The Federal High Court in Abuja has granted a perpetual injunction restraining eNaira Payment Solutions Ltd from presenting itself as the registered proprietor of the “eNaira” trademark.
Justice James Omotosho, in a judgment delivered on Friday, also awarded N10 million in damages against the company and ordered it to immediately adopt a new name that excludes the word “Naira.”
The ruling followed a protracted legal dispute involving Central Bank of Nigeria, the Registrar of Trademarks, and the Registrar-General of the Corporate Affairs Commission (CAC).
In his judgment, Justice Omotosho agreed that the company had been incorporated since 2004 but held that its name was misleading because it suggested government affiliation and authority.
The court held that the Corporate Affairs Commission acted within the law by directing the company to change its name under Section 852(2)(a) and (b) of the Companies and Allied Matters Act (CAMA), 2020.
Justice Omotosho further stated that the term “eNaira” is closely associated with Nigeria’s legal tender, which falls exclusively under the control of the Central Bank of Nigeria.
eNaira Payment Solutions Ltd had filed the suit marked FHC/ABJ/CS/1113/2021 against the Central Bank of Nigeria, the Registrar of Trademarks, and the CAC.
The company argued that the actions of the defendants amounted to an unconstitutional takeover of intellectual property it claimed to have maintained for over 20 years.
The CAC, in its own counterclaim, requested an order directing the company to adopt a distinct name without the use of the word “Naira.”
Justice Omotosho noted that the Trademark Registry had, through a letter dated November 15, 2021, withdrawn the acceptance letters earlier issued to the company for trademark applications relating to “eNaira” in Classes 36 and 42.
According to the court, the registry stated that “eNaira is a national intellectual property and constitutes a symbol and national asset of Nigeria.”
The judge held that the company had no superior legal right to the trademark over the CBN.
The judge warned that allowing a private company to control the “eNaira” name could undermine national sovereignty and create confusion in Nigeria’s financial system.
He noted that the plaintiff’s proposed business activities — including the creation and control of a digital fiat currency platform — could mislead the public into believing it had government authorization.
The judge added that the company failed to comply with the CAC’s directive issued on December 9, 2021, requiring it to change its name within six weeks.
Justice Omotosho ultimately dismissed the company’s suit, describing it as incompetent and unsupported by law and evidence.
He declared that eNaira Payment Solutions Ltd was not the registered owner of the “eNaira” trademark and, as a private entity not licensed to issue legal tender, was not entitled to register the mark.
The court subsequently granted the counterclaims filed by the Central Bank of Nigeria and the Corporate Affairs Commission, ordering the company to change its name and restraining it permanently from claiming ownership of the trademark.
The judgment comes after the Federal High Court in Abuja last year dismissed an interim application filed by the company seeking to stop the CBN from asserting rights over the “eNaira” trademark internationally, including before the United States Patent and Trademark Office (USPTO).
The company’s Chief Executive Officer, Jonathan Kenneth Adoke, had asked the court to direct the CBN to halt all engagements with foreign authorities regarding the trademark pending the determination of the substantive suit in Nigeria.
