The Federal High Court in Abuja has issued a landmark ruling against eNaira Payment Solutions Ltd, ordering the company to cease using the ‘eNaira’ trademark and pay a penalty of N10 million. Justice James Omotosho delivered the judgment on Friday, which included a perpetual injunction barring the firm from representing itself as the legitimate owner of the trademark.
In his ruling, Justice Omotosho upheld the counterclaims filed by the Central Bank of Nigeria (CBN), which had challenged the company’s use of the name. The court found that while eNaira Payment Solutions Ltd has been registered since 2004, its name was misleading and could cause confusion with the CBN’s digital currency initiative.
The judge directed the company to immediately adopt a new name that does not include the word ‘Naira’ or any similar term. This decision underscores the court’s commitment to protecting the integrity of Nigeria’s financial systems and trademarks. The CBN welcomed the ruling as a victory for clarity and consumer protection.