The Central Bank of Nigeria (CBN) has directed banks, payment service banks, and all other regulated financial institutions to immediately withdraw any advertisement or promotional material that violates consumer-protection and fair-marketing rules.
The directive was issued in a circular dated November 27, 2025, and signed by Olubunmi Ayodele-Oni on behalf of the Director of the CBN Compliance Department.
According to the circular, a recent thematic industry review uncovered widespread inconsistencies in how institutions apply disclosure, transparency and fair-marketing standards under the Consumer Protection Regulations 2019 and the Guidelines on Advertisements by Deposit-Taking Financial Institutions issued in 2000.
The CBN said many institutions continue to run adverts that exaggerate product benefits, omit essential information, obscure risks or rely on unaudited financial data, practices that mislead consumers and distort market competition.
The regulator reiterated that all financial adverts must be factual, balanced and transparent, adding that comparative claims, superlative marketing and de-marketing statements—either directly or indirectly—are strictly prohibited.
ALSO READ
The central bank also banned chance-based promotional incentives such as lotteries, lucky dips and prize draws, warning that such inducements may pressure consumers into decisions without understanding associated risks.
Under the strengthened compliance process, all institutions must now notify the CBN before releasing any advert. This notification must include the advert’s duration, creative materials, target audience, and written proof that it has been cleared by internal compliance and legal departments.
Institutions must also show evidence that the underlying product or service featured in the advert has already been approved by the CBN. The regulator clarified that notification does not constitute approval, and institutions remain fully responsible for regulatory compliance.
The CBN ordered immediate withdrawal of any advert that fails to meet these standards and directed institutions to submit, within 30 days, a compliance attestation jointly signed by the Managing Director or CEO, the Executive Compliance Officer and the Chief Compliance Officer.
The attestation must confirm that all ongoing advertisements meet regulatory requirements and internal governance rules.
The CBN said it will conduct a follow-up compliance review starting January 2026, adding that sanctions will be imposed under the Banks and Other Financial Institutions Act 2020 and the Consumer Protection Regulations for any violations.
