Federal High Court in Abuja has rejected the request to stop the Central Bank of Nigeria (CBN) from using the e-naira trademark for the growth of the country’s economy.

Justice James Omotosho refused to grant the request brought before him by E-naira Payment Solutions Limited, a private company, which had dragged the CBN before the court, praying for an order of interim injunction restraining the apex bank from using the e-naira trademark on the grounds of lack of ownership.

It claimed that the disputed e-naira trademark was its sole property based on the acceptance of its application for registration by the Trade Marks Registry of Nigeria.

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

In a motion on notice marked FHC/ABJ/CS/2021, E-naira Payment Solutions Limited asked the court to stop the CBN from communicating with the United States Patent and Trademark Office regarding the disputed trademark until the dispute is fully resolved.

It also pleaded with the court to stop the United States from processing the CBN’s application for the formal registration of the e-naira trademark for use by the CBN and the federal government of Nigeria.

However, the CBN, in its defence, pleaded with the court to reject the request on the grounds that the e-naira trademark is a national asset that can only be owned and used by the federal government of Nigeria and itself.

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of registration issued to the plaintiff in error by the Trade Marks Registry of Nigeria had since been voided and withdrawn through a letter dated 15 November 2021.

CBN, while describing the e-naira trademark as national intellectual property, informed the court of its possession of a registration certificate from the Trade Marks Registry of Nigeria in line with Section 22 of the Trade Marks Act and that it was on the verge of securing registration from the United States Patent and Trademark Office.

The bank maintained that the e-naira trademark cannot be owned by an individual or private corporate body such as E-naira Payment Solutions Limited and faulted the ownership claims of the plaintiff, adding that there was no proof of its claim in Class 36 that it had registered the mark with the Trade Marks Registry of Nigeria.

Contrary to the plaintiff’s claim, the CBN, in its defence, insisted that Nigeria would suffer huge losses in its economy and reputation in the international community.

In his ruling on the motion, Justice James Omotosho agreed with the CBN that Nigeria’s economy would suffer greater damage than the plaintiff if the request were granted.

The judge held that the letter written by the CBN to the United States Patent and Trademark Office, advising it not to accept the plaintiff’s application, was a preservatory measure aimed at protecting Nigeria’s interests, not a malicious act as claimed by the plaintiff.

Justice Omotosho, while rejecting the request, awarded costs of N50,000 against the plaintiff, to be paid to the CBN before the adjourned date for the hearing of the substantive suit. He fixed 26 June for the hearing of the substantive matter.

The Federal Ministry of Industry, Trade and Investment (FMITI), under the leadership of Honourable Minister Dr. Jumoke Oduwole, MFR, has reaffirmed its commitment to Nigeria’s economic transformation through a robust partnership with the Nigerian Exchange Group (NGX Group).

This collaboration was highlighted during the distinguished Closing Gong Ceremony at the NGX, Lagos, where Dr. Oduwole outlined FMITI’s ambitious target to facilitate $6 billion in foreign investment into Nigeria’s productive economy in 2025.

Oduwole was at the Nigeria Stock Exchange (NGX) on invitation by the Board and Management of Nigerian Exchange Group Plc (NGX Group) to perform the distinguished Closing Gong Ceremony on Nigerian Exchange, Lagos.

This symbolic ceremony, held on trading days, marks the formal close of the market and provides an excellent platform to showcase leadership, inspire stakeholders, and address critical economic issues.

Of the $6 billion target, $3 billion is projected to come from Foreign Direct Investment (FDI) into key sectors such as infrastructure, manufacturing, agribusiness, technology, and renewable energy.

These sectors are pivotal to creating jobs, promoting exports, and enhancing Nigeria’s productive capacity. Another $3 billion will be mobilized through Foreign Portfolio Investment (FPI) by leveraging innovative financial instruments like green bonds, diaspora-linked securities, and SME-focused platforms.

These efforts aim to deepen market liquidity and align capital flows with national priorities.

Oduwole emphasised the integral role of capital markets in driving economic resilience and sustainable growth, stating: “Deepening Nigeria’s capital markets is fundamental to improving investment flows, creating jobs, and sustaining long-term economic resilience.”

Ahonsi Unuigbe, Chairman of Nigerian Exchange Limited (NGX), reinforced the importance of this collaboration, noting that, “capital markets are powerful engines of innovation, business expansion, and economic inclusion, all of which are essential to advancing Nigeria’s industrialisation objectives.”

