A Federal High Court in Abuja has delivered a landmark judgment affirming that the Federal Competition and Consumer Protection Commission (FCCPC) has the legal authority to investigate consumer complaints involving banks and other financial institutions.
According to multiple reports, the court dismissed a suit filed by United Bank for Africa (UBA), which had challenged the FCCPC’s jurisdiction over banking operations and services.
Presiding judge, Justice James Omotosho, ruled that the FCCPC’s mandate under the Federal Competition and Consumer Protection Act (FCCPA) extends across sectors, including the financial industry, particularly in matters relating to consumer rights and fair market practices.
The court held that the arguments presented by UBA—based on provisions of the Constitution and the Banks and Other Financial Institutions Act (BOFIA) 2020—did not override the FCCPC’s authority in consumer protection matters.
In addition to dismissing the case, the court imposed a ₦2 million fine on UBA, describing the suit as “frivolous and unmeritorious.”
The ruling is widely seen as a major clarification of regulatory roles within Nigeria’s financial system, confirming that while the Central Bank of Nigeria (CBN) oversees banking operations, the FCCPC retains the power to address consumer complaints and competition-related issues in the sector.
Reacting to the judgment, FCCPC officials described it as a significant victory for bank customers, noting that it strengthens protections against unfair practices and improves accountability within the banking industry.
Analysts say the decision could reshape how banks interact with regulators and customers, establishing a clearer framework for resolving disputes and enforcing consumer rights in Nigeria’s financial sector.