Court Strikes out Suit against CBN’s Requirements for BDC Registration

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The Federal High Court, sitting in Abuja, has struck out a suit filed against the Central Bank of Nigeria (CBN) challenging the circular it issued on June 23, 2014, for the operations and registration of Bureau-de-Change (BDC) operators in Nigeria.

The plaintiff, E E-Flow Bureau-de-Change Limited, had commenced the suit against the CBN on October 17, 2014, praying the court for an order mandating the apex bank to pay it (plaintiff) over N150,000,000 in damages, for the alleged unlawful reversal of the requirements for the operation of Bureau de Change.

The CBN, represented by its counsel, Mr. D.D. Dodo (SAN) and Professor Fabian Ajogwu (SAN), filed a defence and an objection challenging the jurisdiction of the Federal High Court to hear the matter on the grounds that the suit was instituted outside the three months period prescribed by the Public Officers Protection Act Cap P41, LFN 2004.

The defendant’s counsel argued in its objection that the CBN acted in good faith in issuing the new requirements for the operation of Bureau-de-Change and as such is protected against any adverse claim as provided in the CBN Act of 2007.

Justice Evelyn Maha, after hearing arguments from counsel, struck out the suit against the CBN.