Court Stops Firm From Claiming Ownership of “eNaira” Trademark
The Federal High Court in Abuja has barred a company, eNaira Payment Solutions Ltd, from presenting itself as the owner of the “eNaira” trademark, ruling in favour of the Central Bank of Nigeria (CBN).
Delivering judgment on Friday, Justice James Omotosho ordered the company to immediately change its name to another that does not contain the word “Naira.” The court also awarded N10 million in damages against the company.
The judge held that although the company had been registered since 2004, its name was misleading because it suggested a connection with the Federal Government and the CBN, which are responsible for managing Nigeria’s currency.
According to the ruling, the Corporate Affairs Commission (CAC) acted within the law when it directed the company to change its name under provisions of the Companies and Allied Matters Act (CAMA) 2020.
The case began after eNaira Payment Solutions Ltd filed a lawsuit against the CBN, the Registrar of Trademarks, and the CAC, seeking to stop the withdrawal of the “eNaira” trademark from the company. The firm also demanded over N90 billion in damages, arguing that the government unlawfully took over its intellectual property.
However, the CBN countered the claims, insisting that the company had no legal right to the trademark and accusing it of causing confusion and embarrassment by claiming ownership of a name tied directly to Nigeria’s official digital currency.
In his judgment, Justice Omotosho agreed with the CBN’s position, stating that the “eNaira” name is closely associated with Nigeria’s legal tender and any private ownership of the trademark could mislead the public into believing the company had government approval to issue or manage a digital currency.
The court further held that allowing a private company to control the name would create uncertainty in the financial system and could negatively affect Nigeria’s economy.
“The plaintiff cannot assert control over the ‘eNaira’ name or issue it. This would be disastrous for the Nigerian economy,” the judge ruled.
He added that the company failed to comply with the CAC’s directive to change its name within the required six-week period.
Justice Omotosho subsequently dismissed the company’s suit in its entirety and granted the counterclaims filed by the CBN and CAC.
The ruling permanently restrains eNaira Payment Solutions Ltd from claiming ownership of the “eNaira” trademark and directs the company to adopt a new name without using “Naira.”
