FCCPC denies Tinubu approved new airtime credit operators

THE Federal Competition and Consumer Protection Commission (FCCPC) has denied reports claiming that President Bola Tinubu approved the entry of 9 new operators into Nigeria’s airtime credit market, stating that the commission had no knowledge of or involvement in the alleged approvals.

In a statement released on Sunday, FCCPC Director of Corporate Affairs, Ondaje Ijagwu, described as false reports alleging that the commission submitted the names of local fintech firms to the presidency as part of a proposed reform of 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 national newspapers had reported on Friday and Saturday that Tinubu approved FCCPC recommendations aimed at restructuring the airtime credit market and authorised 9 Nigerian fintech companies to operate within the sector.

READ ALSO: Court orders FCCPC to shut down Coscharis Motors over disputed defective Range Rover sale

The firms listed in the 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.

However, the FCCPC insisted it played no role in the purported approvals and noted that the regulatory framework linked to the companies remains suspended.

Ijagwu explained that the implementation and enforcement of the DEON Consumer Lending Regulations 2025 were put on hold 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,” he added.

Reacting to the development, WASPA also raised concerns over reports suggesting that additional operators had been cleared under a framework already restrained by the courts.

Chairman of Regulatory and Partnership at WASPA, Osa Umweni, questioned how commercial rights could be issued under regulations currently suspended by both judicial order and administrative action.

READ ALSO: Court bars MTN, Airtel from suspending airtime lending services

The FCCPC’s response has left unresolved questions surrounding the source of the reports, which contained detailed market projections, policy proposals, and the names of firms allegedly approved to participate in the sector.

Meanwhile, the presidency has yet to issue any official statement confirming whether directives relating to the DEON framework or the airtime credit market were ever given.

The substantive suit is expected to begin on July 20, 2026.