Federal High Court orders eNaira Payment Solutions Ltd to change name, in favor of CBN

The Federal High Court in Abuja has ordered eNaira Payment Solutions Ltd to stop using the name “eNaira”, ruling in favor of the Central Bank of Nigeria (CBN). Judge James Omotosho issued the ruling on Friday, granting a perpetual injunction and imposing a $10 million fine on the company.

The court ruled that the company’s name was misleading, suggesting official government support. Justice Omotosho ruled that although the company was incorporated in 2004, it cannot claim exclusive rights to the “eNaira” brand, which is a national asset controlled by the 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 direction, pointing out that a name implying government patronage is not registrable.

The case arose from a 2021 lawsuit, in which eNaira Payment Solutions Ltd sought to maintain ownership of the trademark and sought damages of $90.1 billion. The company has filed numerous prayers to restrain the CBN from asserting ownership of the trademark.

The CBN countered, seeking an injunction against the company and further damages, arguing that unauthorized use of “eNaira” misrepresented a national currency and could undermine financial confidence. CAC also sought a name change to avoid public confusion.

Justice Omotosho noted that allowing eNaira Payment Solutions Ltd to control the brand could compromise Nigerian sovereignty and mislead the public into thinking that the company has the authority to issue digital fiat money. The court emphasized that only the 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 strengthened the CBN’s ownership of the trademark. The decision highlights the legal protection of national symbols and intellectual property in Nigeria’s financial sector.