Nigeria: Banks Answerable to FCCPC, Court Declares

23 April 2026
Daily Trust (Abuja)
By Philip Shimnom Clement

A Federal High Court in Abuja on Wednesday ruled that banks fall under the jurisdiction of the Federal Competition and Consumer Protection Commission (FCCPC), dismissing a challenge by United Bank for Africa (UBA) Plc

The court also fined the bank N2 million for filing a frivolous suit.

Justice James Omotosho upheld the FCCPC's authority to probe consumer complaints against banks, rejecting UBA's arguments under Section 251(1)(d) of the 1999 Constitution and Section 65(1)(a) of the Banks and Other Financial Institutions Act (BOFIA) 2020.

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In suit FHC/ABJ/CS/1972/2025, UBA contested whether the FCCPC could oversee a CBN-licensed bank's operations, products, or services. Omotosho disagreed, citing FCCPA Sections 1, 2, 17(e), and 104, which grant the agency overriding powers in competition and consumer protection matters, superseding other laws.

"No other agency handles consumer complaints except the FCCPC. Neither BOFIA nor the CBN Act grants such powers to the Central Bank," the judge stated.

Signs pact with LASCOPA on consmer protection

In another development, the FCCPC and the Lagos State Consumer Protection Agency (LASCOPA) in Abuja unveiled a joint framework targeted at strengthening consumer rights enforcement, improving complaint resolution, and promoting fair business practices in Lagos State.

The framework was formalised through the signing of a Memorandum of Understanding (MoU) at the FCCPC headquarters

The Executive Vice Chairman signed on behalf of the Commission while Afolabi Solebo, General Manager of Lagos State Consumer Protection Agency signed for his agency.

Bello described the agreement as a major step toward improving the daily experiences of consumers through stronger institutional cooperation.

According to Bello, consumer protection has become a broad issue that now affects nearly every aspect of modern life, including transportation, food, housing, healthcare, digital services, financial transactions, e-commerce, product safety, pricing transparency, advertising practices, and essential services.

The General Manager of the Lagos State Consumer Protection Agency (LASCOPA), Mr. Afolabi Solebo, said the newly signed Memorandum of Understanding (MoU) between the Federal Competition and Consumer Protection Commission (FCCPC) and the Lagos agency will help curb consumer exploitation and strengthen enforcement efforts.

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