By Seun Ibiyemi
The Central Bank of Nigeria (CBN) imposed N430 million in penalties on financial institutions in 2025 for delays in resolving customer complaints and failure to comply with regulatory directives, reinforcing its tougher stance on consumer protection and regulatory compliance in the banking sector.
The sanctions were disclosed in the apex bank’s 2025 Annual Report, which revealed that 21 penalties amounting to N430 million were imposed on financial institutions during the year over infractions relating to complaints management.
According to the report, the affected institutions were sanctioned for delays in resolving customers’ complaints and for failing to comply with directives issued by the apex bank.
“The Bank imposed 21 penalties on financial institutions to the tune of N430.00 million, for infractions ranging from delays in resolving customer complaints to failure to comply with the Bank’s directives,” the report stated.
The enforcement action came as the CBN recorded an increase in complaints lodged by users of financial services, a trend the regulator attributed to growing public awareness and improved confidence in its consumer complaint resolution mechanism.
According to the report, the bank received 23,129 complaints from consumers in 2025, representing a 10.53 per cent increase from the 20,925 complaints recorded in 2024.
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The CBN said the rise in complaints did not necessarily indicate a deterioration in banking services but rather reflected increased public trust in its complaint resolution framework.
“The trend reflected increased awareness and improved confidence in the Bank’s consumer complaint resolution process,” the report noted.
Despite the higher volume of complaints, the apex bank said it successfully resolved 18,824 cases during the year, representing a 9.36 per cent increase compared to the 17,213 complaints resolved in 2024.
The report also highlighted a significant increase in the value of customer claims handled by the regulator.
Claims denominated in naira rose sharply to N40.61 billion in 2025 from N17.13 billion recorded a year earlier, while foreign currency claims surged to $344.2 million, compared to $1.06 million in 2024.
Following the resolution of complaints, consumers recovered N19.12 billion and $329.3 million in refunds during the review period, compared with N9.66 billion and $0.67 million refunded in the previous year.
Beyond the sanctions related to customer complaint management, the CBN disclosed that it imposed an additional 11 penalties valued at N1.26 billion on financial institutions for various regulatory breaches, including failure to respond to regulatory queries.
The latest enforcement actions underscore the apex bank’s intensified regulatory oversight of Nigeria’s financial sector as it seeks to strengthen consumer protection, improve service delivery and ensure greater compliance with banking regulations.
