25/04/2026
Banks answerable to FCCPC, court rules
* Dismisses UBA’s suit, fined N2m
* It’s a big victory for bank customers, says Tunji Bello
Advocacy for consumer rights in the banking sector recorded a major boost today with a judgement by a Federal High Court in Abuja dismissing, in its entirety, a suit by UBA Plc seeking to contest the jurisdiction of the Federal Competition and Consumer Protection Commission (FCCPC).
In its ruling, presiding Justice James Omotosho affirmed the Commission’s statutory authority to investigate consumer complaints involving banks and other financial institutions.
In the suit, FHC/ABJ/CS/1972/2025, United Bank of Africa Plc sought to determine whether in light of Section 251 (1) (d) of the 1999 Constitution of the Federal Republic of Nigeria (as amended 2023) and Section 65(1)(a) of the Banks and Other Financial Institutions Act (BOFIA) 2020, the FCCPC could validly exercise jurisdiction over a commercial bank duly licensed by the Central Bank of Nigeria (CBN) and over any of its functions, acts, financial products, or financial services.
In his judgement, Justice Omotosho considered Sections 251 (1) (d) of the Constitution and 65(1)(a) of BOFIA, which the plaintiff had relied upon to challenge the Commission’s jurisdiction, and upheld the authority of the FCCPC in competition and consumer protection matters in the financial sector.
Consequently, UBA plc was fined N2m for “bringing a frivolous and unmeritorious case against the defendant”.
With respect to receiving and investigating Consumer complaints, the Court stressed that there is no other agency in Nigeria saddled with this responsibility except the FCCPC.
“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,” said Justice Omotosho.
“The FCCPC (Defendant) is therefore the proper agency to investigate such consumer complaints,” the judge held.
He therefore held that the FCCPC
