The Federal High Court, Abuja, has ordered eNaira Payment Solutions Ltd to cease using the name “eNaira,” ruling in favor of the Central Bank of Nigeria (CBN) Justice James Omotosho delivered the judgment on Friday, granting a perpetual injunction and imposing a N10 million fine on the company.
The court determined that the company’s name was misleading, suggesting official government backing. Justice Omotosho ruled that, although the company was incorporated in 2004, it cannot claim exclusive rights to the “eNaira” trademark, which is a national asset controlled by CBN.
The Corporate Affairs Commission (CAC) had earlier directed eNaira Payment Solutions Ltd to adopt a distinct name, citing Section 852(2) of the Companies and Allied Matters Act (CAMA) 2020. The court upheld this directive, emphasizing that a name implying government patronage is unregistrable.
The case originated from a 2021 lawsuit, in which eNaira Payment Solutions Ltd sought to retain ownership of the trademark and claimed N90.1 billion in damages. The company filed multiple prayers to restrain the CBN from asserting proprietorship of the trademark.
CBN countered, requesting an injunction against the company and additional damages, arguing that the unauthorized use of “eNaira” misrepresented a national currency and could undermine financial trust. CAC also sought a name change to prevent public confusion.
Justice Omotosho noted that allowing eNaira Payment Solutions Ltd to control the trademark could compromise Nigerian sovereignty and mislead the public into thinking the company had authority to issue digital legal tender. The court emphasized that only CBN has the exclusive right to issue and manage the official digital Naira.
As a result, the court dismissed the company’s suit, ordered a mandatory name change avoiding the word “Naira,” and reinforced the CBN’s ownership of the trademark. The decision highlights the legal protection of national symbols and intellectual property in Nigeria’s financial sector.
