The Central Bank of Nigeria (CBN) has ordered all regulated financial institutions to immediately withdraw misleading bank advertisements that violate consumer-protection and fair-marketing rules. The directive was issued in a circular dated 27 November 2025 and signed by Olubunmi Ayodele-Oni of the CBN Compliance Department.
The update on misleading bank advertisements comes after a thematic review that uncovered widespread inconsistencies in how institutions interpret disclosure, transparency and fair-marketing requirements under existing regulations. The review found adverts that exaggerated benefits, concealed risks, omitted key information and relied on unaudited financial statements.
Okay News reports that the new enforcement step on misleading bank advertisements forms part of the CBN’s broader effort to strengthen integrity and fairness in Nigeria’s financial system.
The CBN stated that adverts linked to misleading bank advertisements must be factual, balanced and transparent, while banning comparative, superlative or de-marketing statements in any form. It also prohibited lotteries, prize draws and other chance-based incentives that could pressure consumers into poorly informed financial decisions.
Under the tightened compliance framework aimed at preventing misleading bank advertisements, banks and financial institutions must now notify the CBN before publishing or airing any marketing material. Each notification must specify advert duration, creative content, target demographics and geography, as well as written clearance from the institution’s legal and compliance departments.
The regulator warned that institutions remain fully responsible for avoiding misleading bank advertisements, stressing that the notification process does not represent prior approval of any advert. Financial institutions must also withdraw non-compliant adverts immediately and submit a compliance attestation within 30 days.
The attestation—designed to reduce misleading bank advertisements—must be jointly signed by the Managing Director or CEO, the Executive Compliance Officer and the Chief Compliance Officer, confirming adherence to regulatory standards and internal governance rules.
The CBN said enforcement actions for misleading bank advertisements will begin in January 2026 following a follow-up industry-wide review. Sanctions will be applied under the Banks and Other Financial Institutions Act 2020 and the Consumer Protection Regulations.
The apex bank added that eliminating misleading bank advertisements is essential for ensuring fairness, transparency and responsible marketing within Nigeria’s financial sector.
