The Federal Competition and Consumer Protection Commission has dismissed reports claiming that President Bola Tinubu approved the entry of nine new operators into Nigeria’s airtime credit market, stating that it neither participated in nor had knowledge of the alleged arrangement.
In a statement released on Sunday, the Commission’s Director of Corporate Affairs, Ondaje Ijagwu, described as false reports suggesting that the agency submitted the names of local fintech companies to the Presidency as part of plans to reform the airtime credit sector.
“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 absolutely,” Ijagwu said.
Several newspapers had reported that the President approved FCCPC recommendations aimed at restructuring the airtime credit market and cleared nine Nigerian fintech firms to operate within the sector.
The companies mentioned in those reports were 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.
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However, the FCCPC insisted that it played no role in any such approval process. The agency also noted that the regulatory framework under which the firms were reportedly cleared to operate remains on hold.
According to Ijagwu, the implementation and enforcement of the DEON Consumer Lending Regulations 2025 were suspended after the Federal High Court in Lagos granted an interim injunction on April 15, 2026, following a suit filed by the Wireless Application Service Providers Association of Nigeria.
“As a law-abiding public institution, FCCPC remains bound by the court order to suspend enforcement of the regulation pending the determination of the substantive case by the court, which has been fixed for July 20, 2026, for further hearing.
“The commission remains committed to pursuing all lawful processes in respect of that matter while complying fully with the orders of the Court.”
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WASPA also reacted to the reports, expressing concern over claims that additional operators had been approved under a regulatory framework that is currently under judicial restriction.
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The association’s Chairman of Regulatory and Partnership, Osa Umweni, questioned how commercial licences or rights could be granted under regulations whose implementation has been suspended by both administrative action and a court order.
The FCCPC’s clarification has raised questions about the source of the reports, which included detailed policy recommendations, market projections and the names of companies allegedly approved to participate in the sector.
As of the time of the statement, the Presidency had not issued any public response confirming or denying whether directives concerning the DEON framework or the airtime credit market had been given. The case is expected to return to court on July 20, 2026, for further proceedings.
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