Table of Contents
- Directive from the CBN
- Assessment Findings
- Removal of Non-Compliant Ads
- Advertising Restrictions
- Notification Requirements
- Compliance Attestation
- Future Review and Sanctions
The Central Bank of Nigeria (CBN) has instructed Nigerian banks, payment service banks, and other financial institutions to promptly withdraw all advertisements that violate consumer protection regulations.
This directive, outlined in a circular dated Thursday and signed by Olubunmi Ayodele-Oni, the director of the CBN’s compliance department, was issued following a review of marketing practices within the financial sector.
The apex bank indicated that the evaluation uncovered inconsistencies in how institutions enforce disclosure, transparency, and fair marketing standards.
The CBN mandated the removal of all non-compliant advertisements and cautioned that any future promotional materials must be accurate, balanced, and transparent.
The bank prohibited misleading claims, overstated benefits, incomplete information, unaudited financial results, and comparative language that could undermine competitors.
Additionally, it banned chance-based promotional incentives such as lotteries, prize draws, and lucky dips.
As a result, institutions planning to submit advertisements for prior notification must now provide campaign timelines, creative materials, target audience details, and written confirmation of internal legal and compliance clearance, along with proof that the underlying product has received CBN approval.
The bank clarified that such notifications are solely for monitoring purposes and do not constitute approval.
All affected institutions are required to submit a compliance attestation within 30 days, signed by the chief executive and compliance leads.
The CBN further stated that starting in January 2026, it will conduct a follow-up review and impose sanctions for violations under BOFIA 2020 and the Consumer Protection Regulations.
Frequently Asked Questions
What is the purpose of the CBN's directive?
The CBN's directive aims to ensure that all advertisements by financial institutions comply with consumer protection rules, promoting transparency and accuracy in marketing practices.
What are the consequences for non-compliance?
Institutions that fail to comply with the CBN's regulations may face sanctions starting in January 2026, as part of the follow-up review process.
What information must be included in advertisement submissions?
Advertisements must include campaign timelines, creative materials, target audience details, legal and compliance clearance, and proof of CBN approval for the underlying product.
Eze Chidiebere Paul
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