Court Voids eNaira Trademark Claim, Orders Company to Change Name
Federal High Court rules in favour of CBN and CAC, restrains eNaira Payment Solutions Ltd from using the “eNaira” identity and awards ₦10 million damages.
A Federal High Court in Abuja has ruled that eNaira Payment Solutions Ltd cannot claim ownership of the “eNaira” trademark, ordering the company to change its name and awarding ₦10 million in favour of the Central Bank of Nigeria.
The Federal High Court in Abuja has ruled against eNaira Payment Solutions Ltd, declaring that the company is not the lawful owner of the trademark “eNaira” and ordering it to adopt a different corporate identity.
Delivering judgment on Friday, Justice James Omotosho granted the counterclaims filed by the Central Bank of Nigeria and ordered a perpetual injunction restraining the company from presenting itself as the registered proprietor of the “eNaira” trademark.
The court also awarded ₦10 million against the company and directed it to immediately change its corporate name without retaining the word “Naira”.
Justice Omotosho held that although the company had existed since 2004, its name was misleading because it created the impression of official government endorsement or affiliation.
According to the court, the use of “eNaira” suggested authority to issue or control a digital version of Nigeria’s national currency, a responsibility reserved exclusively for the Central Bank.
The judge affirmed that the Corporate Affairs Commission acted within the law by directing the company to change its name under provisions of the Companies and Allied Matters Act (CAMA) 2020.
The dispute originated from a suit filed by eNaira Payment Solutions Ltd against the CBN, the Registrar of Trademarks and CAC, seeking multiple reliefs including ₦90.10 billion in damages and a declaration of ownership over the “eNaira” trademark.
However, the apex bank opposed the claims and filed a counterclaim seeking an order restraining the company from asserting ownership of the name.
In its ruling, the court noted that the Trademark Registry had previously withdrawn approvals granted to the company after determining that “eNaira” constituted a national intellectual property and asset.
Justice Omotosho further held that allowing a private company to control the identity of Nigeria’s digital currency could create public confusion and undermine confidence in the country’s financial system.
The court consequently dismissed the company’s claims and upheld the positions advanced by both the CBN and CAC.
