The Federal High Court in Abuja has barred eNaira Payment Solutions Ltd from claiming it owns the "eNaira" trademark, dealing a significant blow to the company's attempts to control the brand associated with Nigeria's central bank digital currency.
The court issued a perpetual injunction against the company, meaning the order stands indefinitely unless overturned on appeal. This restraint prevents eNaira Payment Solutions from presenting itself as the registered proprietor of the eNaira mark or from taking any action that would suggest it has ownership rights to the trademark.
The case highlights the growing tension between private entities seeking to commercialise the eNaira brand and the Central Bank of Nigeria's interest in protecting the digital currency's identity. The court's decision reinforces that the CBN, which launched the eNaira in 2021 as Africa's first central bank digital currency, retains control over how the brand is used and marketed.
eNaira Payment Solutions had apparently attempted to register or claim proprietorship of the "eNaira" trademark, prompting a legal challenge. The perpetual injunction now makes it clear that the company cannot use the trademark in any way that suggests ownership or control of the brand.
The ruling is likely to serve as a precedent for other entities attempting similar moves with the eNaira brand. It underscores the CBN's position that while companies may operate payment solutions using eNaira, they cannot claim rights to the trademark itself or mislead the public about their relationship to the digital currency.
The court case did not provide details about what prompted eNaira Payment Solutions' attempt to claim ownership, but such disputes are common in the fintech space as companies seek to carve out market positions around popular digital products. The injunction ensures that only the CBN can authorise use of the eNaira name and trademark in commercial contexts.
Either party may appeal the Federal High Court's decision within 30 days of the judgment, though the perpetual injunction remains in effect during any appeal process unless a higher court orders otherwise.
