Following the directives on a circular issued by the Central Bank of Nigeria(CBN) in August on the introduction of fees on remote-on-us ATM transaction, A & E Law partnership has sued the CBN for the reintroduction of fees on ATM withdrawals.
The plantiffs – Seember Nyager, Chukwuma Chinaka and Chidi Anselm Odinkalu also known as A&E Law Partnership – are praying the court to determine the following:
“Whether the directive of the defendants issued on August 13, 2014, and contained in a circular dated same day and captioned ‘circular on the introduction of fees on remote-on-us ATM withdrawal transactions’ which with effect from September 1, 2014 re-introduced charges on remote-on-us ATM cash withdrawal accessed at the cost of N65.00 per withdrawal from the 4th remote-on-us withdrawal by bank customers in a month was made in the national interest of the plaintiffs herein in accordance with the provisions of section 42 (1)(c) of the Central Bank Act, 2007”.
“Whether the directive does not amount to unlawful expropriation of private property without compensation.”
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“Whether the directive is not incompatible with the role of the defendants as regulators of financial services and banking systems in Nigeria.
“Whether the defendants have the rights, power and privilege to issue the directive under the provisions of section 2(d), 42(1)(b and c) of the Central Bank of Nigeria Act, 2007.”
The defendants in the case are Central Bank of Nigeria, its governor, and the attorney-general of the federation.
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The plaintiffs are also seeking an order from the court to set aside the directive on the circular on the introduction of fee on remote-on-us ATM withdrawal transactions.
This is in addition to “an order of the court directing the defendants to forthwith direct all banks and other institutions involved in the charging and deduction of the cost of N65 or any other sum whatsoever from the plaintiff for their remote-on-us ATM withdrawals to immediately, from the date of the judgement in the suit, stop such charges and deductions”.
According to the summon, the defendant may appear hereto by entering appearance personally or by a legal practitioner either by filling the appropriate processes in response at the federal high court registry, Abuja Division, or by sending them to that office by any of the methods allowed by the rules.
The summon also added that if the defendants do not enter appearance within the time and at the place above mentioned, such orders will be made and proceedings may be taken as the judge may think just and expedient.
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The defendant is expected to make appearance in the court within 30 days of the service of the court summon dated November 4, 2014.
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