The Federal High Court in Abuja has reserved its judgment until July 4, 2025, to determine the legality of the Nigeria Inter-Bank Settlement System Plc’s (NIBSS) management of the Bank Verification Number (BVN) database in line with the Central Bank of Nigeria (CBN) Act and other relevant banking laws.
Justice James Omotosho fixed the judgment date on Monday after hearing from the legal representatives of NIBSS and the Central Bank of Nigeria (CBN), Messrs. Babatunde Ige and Kofo Abdulsalam-Alada.
Naijaonpoint previously reported that NIBSS’s lead counsel, Ademola Oluwawolemi Esan, SAN, through originating processes seen by Naijaonpoint, had joined the Incorporated Trustees of Digital Rights Lawyers Initiative, the CBN, and the Attorney General of the Federation (AGF) as first to third defendants, seeking a restraining order to prevent any institution from challenging its statutory authority to maintain and manage the BVN database.
Esan is seeking a declaration that NIBSS is statutorily empowered to maintain and manage the BVN database pursuant to the Central Bank Act 2007, the Banks and Other Financial Institutions Act 2020, and the Revised Regulatory Framework for the Bank Verification Number (BVN) Operations and Watchlist for the Nigerian Banking Industry 2021.
He also seeks:
A declaration that the plaintiff’s maintenance and management of the Bank Verification Number (BVN) data of Nigerians does not violate their constitutional right to privacy or any extant laws in force in Nigeria.
According to the senior lawyer, the plaintiff (NIBSS) is responsible for initiating, developing, and regulating an integrated, nationwide network for electronic and paperless payments, funds transfer, and settlement of transactions pursuant to the aforementioned laws and statutes.
NIBSS accused the Digital Rights Lawyers Initiative of filing multiple suits—either directly or through proxies—challenging its authority to manage the BVN database and alleging that such management violates constitutional privacy rights.
At the resumed hearing, the legal teams of Digital Rights Lawyers Initiative and the AGF were not in court despite being served with hearing notices.
“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,” he added.
“Pursuant to this, NIBSS was established alongside all the other banks in Nigeria,” he added.
“We urge your Lordship to note that the introduction of the BVN in Nigeria is for the promotion of a sound financial system.
“The security of the deposits of the average Nigerian or even non-Nigerians who bank with banks in Nigeria is very key,” he continued.
After hearing from the lawyers, Justice Omotosho reserved judgment until July 4.
This case highlights NIBSS’s legal efforts to clear all legal hurdles regarding its maintenance and management of the BVN.
This BVN is issued to every bank customer at enrollment and is linked to all of the customer’s bank accounts in Nigeria.
This BVN is issued to every bank customer at enrollment and is linked to all of the customer’s bank accounts in Nigeria.