The Federal High Court, Lagos has upheld a new Central Bank of Nigeria (CBN) regulation, empowering 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 Thursday, May 16, the presiding judge, Justice Nnamdi Dimgba stated that the regulation is not a breach of the right to privacy of bank customers.
Justice Dimgba struck out a suit filed by a Lagos-based lawyer, Chris Eke, seeking a declaration that the regulations are contained in Section 6(a)(iv) of the Central Bank of Nigeria (Customer Due Diligence) Regulations, 2023.
Eke, in his view, said the new CBN rule is undemocratic, unconstitutional, null and void, to the extent of its inconsistency by virtue of Section 37 of the 1999 Constitution of the Federal Republic of Nigeria (as amended).
According to Justice Dimgba, the essence of having a social media account was for one to be publicly visible and accessible, saying that it would be highly unreasonable to hold the CBN in breach of privacy for it.
The judge explained that the provision of a social media handle is the same as the provision of an email address, phone numbers and other means by which a potential customer of a bank can be contacted and or due diligence, to determine if the person is a fit and proper person for the bank to do business with, and as such, the regulation does not amount to an infringement on the right to privacy.
saharandaily