A Federal High Court in Abuja dismissing, in its entirety, a suit by a commercial bank ( Name withheld) seeking to contest the jurisdiction of the Federal Competition and Consumer Protection Commission (FCCPC).
In its ruling, presiding Justice James Omotosho affirmed the Commission’s statutory authority to investigate consumer complaints involving banks and other financial institutions.
In the suit, FHC/ABJ/CS/1972/2025, the financial institution 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.
In his judgement, Justice Omotosho 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.
Consequently, the was fined N2m for “bringing a frivolous and unmeritorious case against the defendant”.
With respect to receiving and investigating Consumer complaints, the Court stressed that there is no other agency in Nigeria saddled with this responsibility except 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,” said Justice Omotosho.
“The FCCPC (Defendant) is therefore the proper agency to investigate such consumer complaints,” the judge held.
He therefore held that the FCCPC “is vested with statutory powers to inquire into Consumer Protection issues involving customers and banks.”
In his reaction, the Executive Vice Chairman/CEO of FCCPC, Mr Tunji Bello, hailed the judgment, describing it as “a significant milestone in our advocacy for bank customers who have for long endured unfair treatment.”
He said the judgment provides judicial guidance on the complementary relationship between sector regulation and the consumer protection framework established under the FCCPA.
Mr. Bello stated that the decision reinforces confidence that consumers in every sector of the economy, including financial services, are entitled to accessible channels for complaint resolution and lawful redress.
He noted 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.
