By Damilola Adeyemo
ABUJA – The Federal High Court sitting in Abeokuta, Ogun State Capital, dismissed a suit instituted by a legal practitioner, Olumide Babalola, against the Central Bank of Nigeria for unlawful deduction of maintenance charges by banks and other financial institutions of January 2020.
In a Statement, CBN said “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.”
According to THE PUNCH statement, the court held that guidelines issued by the CBN, authorizing the 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 had not shown that the CBN breached any known law by issuing the guidelines, it stated.
This news content remains the copyright of TECHNOCRAT MEDIA, to republish, please seek the consent of our News Editor via editor@technocratmediang.com
