Court affirms FCCPC’s authority over banks, fines UBA ₦2m

Business, Crime Diary

ABUJA, Nigeria (NPA) — Consumer rights advocacy in Nigeria’s banking sector received a major boost as the Federal High Court in Abuja dismissed a suit filed by United Bank for Africa (UBA) Plc challenging 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. The court held that the FCCPC is the proper agency to handle such matters, citing Sections 1, 2, 17(e), and 104 of the FCCPC Act, 2018.

UBA had sought to rely on Section 251(1)(d) of the 1999 Constitution and Section 65(1)(a) of the Banks and Other Financial Institutions Act (BOFIA) 2020 to argue that the FCCPC lacked jurisdiction. Justice Omotosho rejected this argument, stressing that neither BOFIA nor the Central Bank of Nigeria Act confers consumer complaint powers on the CBN.

Consequently, the court fined UBA ₦2 million for filing what it described as a “frivolous and unmeritorious case.”

Reacting to the judgment, FCCPC Executive Vice Chairman/CEO, Mr Tunji Bello, hailed the decision as a significant milestone for bank customers. “This ruling reinforces confidence that consumers in every sector of the economy, including financial services, are entitled to accessible channels for complaint resolution and lawful redress,” he said.