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.
