Business
Legal Verdict: CBN’s Oversight on Gathering Customer Social Media Accounts Upheld by Court”
The Federal High Court in Lagos has ruled that a regulation by the Central Bank of Nigeria (CBN) mandating financial institutions to request and gather customers’ social media handles as part of the Know-Your-Customer process does not violate privacy rights.
Justice Nnamdi Dimgba struck out a suit filed by a Lagos-based lawyer, Chris Eke, seeking a declaration that the regulation as contained in Section 6(a)(iv) of the Central Bank of Nigeria (Customer Due Diligence) Regulations, 2023, 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 also 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.
In his judgment, Justice Dimgba held that the notice of preliminary objection had merit, and he subsequently struck out the suit.
The judge said in his view, the provision of a social media handle is the same as the provision of 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.
According to Justice Dimgba, the essence of having a social media account was for one to be publicly visible communication-wise, and it would be highly unreasonable to hold the CBN in breach of privacy for it.
The judge held that “First, the Applicant claims that the requirements on the CBN Regulations for financial institutions to request and collect the social media handle of its customers as part of KYC infringes on his right to privacy.”
“This claim is very ambitious and amounts to a very far throw. The said Regulations are directed to and apply to financial institutions. It does not apply to private individuals such as the Applicant.
“Even if, as appears to be argued, that the Regulations itself would inevitably affect the Applicant, this claim is speculative for the simple reason that in nowhere in the affidavit in support was it stated that the Applicant operates an account with a financial institution and that the said institution had demanded his social media handle. So the suggestion that he would be affected by this Regulation, albeit negatively, is very speculative and at large.
“Secondly, there is also no deposition to the effect that any financial institution had begun to implement this Regulation and that its implementation had begun to create disruptions and inconvenience against the general population, in which case one could infer that the suit should be legitimated as a public interest litigation.
“Thirdly, assuming even that the banks had begun to implement these regulations, the applicant assuming he maintained any bank accounts or sought to open one, but is being hindered or irritated by the requirement of the Regulation to avail his social media handle as part of KYC, the Applicant still had a choice, which is to refuse to do business with any bank insisting on the information as part of its social media handle, but to seek other alternatives.
“Fourthly, and for all it is worth, I do not see how asking a banking or potential banking customer to provide his social media handle can ever amount to a breach of privacy.
the liberty to have access to it whether or not consent was obtained. It would be highly unreasonable to hold the Respondent in breach of privacy for what other persons have access to.
“The apprehension of the Applicant of his social interactions being monitored is manifestly speculative in itself and rather incredulous to believe that the financial institutions have the luxury of time to concern itself with such frivolities.
“In essence, had the NPO not been upheld, I would have dismissed the lawsuit based on the reasons provided. However, since the NPO stands, the lawsuit is hereby dismissed.
No costs are awarded.”
One month after launching Season 5 of its flagship 5 for 5 Rewards campaign, Wema Bank has rewarded 273 customers with a total of ₦17.96 million, demonstrating the strong early impact of its refreshed customer rewards platform and reinforcing its commitment to rewarding everyday banking.
Launched on May 2, 2026, as part of the Bank’s 81st anniversary celebration, this season of the campaign introduced a more structured and inclusive rewards framework designed to encourage positive financial habits while recognising customer loyalty across the Youth, Women and Mass Market segments.
The season opened with a special anniversary activation at Ikeja City Mall, where 81 customers received ₦81,000 each, resulting in ₦6.56 million in rewards on launch day. Since then, the campaign has continued to reward customers through daily and monthly draws, with an additional 192 winners emerging within the first month.
Across the Youth segment, 37 students have received rewards worth ₦4.4 million, including 20 students who received ₦50,000 PocketMoni rewards and 17 university students who received ₦200,000 each in Tuition Support.
The Women segment also recorded strong participation, with 12 customers receiving ₦150,000 each through the #SelfCare category, while the Mass Market segment recorded the highest number of winners. Within the first month, 120 customers received daily cash rewards, and 23 customers won ₦200,000 each in the monthly draw, bringing total rewards in the category to ₦5.2 million.
