•Says ruling restores consumer confidence

By BONIFACE AKARAH

The Institute for Consumer Rights and Product Liability Protection (ICRP) has welcomed the Federal High Court judgment affirming the powers of the Federal Competition and Consumer Protection Commission (FCCPC) to investigate consumer complaints involving banks and other financial institutions, describing it as a turning point for consumer protection in Nigeria.

The ruling, delivered by Justice James Omotosho in Abuja, arose from a suit filed by United Bank for Africa (UBA), which challenged the Commission’s jurisdiction in banking-related disputes.

Reacting, ICRP said the judgment provides long-awaited clarity on the scope of the FCCPC’s authority and reinforces the supremacy of consumer protection laws across sectors.

“The Honourable Court has, in clear terms, affirmed the statutory powers of the FCCPC to investigate consumer complaints involving banks and other financial institutions,” said Anaele Obi, Director of Contacts and Mobilization of the institute.

Obi described the ruling as a bold and instructive interpretation of the Federal Competition and Consumer Protection Act, 2018, particularly its overriding provisions.

“We salute the forthrightness of Justice Omotosho in interpreting Section 104 of the FCCPC Act, which gives the Commission pre-eminence over all other laws in matters relating to consumer protection, including within the banking and financial services sector,” he stated.

He added that the judgment sends a strong regulatory signal to financial institutions that consumer rights are enforceable and cannot be subordinated.

“This decision is not just a legal victory; it is a message to every sector that inappropriate dealings with consumers will attract consequences under the law,” Obi said.

The institute further noted that the ruling is expected to restore confidence among bank customers who have often faced uncertainty over where to seek redress.

“This landmark ruling will bring hope to beleaguered consumers in the banking sector and strengthen trust in existing regulatory frameworks,” Obi added.

Analysts say the decision could redefine dispute resolution in Nigeria’s financial sector, firmly positioning the FCCPC as a central authority in consumer protection enforcement beyond traditional commercial spaces.