Publication: The BOFIA, the FCCPA and the Battle for Supremacy: Does the FCCPA Apply to Consumer Complaints Arising from Banking Transactions?

---

The question whether section 65(1) of the Banks and Other Financial Institutions Act, 2020 (the “BOFIA”) completely ousts the Federal Competition and Consumer Protection Commission’s (“FCCPC”) jurisdiction over consumer rights violations in the banking industry is a polarizing one. Recent conflicting decisions of Nigerian courts on the subject highlight the need for clarity on whether consumer complaints in relation to banking transactions fall under the FCCPC's purview.

In this Article, our Senior Associate, Chimezie Onuzulike and Associate, Ayomide Abiodun examine the relevant provisions of the BOFIA and the Federal Competition and Consumer Protection Act, 2018 on consumer protection matters and recent decisions of Nigerian courts on the subject. Chimezie and Ayomide advocate for a balanced approach that harmonizes the roles of both the Central Bank of Nigeria and the FCCPC in protecting consumer rights.

Read here: https://lnkd.in/eMVabyxs