The Central Bank of Nigeria has ordered all banks, payment service banks, and other regulated financial institutions to immediately withdraw any advertisement that violates established consumer-protection and fair-marketing standards. The directive, issued in a circular signed by Olubunmi Ayodele-Oni, follows a recent industry review that found widespread misuse of adverts, including exaggerated claims, hidden information, downplayed risks, and the use of unaudited financial statements.
According to the CBN, these misleading adverts not only deceive customers but also distort market competition and weaken trust in the financial system. The apex bank insisted that all adverts must be factual, transparent, and balanced, while banning comparative or superlative claims and prohibiting promotional inducements such as lotteries, prize draws, and chance-based incentives that could pressure consumers into poor financial decisions.
The CBN introduced new compliance steps requiring institutions to notify the bank before publishing any advert. Such notifications must include the advert’s duration, creative content, target audience, and written clearance from compliance and legal departments, alongside evidence that the product or service being promoted has already been approved by the CBN. However, the regulator clarified that this process is strictly for monitoring purposes and does not amount to endorsement.
Financial institutions have been instructed to withdraw all non-compliant adverts immediately and submit a compliance attestation within 30 days, signed by their CEO and key compliance officers. The CBN added that it will conduct a follow-up review in January 2026, warning that any institution found violating the rules will face sanctions under existing banking and consumer-protection laws.
