A suit filed by United Bank for Africa (UBA) Plc challenging the jurisdiction of the Federal Competition and Consumer Protection Commission (FCCPC) has resulted in a ₦2 million fine against the bank, after a Federal High Court in Abuja affirmed the Commission’s authority over banks.
According to a statement by FCCPC’s Director of Corporate Affairs, Ondaje Ijagwu, Justice James Omotosho in his ruling on Wednesday affirmed the Commission’s statutory authority to investigate consumer complaints involving banks and other financial institutions.
In the suit marked FHC/ABJ/CS/1972/2025, UBA Plc sought a determination of whether, in light of Section 251(1)(d) of the 1999 Constitution of the Federal Republic of Nigeria (as amended in 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), including its functions, acts, financial products, and services.
In his judgment, Justice Omotosho considered the provisions of Section 251(1)(d) of the Constitution and Section 65(1)(a) of BOFIA, which the plaintiff relied upon to challenge the Commission’s jurisdiction, and upheld the authority of the FCCPC in matters relating to competition and consumer protection within the financial sector.
“Consequently, UBA Plc was fined ₦2m for bringing a frivolous and unmeritorious case against the defendant,” the statement noted.
On the issue of receiving and investigating consumer complaints, the Court stressed that no other agency in Nigeria is specifically mandated with this responsibility apart from 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.
“The FCCPC (Defendant) is therefore the proper agency to investigate such consumer complaints,” Justice Omotosho held.
He also stated that the FCCPC “is vested with statutory powers to inquire into consumer protection issues involving customers and banks.”
Justice Omotosho cited Sections 1, 2, 17(e), and 104 of the Federal Competition and Consumer Protection Act (FCCPA) 2018, which outline the objectives, scope, investigative powers, and application of the Commission’s mandate in matters concerning competition and consumer protection.
Referring to Section 104 of the FCCPC Act, he stated: “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.”
Commenting on the judgment, the Executive Vice Chairman and Chief Executive Officer of the FCCPC, Mr. Tunji Bello, described the decision as “a significant milestone in our advocacy for bank customers who have long endured unfair treatment.”
Bello noted that the ruling provides judicial clarity on the complementary relationship between sector-specific regulation and the consumer protection framework established under the FCCPA.
Bello added that the decision reinforces confidence that consumers across all sectors of the economy, including financial services, are entitled to accessible channels for complaint resolution and lawful redress.
The FCCPC boss further stated that the judgment is also significant for businesses, as it clarifies that regulatory accountability and consumer confidence are mutually reinforcing pillars of a healthy market environment.
He assured that the Commission would continue to engage financial institutions and other service providers professionally and fairly, in accordance with due process, while encouraging effective internal complaint resolution mechanisms to promptly address consumer concerns.
