A Federal High Court in Abuja has affirmed the Central Bank of Nigeria’s (CBN) exclusive ownership of the “eNaira” digital currency platform and trademark.

eNaira

Justice James Omotosho, in a judgment delivered on Friday, restrained eNaira Payment Solutions Limited from presenting itself as the owner of the “eNaira” trademark.

The court also ordered the company to immediately adopt a new name that does not contain the word “Naira”.

The suit, marked FHC/ABJ/CS/113/2021, was dismissed, while the court awarded N10 million costs in favour of the CBN following its successful counterclaim.

Justice Omotosho held that although the company had been registered with the Corporate Affairs Commission (CAC) since 2004, its name was misleading because of its close association with Nigeria’s sovereign currency.

“The name chosen by the plaintiff on its incorporation is in the circumstances unregistrable due to the misleading nature of the name, which suggests government patronage,” the judge ruled.

The court further noted that the Trademark Registry had, through a letter dated Nov. 15, 2021, withdrawn approvals earlier granted to the company for applications related to the “eNaira” trademark under classes 36 and 42.

According to the judgment, the company was informed that “eNaira is a national intellectual property and constitutes a symbol and national asset of Nigeria.”

Justice Omotosho ruled that the plaintiff had no superior legal claim to the trademark and therefore could not seek injunctive relief against the CBN.

“A party that has no legal right cannot be entitled to an injunction. The purport of this is that, prima facie, the plaintiff has no valid trademark to the exclusive use of the eNaira trademark,” he held.

The judge also emphasised that under Section 852(2) of the Companies and Allied Matters Act, the CAC has powers to reject or direct changes to company names that suggest government affiliation.

“The ‘eNaira’ name is so closely linked to the legal tender of Nigeria, which is exclusively controlled by the CBN.

“An average person on the street is most likely to think that the plaintiff is an agent of the Federal Government or the CBN,” the court stated.

Justice Omotosho added that the company’s proposed activities involving digital currency operations created the impression that it had official authority to issue or manage a digital version of the naira.

“The proposed business of the plaintiff… no doubt creates the impression that the plaintiff has the authority of the Federal Government of Nigeria to issue and control a digital form of the Naira,” he said.

The judge warned that allowing a private entity to control the “eNaira” name could undermine public confidence and create confusion within the country’s financial system.

“Any digital currency with the name ‘eNaira’ will no doubt create the impression that it is an official digital form of the Naira.

“This would be disastrous for the Nigerian economy and will create skepticism among users, as it is not guaranteed by the Central Bank of Nigeria,” he added.

The court also observed that the CAC had lawfully directed the company to change its name within six weeks of its Dec. 9, 2021 directive, but the company failed to comply.

During proceedings, counsel to the plaintiff, Mr David Ityonyman, argued that the word “Naira” was not exclusive to Nigeria and should not be monopolised.

“Nothing stops India from having a Naira. Also, countries like the U.S. and Canada make use of dollars. None of them has laid claim to the name,” he submitted.

He further argued that the company had used the “Naira” branding internationally for more than two decades before the CBN launched the eNaira platform in 2021.

Central Bank of Nigeria (CBN) and commercial banks are reviewing the large number of transaction alerts sent to customers and the complaints about bank charges.

So called bank alert refers to real-time SMS or email notifications from your financial institution about transactions, balances, or security updates.

Olayemi Cardoso, governor, CBN, said this in Abuja after the 305th Monetary Policy Committee meeting.

He explained that many bank customers are confused because they receive too many debit alerts for a single transaction.

To address this, the CBN has created a quarterly meeting system involving its consumer protection team, commercial banks, and the top 10 microfinance banks. The goal is to resolve customer complaints faster and improve banking services.

Cardoso said one major issue being studied is how banks send multiple notifications for one transaction.African Politics Analysis

He said this often confuses customers and suggested that alerts should be simplified and combined so people can clearly understand what each debit is for.

He added that the issue is still being worked on and solutions will be proposed soon.

On the N50 stamp duty charge, the CBN governor explained that it is not a bank charge.

He said the charge comes from tax authorities, while banks only collect it and send it to the government.

He advised customers who notice wrong charges to first complain to their bank. If the issue is not resolved, they can escalate it to the CBN’s consumer protection department.

Cardoso also said the CBN has strengthened its monitoring system to ensure banks handle complaints properly, compensate customers when needed, and improve customer service.

The CBN is also reviewing how banks apply rules on charges and customer complaints, with the aim of improving transparency and reducing repeated issues in the banking system.

Griffin Capital Group Limited has announced its official market entry as a fully integrated financial services group, bringing together investment banking, asset management, trusteeship, lending, and insurance capabilities under a unified institutional platform.

The launch reflects a deliberate response to the evolving demands of Nigeria’s financial ecosystem, where the need for disciplined capital deployment, stronger Corporate Governance frameworks, and deeper market liquidity continues to shape the next phase of growth.

Structured as a multi-business financial services group, Griffin Capital is designed to operate across the full spectrum of capital formation, from origination through innovatively structuring complex financial transactions in a simplified manner; to execution, distribution, and investment management. This enables us to both advise on and actively participate in transactions.

The Group enters the market with a leadership team whose experience spans investment banking, Insurance brokerage, capital markets, corporate finance, development finance, and investment management across Africa and global financial centers.

Griffin Capital’s operating model reflects a clear emphasis on institutional discipline, combining advisory expertise with balance sheet strength to support more efficient capital allocation and improved transaction quality.

As Nigeria’s economic reforms continue to unlock new opportunities across infrastructure and project finance, financial advisory, and private capital markets; the Group is positioned to support both issuers and investors through a structure designed for scale, transparency, and execution.

Commenting on the launch, the Group Chief Executive Officer, Babatunde Obaniyi said: “The opportunity in Nigeria’s financial markets is significant, but unlocking it requires more than capital. It requires structure, governance, and the ability to deploy capital with discipline. Griffin Capital Group has been built to address these fundamentals. Our model allows us to operate across the full lifecycle of transactions from advisory to execution, while maintaining a strong focus on risk management and long-term value creation.

“We are entering the market with a clear sense of responsibility, particularly in how capital is structured, deployed, and preserved. Our ambition is to build an institution that contributes meaningfully to market development while maintaining the highest standards of governance and execution.”

The Chairman of the Group, Musa Bello added: “Financial institutions play a critical role in shaping economic outcomes, particularly in emerging markets where capital must be deployed with both precision and purpose. Griffin Capital Group represents a long-term commitment to building an institution that combines local market understanding with global standards of governance and execution.

“As Nigeria continues to deepen its capital markets and expand private sector participation, institutions with the capacity to structure, mobilize, and manage capital effectively will be essential. Our focus is not only on participating in this evolution, but on contributing to it in a meaningful and sustainable way.”

With a medium-to-long-term strategy focused on growth in assets under management and expanded participation across key sectors, Griffin Capital Group intends to play an active role in facilitating capital flows within Nigeria and across the African continent.

The Group’s integrated platform is expected to support a broad range of clients, including retail, corporates, institutional investors, development finance institutions, government institutions, and high-net-worth individuals, through tailored financial solutions and disciplined execution.