The Central Bank of Nigeria (CBN) has sanctioned several financial institutions with fines totaling ₦430 million for failing to address customer complaints promptly and for disregarding regulatory directives, Peak Newspaper reports.
The move highlights the regulator’s growing commitment to protecting consumers and improving service standards across the banking industry.
Details contained in the CBN’s 2025 Annual Report revealed that 21 sanctions were issued during the year for violations related to complaint handling.
According to the apex bank, the affected institutions were penalized for prolonged delays in resolving customer issues and for non-compliance with instructions issued by the regulator.
The enforcement action comes amid a noticeable increase in complaints from users of financial services. The report showed that the CBN received 23,129 complaints in 2025, representing a 10.53% rise from the 20,925 cases recorded in 2024. The regulator attributed the increase to improved public awareness of its complaint resolution channels and greater confidence in the system.
Despite the higher volume of complaints, the CBN reported improved resolution efforts. A total of 18,824 complaints were successfully resolved in 2025, compared to 17,213 in the previous year. This reflects a 9.36% increase in resolved cases, indicating stronger engagement between consumers, banks, and regulatory authorities.
The value of claims handled by the regulator also surged significantly during the review period. Naira-denominated claims jumped to ₦40.61 billion from ₦17.13 billion a year earlier, while foreign currency claims rose sharply to $344.2 million from $1.06 million. As a result of complaint resolutions, customers recovered ₦19.12 billion and $329.3 million in refunds, far exceeding the ₦9.66 billion and $0.67 million refunded in 2024.
