A Federal High Court ruling on Wednesday boosted consumer-rights advocates in the nation’s banking sector, dismissing a challenge by United Bank for Africa Plc (UBA) against the Federal Competition and Consumer Protection Commission’s (FCCPC) oversight.
The Court slammed the UBA with a N2million fine for a frivolous suit.
Presiding Judge Justice James Omotosho upheld the FCCPC’s authority to probe consumer complaints against banks, rejecting UBA’s arguments under Section 251(1)(d) of Nigeria’s 1999 Constitution and Section 65(1)(a) of the Banks and Other Financial Institutions Act (BOFIA) 2020.
In case FHC/ABJ/CS/1972/2025, UBA had questioned whether the FCCPC could oversee a Central Bank of Nigeria-licensed bank’s products and services.
“No portion of BOFIA or the Central Bank of Nigeria Act grants such powers to the CBN,” Justice Omotosho wrote, affirming the FCCPC as the sole agency for consumer complaints.
He cited Sections 1, 2, 17(e), and 104 of the Federal Competition and Consumer Protection Act (FCCPA) 2018, which override conflicting laws in competition and consumer matters.
The decision clarifies overlapping roles between sector regulators like the CBN and the FCCPC, potentially paving the way for more scrutiny of financial services amid rising customer disputes.
In a statement by Ondeje Ijagwu, Director, Corporate Affairs of the
FCCPC, the Executive Vice Chairman Tunji Bello called the judgment “a significant milestone” for bank customers facing unfair treatment.
“It underscores “complementary” regulation and consumer access to redress, he said, while signaling to businesses that accountability bolsters market health.”
The commission pledged fair engagement with lenders and promotion of internal complaint fixes.
