The Federal High Court in Abuja on Wednesday dismissed a suit filed by United Bank for Africa Plc, UBA, challenging the jurisdiction of the Federal Competition and Consumer Protection Commission, FCCPC.
Justice James Omotosho, who delivered the ruling, upheld the statutory powers of the Commission to investigate consumer complaints involving banks and other financial institutions, effectively affirming its oversight role in the sector.
The court also imposed a N2 million fine on UBA, describing the suit as “frivolous and unmeritorious.”
The case, with suit No. FHC/ABJ/CS/1972/2025, was instituted by UBA to seek judicial interpretation on whether, under Section 251(1)(d) of the 1999 Constitution, 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 bank licensed by the Central Bank of Nigeria, CBN.
However, in his judgment, Justice Omotosho firmly rejected the bank’s arguments, holding that the FCCPC retains clear statutory authority in matters relating to competition and consumer protection, even within the financial services sector.
According to a statement by the the Commission’s Director of Corporate Affairs, Ondaje Ijagwu, the court emphasised that no existing law confers exclusive consumer complaint investigation powers on the CBN.
“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 is therefore the proper agency to investigate such consumer complaints,” the judge ruled.
He stressed that the Commission is legally empowered to address consumer protection issues involving banks and their customers.
Justice Omotosho anchored his decision on key provisions of the Federal Competition and Consumer Protection Act, FCCPA, 2018, particularly Sections 1, 2, 17(e), and 104, which outline the Commission’s mandate, investigative powers, and overriding authority in competition and consumer protection matters.
Section 104 of the Act explicitly provides that, in matters relating to competition and consumer protection, the FCCPA takes precedence over other laws, subject only to the Constitution.
Reacting to the judgment, FCCPC Executive Vice Chairman and CEO, Tunji Bello, described the ruling as a landmark victory for consumers, especially bank customers who have long faced challenges in seeking redress.
Bello said the judgment offers critical judicial clarity on the complementary roles of sector regulators and the FCCPC’s consumer protection mandate.
According to him, the decision reinforces public confidence that consumers across all sectors, including financial services, have access to effective complaint resolution mechanisms and lawful redress.
Bello further noted that the ruling is equally significant for businesses, as it underscores that regulatory accountability and consumer trust are essential pillars of a stable and efficient market system.
He assured that the Commission would continue to engage financial institutions professionally and fairly, while encouraging them to strengthen internal complaint resolution systems to address customer grievances promptly.
