Court Orders eNaira Payment Solutions to Remove ‘Naira’ from Its Name

The Federal High Court in Abuja has ruled that eNaira Payment Solutions Ltd must stop using ‘Naira’ in its company name. Justice James Omotosho found the name misleading and sided with the Central Bank of Nigeria and Corporate Affairs Commission. The judge awarded ₦10 million against eNaira Payment Solutions Ltd and granted a perpetual injunction barring the firm from claiming ownership of the “eNaira” trademark. He held that the name suggests government endorsement and could mislead the public into thinking the company issues legal tender. Citing Section 852 of the Companies and Allied Matters Act 2020, the court upheld earlier CAC and trademark registry directives that deemed “eNaira” a national asset. eNaira Payment Solutions Ltd now has six weeks to adopt a new name without the word “Naira.” The company’s suit seeking over ₦90 billion in damages was dismissed, and its claims were held to be without merit. The court’s decision underscores the CBN’s exclusive right to Nigeria’s currency name.

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