MARCEL MBAMALU
The Central Bank of Nigeria has intensified its enforcement drive, imposing N1.69 billion in penalties on financial institutions in 2025 for compliance failures ranging from delayed complaint resolution to outright disregard for regulatory directives.
The sanctions are contained in the CBN’s 2025 Annual Report and signal a tougher stance by the apex bank under Governor Olayemi Cardoso as consumer complaints and the financial value of disputes surged to record levels.
Join our WhatsApp ChannelN1.69bn In 32 Penalties
According to the report, the CBN issued 32 penalties to financial institutions in 2025, valued at N1.69 billion.
The breakdown:
– N430 million from 21 penalties for complaints management and other consumer-protection infractions.
– N1.26 billion from 11 penalties for regulatory breaches and failure to respond to regulatory queries.
The CBN did not name the affected banks and other financial institutions in the report. Although indications are that the majority of the banks are affected, Prime Business Africa could not independently confirm the list of sanctioned institutions as of press time.
Complaints Jump 10.5% To 23,129
The enforcement action came as Nigerians filed more complaints against banks and fintechs.
The CBN received 23,129 complaints in 2025, a 10.53% increase from 20,925 in 2024.
READ ALSO: CBN Retains MPR at 26.5% Amid Global Uncertainties
The apex bank attributed the rise to “increased public awareness and growing confidence” in its complaint-resolution mechanism, not a decline in service quality.
It resolved 18,824 complaints, up 9.36% from 17,213 in 2024.
N40.61bn + $344.2m In Claims, N19.12bn + $329.3m Refunded
The financial impact of disputes ballooned in 2025:
– Local currency claims: N40.61 billion in 2025 vs N17.13 billion in 2024 — a 137% jump.
– Foreign currency claims: $344.2 million in 2025 vs $1.06 million in 2024.
Following resolutions, consumers recovered N19.12 billion and $329.3 million in refunds, compared to N9.66 billion and $0.67 million in 2024.
That’s a 98% increase in naira refunds and a 49,058% increase in dollar refunds year-on-year.
The disputes centered on transaction failures, disputed deductions, excessive charges, delayed reversals, and FX-related issues from both digital and conventional banking.
New Compliance Department, Quarterly Engagements
Beyond fines, the CBN in 2025 established a dedicated Compliance Department to oversee financial crime, market conduct, advertising, cybersecurity, data protection, and corporate governance.
Governor Cardoso also disclosed a new quarterly engagement framework with DMBs and the top 10 MFBs to tackle unresolved complaints and address “confusing debit notifications and unexplained deductions.”
The CBN said the enforcement forms part of a broader 2025 reform to strengthen price stability, FX market reforms, liquidity management, and supervisory oversight.
What this means:
With N1.69bn in fines and N19.12bn + $329.3m refunded to customers, the CBN is putting financial institutions on notice: delay complaints, ignore directives, and you will pay — in cash.
For context, the CBN first published a consumer complaints guide in 2022 to standardize how aggrieved customers escalate issues against banks.
Dr. Marcel Mbamalu is a distinguished communication scholar, journalist, and entrepreneur with three decades of experience in the media industry. He holds a Ph.D. in Mass Communication from the University of Nigeria, Nsukka, and serves as the publisher of Prime Business Africa, a renowned multimedia news platform catering to Nigeria and Africa's socio-economic needs.
Dr. Mbamalu's journalism career spans over two decades, during which he honed his skills at The Guardian Newspaper, rising to the position of senior editor. Notably, between 2018 and 2023, he collaborated with the World Health Organization (WHO) in Northeast Nigeria, training senior journalists on conflict reporting and health journalism.
Dr. Mbamalu's expertise has earned him international recognition. He was the sole African representative at the 2023 Jefferson Fellowship program, participating in a study tour of the United States and Asia (Japan and Hong Kong) on inclusion, income gaps, and migration issues.
In 2020, he was part of a global media team that covered the United States presidential election.
Dr. Mbamalu has attended prestigious media trainings, including the Bloomberg Financial Journalism Training and the Reuters/AfDB Training on "Effective Coverage of Infrastructural Development in Africa."
As a columnist for The Punch Newspaper, with insightful articles published in other prominent Nigerian dailies, including ThisDay, Leadership, The Sun, and The Guardian, Dr. Mbamalu regularly provides in-depth analysis on socio-political and economic issues.
