CBN: Nigerian court affirms NIBSS authority to manage BVN

CBN: Nigerian court affirms NIBSS authority to manage BVN

 Nigeria’s Federal High Court in Abuja on Friday affirmed the
authority of the Nigeria Inter-Bank Settlement System, NIBSS, to manage the
Bank Verification Number, BVN, database across the country, in line with the
Central Bank of Nigeria, CBN, Act and other relevant banking laws.

 

This is according to a judgment delivered by Justice James
Omotosho on Friday.

 

NIBSS’s counsel, Wolemi Esan, Senior Advocate of Nigeria,
and Kofo Abdulsalam-Alada, lead counsel for the CBN, among others, had sought a
restraining order to prevent any institution in Nigeria from challenging the
agency’s statutory authority to maintain and manage the BVN database.

 

This comes as NIBSS had alleged that Digital Rights Lawyers
Initiative filed multiple suits, either directly or through proxies,
challenging its authority to manage the BVN database and claiming that such
management violates constitutional privacy rights.

 

However, Justice Omotosho, delivering his judgment, said the
BVN does not infringe on the constitutional right to privacy.

 

“The initiative does not infringe on the constitutional
right to privacy but rather serves as a necessary tool for safeguarding public
interest and enhancing financial security.

 

“NIBSS has the power to manage the BVN,” the judge said,
citing relevant CBN laws.

 

“The court grants the reliefs of NIBSS as prayed,” he
stated.

Source: CBN: Nigerian court affirms NIBSS authority to manage BVN

 - NigerianEye

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