Honourable Justice Allagoa of the Federal High Court, sitting in Lagos on Friday, November 8, 2024, dismissed the suit filed by one Mr Emmanuel Haruna against the Central Bank of Nigeria and the Corporate Affairs Commission, for an alleged breach of privacy by the CBN and CAC. 

The applicant, Emmanuel Haruna, represented by Olumide Babalola, Esq., filed Suit No: FHC/L/CS/1095/2024 at the Federal High Court alleging that the CBN’s directive mandating POS operators to register with the CAC breached his right to privacy under the Constitution of the Federal Republic of Nigeria 1999 and the Nigeria Data Protection Act, 2023.

The Applicant asked the Court for a perpetual injunction restraining the CBN and CAC from further mandating POS Terminal Operators from registering with CAC.

In response, counsel to CBN, Professor F. Ajogwu, OFR, SAN, and O. M Atoyebi, SAN, submitted that the CBN’s directive requiring POS terminal operators to register with CAC was made in good faith and under its powers conferred by law. The Learned Senior Advocates further contended that the Applicant had failed to adduce any evidence that his right to privacy had been infringed upon by the CBN. In this regard, they submitted that the suit was frivolous and lacked merit.

Honourable Justice Allagoa, in his judgment, agreed with CBN’s position that its directive was issued to protect the interest of the public and the financial sector from unscrupulous activities in line with its statutory powers and functions as the apex bank and financial regulator.

The Court further held that the Applicant failed to show any proof that the CBN’s directive was vindictive and a breach of his right to privacy. In light of this, the Court held that the suit lacked merit and dismissed the suit with cost of N500,000, in favour of each of the Respondents. 

This decision highlights the CBN’s role as the chief financial regulator and the apex bank’s steps to sanitise Nigeria’s financial ecosystem and maintain public confidence.