The Federal High Court sitting in Abeokuta, the Ogun State Capital has dismissed a suit challenging the January 2020 policy of the Central Bank of Nigeria (CBN) on Current Account maintenance fees as contained in the Guide to Charges by Banks and other financial institutions,

The complainant, Olumide Babalola, a legal practitioner, who instituted the suit through his law firm, Babalola LP, averred that the policy and guidelines violated his fundamental human rights.

But the CBN through its Counsel, Adeleke Agbola, of Cheakley Chambers, 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.

In his ruling on Wednesday, February 3, 2021, the trial judge, Justice M Shittu Abubakar, dismissed the suit in its entirety for lack of merit, and upheld the CBN’s preliminary objection.

The Court held that guidelines issued by the CBN, authorizing deduction of Current Account maintenance charges was lawful and within its statutory powers, just as it 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.