Federal High Court Fines UBA N2m, Affirms FCCPC’s Bank Oversight

A Federal High Court in Abuja on Wednesday ruled that banks fall under the jurisdiction of the Federal Competition and Consumer Protection Commission (FCCPC), dismissing a challenge by United Bank for Africa (UBA) Plc and fining the bank N2 million for filing a frivolous suit.

Justice James Omotosho upheld the FCCPC’s authority to probe consumer complaints against banks, rejecting UBA’s arguments under Section 251(1)(d) of the 1999 Constitution and Section 65(1)(a) of the Banks and Other Financial Institutions Act (BOFIA) 2020.

In suit FHC/ABJ/CS/1972/2025, UBA contested whether the FCCPC could oversee a CBN-licensed bank’s operations, products, or services. Omotosho disagreed, citing FCCPA Sections 1, 2, 17(e), and 104, which grant the agency overriding powers in competition and consumer protection matters, superseding other laws.

“No other agency handles consumer complaints except the FCCPC. Neither BOFIA nor the CBN Act grants such powers to the Central Bank,” the judge stated.

FCCPC executive vice chairman/CEO Tunji Bello, called the verdict a significant milestone for bank customers facing unfair treatment.

He emphasised that it clarifies the interplay between sector regulation and consumer protections, ensuring accessible redress across the economy.

Bello noted that the ruling strengthens market health by tying regulatory accountability to consumer trust, while committing to ongoing fair dealings with financial institutions.