The management of BFL Microfinance Bank has sued the Central Bank of Nigeria (CBN) for illegally revoking its operating licence.
The bank, in the originating summons filed at the Federal High Court by its counsel, Velma Solicitors, prayed the court to declare the purported revocation null and void as the bank was not solvent.
The Government, CBN and the Nigerian Deposit Insurance Corporation (NDIC) were joined in the suit as the defendants.
BFL, among other things, sought a declaration that the plaintiff was not in default of any of the provisions of the Banks and Other Financial Institutions Act 2004 to warrant a revocation of its licence.
The counsel to BFL also prayed that the cou…
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