A Federal High Court in Abuja has affirmed the authority of the Federal Competition and Consumer Protection Commission (FCCPC) to regulate consumer protection issues in the banking sector, dismissing a suit filed by United Bank for Africa (UBA) and imposing a N2 million fine on the lender.
In a landmark ruling, Justice James Omotosho upheld the Commission’s statutory powers to investigate complaints involving banks and other financial institutions, reinforcing FCCPC’s role as the primary agency for consumer protection in Nigeria.
UBA had approached the court in suit number FHC/ABJ/CS/1972/2025, seeking clarity on whether the FCCPC could exercise jurisdiction over a commercial bank licensed by the Central Bank of Nigeria (CBN), citing provisions of the Constitution and the Banks and Other Financial Institutions Act (BOFIA) 2020.
However, the court ruled that the arguments lacked merit, describing the case as “frivolous and unmeritorious,” and ordered the bank to pay a N2 million penalty.
Justice Omotosho held that no other agency, including the CBN, is specifically mandated to receive and investigate consumer complaints in the financial sector, affirming that the FCCPC is the appropriate authority for such matters.
He also referenced key provisions of the Federal Competition and Consumer Protection Act (FCCPA) 2018, noting that the law grants the Commission overriding powers in all issues relating to competition and consumer protection.
Reacting to the judgment, Tunji Bello, FCCPC Executive Vice Chairman, described the decision as a major win for bank customers who have long faced challenges in seeking redress.
According to him, the ruling provides clarity on the relationship between sector regulators and consumer protection frameworks, reinforcing the right of consumers to accessible complaint resolution channels across all sectors, including financial services.
Bello added that the decision strengthens both regulatory accountability and consumer confidence, which are essential for a healthy and transparent market.
He assured that the Commission would continue to engage financial institutions professionally and fairly, while encouraging them to improve internal mechanisms for resolving customer complaints promptly.
