• About Us
    • Àtẹ́lẹwọ́ Podcast
  • Contact
  • Cookie Policy
  • Disclaimer
  • Privacy Policy
  • Sitemap
Freelanews
Advertisement
  • Home
  • News
    • Crime
  • Business
  • Brands
  • Banking
  • Opinion
  • Interview
  • Entertainment
  • Podcast
    • Àtẹ́lẹwọ́
  • Sports
  • Events
No Result
View All Result
  • Home
  • News
    • Crime
  • Business
  • Brands
  • Banking
  • Opinion
  • Interview
  • Entertainment
  • Podcast
    • Àtẹ́lẹwọ́
  • Sports
  • Events
No Result
View All Result
Freelanews
No Result
View All Result
Home General

‘On grounds of incompetence’ Court disregards suit challenging CBN’s cashless policy

Rtn. Victor Ojelabi by Rtn. Victor Ojelabi
April 1, 2022
in General
0
CBN Headquarters

A Federal High Court in Lagos on Thursday struck out a suit challenging the cashless policy of the Central Bank of Nigeria (CBN).

The judge, Akintayo Aluko, struck out the suit on grounds of incompetence, lack of proof, and absence of jurisdiction.

Victor Onyegbado, who sued, claimed the policy was unconstitutional, and that it subjected him to disabilities and restrictions. He argued the Bank did not subject other Nigerians to the same policy.

The plaintiff asked the court to make an order of perpetual injunction restraining the CBN from implementing the cashless policy, adding that its implementation violated Section 42 (1) (a) (b) of the Constitution.

The CBN, in 2019, initially rolled out the cashless policy in six states, with the plan to extend it nationwide after six months.

CBN’s legal team, led by Fabian Ajogwu, a Senior Advocate of Nigeria (SAN), opposed Onyegbado’s claims. They prayed the court to, among others, dismiss the suit for lack of jurisdiction.

Mr Ajogwu, a professor of Law, listed six grounds upon which he persuaded the court that there was no jurisdiction to entertain the plaintiff’s suit.

The judge upheld his argument.

He said that although the CBN had maintained that it implemented the policy in “good faith;” the plaintiff argued it is discriminatory and unjust.

“It is not in doubt that the defendant, by the provision of Section 51 of the CBN Act, is imbued with the power to make regulations for the good order and management of the Apex Bank.”

NIRSAL AD

The judge noted that the Black’s Law Dictionary defined ‘good faith’ as “faithfulness to one’s duty or obligation, observance of reasonable commercial standards of fair dealing in a given trade or business, absence of intent to defraud or seek an unconscionable advantage.”

He added that the bank had “stoutly” made a case of good faith for itself and endeavoured to justify its action in the issuance of the circular in controversy.

“It is in its case that the cashless policy envisaged in the circular is aimed at reducing the amount of physical cash in the circulation in the economy, to encourage more electronic-based transactions, fight corruption and insecurity in the land, and strengthening the country’s economy amongst others.

“I have once again examined the circular and the cashless policy prescribed in it. It is obvious that the aims and purpose behind the decision of the defendant accord with the definition given to the phrase ‘good faith’ in the Black’s Law Dictionary.

“I, therefore, agree with the learned senior counsel for the defendant that the action of the Apex Bank culminating in the issuance of the cashless policy and its implementation can be said to have been done in good faith.”

The judge said the defendant is entitled to the protections provided in Section 52 of the CBN Act and Section 53 BOFIA.

“Going by the above statutory provisions and having issued the circular dated September 17, 2019, in good faith, the defendant is not answerable to the grievance and claims of the plaintiff and the jurisdiction of this court to entertain the instant claims of the plaintiff is effectively curtailed and given a swipe.

“Against the background or the foregoing, this issue is resolved in favour of the defendant against the plaintiff.”

The judge further said the plaintiff’s case lacks merit and substance and is “fundamentally infected with the virus of frivolity and meddlesomeness.

“This suit is accordingly struck out on grounds of incompetence, lack of proof, and absence of jurisdiction.”

otunba victor profile picture scaled
Rtn. Victor Ojelabi

Ojelabi, the publisher of Freelanews, is an award winning and professionally trained mass communicator, who writes ruthlessly about pop culture, religion, politics and entertainment.

