The Federal High Court in Abuja has ruled in favour of the Federal Competition and Consumer Protection Commission (FCCPC) affirming the Commission’s powers to investigate financial institutions.
The suit filed by United Bank for Africa (UBA) Plc sought to determine whether the FCCPC could validly exercise jurisdiction over a commercial bank licensed by the Central Bank of Nigeria (CBN).
Presiding Justice James Omotosho, in his ruling on suit FHC/ABJ/CS/1972/2025, affirmed the Commission’s statutory authority to investigate consumer complaints involving financial institutions.
In addition to dismissing the suit in its entirety, the court fined UBA ₦2 million for bringing what it termed a frivolous and unmeritorious case against the Commission.
The UBA Plc legal team argued that under Section 251 (1) (d) of the 1999 Constitution and Section 65(1)(a) of the Banks and Other Financial Institutions Act (BOFIA) 2020, such oversight should be restricted.
However, Justice Omotosho upheld the authority of the FCCPC, clarifying that no other agency in Nigeria is specifically tasked with receiving and investigating consumer complaints.
He noted that neither the BOFIA nor the CBN Act grants such investigative powers to the Central Bank of Nigeria, establishing the FCCPC as the proper agency for such matters.
The judgment cited Sections 1, 2, 17(e), and 104 of the Federal Competition and Consumer Protection Act (FCCPA) 2018. Justice Omotosho highlighted that Section 104 of the Act provides a supremacy clause, stating that the provisions of the FCCPA override any other law in matters relating to competition and consumer protection, subject only to the Constitution.
“The FCCPC is vested with statutory powers to inquire into consumer protection issues involving customers and banks,” the Judge held, reinforcing the Commission’s mandate to oversee all sectors of the economy, including financial services.
Reacting to the verdict, the Executive Vice Chairman/CEO of the FCCPC, Mr. Tunji Bello, hailed the judgment as a major victory for bank customers.
He noted that for too long, many consumers have endured unfair treatment within the banking system without clear avenues for redress.
“This judgment provides essential judicial guidance on the relationship between sector-specific regulation and the broader consumer protection framework.”
“It reinforces the fact that consumers in every sector are entitled to accessible channels for complaint resolution,” Bello stated.
Mr. Bello added that the decision would foster a healthier market environment by ensuring regulatory accountability.
He reiterated the Commission’s commitment to engaging financial institutions professionally and fairly, while continuing to encourage banks to strengthen their internal dispute resolution mechanisms.