Close Menu
    Facebook X (Twitter) Instagram
    Facebook X (Twitter) Instagram
    SweetCrudeReportsSweetCrudeReports
    Subscribe
    • Home
    • Oil
    • Gas
    • Power
    • Solid Minerals
    • Labour
    • Financing
    • Freight
    • Community Development
    • E-Editions
    SweetCrudeReportsSweetCrudeReports
    Home » Court asked to stop CBN from implementing N65 ATM charge

    Court asked to stop CBN from implementing N65 ATM charge

    October 15, 2014
    Share
    Facebook Twitter LinkedIn WhatsApp

    15 October 2014, Abuja – A Federal High Court in Abuja has been urged to restrain the Central Bank of Nigeria (CBN) from further implementing its reintroduced N65 on cash withdrawal from others’ banks’ ATMs.
    The new CBN Governor, Godwin Emefiele had on August 13 announced that a customer, who makes cash withdrawals from the ATM of banks other than his/her, would be charged N65 at the fourth withdrawal within a month.
    CBN logo

    The policy took effect nationwide on September 1. Emefiele’s predecessor, Sanusi Lamido Sanusi had on December 2012 abolished the earlier N100 charge per withdrawal on others’ ATM.
    A rights activist, Timi Frank argued in a suit marked: FHC/ABJ/CS/659/2014 that the decision by the CBN governor to reintroduce charges of cash withdrawal from ATM was “retrogressive and a negation of the cashless policy currently being propagated by the CBN.”
    Frank contended, in his statement of claim, that such charges were not only discriminatory against the poor, but capable of discouraging savings on the part of the low income earners.
    He noted that such charges were alien to developed societies as no customer would be charged any fee in a country like the United Kingdom for using other banks’ ATM.
    The suit, initiated via a writ of summons, filed on September18 by Frank’s lawyer, Olugbenga Adeyemi, has the CBN and Emefiele as defendants.
    The plaintiff seeks perpetual injunction restraining the defendants and their agents from engaging in further implementation and deduction of the N65 charges and an order setting aside the directive reintroducing the charges.
    He also seeks a declaration that the directive of the defendants for the reintroduction of ATM charges for cash withdrawals made on others’ ATMs in the amount of N65 from the fourth withdrawal in a month is inhumane, callous, unconscionable, illegal, null and void.
    Frank is also praying the court for a declaration that the reintroduction of the N65 charges “is retrogressive, anti people, exploitative and obnoxious,” and a declaration that it negates the cashless policy of the CBN. No date is set yet for the hearing of the case.
    Meanwhile, the central bank yesterday stressed the need for increased adherence to corporate governance by banks.
    Emefiele said this while speaking at the CBN/FITC Continuous Education Programme for directors of banks and other financial institution in Lagos.
    The CBN governor who was represented by the Deputy Governor, Financial System Stability, Dr. Kingsley Moghalu said the central bank would continue to prioritise corporate governance.

     

     

    – This Day

    Related News

    AfDB strengthens capacity to tackle illicit financial flows

    FG, States, LGCs share N1.659 revenue in May 2025

    FAAC disburses N1.659trn for May as VAT, CIT revenues surge

    E-book
    Resilience Exhibition

    Latest News

    Shell faces legal storm over pollution after N/Delta onshore exit

    June 23, 2025

    HSBC, Goldman Sachs see Brent oil hitting $80-110/b

    June 23, 2025

    Oil falls nearly 4% as Iran’s retaliation focuses on regional US military bases

    June 23, 2025

    Trump tells everyone to keep oil prices down after Iran attacks

    June 23, 2025

    Golar LNG reaches crucial milestone for Greater Tortue Ahmeyim project

    June 23, 2025
    Demo
    Facebook X (Twitter) Instagram
    • Opec Daily Basket
    • Oil
    • Power
    • Gas
    • Freight
    • Financing
    • Labour
    • Technology
    • Solid Mineral
    • Conferences/Seminars
    • Community Development
    • Nigerian Content Initiative
    • Niger-Delta Question
    • Insurance
    • Other News
    • Focus
    • Feedback
    • Hanging Out With Markson

    Subscribe for Updates

    Get the latest energy news from Sweetcrudereports.

    Please wait...
    Please enter all required fields Click to hide
    Correct invalid entries Click to hide
    © 2025 Sweetcrudereports.
    • About Us
    • Advertise with us
    • Privacy Policy

    Type above and press Enter to search. Press Esc to cancel.