The Central Bank of Nigeria (CBN) has ordered all banks, payment service banks and other financial institutions to immediately withdraw any advertisement or promotional material that misleads customers or violates consumer-protection rules.
In a strongly worded circular issued Thursday, the apex bank said a recent industry-wide review exposed widespread abuse of advertising guidelines, including exaggerated claims, hidden risks, use of unaudited figures and banned lucky dips or prize draws.
The CBN banned comparative adverts, superlative statements and any form of de-marketing of competitors, warning that such practices distort competition and erode public trust.
From now on, every single advert or marketing campaign must first be notified to the CBN with full details: duration, creative content, target audience, proof of internal legal and compliance clearance, and evidence that the product itself has CBN approval.
The regulator made it clear the notification is for monitoring only; banks remain fully liable for any breach.
All institutions have been given 30 days to submit a sworn compliance attestation jointly signed by their Managing Director/Chief Executive, Executive Compliance Officer and Chief Compliance Officer confirming that every current advert meets the rules.
A fresh compliance review will begin in January 2026, and the CBN warned that heavy sanctions, including fines and other penalties under the Banks and Other Financial Institutions Act 2020, will be slammed on defaulters.
Daniel Otera is a dedicated journalist with over four years of experience in reporting, field coverage and fact-checking. He has built a reputation for telling stories with clarity, accuracy and a strong commitment to truth. Daniel’s work focuses on bringing verified information to the public while capturing the real experiences of people on the ground.