The Federal High Court in Abuja has dismissed a request to stop the Central Bank of Nigeria (CBN) from using the e-naira trademark. Justice James Kolawole Omotosho ruled against E-naira Payment Solutions Limited, which claimed ownership of the trademark. The company argued their registration with the Trade Mark Registry of Nigeria was legitimate. Source.
The court sided with the CBN, upholding that the e-naira trademark is a sovereign asset belonging to the Nigerian government. Justice Omotosho stressed the economic and reputational damages Nigeria could face if the request was granted. The court awarded a cost of N50,000 against the plaintiff.
Key Takeaways:
- E-naira Trademark: Considered a national asset by the CBN.
- Court Ruling: Favoured the CBN, preserving Nigeria’s economic interests.
- Trademark Dispute: Fixed for further hearing on June 26.
This court ruling underscores the challenges faced when private entities clash with national institutions over trademark ownership. As digital currencies gain traction, the implications for intellectual property rights become increasingly complex.
Question: What impact do you think this ruling will have on similar future cases in Nigeria?
