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Court Upholds CBN’s Rights Over Nigeria’s Digital Currency Brand
A Federal High Court ruling has affirmed the Central Bank of Nigeria’s (CBN) exclusive ownership of the “eNaira” trademark. The decision brings an end to a protracted legal challenge initiated by a private firm.
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Justice James Omotosho delivered a landmark judgment in Abuja, issuing a perpetual injunction against eNaira Payment Solutions Limited. The ruling prohibits the company from claiming ownership or registered proprietorship of the “eNaira” name.
Court Declares eNaira a National Asset
The court ruled that the eNaira is a national intellectual property. As Africa’s first Central Bank Digital Currency (CBDC), it represents a symbol of Nigeria’s financial sovereignty. The judgment made clear that such a national asset cannot be appropriated by any private entity.
Although the plaintiff company was incorporated in 2004, the court ruled that its name was misleading and suggested government patronage, making it unregistrable under Nigerian law.
“The name chosen by the plaintiff on its incorporation is unregistrable due to its misleading nature, which suggests government patronage,” the judge stated.
Key Highlights of the Judgment
- Perpetual Injunction:
eNaira Payment Solutions Limited is permanently barred from claiming ownership of or rights to the “eNaira” trademark. - ₦10 Million Damages:
The court awarded ₦10 million in damages against the private firm in favour of the CBN. - Mandatory Name Change:
The company was ordered to immediately drop the word ‘Naira’ from its corporate name and register a completely distinct identity with the Corporate Affairs Commission (CAC).
Why the Court Ruled in Favour of the CBN
Justice Omotosho’s ruling rested on several critical considerations:
- Sovereign Control:
The “eNaira” is inseparably linked to Nigeria’s legal tender, which is exclusively regulated by the CBN. - Public Interest and Trust:
Allowing a private firm to control the name would mislead the public and undermine confidence in Nigeria’s financial system. - Statutory Authority:
Under Section 852(2) of the Companies and Allied Matters Act (CAMA), the CAC is empowered to reject or mandate a change of any company name that implies government affiliation.
Trademark Registry’s Prior Cancellation Noted
The court noted evidence showing that the Trademark Registry, in a letter dated November 15, 2021, had already cancelled and withdrawn approvals earlier granted to the private firm under trademark classes 36 and 42.
The company was also formally informed that “eNaira is a national intellectual property and a national asset of Nigeria.”
Background of the Legal Dispute
The case originated shortly after the launch of the eNaira platform, when eNaira Payment Solutions Limited filed suit FHC/ABJ/CS/1113/2021, alleging trademark infringement and seeking ₦90.10 billion in damages.
The firm claimed it had prior rights to the name, while the CBN and CAC countered that the approvals had been lawfully revoked in the interest of national sovereignty and public clarity.
Court: No Legal Right, No Injunction
In dismissing the suit, Justice Omotosho ruled unequivocally:
“A party that has no legal right cannot be entitled to an injunction. The plaintiff has no valid trademark to the exclusive use of the eNaira name.”
Implications for Nigeria’s Digital Economy
The judgment decisively secures the CBN’s proprietary and branding rights over the eNaira platform, reinforcing regulatory certainty around Nigeria’s digital currency initiative.
The ruling sends a clear signal that national symbols linked to monetary sovereignty cannot be privately appropriated. This protection of public trust is essential as Nigeria continues to deepen its digital financial infrastructure.
