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.
The commission said it was neither aware of nor involved in the claims attributed to it regarding the reported market reforms.
In a statement issued on Sunday, the FCCPC Director of Corporate Affairs, Ondaje Ijagwu, described the reports as inaccurate. He said suggestions that the commission submitted the names of local fintech companies to the Presidency as part of efforts to restructure the airtime credit market were false.
“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 stated.
Several national newspapers had reported on Friday and Saturday that President Tinubu endorsed FCCPC proposals to reform the airtime credit sector and approved nine Nigerian fintech firms to participate in the market.
The companies named 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 stressed that it played no role in any such approval process. The commission also pointed out that the regulatory framework under which the firms were reportedly 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 injunction was granted in 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,” he said.
“The commission remains committed to pursuing all lawful processes in respect of that matter while complying fully with the orders of the Court.”
Reacting to the reports, WASPA also raised concerns over claims that additional operators had been approved under a regulatory framework currently under judicial restraint.
The Chairman of Regulatory and Partnership at WASPA, Osa Umweni, questioned how commercial rights could be granted under regulations that have already been suspended through both court action and administrative measures.
The FCCPC’s clarification has left questions about the source of the reports, which contained detailed policy proposals, market projections, and a list of companies allegedly approved to enter the airtime credit market.
As of the time of filing this report, the Presidency had not publicly commented on whether any directive concerning the DEON framework or the airtime credit sector had been issued.
The substantive case is expected to return to court on July 20, 2026, when further proceedings will take place.
