A Federal High Court sitting in Abuja has affirmed the authority of the Federal Competition and Consumer Protection Commission (FCCPC) to investigate consumer complaints involving banks and other financial institutions, in a landmark judgment that strengthens consumer protection in Nigeria’s banking sector.
In a ruling delivered by Justice James Omotosho, the court dismissed in its entirety a suit filed by United Bank for Africa challenging the Commission’s jurisdiction over its operations.
The suit, marked FHC/ABJ/CS/1972/2025, sought judicial interpretation of whether, in light of Section 251(1)(d) of the 1999 Constitution (as amended) and Section 65(1)(a) of the Banks and Other Financial Institutions Act (BOFIA) 2020, the FCCPC could validly exercise oversight over a commercial bank licensed by the Central Bank of Nigeria (CBN).
However, Justice Omotosho upheld the FCCPC’s statutory mandate in matters relating to competition and consumer protection within the financial sector, ruling that no existing law grants the CBN exclusive authority to handle consumer complaints.
“No portion of the Banks and Other Financial Institutions Act gives such powers to the Central Bank of Nigeria, nor does the Central Bank of Nigeria Act,” the judge stated, affirming that the FCCPC remains the appropriate agency to receive and investigate such complaints.
The court further held that the FCCPC is vested with powers under the Federal Competition and Consumer Protection Act (FCCPA) 2018 to inquire into consumer protection issues involving banks and their customers.
In addition, the court imposed a fine of ₦2 million on UBA for filing what it described as a “frivolous and unmeritorious” suit.
Reacting to the judgment, the Executive Vice Chairman and Chief Executive Officer of the FCCPC, Tunji Bello, described the ruling as a major victory for bank customers and a significant milestone in consumer rights advocacy.
He noted that the decision provides judicial clarity on the complementary roles of sector regulators and consumer protection authorities, reinforcing the right of consumers to accessible complaint resolution channels across all sectors, including financial services.
Bello added that the judgment would strengthen regulatory accountability while boosting consumer confidence in Nigeria’s financial system.
He assured that the Commission would continue to engage financial institutions professionally and in line with due process, while encouraging service providers to establish effective internal mechanisms for resolving customer complaints promptly.
