Federal Competition and Consumer Protection Commission (FCCPC) has disclosed that it received over 3,000 banking-related complaints between March and August 2025, leading to the recovery of about N10 billion for consumers across 30 sectors.

The Commission made this known while commending the Central Bank of Nigeria’s (CBN) proposed policy mandating banks to refund customers for failed Automated Teller Machine (ATM) transactions within 48 hours. It described the move as “a major victory for bank customers and a turning point in consumer protection.”

According to the FCCPC, its Consumer Complaints Data Report for March–August 2025 showed that the banking and fintech sectors accounted for the highest volume of complaints nationwide.

Most issues involved failed transactions, unauthorized deductions, and delayed refunds concerns the new CBN guidelines directly aim to address.

Mr. Tunji Bello, executive vice chairman and chief executive officer, FCCPC, hailed the CBN’s initiative as “a timely and long-awaited correction to a persistent consumer challenge.”

“It aligns perfectly with what the FCCPC has been advocating, given the volume of failed transaction complaints we handle” he said.

“We commend the CBN for this decisive action, which will ease the burden on consumers and rebuild trust in financial services,” Bello stated. He added that the move underscores the growing collaboration between the FCCPC and the CBN in safeguarding consumer rights and improving service delivery in Nigeria’s financial sector.

The FCCPC noted that the proposed directive aligns with key provisions of the Federal Competition and Consumer Protection Act (FCCPA) 2018 particularly Sections 17(g), (h), (l), (s), and (t) which seek to eliminate unfair practices and promote fair dealings across all sectors.

The Commission emphasized that prompt implementation of the CBN’s 48-hour refund policy would bring immediate relief to millions of Nigerians who often face delays in transaction reversals, while also strengthening accountability and public confidence in digital and cashless financial systems.

To ensure effective enforcement, the FCCPC said it would work closely with the CBN to establish joint monitoring mechanisms that will track compliance and ensure erring banks are held accountable.

“Stronger collaboration among regulators is vital for faster complaint resolution, prevention of recurrence, and the promotion of confidence in Nigeria’s expanding digital economy,” the Commission stated.

Federal High Court in Abuja, on Tuesday, convicted 59 other foreign hackers and ordered each of them to pay the sum of N1m.

Justice Ekerete Akpan, in his judgment, alternatively ordered them to serve a one-year jail term.

The judgment followed the convicts’ plea bargain deal with the Nigerian Police Force, the prosecuting agency.

The judge’s order came about two months after 21 of the 109 foreign nationals were convicted for the same offence after they opted for a plea bargain agreement.

Justice Akpan, while delivering the judgment on Tuesday, ordered the convicts’ deportation from Nigeria.

He also directed that all the gadgets used in the commission of the crimes should be forfeited to the Federal Government.

“I hereby sentence them as follows:

“Fine of one million naira each or one year imprisonment.

“All the convicts, being first-time offenders, expressed remorse for their actions,” the judge said.

He held that the sentence was based on the parties’ agreement of a ₦1m fine each against each of the defendants, which shall be paid before their release.

The judge consequently adjourned the matter for the remaining 25 until Oct 22 and Oct 23 for trial.

The 59 convicts were part of the 84 defendants remaining from the total of 109 facing trial after about 21 were recently convicted and deported from the country.

The I-G had, in the charge marked FHC/ABJ/CR/599/2024, sued the 109 foreigners and were arraigned on six counts.

The defendants, who included nationals of China, Indonesia, Brazil, the Philippines, Vietnam and Thailand, had pleaded not guilty to the counts and were remanded in correctional centres.

Justice Akpan had, on Nov. 29, 2024, admitted them to an N1bn bail with five sureties each.

The judge, who granted them bail, directed that the five sureties must have landed property worth N200m each.

Justice Akpan directed that the sureties must deposit the original and verified documents of their landed property with the deputy registrar of the court.

The judge also directed the sureties to deposit their international passports.

