By Ikechukwu Nnochiri

The Federal High Court sitting in Abuja, on Friday, granted the Central Bank of Nigeria (CBN) sole ownership rights to the eNaira digital currency platform.

The court, in a judgment delivered by Justice James Omotosho, issued an order of perpetual injunction to restrain a private firm, eNaira Payment Solutions Limited, from further parading itself as the registered proprietor of the “eNaira” trademark.

It held that although the company had been registered with the Corporate Affairs Commission (CAC) since 2004, its choice of a name associated with Nigeria’s sovereignty was potentially misleading.

“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,” Justice Omotosho added.

He held that evidence before the court established that the Trademark Registry, via a letter dated November 15, 2021, had notified the company about the cancellation and withdrawal of approvals issued to it in respect of its applications for the name “eNaira” in classes 36 and 42.

The judge further noted that the company was also informed that the decision was based on the fact that “eNaira is a national intellectual property and constitutes a symbol and national asset of Nigeria.”

According to the court, the private company, which instituted the action to strip the CBN of the right to ownership of the eNaira digital platform, has no greater legal right to the trademark than the apex bank, which is the 1st defendant in the matter.

“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,” the court held.

Moreover, Justice Omotosho stressed that under Section 852(2) of the Companies and Allied Matters Act (CAMA), the CAC may refuse to register a company with a name that suggests the establishment enjoys government patronage.

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

“The plaintiff, with the name ‘eNaira,’ even though it had been incorporated since 2004, has a misleading name.

“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 proposed business of the plaintiff, which according to the evidence-in-chief of PW-1 is the creation and control of a digital currency on their electronic payment platform, 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.

“A misleading name is a ground for the 3rd defendant (CAC) to direct a company to change its name,” the court added.

It held that the law permits the CAC to direct any company to change its name, with compliance expected within six weeks from the date of the directive.

“The plaintiff had six weeks to comply with the directive, which was issued on 9th December 2021.

“The plaintiff has, however, not complied with this directive.”

The court maintained that allowing the plaintiff to have control of the name is tantamount to surrendering Nigerian sovereignty to a private company.

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

“The plaintiff cannot assert control over the ‘eNaira’ name or issue it.

“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.

“The claims of the plaintiff are therefore bound to fail, while the counter-claims of the 1st and 3rd defendants will succeed on the strength of the evidence before this court.

“In the final analysis, this court will rule against the plaintiff, as the claim is incompetent on grounds that it was not brought under the appellate jurisdiction of this court.

“Furthermore, the facts and the law are against the plaintiff.

“In contrast, the counter-claims of the 1st and 3rd defendants succeed,” the court held.

As part of his consequential orders, Justice Omotosho directed the plaintiff to immediately change its name to another distinct name without the use of the word “Naira.”

The court dismissed the suit marked FHC/ABJ/CS/113/2021 and awarded costs of N10 million in favour of the CBN, which had also filed a counter-claim against the company.

The company had insisted that the move to hijack a name it had used to transact business internationally for over 22 years before the CBN decided to appropriate it, amounted to a breach of its rights.

While adopting his brief of argument, counsel to the plaintiff, Mr. David Ityonyman, argued that the source of the name “Naira” is a community in India.

“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.

“The plaintiff had used the name ‘Naira’ for a long time and enjoyed substantial goodwill before 2021, when the defendant sought to take over the name,” Ityonyman submitted before the court.

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By Obas Esiedesa

About 5.1 million consumers, representing about 41 per cent of Nigeria’s 12.31 million active electricity customers were without prepaid meters as of February 2026, according to data released by the Nigerian Electricity Regulatory Commission (NERC).

The Commission, in its January and February 2026 metering factsheet, disclosed that only 7.21 million customers had been metered by February 2026, leaving about 5.1 million consumers still on estimated billing.

The report showed that the national metering rate improved marginally from 57.93 per cent in January to 58.57 per cent in February following the installation of 121,798 new meters during the month.

According to the Commission, Abuja Electricity Distribution Company recorded the highest metering rate among the distribution companies at 79.37 per cent in February.

Eko Disco and Ikeja Electric also posted strong performances with metering rates of 87.62 per cent and 87.16 per cent respectively, while Port Harcourt Disco recorded 66.36 per cent.

Benin, Ibadan and Enugu DisCos recorded metering rates of 56.75 per cent, 52.23 per cent and 51.83 per cent respectively.

However, the report showed that Yola, Jos, Kaduna and Kano DisCos remained the least meter distribution companies in the country.

Yola DisCo recorded the lowest metering rate at 31.86 per cent, while Jos, Kano and Kaduna posted 34.04 per cent, 35.37 per cent and 35.59 per cent respectively.

The data further indicated that Abuja DisCo added 18,352 new meters in February, while Benin and Ibadan DisCos installed 25,658 and 16,445 meters respectively.

NERC explained that active customers are electricity consumers who vended or received bills at least once within a 12-month period.

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By Elizabeth Adegbesan

Nigeria recorded a $480 million trade surplus in January 2026, driven by a 4.46 percent increase in export receipts to a record $4.68 billion, largely fueled by petroleum products.

This represents a 220 percent month-on-month (MoM) increase in trade surplus when compared to$150 million recorded in December 2025.  

The Central Bank of Nigeria, CBN, disclosed this in its January Monthly Economic Report, noting that while export earnings rose import bills also increased by 3.0 percent to $4.77 billion, with oil and gas products accounting for 83.12 percent of total export receipts.  

CBN said: “Transactions in the goods account resulted in a higher trade surplus, owing to an increase in export receipts. “Provisional data indicated that   the trade surplus rose to $480 million, from $150 million in the  preceding month.  

“The higher surplus was driven by the 4.46 per cent increase in export to $4.68 billion, following the increase in the  export of petroleum products.  

“Import bills also increased by 3.0 per  cent to $4.77 billion, on account of due to a decline in the import of  oil products.  

“Analysis of export by composition showed that crude oil,  gas, and refined petroleum products accounted for 83.12 per cent of  total receipts, while non-oil exports earnings constituted the balance.  

“In terms of imports, non-oil product accounted for 86.43 per cent, while  oil imports constituted the balance.

“Aggregate receipts from oil exports rose  by 7.46 per cent to $3.89 billion from $3.62 billion, due largely to  the increase in crude oil export receipts. A further disaggregation showed that crude oil export receipts increased to $2.47 billion from $2.72 billion in the preceding month, occasioned by a rise in the average price of crude oil due to supply disruptions.  

“Similarly, earnings from gas exports rose to $750 million from $720 billion.

“Non-oil export earnings moderated in the review period.

“At US$800 million, non-oil export earnings fell by 5.88 per cent relative to the level in the preceding month.

“The development followed lower earnings from the export of agricultural products, particularly cocoa beans, as  improved weather conditions boosted West African harvest prospects,  leading to a decline in prices.”

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