Four Nigerian Banks Face Class Action Lawsuits Over Misuse of Customer Data
Four Nigerian banks — Zenith Bank, Fidelity Bank, GTBank, and FCMB — are facing class action lawsuits at the Federal High Court in Lagos for allegedly misusing customers’ personal data during aggressive share offer campaigns.
The suits claim the banks used KYC data to send unsolicited emails, SMS, calls, and in-app pop-ups urging customers to buy shares. In GTBank’s case, plaintiffs allege customer data was shared with its parent company, GTCO Plc, which also sent marketing messages.
The actions followed the CBN recapitalisation policy of March 2024, which required banks to raise fresh capital by 2026. Only eight of the 44 licensed banks met the target by July 2024, prompting intense marketing efforts.
On February 4, 2025, the court certified the suits as class actions, meaning all affected customers are part of the case unless they opt out. Lawyer Pekun Sowole, representing the plaintiffs, said millions were impacted.
The case against GTBank has been adjourned to October 2, 2025, while others are ongoing. If successful, the lawsuits could bring damages, sanctions, and major reputational risks for the banks.
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