Consumer Rights: Court fines UBA Plc N2m, rules banks and OFIs answerable to FCCPC

*Tunji Bello, Executive Vice-Chairman/CEO of Federal Competition and Consumer Protection Commission, asserts the latest judgement of the Federal High Court Abuja is a big victory for bank customers across Nigeria

Gbenga Kayode | ConsumerConnect

Advocacy for consumer rights in the banking sector has recorded a major boost with a judgement by a Federal High Court handed down Wednesday, April 22, 2026, in Abuja, FCT, against United Bank for Africa (UBA) Plc.

ConsumerConnect reports the court entirely dismissed a suit earlier filed by UBA Plc, seeking to contest the jurisdiction of the Nigeria’s Federal Competition and Consumer Protection Commission (FCCPC).

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Justice James Omotosho, in his ruling, affirmed the market regulatory Commission’s statutory authority to investigate consumer complaints involving banks and Other Financial Institutions (OFIs).

United Bank of Africa Plc, in the suit, FHC/ABJ/CS/1972/2025, had sought to determine whether in light of Section 251 (1) (d) of the 1999 Constitution of the Federal Republic of Nigeria (as amended) 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.

Court upholds FCCPC’s authority in consumer protection matters

In his judgement, Justice Omotosho also 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.

UBA fined N2m for instituting ‘frivolous and unmeritorious case’

Consequently, UBA plc was fined N2m for “bringing a frivolous and unmeritorious case against the defendant.”

As regards receiving and investigating consumer complaints in the country’s banking and finance ecosystem, the Federal High Court as well emphasised that there is no other agency in Nigeria saddled with this responsibility except the FCCPC.

Justice Omotosho said: “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.

“The FCCPC (Defendant) is therefore the proper agency to investigate such consumer complaints.”

The presiding Judge, therefore, held that the FCCPC “is vested with statutory powers to inquire into Consumer Protection issues involving customers and banks.”

Besides, Justice Omotosho cited Sections 1, 2, 17(e) and 104 of the Federal Competition and Consumer Protection Act, 2018 (FCCPA), relating to the objectives, scope, investigative powers and application of the Commission’s mandate in matters concerning competition and consumer protection in Nigeria.

Section 104 of the FCCPC Act states that “Notwithstanding the provisions of any other law but subject to the provisions of the Constitution of the Federal Republic of Nigeria, in all matters relating to competition and consumer protection, the provisions of this Act shall override the provisions of any other law.”

Judgement a significant milestone in consumer advocacy: Bello

In a swift reaction to the court ruling Wednesday, Mr. Tunji Bello, Executive Vice-Chairman/Chief Executive Officer (EVC/CEO) of FCCPC, hailed the judgement.

Mr. Ondaje Ijagwu, Director of Corporate Affairs of FCCPC, stated Mr. Bello described the development as “a significant milestone in our advocacy for bank customers, who have for long endured unfair treatment.”

The Commission also emphasised the judgment provided judicial guidance on the complementary relationship between sector regulation and the consumer protection framework established under the FCCPA 2018.

FCCPC affirms ruling reflects accountability, consumer confidence

The EVC/CEO of FCCPC further stated that the decision reinforced confidence that consumers in every sector of the economy, including financial services that are entitled to accessible channels for complaint resolution and lawful redress in the West African country’s economy.

According to Bello, the court judgement is also significant for businesses, as it clarifies that regulatory accountability and consumer confidence are mutually reinforcing pillars of a healthy market environment.

The FCCPC Executive Vice-Chairman said the Commission would continue to engage financial institutions, and other service providers professionally, fairly, and in accordance with due process.

It would equally encourage internal complaint resolution mechanisms that address consumer concerns promptly, stated he.

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