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Court affirms CBN’s regulation on collection of customers’ social media handles

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The Federal High Court sitting in Lagos has held that a Central Bank of Nigeria, CBN, regulation, which requires financial institutions to demand and collect the social media handles of their customers, as part of the standard Know-Your-Customer procedure, is not a breach of the right to privacy.

Justice Nnamdi Dimgba dismissed a suit filed by a Lagos-based lawyer, Chris Eke, demanding a declaration that the regulation as contained in Section 6 of the Central Bank of Nigeria 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 .

According to the judge, “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.

Source: Law Daily Report (lawdailyreport.net)

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