Commenting on the campaign’s early impact, Wema Bank’s Managing Director and Chief Executive Officer, Moruf Oseni, said; “At Wema Bank, we believe loyalty should be rewarded in ways that are meaningful, transparent and accessible. The response to Season 5 of the 5 for 5 Rewards campaign has been encouraging, and seeing hundreds of customers benefit within just one month reinforces our belief that everyday banking should create everyday opportunities.
Beyond rewarding transactions, we are encouraging positive financial habits while delivering real value to our customers. He added; “This is only the beginning. With more reward categories, more winners and more opportunities still ahead, we remain committed to creating meaningful impact for our customers and ensuring more Nigerians experience the value of banking with Wema.”
Customers can participate by opening or reactivating a Wema Bank account, funding it with a minimum of ₦5,000, maintaining an average monthly balance of ₦5,000, and completing at least five transactions every month using the ALAT app, Wema or ALAT cards, or *945#.
With over ₦170 million earmarked for rewards between May and December 2026, thousands more customers are expected to benefit as the campaign continues, reaffirming Wema Bank’s commitment to rewarding loyalty, promoting positive financial behaviour and delivering value beyond banking.
The Manufacturers Association of Nigeria (MAN) has warned that plans to significantly increase excise duties on sugar-sweetened beverages (SSBs) could threaten a sector responsible for about 33 per cent of the nation’s manufacturing output and over 1.5 million direct and indirect jobs.
In a statement on Tuesday, Director General of MAN, Segun Ajayi-Kadir, speaking on behalf of operators in the Non-Alcoholic Drinks (NAD) sector, urged the Federal Government to adopt a balanced, evidence-based and coordinated approach to excise taxation.
The warning follows proposals contained in the Customs and Excise Tariff etc. (Consolidation) Act Amendment (CETA) Bill 2025, which seeks to replace the current specific excise rate of N10 per litre on sugar-sweetened beverages with a percentage levy based on retail prices.
Ajayi-Kadir said the proposed measure, if implemented, could undermine industrial growth, job creation, investor confidence and broader macroeconomic stability.
According to him, the non-alcoholic drinks industry remains one of the most resilient segments of Nigeria’s manufacturing sector, supporting extensive value chains across production, logistics, agriculture, retail and micro, small and medium enterprises (MSMEs).
“The sector currently accounts for approximately 33 per cent of manufacturing output and sustains over 1.5 million direct and indirect jobs. Any fiscal policy that significantly increases the tax burden on the industry will have far-reaching consequences across the economy,” he said.
Ajayi-Kadir noted that manufacturers in the sector already remit between 40 and 45 per cent of their gross revenues in taxes, placing them close to the upper limit of sustainable taxation.
While acknowledging government efforts to address non-communicable diseases (NCDs), he argued that policy interventions should reflect Nigeria’s consumption realities and be guided by empirical evidence.
He stated that Nigeria’s annual per capita sugar consumption stands at about 7.1 kilogrammes, which is within levels recommended by the World Health Organisation (WHO), adding that beverages account for only a small proportion of overall sugar intake.
“There is no conclusive empirical evidence identifying sugar-sweetened beverages as the primary driver of non-communicable diseases in Nigeria, which are widely recognised as being influenced by multiple factors, including genetics, lifestyle, environment and broader dietary habits,” he said.
The MAN DG further expressed concern that the proposed amendment could conflict with the recently introduced Fiscal Policy Measures (FPM) 2026–2028 framework, creating uncertainty for investors and weakening medium-term industrial initiatives such as the Nigeria First Policy and the Nigeria Sugar Master Plan (NSMP II).
He also argued that introducing a retail price-based excise system alongside the existing per-litre charge would create legal, administrative and enforcement challenges, given that Nigeria’s current excise framework is based on ex-factory or ex-warehouse pricing.
Ajayi-Kadir urged the government to pursue a coherent and predictable excise regime that supports revenue generation and public health objectives without jeopardising industrial growth, employment and economic stability.
Bitcoin dropped below $60,000 on Friday, its lowest level since October 2024, just before Donald Trump’s election which propelled it to a record high.
The currency fell by about 6 percent around 1615 GMT, to $59.7709, before paring its losses slightly.
The election of Trump, a staunch advocate of cryptocurrencies, to the White House in November 2024 for a second term sparked a wave of enthusiasm in the sector, sending the price of bitcoin soaring to nearly $110,000.
AFP
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