagos State & Ors V Odumegwu Ojukwu (1986) All NLR 233 admonished parties not to resort to self-help.
Confirming the recent development, the firm’s solicitor in a press statement made available to the press stated that: ‘’It has come to our client’s notice that the Central Bank of Nigeria (CBN) has announced the planning launching of a financial under what it termed the Central Bank Digital Currency to be known as eNaira. This action amounts to a threat to wilfully infringe on our client’s Trademark. It will also amount to a violation of its corporate name, i.e ENaira Payment Solutions Ltd.
‘’The ramifications of this illegal act of the CBN are extensive. Importantly, the potential this has to deceive the general public into believing that this product emanated from our client’s company is real and the consequences for our client are grave. The potential to expose our client to all manner of damage, loss of business and loss of goodwill is also very real.’’
