Wednesday, February 10, 2021 / 8:03 AM / By CBN / HeaderImage Credit: Amehnews

TheFederal High Court sitting in Abeokuta, Ogun State Capital, has dismissed asuit instituted by a legal practitioner, Olumide Babalola, challenging theCentral Bank of Nigeria (CBN) policy on Current Account maintenance Fee containedin the Guide to the Charges by Banks and other financial Institutions of January2020.

Babalolahad instituted the action in the name of his law firm, Babalola LP, in which hecontended that the policy and guidelines of the CBN violated his fundamentalhuman rights.

The CBN,through its Counsel, Adeleke Agbola, of Cheakley Chambers, however challengedthe suit on the ground that the plaintiff lacked the legal capacity toinstitute the suit on a policy that affects the public.

In hisNotice of Preliminary Objection to the Suit, Agbola had contended that theplaintiff failed to show that the CBN acted in bad faith or breached any law byissuing the guidelines.

The trialjudge, Justice M Shittu Abubakar, after careful analysis of the case, onWednesday, February 3, 2021, dismissed the suit in its entirety for lacking inmerit and upheld the preliminary objection.

The Courtheld that guidelines issued by the CBN, authorizing deduction of CurrentAccount maintenance charges was lawful and within the statutory powers of CBN.

The Courtalso concurred with the argument canvassed by the CBN Counsel that thePlaintiff has not shown that the CBN breached any known law by issuing theguidelines.

JusticeAbubakar also held that the Plaintiff/Applicant ought to have negotiated withhis bank, Access Bank Plc for a reduction of his charges instead of draggingthe CBN to Court.

Other Relevant CBN Circulars

1.     CBN IssuesApprovals-In-Principle To Three Payment Service Banks - Sep 18, 2019

2. CBN Approves Charges OnWithdrawals And Deposits; Unbundles Charges on Electronic Merchants - Sep 18, 2019

3.    CBN Amends Guide To Charges ByBanks And Other Financial Institutions In Nigeria - Sep 10, 2019

4.  Guide To Bank Charges CircularTo All Banks, OFIs And Mobile Payments Operators - 2017 - Apr 2017

Related News/Links on Bank Charges By Proshare

1.      Bank Charges: Role, Responsibilities and Rights - Jul 27, 2017

2.     VIDEO: The Role of Government Is To Protect Consumers - Sola Salako - Jun 13, 2017

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