ENaira Payment Solutions Limited, a company, has instituted
a suit before a federal high court against the Central Bank of Nigeria over the
name “eNaira.”
The Central Bank of Nigeria (CBN) had announced that it will
launch the pilot scheme of its digital currency (eNaira) by October 1, 2021.
On Monday, the apex bank floated a website — www.enaira.com.
According to the details on the website, eNaira would aid
cash distribution in the government’s social welfare programmes.
The firm, through its lawyers, accused the CBN of trademark
infringement.
This is according to a document issued by Olakunle Agbebi
& Co, solicitors to ENAIRA Payment Solutions Limited, notifying the CBN to
desist from using the proposed name.
“We are Solicitors to ENAIRA PAYMENT SOLUTIONS LIMITED (RC
508500) which was incorporated on the 7th of April, 2004. Our client is and
remains a valid and existing legal entity having complied with the statutory
requirements as regards the filing of its annual returns and the payment of
company income tax,” the document read.
“Our client is the holder of the Trademark “ENaira”
registered in Class 36 and Class 42. 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 its Central Bank Digital Currency to be known as
“eNaira”.
“This action amounts to a threat to willfully 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.
“For this reason, our client has approached the federal high
court in suit No. FHC/AB/CS/113/2021 between ENaira Rayment Solutions Limited v
Central Bank of Nigeria to seek 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.
“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, form or manner infringing or threatening to infringe on our client’s
Trademark or violating our client’s corporate name.”
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