The Federal High Court in Abuja has dismissed the request to stop the Central Bank of Nigeria (CBN) from using the  e-naira trade mark.

Justice James Kolawole Omotosho refused to grant the request put before his court by a private company, E-naira Payment Solutions Limited.

The company had dragged the CBN before the court praying for an order of interim injunction restraining the apex bank from using e-naira trade mark on the ground of lack of ownership.

It claimed that the disputed E-naira trade mark was its sole property based on the acceptance of its application for registration by the Trade Mark Registry of Nigeria.

The plaintiff claimed that its ownership of the trade mark was being threatened by the CBN’s bid to hijack the mark, adding that it would suffer irredeemable damages if the apex bank is allowed to assume ownership of the mark.

In a motion on notice marked FHC/ABJ /CS/2021, the E-naira Payment Solutions Limited asked the court to stop CBN from communicating with the United States of America Patent and Trade Mark Office on the issue of the disputed trade mark until the dispute is fully resolved.

It also pleaded with the court to stop the United States from processing the application of the CBN for formal registration of E-naira trade mark for the use of CBN and the Federal Government of Nigeria.

But the CBN in its defense pleaded with the court to reject the request on the ground that E-naira trade mark is a national asset that can only be owned and used by the Federal Government of Nigeria.

The apex bank claimed that the letter of acceptance of registration issued to the plaintiff in error by the Trade Mark Registry of Nigeria had since been voided and withdrawn through a letter dated 15th November 2021.

CBN, while describing E-naira trade mark as a National Intellectual Property, informed the court of its possession of registration certificate from the Trade Mark Registry of Nigeria in line with Section 22 of the Trade Mark Act, adding that it is on the verge of getting it registered by the United States of America Patent and Trade Mark Registry.

The bank maintained that E-naira trade mark is a sovereign asset of Nigeria that cannot be owned by an individual or private corporate body like the E-naira Payment Solutions Limited.

It faulted the ownership claims of the plaintiff adding that there was no proof of the claim in class 36 that it registered the mark with the Trade Mark Registry of Nigeria.

Contrary to the claim of the plaintiff, CBN in its defense insisted that Nigeria would suffer huge loss in her economy and her reputation in the international community.

In his ruling on the motion, Justice James Omotosho agreed with the CBN that Nigeria’s economy would suffer more damages than the plaintiff if the request is granted

The judge held that the letter written by CBN to USA Patent and Trade Mark Office not to accept the application of the plaintiff was a preservatory intent aimed at protecting Nigeria’s interest and not with malicious intent as claimed by the plaintiff.

Justice Omotosho while rejecting the request awarded a cost of N50,000 against the plaintiff to be paid to CBN before the adjourned date for the hearing of the substantive suit.

Meanwhile, the judge has fixed June 26 for hearing of the substantive matter.

Nigerian commercial banks have announced plans to increase SMS transaction alert fee from ₦4 to ₦6, effective Thursday, May 1, 2025.

One of the banks, Guaranty Trust Bank (GTBank), in a notice sent to customers on Wednesday, attributed the adjustment to a recent upward review in telecommunication rates by service providers.

It is worth noting that the federal government has authorised the telecommunications service providers to implement a general increase in their tariffs.

The commercial bank also noted that SMS alerts to international phone numbers are subject to higher charges.

The notice reads: “Dear Valued Customer, Please be informed that effective Thursday, May 1 2025, the SMS transaction alert fee will increase from ₦4 to ₦6 per message. This adjustment is due to a recent increase in telecom rates as communicated by the telecommunication service providers.

“Kindly note that transaction alerts are important and help you keep track and stay in control of activities on your account.

“If you prefer not to receive transaction alerts via SMS, you can update your preferences by completing the transaction alert form on our website and sending it to gtbankmailsupport@gtbank.com.”

The Nigeria Deposit Insurance Corporation, NDIC, has commenced payment of ₦46.6 billion as the first tranche of liquidation dividends to depositors with funds above the insured limit.

A statement signed by the Acting Head of Communication & Public Affairs, Hawwau Gambo said the move is to ensure that depositors of the defunct Heritage Bank are fully reimbursed.

Gambo noted that the NDIC has declared the first tranche of liquidation dividends totalling ₦46.6 billion from the proceeds of sales of the defunct bank’s assets and recovery of debts owed to the defunct institution.

‘‘A liquidation dividend represents the amount paid by the Corporation to depositors of a closed bank, in excess of the maximum insured limit, from the proceeds of sales of assets and recovery from the debtors of the failed bank, the statement explained.

‘‘It also includes amounts paid to creditors and shareholders after all depositors have been fully paid.

‘‘The payment of the first tranche of the liquidation dividends commenced on Friday, April 25, 2025. This initial dividend payment was at the rate of 9.2 kobo per Naira on a pro-rata basis to the depositors whose account balances exceeded the NDIC’s maximum insured limit of ₦5.0 million at the time of the bank’s closure.

DAILY POST recalls that following the revocation of Heritage Bank’s operating license by the Central Bank of Nigeria, CBN, on June 3, 2024, the NDIC began reimbursing insured deposits of up to N5 million per depositor.

The NDIC, had, used the depositors’ Bank Verification Number, BVN, to locate alternative account numbers of depositors in other banks to ensure a seamless and efficient payment process and automatically credited them with the insured amount.

The statement said the Corporation leveraged the existing records used in the payment of the insured amount to facilitate the disbursement of the first tranche of liquidation dividends.

The NDIC also advised any depositor with an amount in excess of N5.0 million who was paid the insured amount but did not receive the payment of the liquidation dividends to approach the nearest NDIC office or contact the office by phone.

It also advised ‘‘depositors of the defunct banks who do not maintain alternative bank accounts and were not paid the insured amount to visit the nearest NDIC office or the claims page on the Corporation’s website to submit a deposit verification form for the payment of the insured amount and where applicable, the first tranche of their liquidation dividends’’.