Object name "&" has already been used for a system object

What causes this issue?

A TLOGO object called "&V1&" could not be defined because a system
object with the object name "&V1&" and program ID "&V2&" already
exists.

System Response

A warning was generated.

How to fix this error?

If you have entered an already existing system object into TLOGO
intentionally, then you can ignore this warning.
Otherwise delete this entry again and give the object a name other
than "&V1&".

Error message extract from SAP system. Copyright SAP SE.