The Socio-Economic Rights and Accountability Project (SERAP) has asked President Bola Tinubu to instruct the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, to halt the increase in Automated Teller Machine (ATM) transaction fees pending the conclusion of the lawsuit on its legality.
SERAP stated that if the CBN implements the ATM fee increase while the suit is still pending before the Federal High Court in Lagos, it would undermine the judicial process and the rule of law.
The civil society organisation, which made the argument in an open letter dated March 1, 2025, signed by its Deputy Director Kolawole Oluwadare, also asserted that the apex bank must suspend the increase and wait for the lawsuit’s outcome.
SERAP further urged the president to seek legal advice from the Attorney General of the Federation and Minister of Justice, Lateef Fagbemi (SAN),, regarding the CBN’s legal responsibility to uphold the rule of law by suspending the ATM fee increase while the lawsuit is pending.
This lawsuit followed the CBN’s announcement that ATM withdrawals at bank-owned machines outside their branch premises would now incur a fee of N100 for every N20,000 withdrawn.
Withdrawals made at shopping centres, airports, or standalone cash points would incur a fee of N100 plus a surcharge of up to N500.
In the open letter, SERAP stated that suspending the fee increase would align with the letter and spirit of the 1999 Nigerian Constitution (as amended), the president’s oath of office, and repeated promises to uphold the rule of law.
The organisation insisted that the CBN has the responsibility to uphold due process, protect the integrity of the judicial process, and ensure that its operations do not undermine the rule of law or the court.
It also maintained that the CBN must maintain the status quo as of February 26, 2025, when the court documents were duly served, and during the lawsuit filed by SERAP concerning the ATM fee hike before the Federal High Court in Lagos.
SERAP stated, “The CBN is not permitted to act in ways that would disregard the public interest or create a situation of complete helplessness for the Federal High Court.
“Nigerian courts disapprove of acts of self-help and respond swiftly to such conduct to reinforce that they will not be manipulated to hinder one party while allowing the other to benefit extrajudicially.
“Implementing the increase in ATM transaction fees while the upheld court processes and lawsuit are pending would directly threaten the integrity of the country’s judicial system and the rule of law.
“The credibility and relevance of the judicial system are at risk of being compromised, which could encourage other ministries, departments, and agencies (MDAs) to adopt similarly dismissive attitudes toward pending legal cases.
“The CBN must fulfil its general duty to act in good faith and avoid actions that might undermine the integrity of the judicial process by promptly suspending the increased ATM transaction fees until the lawsuit is heard and resolved.
“We would appreciate urgent action on the recommended measures to uphold the integrity of the judicial process and the rule of law.
“It is in the public’s interest to ensure that the streams of justice remain clear and pure, maintaining the authority and integrity of the court in this matter.
“SERAP filed the lawsuit on February 21, 2025, under number FHC/L/CS/344/2025, against the CBN due to its failure to reverse the unfair and unreasonable increase in ATM transaction fees.
“The court documents were officially served to the CBN in Abuja on February 26, 2025, and the CBN has acknowledged receipt.
“In the lawsuit at the Federal High Court in Lagos, SERAP is asking the court to determine whether the CBN’s decision to increase ATM transaction fees was arbitrary, unfair, unreasonable, and contrary to the provisions of the Federal Competition and Consumer Protection Act of 2018.
“It is crucial to keep the streams of justice clear and pure and to uphold the authority and integrity of the court in this case,” SERAP stated.
We’ve got the edge. Get real-time reports, breaking scoops, and exclusive angles delivered straight to your phone. Don’t settle for stale news. Join LEADERSHIP NEWS on WhatsApp for 24/7 updates →
Join Our WhatsApp Channel
