The impact of s53 (1) of BOFIA on the ability to challenge the revocation of a banking licence in Nigeria

The provisions of 53(1) of the Banks and Other Financial Institutions Act CAP B3 LFN 2004 (BOFIA) compel the need to establish bad faith before an action can be brought to challenge the act or omission of the Federal Government, the Central Bank of Nigeria (CBN) and any officer of the Bank. These acts include revocation of banking licences amongst others.