Bank charges: Court dismisses suit against CBN’s directives

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On Wednesday a Federal High Court sitting in Abeokuta, Ogun State Capital, has dismissed a suit by Olumide Babalola, a legal practitioner against the Central Bank of Nigeria (CBN) over its policy on Current Account maintenance Fee.

It was reported that Babalola in his suit contended that the policy and guidelines of the CBN violated his fundamental human rights.

The CBN, through its Counsel, Adeleke Agbola, challenged the suit on the ground that the plaintiff lacked legal capacity to institute the suit on a policy that affects the public.

Agbola also had contended that the plaintiff failed to show that the CBN acted in bad faith or breached any law by issuing the guidelines.

However, Justice M Shittu Abubakar, after thorough analysis of the case, dismissed the suit for lacking in merit.

Abubakar 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 agreed with the argument presented by the CBN Counsel that the Plaintiff has not shown that his client breached any known law by issuing the guidelines.

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