A Federal High Court sitting in Abuja has affirmed the authority of the Federal Competition and Consumer Protection Commission to regulate consumer protection issues in the banking sector, dismissing a suit filed by United Bank for Africa Plc and imposing a ₦2 million fine on the bank for instituting what the court described as a frivolous action.
In his ruling, Justice James Omotosho held that the FCCPC possesses the statutory mandate to investigate consumer complaints against banks and other financial institutions, rejecting UBA’s reliance on Section 251(1)(d) of the 1999 Constitution and Section 65(1)(a) of the Banks and Other Financial Institutions Act (BOFIA) 2020 to challenge the Commission’s jurisdiction.
The suit, marked FHC/ABJ/CS/1972/2025, sought a determination on whether the FCCPC could exercise oversight over a commercial bank licensed by the Central Bank of Nigeria (CBN), including its operations, products, and services.
Delivering judgment, the court held that provisions of the Federal Competition and Consumer Protection Act (FCCPA), particularly Sections 1, 2, 17(e), and 104, confer overriding powers on the FCCPC in matters relating to competition and consumer protection, even within regulated sectors like banking.
Justice Omotosho stated that no other regulatory body is expressly empowered to handle consumer complaints in the manner provided under the FCCPA, noting that neither BOFIA nor the CBN Act grants such powers to the Central Bank.
Consequently, the court dismissed UBA’s claims and fined the bank ₦2 million for filing what it termed an 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 milestone for consumer protection in Nigeria’s financial sector.
He said the decision provides clarity on the relationship between sector-specific regulation and consumer protection frameworks, adding that it reinforces accountability while enhancing consumer confidence.
Bello also reaffirmed the Commission’s commitment to ensuring fair dealings across the financial system, noting that the judgment strengthens access to redress for bank customers facing unfair practices.
