Court strikes out suit challenging CBN’s cashless policy

Written by on April 1, 2022

A Federal High Court in Lagos has struck out a suit challenging the Central Bank of Nigeria (CBN)’s Cashless Policy.

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

The suit, filed by a plaintiff, Victor Onyegbajo, claimed that the policy was unconstitutional, null and void and of no effect to the extent that it subjected him to disabilities and/or restrictions to which citizens of Nigeria of other communities are not made subject.

He was opposed by the CBN through its team of counsel led by Prof. Fabian Ajogwu (SAN), which prayed the court to, among others, dismiss the suit for lack of jurisdiction.

Ajogwu listed six grounds upon which he persuaded the court that there was no jurisdiction to entertain the Plaintiff’s suit.

Justice Aluko, after hearing the parties on the objections raised by the CBN, upheld Ajogwu’s argument.

The judge held: “The Defendant (CBN) has maintained that the circular issued on the 17/9/2019 for the implementation of the cashless policy to all Deposit Money Banks was done or issued in good faith while the Plaintiff contended that same was done in bad faith as the allegation of discrimination against the Defendant embeds a charge of bad faith because the plaintiff sees the touted act of discrimination as not merely illegal but unjust to him.

Onyegbajo had asked the court for a declaration that the Cashless Policy Directive Issued pursuant to the Banks letter of September 17, 2019, subjected him, a member of the Lekki Phase 1 Community in Lekki, Lagos State, to disabilities and/or restrictions to which citizens of Nigeria of other communities are not subject.

The plaintiff also asked the court to make an order of perpetual injunction restraining the CBN from carrying into effect and/or continuing to enforce the Cashless Policy Directive, adding that its implementation violated Section 42 (1) (a) (b) of the Constitution.


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