A Federal High Court in Abuja has ordered eNaira Payment Solutions Ltd to stop using “Naira” in its name and permanently restrained the company from claiming ownership of the trademark “eNaira.”
Justice James Omotosho ruled that the company’s name was misleading and could wrongly suggest government or Central Bank of Nigeria (CBN) backing.
The court agreed with the CBN and Corporate Affairs Commission (CAC) that the company, despite being registered since 2004, had no legal right to the “eNaira” trademark.
The judge ordered the company to adopt a new name without “Naira” and awarded ₦10 million in damages against it.
He also upheld CAC’s directive requiring the company to change its name, stating that allowing a private firm to control the “eNaira” identity could create confusion and negatively affect Nigeria’s financial system.
The suit filed by the company seeking ownership of the trademark and ₦90.1 billion in damages was dismissed.
