It disclosed this in a statement titled, ‘Court dismisses case against CBN’s directives on bank charges’.
The CBN stated that, “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.”
It stated that the trial judge, Justice 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.
According to the statement, the court held that guidelines issued by the CBN, authorising deduction of current account maintenance charges was lawful and within the statutory powers of CBN.