Related Posts

akeredoluu
General

BREAKING ‘Victory!’ Akeredolu floors Jegede at Supreme Court

by Freelanews
July 28, 2021
ghana s witch camps are home to hundreds of women all alleged witches
General

Widow initially banished over alleged witchcraft gets new apartment

by Quadri Olaitan
February 27, 2024
Shehu Sani
General

‘Ask your family first’ Shehu Sani advises governors on 2023 presidential ambitions

by Freelanews
March 5, 2021
Aero Contractors
General

Aero Contractors CEO counters FG, says Nigeria Air cannot start operations by May 29

by Quadri Olaitan
May 26, 2023
Untitled 204 jpg
General

Again, court steps down Peter Obi petition for not being organised

by Rtn. Victor Ojelabi
June 1, 2023

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

ADVERTISEMENT

Recent News

Photograph of a man wearing a black hat and glasses, looking serious in an indoor setting.

Timipre Sylva linked to alleged coup funding probe

October 29, 2025
Babajide Sanwo-Olu

Babajide Sanwo-Olu earns digital leadership honour

October 29, 2025
Expert businessman giving interview at a conference, surrounded by journalists with microphones, showcasing leadership and communication skills in the professional event.

Adebayo Adelabu unveils N700bn metering plan

October 28, 2025
Kwara Cancer

Kwara cancer screening boosts early detection drive

October 28, 2025

Search

  • Trending
  • Comments
  • Latest
Political persecution in Ogun State

Political persecution in Ogun State: Abiodun moves against Otunba Gbenga Daniel with demolition threats again

August 9, 2025
APC Second-Term Governors

APC: Second-term governors seeking immediate elective post to lose party leadership

October 15, 2025
Omoge Saida

Omoge Saida sparks Nigerian social media over leaked video

October 28, 2025
April Wind Couture

April Wind Couture thrives in Nigeria’s tough economy with bold Ankara vision

September 12, 2025
amoke

‘Meals by Amoke’ We serve traditional dishes in a modern way, Bukoye Fasola reveals

19
Image 2024 03 26 at 120645 AM jpeg

Charles Inojie, Ali Nuhu call on communities to #MakeWeHalla against domestic violence

11
Meran Primary Health Centre Lagos father Meran hospital

Lagos father shares heartbreaking experience at Meran Primary Health Centre (Photos)

4
fls2

‘Disarticulated system’ Gov’t confused about Nigerian education, expert laments

3
Photograph of a man wearing a black hat and glasses, looking serious in an indoor setting.

Timipre Sylva linked to alleged coup funding probe

October 29, 2025
Babajide Sanwo-Olu

Babajide Sanwo-Olu earns digital leadership honour

October 29, 2025
Expert businessman giving interview at a conference, surrounded by journalists with microphones, showcasing leadership and communication skills in the professional event.

Adebayo Adelabu unveils N700bn metering plan

October 28, 2025
Kwara Cancer

Kwara cancer screening boosts early detection drive

October 28, 2025
October 2025
SMTWTFS
 1234
567891011
12131415161718
19202122232425
262728293031 
« Sep    
Freelanews

Freelanews is a Nigerian digital news platform that delivers timely, credible, and engaging stories across politics, business, entertainment, lifestyle, and the creative industry, with a strong focus on promoting innovation, integrity, and inclusivity in storytelling.

Hot!

Photograph of a man wearing a black hat and glasses, looking serious in an indoor setting.

Timipre Sylva linked to alleged coup funding probe

October 29, 2025
Babajide Sanwo-Olu

Babajide Sanwo-Olu earns digital leadership honour

October 29, 2025
No Result
View All Result
  • About Us
  • Contact
  • Advertisement
  • Sitemap

© 2025 Freelanews | by Iretura.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

No Result
View All Result
  • Home
  • News
    • Crime
  • Business
  • Brands
  • Banking
  • Opinion
  • Interview
  • Entertainment
  • Podcast
    • Àtẹ́lẹwọ́
  • Sports
  • Events

© 2025 Freelanews | by Iretura.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.