High Court Rejects ₦400 Million Claim Over Bank Account Freeze Against CBN And UBA

High Court Rejects ₦400 Million Claim Over Bank Account Freeze Against CBN And UBA

The Federal High Court in Abuja has ruled against Babatunde Victor Segun in a lawsuit where he claimed that his bank account was unlawfully frozen by the Central Bank of Nigeria (CBN) and United Bank of Africa (UBA)……..CONTINUE READING

Segun filed the suit, marked FHC/ABJ/CS/1339/2021, in 2021, alleging that the CBN and UBA blocked his UBA account from October 15, 2020, to November 4, 2020, without following due process.

Represented by Femi Falana (SAN), Segun argued that the account blockage violated his constitutional right to own property and international human rights declarations.

However, Prof. Fabian Ajogwu (SAN) from Kenna Partners, representing Abdulfatai Oyedele, Esq. of Vantage Attorneys LP, countered that the CBN does not have a banker-customer relationship with Segun and presented evidence refuting the human rights violation claim.

In the judgment on May 10, 2024, Justice Emeka Nwite dismissed the lawsuit, concurring with Ajogwu’s argument that the CBN does not transact with individuals and Segun failed to substantiate his human rights breach claim.

The ruling is a significant development in the ongoing legal battle over financial accountability and due process in Nigeria’s banking sector.