…as CBN declares that all future adverts must be factual, balanced and transparent.
Abuja, Nigeria — The iNews Times | The Central Bank of Nigeria (CBN) has ordered all banks, payment service banks and other financial institutions to immediately withdraw any advertisement that breaches consumer-protection standards, following a comprehensive review of marketing practices across the financial sector.
The directive, issued in a circular dated Thursday and signed by Olubunmi Ayodele-Oni, director of the CBN compliance department, revealed that the apex bank found widespread inconsistencies in the enforcement of disclosure, transparency and fair-marketing requirements. The CBN declared that all future adverts must be factual, balanced and transparent, warning institutions against exaggerated claims, misleading statements, incomplete product disclosures and the promotion of unaudited financial information.
The bank also banned comparative language capable of de-marketing competitors, adding that chance-based promotions, including lotteries, prize draws and lucky dips are now prohibited across the sector. Financial institutions submitting adverts for pre-notification are now required to provide campaign timelines, full creative materials, target audience information and written confirmation of internal legal and compliance approvals, as well as evidence that the product being advertised has the CBN’s authorisation.
The CBN stressed that such pre-notifications are purely for monitoring and should not be interpreted as regulatory approval. All affected institutions have been given 30 days to submit a formal attestation of compliance, signed by their chief executive officers and compliance heads.
The apex bank added that beginning January 2026, it will conduct a follow-up industry-wide review and apply sanctions under BOFIA 2020 and the Consumer Protection Regulations against any institution found to be in violation.
