A Federal High Court in Abuja dismissed a lawsuit filed by United Bank for Africa (UBA) challenging the jurisdiction of the Federal Competition and Consumer Protection Commission (FCCPC) over banks. Justice James Omotosho ruled on Tuesday that the FCCPC has statutory authority to investigate consumer complaints involving financial institutions, including commercial banks licensed by the Central Bank of Nigeria (CBN). The bank, in suit number FHC/ABJ/CS/1972/2025, had questioned whether Section 251(1)(d) of the 1999 Constitution, as amended in 2023, and Section 65(1)(a) of the Banks and Other Financial Institutions Act (BOFIA) 2020 limited the FCCPC's oversight powers. The court found that these provisions do not strip the commission of its mandate in competition and consumer protection matters within the financial sector. As a result, UBA Plc was ordered to pay a fine of N2 million for filing a "frivolous and unmeritorious case" against the FCCPC. In response, FCCPC Executive Vice Chairman/CEO Tunji Bello, through a statement issued by Ondaje Ijagwu, the commission's Director of Corporate Affairs, welcomed the judgment as a validation of the agency's regulatory role. The ruling reinforces the FCCPC's ability to act on consumer complaints involving banking services and financial products. No further legal action was indicated by the court, and the decision stands as final on the matter of jurisdiction.
UBA's attempt to legally block FCCPC oversight exposes a resistance to accountability even when statutory mandates are clear. The N2 million penalty underscores how courts view efforts to circumvent consumer protection agencies. If banks continue to challenge regulatory reach through litigation, consumers may face prolonged delays in resolving complaints. This case sets a precedent, but only if other institutions respect it without further legal obstruction.
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