A Federal High Court sitting in Abuja on Tuesday dismissed a suit by a Nigerian commercial bank seeking to contest the jurisdiction of the Federal Competition and Consumer Protection Commission, FCCPC.
Justice James Omotosho, who presided over the case, ruled that the FCCPC has statutory authority to investigate consumer complaints involving banks and other financial institutions in the country.
DAILY POST reports that UBA, in suit No. FHC/ABJ/CS/1972/2025, sought to determine whether, in light of Section 251(1)(d) of the 1999 Constitution of the Federal Republic of Nigeria (as amended, 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) and over any of its functions, acts, financial products, or financial services.
Ruling on the case, Justice Omotosho considered Section 251(1)(d) of the Constitution and Section 65(1)(a) of BOFIA, which the plaintiff had relied upon to challenge the Commission’s jurisdiction.
The judge upheld the authority of the FCCPC in competition and consumer protection matters in the financial sector.
Consequently, UBA Plc was fined N2 million for “bringing a frivolous and unmeritorious case against the defendant.”
Reacting, the Executive Vice Chairman/CEO of the FCCPC, Mr. Tunji Bello, in a statement by Ondaje Ijagwu, the commission’s Director of Corporate Affairs, hailed the judgment.
The FCCPC boss described the judgment as “a significant milestone in our advocacy for bank customers who have for long endured unfair treatment.”
He said the judgement provides judicial guidance on the complementary relationship between sector regulation and the consumer protection framework established under the FCCPA.
