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The Federal Competition and Consumer Protection Commission (FCCPC) has denied reports claiming that President Bola Tinubu approved plans to open Nigeria’s airtime credit market to nine new operators, saying it was neither aware of nor involved in the claims attributed to it.
According to Punch, FCCPC Director of Corporate Affairs, Ondaje Ijagwu, in a statement issued on Sunday, said reports suggesting it submitted the names of local fintech companies to the Presidency as part of efforts to reform the airtime credit market were inaccurate.
“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.
Some publications alleged that Tinubu had approved FCCPC proposals to reform the airtime credit market and granted nine Nigerian fintech companies permission to operate in the sector.
The companies 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 Associates Limited, and Coverage Broadband Limited.
However, the FCCPC maintained that it played no role in the reported approvals and noted that the regulatory framework under which the companies were allegedly approved remains suspended.
According to Ijagwu, the implementation and enforcement of the DEON Consumer Lending Regulations 2025 were halted following an interim injunction issued by the Federal High Court in Lagos on April 15, 2026. The court order followed a suit filed by the Wireless Application Service Providers Association of Nigeria (WASPA).
“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,” Ijagwu said.
He added that the commission will continue to pursue lawful processes while fully complying with the court’s directives. The substantive case is scheduled to return to court on July 20, 2026.
