The Federal Competition and Consumer Protection Commission (FCCPC) has dismissed reports claiming that President Bola Tinubu approved plans to open Nigeria’s airtime credit market to nine new operators, stating that it neither participated in nor had knowledge of the claims linked to the commission.
In a statement released on Sunday, FCCPC Director of Corporate Affairs, Ondaje Ijagwu, described reports alleging the commission submitted the names of local fintech firms to the Presidency as inaccurate and misleading.
According to Ijagwu, the FCCPC had no involvement in any alleged approval process concerning reforms in the airtime credit market.
“The commission wishes to state clearly that it is not aware of, and was not involved in, the claims attributed to it in the report,” he said.
Several national newspapers had reported on Friday and Saturday that President Tinubu endorsed proposals from the FCCPC to restructure the airtime credit industry and approved nine Nigerian fintech firms to operate in the sector.
The firms named in the reports included Technotrends Platforms Nigeria Limited, Total Tim Nigeria Limited, Fonyou Technologies Nigeria Limited, Rane Interactive Medien CLS Limited, MRS Innovation Nigeria Limited, Mode NG Applications Nigeria Limited, ERL Telecoms Service Limited, Cloud Interactive Associate Limited, and Coverage Broadband Limited.
However, the FCCPC maintained that the regulatory framework under which the firms were allegedly approved remains suspended.
Ijagwu explained that implementation of the DEON Consumer Lending Regulations 2025 had been halted following an interim injunction issued by the Federal High Court in Lagos on April 15, 2026. The case was filed by the Wireless Application Service Providers Association of Nigeria (WASPA), which challenged aspects of the regulation.
He noted that, as a law-abiding institution, the commission remains bound by the court order and cannot enforce the regulation until the matter is resolved in court. The substantive case is scheduled for further hearing on July 20, 2026.
The FCCPC also reaffirmed its commitment to following legal processes while fully complying with the court’s directive.
Meanwhile, WASPA expressed concern over reports suggesting that new operators had been approved under a framework currently under judicial suspension. Osa Umweni, Chairman of Regulatory and Partnership at WASPA, questioned how commercial rights could be granted under regulations that are both administratively suspended and subject to a court order.
The FCCPC’s response has also raised questions about the source of the earlier reports, which included policy details, market projections, and the names of companies allegedly approved to enter the sector.
As of the time of reporting, the Presidency has not publicly addressed whether any directive relating to the DEON framework or Nigeria’s airtime credit market was issued.
