The Federal Excessive Courtroom in Abuja on Friday rejected an interim restraining movement filed by eNaira Cost Options Restricted in opposition to the Central {Bank} of Nigeria’s (CBN) use of the “eNaira” trademark.
Justice James Omotosho delivered the ruling on a movement on discover filed by the agency in opposition to the CBN and others.
The corporate sought an order of interim injunction restraining the Central {Bank} of Nigeria (the primary defendant) from additional asserting any rights to the eNaira mark in the US or every other international jurisdiction, together with in relation to items, earlier than the US Patent and Trademark Workplace—pending the listening to and willpower of its substantive swimsuit in Nigeria.
Authorized Dispute
The CEO of E-Naira Cost Options Restricted, Jonathan Kenneth Adoke, approached the courtroom in search of an order directing the CBN to right away stop any communication or engagement with the US Patent and Trademark Workplace (USPTO) or every other international authority concerning the eNaira trademark, pending the willpower of the swimsuit earlier than the Nigerian courtroom.
The agency additionally requested:
“An order of interim injunction directing the Central {Bank} of Nigeria to inform the US Patent and Trademark Workplace of the continued litigation regarding the eNaira trademark in Nigeria and its sub judice standing, pending the listening to and willpower of the substantive swimsuit.”
Moreover, the plaintiff sought an order of interim injunction directing the USPTO, the Trademark Trial and Enchantment Board, or every other related U.S. authority to halt proceedings or decision-making associated to the eNaira mark till the swimsuit in Nigeria is concluded.
The agency additionally requested the courtroom to mandate the CBN to chorus from representing the time period “eNaira” as a sovereign asset or authorized tender of Nigeria in any jurisdiction and to cease any additional makes an attempt to forestall its registration of the eNaira title or trademark in any nation.
The plaintiff claimed he holds authorized rights to the eNaira trademark and that his utility for its registration was accepted by the trademark registry.
In response, CBN’s authorized workforce argued that the eNaira trademark can’t be owned by a non-public entity, because it represents a nationwide asset, having been launched as a digital foreign money by the Federal Republic of Nigeria.
What the Choose Stated
Ruling on the interim movement, Justice Omotosho acknowledged that he’ll think about the “steadiness of comfort” in step with related legal guidelines.
- He defined that the steadiness of comfort refers to which occasion would endure extra hurt if the appliance had been granted or refused.
- The choose famous that the CBN had already written to the U.S. Trademark Workplace, asserting that the eNaira is a nationwide asset of Nigeria.
“The motion of the CBN is preservatory,” he stated.
- He additional acknowledged that the Nigerian economic system would endure considerably if the interim utility had been granted, with doubtlessly extreme harm to the nation’s pursuits.
- The choose concluded that the plaintiff’s utility would hurt Nigeria’s economic system and tarnish its worldwide fame.
“Immediately, the courtroom guidelines that the CBN can be positioned in an irreversible place if this utility is granted,” he added.
“The plaintiff’s utility fails,” the choose dominated.
- He held that the plaintiff had not offered a compelling case, and the appliance was refused for missing benefit.
The courtroom subsequently adjourned the matter to June 26 for the listening to of the substantive swimsuit.
Extra Insights
Nigeria’s Central {Bank} Digital Forex, the eNaira, was launched in October 2021 as a part of the nation’s efforts to drive {financial} inclusion.
The digital model of the naira was additionally anticipated to advertise the CBN’s cashless coverage.
