The Federal Competition and Consumer Protection Commission has hailed the Federal High Court judgment upholding its authority in competition and consumer protection matters in the financial sector.
In a statement by the FCCPC, the executive vice-chairman, Tunji Bello, said the judgment was a significant milestone in the advocacy for bank customers who had endured unfair treatment by service providers.
He said the judgment provided judicial guidance on the complementary relationship between sector regulation and the consumer protection framework established under the FCCPC Act.
Mr Bello said the decision reinforced consumers’ confidence across all sectors of the economy. He said the financial services were entitled to accessible channels for complaint resolution and lawful redress.
Mr Bello added that the judgment was significant for businesses, as it clarified that regulatory accountability and consumer confidence were mutually reinforcing pillars of a healthy market environment.
According to him, the commission will continue to engage financial institutions and other service providers professionally, fairly, and in accordance with due process.
He also advocated for internal complaint resolution mechanisms that addressed consumer concerns promptly.
The United Bank for Africa challenged the FCCPC’s jurisdiction. In suit FHC/ABJ/CS/1972/2025, UBA contested whether the FCCPC could oversee a CBN-licensed bank’s operations, products, or services.
However, Justice James Omotosho, in a ruling, affirmed FCCPC’s statutory authority to investigate consumer complaints involving banks and other financial institutions.
The judge disagreed, citing FCCPA Sections 1, 2, 17(e), and 104, which grant the agency overriding powers in competition and consumer protection matters that supersede other laws.
(NAN)
