No Bank In Nigeria Can Unilaterally Change /Vary Interest Rate

No Bank In Nigeria Can Unilaterally Change/Vary Interest Rate In Its Agreement With A Customer.

By Onyekachi Umah,Esq.

Where there is an agreement between a bank and its customer showing agreed interest rate but without an option for variation of such Interest, such bank cannot vary/change the interest rate. It does not matter whether or not there is a new interest rate from Central Bank of Nigeria.

References;

See the Supreme Court’s decision in the case of UBN PLC v. AJABULE & ANOR (2011) LPELR-8239(SC).

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No Bank In Nigeria Can Unilaterally Change/Vary Interest Rate In Its Agreement With A Customer

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This work is published under the free legal awareness project of Sabi Law Foundation (www.SabiLaw.org) funded by the law firm of Bezaleel Chambers International (www.BezaleelChambers.com). The writer was not paid or charged any publishing fee. You too can support the legal awareness projects and programs of Sabi Law Foundation by donating to us. Donate here and get our unique appreciation certificate or memento.

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Onyekachi Umah, Esq., LL.M, ACIArb(UK)

Onyekachi Umah is an exceptional Legal Practitioner, Arbitrator, Notary Public and Legal Awareness Expert with over a decade of experience in civil law, criminal law and human rights. He holds a Master of Laws; a Master of Business Administration (mini) and he is a doctoral candidate. Mr Umah is the Managing Partner of the law firm of Bezaleel Chambers International (BCI), where he consults and provides legal services to several national and international organisations, including the United Nations. Aside from his very engaging legal practice, Mr Umah runs a legal awareness organisation (Sabi Law Foundation) and he diligently publishes free daily law tips, every day on www.LearnNigerianLaws.com since 2017. He has published over 820 legal articles in diverse areas of law, delivered over 35 public lectures, anchored over 67 law radio/tv shows and supported several legal and developmental projects across Africa. Click to read more.

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