- CBN Orders Banks To Withdraw Non Compliant Adverts.
- Institutions must file detailed advert notifications ahead of any public campaign.
- Sanctions begin January 2026 as regulator prepares sector wide compliance audit.
The Central Bank of Nigeria has ordered all licensed banks, payment service banks and other regulated financial institutions to withdraw any advertisement or promotional campaign that violates transparency and consumer protection rules.
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EKO HOT BLOG reports that the directive was issued through an industry circular on Thursday and signed by Olubunmi Ayodele Oni from the bank’s Compliance Department. The circular followed a thematic review conducted by the regulator using the Consumer Protection Regulations 2019 and the Advertising Guidelines for Deposit Taking Institutions 2000. The review found persistent breaches in disclosures and fair marketing communication.
According to the apex bank, several institutions were releasing adverts that exaggerate product benefits, conceal risk warnings, use unclear disclosures or rely on unaudited financial statements to promote regulated financial products. It stated that such practices mislead consumers, weaken healthy competition and damage public confidence in the financial sector.
The circular stressed that all adverts, whether digital or traditional, must be factual, balanced and transparent. It prohibited adverts containing comparative claims, exaggerated superlatives or statements that may be interpreted as de marketing by context or implication. Institutions were also barred from running promotional inducement schemes built on chance based outcomes such as lotteries, lucky dips or prize draws, noting that they could push consumers into making uninformed financial commitments.
The regulator directed all financial institutions to submit advert notification filings before releasing any marketing campaign. Each filing must state the duration of the campaign, provide the creative materials, identify target consumer groups, indicate geographical coverage and include proof that the advertised product has received regulatory clearance from the Central Bank’s product approval committee.
Financial institutions must also submit signed confirmations from their legal and compliance departments and note that filing does not amount to CBN approval. The responsibility for meeting all regulatory and consumer advertising requirements remains entirely with the institutions.
The circular added that institutions must file compliance attestation letters jointly signed by their Managing Director or Chief Executive Officer, Executive Compliance Officer and Chief Compliance Officer. These letters must certify that current advertising practices meet disclosure standards, governance expectations and national advertising laws.
The regulator announced that sanctions for non compliance will begin in January 2026. It also disclosed that an industry wide audit and communication review will commence the same month to measure compliance under the Banks and Other Financial Institutions Act 2020.
The Central Bank reaffirmed its commitment to fairness, responsible communication and consumer protection across the financial system.
