The Federal High Court in Abuja has issued a perpetual injunction restraining eNaira Payment Solutions Ltd from holding itself out as the owner of the “eNaira” trademark in a landmark ruling involving Nigeria’s digital currency identity.
Justice James Omotosho, who delivered the judgment on Friday, also ordered the company to immediately adopt a new corporate name excluding the word “Naira” and awarded N10 million in damages against the firm.
The legal dispute stemmed from a suit filed by the company against the Central Bank of Nigeria, the Registrar of Trademarks, and the Registrar-General of the Corporate Affairs Commission over ownership and usage rights linked to the “eNaira” identity.
Brandspur Banking News Desk gathered that the court ruled the company’s name and trademark claims were misleading and capable of creating public confusion by suggesting an affiliation with the Nigerian government or the Central Bank of Nigeria.
According to the judgment, the term “eNaira” is directly connected to Nigeria’s sovereign currency system and falls under the exclusive regulatory authority of the apex bank. The court further held that permitting a private entity to control the name could weaken public confidence in the nation’s financial architecture and digital currency ecosystem.
Justice Omotosho affirmed that the Corporate Affairs Commission acted lawfully when it directed the company to change its name under the provisions of the Companies and Allied Matters Act, 2020.
The court also dismissed the company’s claims for damages and injunctive relief, declaring that it lacked any superior legal right over the “eNaira” trademark. Counterclaims filed by the Central Bank of Nigeria and the Corporate Affairs Commission were subsequently upheld.
The judgment marks a significant legal victory for the Central Bank of Nigeria as authorities continue efforts to safeguard the identity and credibility of Nigeria’s official digital currency initiative within local and international financial systems.
