The Central Bank of Nigeria has directed all banks, payment service banks and other financial institutions to immediately withdraw advertising and promotional materials that do not comply with existing consumer protection and advertising rules, following a thematic review that found inconsistent interpretation of disclosure, transparency and fair-marketing requirements. The circular clarifies that advertisements must be factual, balanced and transparent, and must not mislead, obscure risks, exaggerate benefits, omit material information or reference unaudited financial statements. Comparative, superlative or de-marketing statements are prohibited, as are inducement-style promotions such as lotteries, prize draws, lucky dips or other chance-based incentives. For pre-release notifications to the Central Bank of Nigeria, institutions must include the advert’s duration, creative materials, target demographic and geography, written confirmation of internal Compliance and Legal clearance, and evidence that the underlying product or service has been approved by the Central Bank of Nigeria, while noting that notification is for monitoring only and does not constitute approval or endorsement. Within 30 days of the letter, institutions must submit a compliance attestation jointly signed by the Managing Director or Chief Executive Officer, Executive Compliance Officer and Chief Compliance Officer confirming that current advertising and promotional practices comply with applicable laws, regulations and internal governance processes. A follow-up review is scheduled to begin in January 2026, with sanctions to be applied for breaches in line with the Banks and Other Financial Institutions Act 2020 and the Consumer Protection Regulations.

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