High drama unfolded at the Federal High Court in Abuja on Thursday as Aso Savings and two other financial institutions pressed ahead with their legal challenge against the Central Bank of Nigeria (CBN) and the Nigeria Deposit Insurance Corporation (NDIC) over the controversial revocation of their banking licences.
The suit, which commenced on January 14, 2026, questions the legality of the regulators’ decision to withdraw the banks’ operating licences — a move that effectively triggered liquidation proceedings.
At the resumed hearing on February 12, counsel to the plaintiffs, Joseph Onu Silas, informed the court that all parties had now been served. However, he disclosed that the CBN only filed and served its memorandum of appearance on February 11, barely 24 hours before the sitting, while the NDIC had already filed all its processes.
Silas further told the court that despite the pending litigation, the NDIC was continuing with the liquidation of the second and third plaintiffs, raising concerns that the substance of the case could be overtaken by events before judicial determination.
In a significant development, the presiding judge ordered all parties, including the NDIC, to maintain status quo pending the determination of the substantive suit, effectively halting further actions that could alter the position of the parties.
The case was adjourned to March 12, 2026, for the hearing of all pending applications.
The legal battle now sets the stage for a potentially far-reaching ruling that could test the scope of regulatory authority exercised by the CBN and NDIC in Nigeria’s banking sector.
