The Federal Competition and Consumer Protection Commission (FCCPC) has denied reports alleging that President Bola Tinubu approved the opening of Nigeria’s airtime credit market to nine new operators, insisting it had no involvement in the claims attributed to it.
In a statement issued on Sunday, the Commission’s Director of Corporate Affairs, Ondaje Ijagwu, said it was not connected to the report and had no knowledge of the alleged submissions said to have been made to the Presidency.
“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 national newspapers had reported on Friday and Saturday that President Tinubu had endorsed proposals linked to the FCCPC to restructure the airtime credit sector and granted approval for nine Nigerian fintech companies to operate in the market.
The firms named in the reports include 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 dismissed the claims, stressing that it was not part of any approval process and reaffirmed that the regulatory framework referenced in the reports remains suspended.
Ijagwu further explained that the implementation and enforcement 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 order arose from a case filed by the Wireless Application Service Providers Association of Nigeria (WASPA).
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According to him, the Commission is legally bound to comply with the court directive suspending enforcement of the regulation until the substantive matter is determined.
“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 also reiterated its commitment to following due legal process while the case remains before the court.
Meanwhile, the Wireless Application Service Providers Association of Nigeria (WASPA) has expressed concern over reports suggesting that new operators were approved under a regulatory framework currently under judicial restraint.
The Chairman of Regulatory and Partnership at WASPA, Osa Umweni, questioned how commercial approvals could be granted under regulations that have already been suspended through both court order and administrative action.
The FCCPC’s denial has left unanswered questions regarding the source of the reports, which contained detailed policy projections, market estimates, and a list of companies said to have been cleared for participation in the sector.
The Presidency has yet to issue any official response regarding whether any directive was given concerning the DEON framework or the airtime credit market.
The case challenging the regulation remains scheduled for further hearing on July 20, 2026.