*Records N38.8bn profit, recovers from N1.15tn loss in 2023
*Court refuses to stop apex bank E-naira trademark usage
James Emejo and Alex Enumah in Abuja
The Central Bank of Nigeria (CBN) recorded significant growth in its operating income in 2024, as it climbed to N15.23 trillion in 2024, from N5.89 trillion in the preceding year.
Likewise, the banking sector posted significant growth in its total operating income for its subsidiaries as it rose by 41.3 per cent to N15.1 trillion in 2024, from N5.91 trillion in 2023.
Also, the group posted a profit after tax (PAT) of N38.8 billion, indicating a recovery from N1.15 trillion loss in 2023.
These were disclosed in the apex bank’s consolidated and separate financial statements for the year ended December 2024, which also revealed that the CBN Group’s year-on-year losses declined to N680.62 billion in the year under review compared to N1.16 trillion in 2023.
The statement of accounts of the Group comprises the CBN and its subsidiaries.
Also, yesterday, Justice James Omotosho of the Federal High Court, Abuja, turned down a request to stop the CBN from using the e-naira trade mark for the growth of the country’s economy.
According to the financial statements, the apex bank is wholly owned by the federal government, and remains a Government Business Entity (GBE).
Essentially, the central bank holds 89.52 percent of the share capital of Nigerian Security Printing and Minting (NSPM) Plc, its subsidiary while Bureau of Public Enterprise and DE LA RUE of UK have 9.61 per cent and 0.87 per cent shares, respectively.
The CBN also holds controlling interest of 53.71 per cent (equivalent to 89.52 per cent of a 60 per cent ownership) in Tawada Limited, an indirect subsidiary of the bank.
Furthermore, the apex bank holds 100 per cent of the share capital in Nigeria Incentive-Based Risk-Sharing System for Agricultural Lending Pic (NIRSAL), and 99.99 per cent of share capital in Nigerian Electricity Supply Industry Stabilization Strategy Limited (NESI).
The central bank also owns 70 per cent share capital in Infrastructure Corporation of Nigeria Limited (InfraCorp).
Thus, the Group presented a summary of its consolidated and separate statement of financial position broadly in order of liquidity.
Nonetheless, the Group’s total liabilities and equity increased to N117.60 trillion in 2024 from N87.87 trillion in 2023.
Net Unrealised Foreign Exchange revaluation gains also increased by 225 per cent year on year to N11.28 trillion.
Loans and receivables stood at N10.96 trillion compared to N15.09 trillion in 2023.
The apex bank’s quota in the International Monetary Fund (IMF) increased to N4.91 trillion in 2024 compared to N2.96 trillion in 2023.
The CBN quota determines its financial contribution, voting power, and access to IMF financing.
Group’s total liabilities stood at N116.58 trillion compared to N85.86 trillion in 2023.
CBN’s liabilities to the International Monetary Fund (IMF) grew to N5.06 trillion, from N2.52 trillion while the former’s current tax liabilities increased to N9.25 billion compared to N6.81 billion in 2023.
Among other things, banknotes and coins in circulation rose to N5.44 trillion compared to N3.65 trillion, while total deposits climbed to N52.38 trillion compared to N38.18 trillion in 2023t.
In addition, the value of CBN’s Instruments issued increased to N24.27 trillion compared to N17.40 trillion in the preceding financial period.
Court Refuses to Stop CBN from E-naira Trademark Usage
Meanwhile, Justice James Omotosho of the Federal High Court, Abuja, yesterday, turned down a request to stop the CBN from using the e-naira trade mark for the growth of the country’s economy.
Justice Omotosho refused the application by a private company, E-naira payment Solutions Limited in the interest of the country.
E-naira payment Solutions Limited had in the suit against the CBN, sought an order of interim injunction restraining the apex bank from using E-naira trademark 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 Trademark Registry of Nigeria.
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 is allowed to assume ownership of the mark.
In a motion on notice marked FHC/ABJ /CS/2021, the plaintiff asked the court to stop CBN from communicating with the United States of America Patent and Trademark on the issue of the disputed trademark until the dispute is fully resolved.
It also pleaded with the court to stop USA 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 trademark is a National Asset that can only be owned and used by the federal government of Nigeria only and itself.
The apex bank claimed that the letter of acceptance of registration issued to the plaintiff in error by the Trademark Registry of Nigeria had since been voided and withdrawn through a letter dated November 15, 2021.
CBN, while describing the E-naira trademark as a National Intellectual Property informed the court of its possession of registration certificate from the Trademark Registry of Nigeria in line with section 22 of the Trademark Act and 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 naira 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 Trademark 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 was granted.
The Judge held that the letter written by CBN to USA Patent and Trademark 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
