Federal High Court declares bank charges illegal

A Federal High Court in Lagos has ruled that the provisions of the The Central Bank of Nigeria’s circular reference CBN/GEN/DMB/02/006 of 15th January 2016 are inconsistent with Schedule 1 of the Stamp Duties Act, Cap 54, Laws of the Federation of Nigeria 2004 and are invalid, null and void.

The FHC presided over by Mr. Justice (Prof.) Chaka Austin Obiozor, in its judgment of 13 March 2017, in the case of Retail Supermarkets Nigeria Limited vs. Citibank Nigeria Limited and Central Bank of Nigeria (suit no. FHC/L/CS/126/2016), granted an order of perpetual injunction restraining the the first defendant either by itself, its agents, servants, privies, assigns or any person claiming through or deriving authority from it, from taking any step to implement or further implementing the 2nd defendant’s circular in relation to the plaintiff’s account.

Cleatly, the Central Bank of Nigeria has no powers and authority under any Law to direct and authorise the charges and deductions. The CBN is not the National Assembly.

The Lawyers in the CBN and Financial institutions need to re-educate themselves on what the Rule of Law is about.

Enough of this governance by whims and caprices. Give public servants an inch of responsibility and they display a pound of unlawful authority.

We must demand a government of Laws.

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