Lagos State Lawyer sues CBN to Court Over Card Maintenance Charge

Lawyer based in Lagos, Mr Olumide Babalola, has urged the Federal High Court in Lagos to declare as anti-people the N50 quarterly card maintenance fee recently introduced by the Central Bank of Nigeria .
The lawyer , through the suit , is urging the court to nullify the December 20 , 2019 circular issued by the CBN to all banks and non-bank commercial institutions for the enforcement of the card maintenance charge .

Babalola contended that the N50 card maintenance charge was in bad faith , against public interest and urged the court to declare it null and void .

He prayed for an order of perpetual injunction restraining the CBN and others from charging the N50 card maintenance fee , saying it was “ merely an avenue to generate income for commercial banks at the expense of the public . ”

The lawyer said , “ I know that the provision at Page 20 , Clause 10. 4 on the Card Maintenance Fee of the Guides is exploitative , unreasonable , done in bad faith and against public interest .

“ I know and believe that the N50 quarterly card maintenance fee is against public interest because the cards are never maintained by the banks as they remain in the customer ’ s physical custody until they expire or get lost or damaged .

“ The banks always charge card replacement fee in the event of damage, loss or expiry of the cards.
“ The cards are maintained and kept by respective customers who keep and ensure their safety .

“ Once a card malfunctions , the bank charges an additional fee for its replacement and I have never heard of a case of repair of a debit card and the defendant is put to the strictest proof of same .
“ I know as a fact that the card maintenance fee is another money -making channel devised by the defendant for the benefit of commercial banks . ”

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