CAC’s Letter to EPSL MD, Copied to CBN Governor

In a surprising letter titled “Violation of the Provisions of the Companies and Allied Matters Act, 2020 and Banks and Other Financial Institutions Act, 2020 by eNaira Payment Solutions Limited,” Mr. Sulaiman Mamman, on behalf of the Registrar-General, has called for eNaira Payment Solutions Limited (EPSL) to change its corporate name.

This letter was also copied to Mr. Godwin Emefiele, the CBN Governor, demands that EPSL, which has been registered with the Corporate Affairs Commission (CAC) since 2004, alter its name. The Registrar-General’s request is based on the fact that the Central Bank of Nigeria (CBN) now uses “eNaira” adopted for its Central Bank Digital Currency (CBDC), which was announced and subsequently published as CBN’s trademark in the Nigerian Online Trademark Journal on November 18, 2021, at the same time being designated as a Nigerian sovereign asset.