The Federal High Court in Abuja has affirmed the exclusive ownership of the eNaira digital currency platform by the Central Bank of Nigeria, ordering a private firm, eNaira Payment Solutions Limited, to immediately discontinue the use of the name.
Delivering judgment, Justice James Omotosho held that the company has no legal right to the “eNaira” trademark and must cease presenting itself as its owner.
The court issued a perpetual injunction restraining the firm from using the name, describing it as misleading and closely tied to Nigeria’s sovereign currency, which is exclusively controlled by the Central Bank.
Although the company was registered with the Corporate Affairs Commission (CAC) in 2004, the court ruled that its adoption of the name “eNaira” could wrongly suggest government affiliation or authorisation.
Justice Omotosho noted that regulatory correspondence had already withdrawn previous approvals for the trademark and classified “eNaira” as a national intellectual property and an asset of the Nigerian state.
The court further held that allowing a private entity to retain control of such a name could mislead the public and undermine confidence in the country’s digital currency system.
It also referenced provisions of the Companies and Allied Matters Act (CAMA), affirming the authority of the Corporate Affairs Commission to reject or compel changes to company names that imply government ownership.
According to the ruling, the firm failed to comply with a prior directive issued in December 2021 requiring it to change its name within six weeks.
Justice Omotosho concluded that the plaintiff’s claims were without merit, warning that its continued use of the name could be detrimental to the Nigerian financial system.
The court consequently dismissed the suit and awarded ₦10 million in costs in favour of the Central Bank of Nigeria.
It also ordered the company to adopt a new name that excludes “Naira” in its entirety.
