Business Regulations, Law & Practice | |
Business Regulations, Law & Practice | |
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Wednesday, February 10, 2021 / 8:03 AM / By CBN / Header
Image Credit: Amehnews
The
Federal High Court sitting in Abeokuta, Ogun State Capital, has dismissed a
suit instituted by a legal practitioner, Olumide Babalola, challenging the
Central Bank of Nigeria (CBN) policy on Current Account maintenance Fee contained
in the Guide to the Charges by Banks and other financial Institutions of January
2020.
Babalola
had instituted the action in the name of his law firm, Babalola LP, in which he
contended that the policy and guidelines of the CBN violated his fundamental
human rights.
The CBN,
through its Counsel, Adeleke Agbola, of Cheakley Chambers, however challenged
the suit on the ground that the plaintiff lacked the legal capacity to
institute the suit on a policy that affects the public.
In his
Notice of Preliminary Objection to the Suit, Agbola had contended that the
plaintiff failed to show that the CBN acted in bad faith or breached any law by
issuing the guidelines.
The trial
judge, Justice M Shittu Abubakar, after careful analysis of the case, on
Wednesday, February 3, 2021, dismissed the suit in its entirety for lacking in
merit and upheld the preliminary objection.
The Court
held that guidelines issued by the CBN, authorizing deduction of Current
Account maintenance charges was lawful and within the statutory powers of CBN.
The Court
also concurred with the argument canvassed by the CBN Counsel that the
Plaintiff has not shown that the CBN breached any known law by issuing the
guidelines.
Justice
Abubakar also held that the Plaintiff/Applicant ought to have negotiated with
his bank, Access Bank Plc for a reduction of his charges instead of dragging
the CBN to Court.
Other Relevant CBN Circulars
1. CBN Issues
Approvals-In-Principle To Three Payment Service Banks - Sep 18, 2019
2. CBN Approves Charges On
Withdrawals And Deposits; Unbundles Charges on Electronic Merchants - Sep 18, 2019
3. CBN Amends Guide To Charges By
Banks And Other Financial Institutions In Nigeria - Sep 10, 2019
4. Guide To Bank Charges Circular
To 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
Related News
1. CBN and Banking
Charges In Nigeria - A Regulator Gone Rogue? - Sep 20, 2019
2. Demystifying CBN
Response to Cashless Scheme Criticism - There is a WRONG way to do the RIGHT
Thing - Sep
19, 2019
3. Japaul Plc's Access
Bank Burden: Excessive Charges Unhinge Relationship As FHC Vacates Mareva Order - May 07, 2019
4. Senate Passes
Resolution Mandating CBN To Suspend Bank ATM Charges - Oct 17, 2018
5. Bank Charges &
Recent Regulatory Guidelines - Jun 12, 2017
6. CBN reiterates its
resolve to enforce the provision of the revised guide to bank charges- Feb 22, 2016
7. CBN to Review Guide
to Bank Charges; Request List of Existing Products and Services - Aug 19, 2015
8. CBN commences
revision of bank charges - Jul 09, 2012
9. Multiple bank
charges worry CBN - Dec
08, 2006