Reported by: Ijeoma G | Edited by: Oravbiere Osayomore Promise.
A private firm that has traded on the Nigerian currency's name for two decades has been ordered by a Federal High Court in Abuja to drop the word "Naira" from its identity. The court ruled that the company's name was misleading and suggested a level of government backing that it did not possess. Justice James Omotosho, in a judgment delivered on Friday, May 22, 2026, issued a perpetual injunction restraining eNaira Payment Solutions Ltd from parading itself as the registered proprietor of the “eNaira” trademark.
The court's decision came in a suit marked FHC/ABJ/CS/1113/2021, in which eNaira Payment Solutions Ltd had sued the Central Bank of Nigeria (CBN), the Registrar of Trademarks, and the Registrar-General of the Corporate Affairs Commission (CAC) as defendants. The company, registered with the CAC since 2004, sought 17 reliefs, including a declaration that it was the lawful owner of the “eNaira” trademark, which it had registered in Classes 36 and 42. It also prayed the court to restrain the CBN from using or purporting to use the name “eNaira” for its digital currency and demanded N90.10 billion in damages. The plaintiff argued that the CBN's launch of its eNaira digital currency in 2021, and the subsequent attempt by the Trademark Registry to withdraw the acceptance letters issued to the company, constituted an “unconstitutional takeover” of its personal property, which it claimed to have maintained for over two decades.
However, the CBN and the CAC mounted a vigorous defence, arguing that the name “eNaira” was intrinsically linked to Nigeria's national sovereignty. Represented by Mr. Damian Dodo, SAN, the CBN told the court that the federal government reserved the right to invalidate the registration of the plaintiff, insisting that the word “Naira” is a national heritage and that the decision to withdraw the company's registration was made in the national interest to protect a national digital asset. The CAC, in its own counterclaim, argued that the plaintiff’s name was “erroneously registered” in the first place and that the commission had subsequently written to the company asking it to change its name at no cost. It noted that a 2016 directive from the government had mandated all companies bearing the name “Naira” to remove the word from their corporate identities.
In his judgment, Justice Omotosho agreed with the defendants, holding that “the name chosen by the plaintiff on its incorporation is in the circumstances unregistrable due to the misleading nature of the name, which suggests government’s patronage.” The judge observed that the Trademark Registry had, through a letter dated November 15, 2021, cancelled and withdrawn the acceptance letters issued to the company on the grounds that “eNaira is a national intellectual property and constitutes a symbol and national asset of Nigeria.” Justice Omotosho further ruled that under Section 852(2)(a) and (b) of the Companies and Allied Matters Act (CAMA), 2020, the CAC was right to issue the directive for the company to change its name, as the existing name was misleading and capable of making the public believe that the firm enjoyed official government backing. He noted that an average person on the street would likely think the plaintiff was an agent of the Federal Government or the Central Bank of Nigeria.
Consequently, the court dismissed the plaintiff’s suit and granted the CBN's counterclaims. Justice Omotosho awarded the sum of N10 million against eNaira Payment Solutions Ltd and ordered the company to immediately change its name to another distinct name that does not include the word “Naira.” The court also issued a perpetual injunction restraining the company from parading itself as the registered proprietor of the “eNaira” trademark. The ruling brings an end to a protracted legal battle that has lasted nearly five years, reaffirming that the name “Naira” and its derivatives are exclusive national assets that cannot be appropriated by private entities.
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