The Central Bank of Nigeria (CBN) has issued a sweeping directive ordering all banks, payment service banks, and other regulated financial institutions to immediately withdraw any advertisement or promotional material that violates consumer-protection and fair-marketing rules.
The instruction was delivered through a circular dated November 27, 2025, signed by Olubunmi Ayodele-Oni on behalf of the Director of the CBN Compliance Department.
According to the apex bank, the move follows a recent industry-wide review that exposed widespread breaches in disclosure, transparency, and fair-marketing standards outlined in the Consumer Protection Regulations 2019 and the Guidelines on Advertisements for Deposit-Taking Financial Institutions.
ALSO: Nigeria Records N2.78tn Company Income Tax in Q2 2025 Amid Rising Corporate Profits
CBN Flags Misleading Financial Adverts
The CBN revealed that many financial institutions are still publishing promotional content that:
-
Exaggerates benefits
-
Conceals crucial product information
-
Downplays or hides risks
-
Uses unaudited financial figures
-
Employs indirect de-marketing or unfair comparisons
The regulator warned that such practices mislead consumers, distort competition, and erode trust in the financial system.
All adverts, it stressed, must be factual, balanced, and transparent, while superlative, comparative, or de-marketing statements are strictly prohibited.
The Bank also banned lotteries, prize draws, lucky dips, and similar chance-based incentives, arguing that they pressure customers into financial decisions without fully assessing the risks.
New Mandatory Compliance Steps for Advert Approvals
Under the tightened rules, all financial institutions must now notify the CBN before publishing or airing any advertisement. Each submission must include:
-
Duration of the advert
-
Full creative content
-
Target audience (demographic and geographic)
-
Written confirmation of approval by internal compliance and legal departments
-
Evidence that the product or service being advertised has been approved by the CBN
However, the apex bank clarified that notification does not amount to approval—institutions remain fully responsible for ensuring compliance.
The CBN directed immediate withdrawal of all non-compliant adverts and gave institutions 30 days to submit a compliance attestation jointly signed by the:
-
Managing Director / CEO
-
Executive Compliance Officer
-
Chief Compliance Officer
This document must confirm that all existing advertising and promotional materials meet regulatory and internal standards.
Sanctions Begin January 2026
The CBN announced it will conduct a follow-up compliance review in January 2026. Any institution found violating the advertising rules will face sanctions under the Banks and Other Financial Institutions Act (BOFIA) 2020 and the Consumer Protection Regulations.
The apex bank reaffirmed its commitment to fairness, transparency, and responsible marketing practices to safeguard consumers and strengthen trust in Nigeria’s financial sector.
Comments 1