The second quarter brought a landmark consumer-protection ruling, the conclusion of the banking recapitalisation, and a maturing regime for digital assets.
In early April the CBN confirmed that the large majority of banks had met the new capital requirements, with the sector raising about ₦4.65 trillion. Institutions that fell short moved toward mergers, acquisitions or licence adjustments, the most significant reshaping of banking-sector ownership in years.
On 22 April 2026 the Federal High Court in Abuja dismissed UBA's challenge to the Federal Competition and Consumer Protection Commission's jurisdiction, holding that banks answer to the Commission on consumer-protection matters and imposing a ₦2 million fine, a landmark for bank customers.
Building on the Investments and Securities Act 2025, the SEC's Virtual Asset Service Provider licensing regime continued to take shape through the quarter. Digital assets are now treated as securities, and a January 2026 minimum-capital circular set compliance timelines, formalising a market that had long operated in a grey zone.
Read our CBN fintech rulebookThis roundup is a general summary prepared for information only and does not constitute legal advice. For advice on how any of these developments affect your business, contact Vintage Solicitors.
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