by Kikelomo Okere, Business Editor
A landmark ruling by the Federal High Court in Abuja has reaffirmed the authority of the Federal Competition and Consumer Protection Commission (FCCPC) over Nigeria’s banking sector, delivering a decisive win for consumer rights.
In a judgement delivered by Justice James Omotosho, the Court dismissed in its entirety a suit filed by United Bank for Africa (UBA) Plc challenging the Commission’s jurisdiction. The Court also fined the bank ₦2 million for instituting what it described as a “frivolous and unmeritorious” case.
The suit, marked FHC/ABJ/CS/1972/2025, sought to determine whether the FCCPC could exercise oversight over a commercial bank licensed by the Central Bank of Nigeria (CBN), particularly in light of provisions in 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.
In a clear and far-reaching decision, Justice Omotosho upheld the FCCPC’s statutory mandate to investigate consumer complaints involving banks and other financial institutions. The Court ruled that no existing law assigns that responsibility to the CBN.
“There is no provision under BOFIA or the CBN Act empowering the Central Bank to handle consumer complaints,” the Court held. “The FCCPC is therefore the proper agency to investigate such matters.”
The judgement further emphasized that the FCCPC Act, 2018—particularly Sections 1, 2, 17(e), and 104—grants the Commission overriding authority in all matters relating to competition and consumer protection, even where other laws exist.
Reacting to the ruling, FCCPC Executive Vice Chairman/CEO, Tunji Bello, described the judgement as a major milestone in protecting Nigerian bank customers.
“This is a significant victory for consumers who have long endured unfair practices,” Bello said. “The ruling affirms that all Nigerians, regardless of sector, are entitled to accessible, transparent, and effective channels for redress.”
He added that the decision strengthens the complementary roles of sector regulators and consumer protection frameworks, while boosting public confidence in the market.
“The Commission will continue to engage financial institutions professionally and fairly, while encouraging prompt and effective internal dispute resolution mechanisms,” Bello stated.
The ruling is expected to reshape accountability standards in Nigeria’s financial services sector, reinforcing the principle that consumer protection remains central to a fair and competitive marketplace.