While the male defendants were remanded in Kuje Correctional Centre, the court held that the female defendants should be kept at Keffi Correctional Centre in Nasarawa State pending the perfection of their bail terms.

The defendants, who had met their bail terms, were, in 2024, arrested by the police.

They were apprehended in their residence at Plot 1906, Cadastral Zone 807, Katampe District of Abuja, where they were said to be engaging in cybercrime by allegedly promoting “a fraudulent and unregistered gaming platform”.

In the six-count charge, the foreigners were charged with cybercrime, money laundering, and unlawfully residing in Nigeria, etc.

In one of the counts, they were alleged to have aided, abetted, and conspired among themselves “to commit an offence, to wit: cybercrime”.

They were alleged to have committed the offence contrary to and punishable under Section 27(1)(b) of the Cybercrimes (Prohibition, Prevention, etc.) Act, 2015 (As Amended, 2024).

They were also alleged to have accessed a computer network and input data with the intention that such inauthentic data would be considered or acted upon as if it were authentic or genuine.

The offence is said to be contrary to and punishable under Section 13 of the Cybercrimes (Prohibition, Prevention, etc.) Act, 2015 (As Amended, 2024).

Again, they were alleged to have removed “from Nigeria proceeds generated from operating a fraudulent and unregistered gambling platform.

“These platforms are 9f.com, c2.top, and 8pg.top, and you thereby commit money laundering, contrary to and punishable under Section 18 of the Money Laundering (Prevention and Prohibition) Act, 2022.”

The defendants were also accused of entering “the territory of the Federal Republic of Nigeria with a business permit of 30 days’ duration and failing to leave the Nigerian territory at the expiration of the said permit.

The offence is contrary to the provisions of Section 4 (2) and punishable under Section 44 (1) (c) of the Immigration Act 2015.”

FBNQuest Merchant Bank, a premier investment and wealth management institution, has been honoured with the prestigious title of ‘Strategic Growth Champion of the Year’ at the 2025 BusinessDay Banks and Other Financial Institutions (BAFI) Awards.

This recognition affirms the bank’s leadership in shaping Nigeria’s economic trajectory through strategic advisory, innovative capital solutions, and landmark transactions that continue to redefine key sectors of the economy.

Celebrating Excellence in Financial Strategy and Impact

Renowned for its rigorous, data-driven selection process, the BAFI Awards spotlight institutions that exemplify financial strength, strategic foresight, and a measurable contribution to national development. FBNQuest Merchant Bank’s win underscores its role as a catalyst for sustainable growth and transformation within Nigeria’s financial landscape.

“We are proud to be recognised as a Strategic Growth Champion,” said Afolabi Olorode, Acting Managing Director/CEO of FBNQuest Merchant Bank. “This award reflects our unwavering commitment to delivering value-driven solutions, empowering our clients, and contributing meaningfully to Nigeria’s economic advancement.”

Key Drivers of Strategic Growth

FBNQuest Merchant Bank’s performance stood out across several dimensions:

• Financial Excellence: Sustained profitability, robust capital adequacy, and superior returns to shareholders, underpinned by disciplined risk management and governance.
• Transformative Transactions: Execution of high-impact deals across capital markets,and project finance—mobilising billions of naira into infrastructure, energy, telecoms, and manufacturing.
• Innovation Leadership: Development of bespoke structured finance and wealth management products, leveraging technology to anticipate client needs and set new industry standards.

Advancing Nigeria’s Development Agenda

Beyond commercial success, FBNQuest Merchant Bank remains deeply committed to national progress. The bank continues to mobilise capital for critical infrastructure, support government diversification efforts, and champion investments that foster job creation and inclusive growth.

Looking Ahead: Financing the Future

“This recognition is a springboard for our next phase of strategic evolution,” added Olorode. “We are deepening our sector expertise, expanding digital capabilities, and reinforcing our leadership in sustainable finance—particularly in renewable energy and infrastructure.”