Federal High Court, Lagos, has upheld a new Central Bank of Nigeria (CBN) regulation which requires financial institutions to demand and collect the social media handles of their customers, as part of the standard Know-Your-Customer procedure.
In a ruling on Wednesday, May 15, the presiding judge, Justice Nnamdi Court backs CBN, directs banks to collect customer?s social media handles' said the regulation is not a breach of the right to privacy of bank customers.
In the suit, Eke said the new CBN regulation is undemocratic, unconstitutional, null and void, to the extent of its inconsistency with Section 37 of the 1999 Constitution of the Federal Republic of Nigeria (as amended).
The applicant had asked the court, to grant an order of perpetual injunction, restraining CBN from enforcing the regulation which requires financial institutions, to request customers’ social media handles as part of normal bank customer due diligence requirements.
The CBN in its response to the suit, filed a notice of preliminary objection, challenging the competence of the suit. The apex bank also disagreed that the said regulation constitutes any interference with the private life of the applicant, as claimed.