Temi Popoola, Group Managing Director/CEO of NGX Group, high – lighted the Exchange’s technologydriven vision.

“We are building a next-generation exchange ecosystem designed to de – mocratise investment opportunities, enhance market liquidity, and position Nigeria as a competitive destination for both domestic and international capital,” he said.

Partnership Opportunities and Achievements The engagement brought together key stakeholders from the capital market ecosystem, all of whom reaffirmed their commitment to supporting FMITI’s initiatives.

Notable areas of collaboration include: Strategic Listing of State Owned Enterprises (SOEs): Building on the successful corporatization of the Nigerian National Petroleum Company (NNPC), the listing of SOEs is expected to unlock significant value, enhance transparency, and deepen market liquidity.

Empowering SMEs: Efforts are underway to establish a dedicated capital market platform for small businesses, providing access to funding, capacitybuilding programs, and pathways for sustainable growth.

Green and Sustainable Finance: The NGX Impact Board is set to mobilize capital for high-impact projects through instruments like green and sustainability bonds, supporting climate resilience and infrastructure development.

The NGX Group also emphasized its role as a gateway to capital markets, offering a robust platform for cross-border investments.

This aligns with FMITI’s vision to restore investor confidence and attract foreign capital, as evidenced by the recent rebound in Foreign Direct Investment (FDI), which rose to $2.6 billion by Q2 2024.

A Shared Ambition for Nigeria’s Prosperity Speaking at the ceremony, Alhaji (Dr.) Umaru Kwairanga, Chairman of NGX Group, commended the Ministry’s leadership and bold reforms, which have set the stage for inclusive growth.

“By fusing policy innovation with market infrastructure, we can catalyze a new era of sustainable growth and national development,” he stated.

As Nigeria moves toward its $1 trillion GDP target by 2030, FMITI and NGX Group remain steadfast in their shared ambition to build a prosperous, inclusive, and resilient economy.

Together, they aim to align investments with national priorities, unlock the full potential of Nigerian enterprise, and create tangible opportunities for all Nigerians.

Fidelity Bank Plc has recorded gross earnings of N315.4bn for the first quarter ended 31 March 2025, representing a 64.2 per cent increase from the N192.1bn reported in the corresponding period in 2024.

Nneka Onyeali-Ikpe, managing director and chief executive officer, Fidelity Bank,

According to the bank’s unaudited financial statements filed with the Nigerian Exchange Limited, the impressive performance was driven by significant growth in interest income, foreign exchange revaluation gains, and higher fee and commission income.

Interest and similar income calculated using the effective interest rate method rose by 58.1 per cent to N256.1bn in the period under review, up from N161.9bn in the same quarter of 2024.

Additionally, the bank earned N25.4bn from other interest and similar income, compared to N8.2bn in the corresponding quarter of the previous year.

Despite a 28.5 per cent increase in interest expense to N90.7bn from N70.5bn, net interest income climbed to N190.8bn, reflecting a 91.5 per cent growth from N99.6bn in the same quarter last year.

Fidelity Bank recorded a credit loss expense of N6.3bn, a decline of 49.2 per cent compared to the N12.4bn reported in Q1 2024. Consequently, net interest income after credit loss expense rose to N184.5bn from N87.3bn.

The bank also saw growth in its non-interest income. Fee and commission income increased to N23.8bn, up from N18.3bn in Q1 2024.

Foreign currency revaluation gains contributed N9.8bn to earnings, representing a 200.8 per cent increase from N3.3bn in the same period last year.

On the cost side, operating expenses remained elevated. Personnel expenses rose to N19.7bn from N14bn, while depreciation, amortisation, and impairment increased significantly to N8.7bn from N2.2bn. Other operating expenses also grew to N87.5bn from N52bn.

Despite the cost pressures, the bank posted a profit before income tax of N105.8bn, more than doubling the N39.5bn recorded in the same period last year. After a tax charge of N14.7bn, profit for the period stood at N91.1bn, marking a 190 per cent increase compared to N31.4bn reported in Q1 2024.

Earnings per share rose to 181 kobo from 98 kobo in the corresponding quarter.

The bank’s total comprehensive income for the period rose to N101.6bn, up from N35.8bn in Q1 2024, bolstered by exchange differences on translation of foreign operations and revaluation gains on debt instruments.