By Unini Chioma
Amid heated litigation over its trademark infringement on the name “eNiara,” a Federal High Court in Abuja has given the nod for the Central Bank of Nigeria’s (CBN) rollout of its digital currency.
This was disclosed in the hearing last week, at the Federal High Court 8 presided over by Justice Taiwo Abayomi Taiwo.
Recall that a cease and desist notification was sent to the CBN concerning the use of the name “eNaira.”
ENaira Payment Solutions Limited brought the case (FHC/ABJ/CS/113/2021) against the CBN over a claim of trademark infringement. According to the notification from the solicitor of the company, the launch of the eNaira is a threat and shows willful infringement of his client’s trademark.
But given the importance of the Central Bank Digital Currency (CBDC), also known as eNaira, the defendants’ counsel, led by D. D. Dodo (SAN), urged the court to dismiss the plaintiff’s motion to halt the launch of the CBDC.
The court was not inclined to dismiss the motion, but it did rule that the unveiling of the digital currency may proceed in national interest, particularly because the plaintiff may be adequately compensated.
The case was however adjourned for further hearing to Monday, October 11, 2021.
The cease and desist document is titled: “Infringement of Trademark & Violation of Corporate Name cease and desist Notification to the Central Bank of Nigeria.”
The notice was signed by Olakule Agbebi (Esq) for Olakule Agbebi & Co .
This development comes after the successful deployment of the Central Bank eNaira website and days away from the activation of the eNaira itself.
According to the notification from the solicitor, his client “ENAIRA PAYMENT SOLUTIONS LIMITED (RC 508500)” has been incorporated since April 7, 2004 and registered in class 36 and class 42.
It stated that the launch of the eNaira is a threat and shows willful infringement of his client’s trademark. The notices also added that his client is now exposed to damages, loss of business and loss of goodwill.
“For this reasons, our client has approached the Federal High Court in Suit No: FHC/AB/CS/113/2021 between ENAIRA PAYMENT SOLUTIONS LIMITED vs CENTRAL BANK OF NIGERIA to seek a restraining order including an order to restrain CBN from proceeding in the launch on October 1, 2021,” the notice stated.
The notice added, “In the interim, the CBN is hereby warned to cease and desist from using or purporting to use the name “eNaira” for its product or in any way.”
Recall that the CBN has stated on several occasions that the eNaira will be launched officially on Nigeria’s Independence Anniversary day, October 1, 2021, but now extended.
