A suit instituted by a legal practitioner, Mr. Olumide Babalola, challenging the Central Bank of Nigeria (CBN) policy on Current Account maintenance fee contained in the January 2020 Guide to the Charges by Banks and Other Financial Institutions, has been dismissed by the Federal High Court sitting in Abeokuta, Ogun State.
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 apex bank violated his fundamental human rights. The CBN, through its Counsel, Mr. 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. Mr. Agbola, in his Notice of Preliminary Objection to the Suit, 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, had on February 3, 2021, dismissed the suit in its entirety for lacking in merit and upheld the preliminary objection.
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