The Federal Competition and Consumer Protection Commission has refuted 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.
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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.
The reports, published by several national newspapers on Friday and Saturday, alleged that Tinubu had endorsed FCCPC proposals to restructure the airtime credit sector and approved nine Nigerian fintech firms to participate in the market.
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 Associate Limited, and Coverage Broadband Limited.
FCCPC, however, maintained that it had no involvement in the reported approvals and reiterated that the regulatory framework under which the firms were reportedly approved remains suspended.
Ijagwu said implementation and enforcement of the DEON Consumer Lending Regulations 2025 had been halted following an interim injunction granted by the Federal High Court in Lagos on April 15, 2026, in 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.”
Reacting to the reports, WASPA also expressed concern over claims that additional operators had been approved under a regulatory framework currently subject to judicial restraint.
The Chairman of Regulatory and Partnership at WASPA, Osa Umweni, questioned how commercial rights could be granted under regulations that have been suspended by both court order and administrative action.
The FCCPC’s denial leaves unanswered questions about the origin of the reports, which contained detailed policy proposals, market estimates and a list of companies allegedly approved to enter the sector.
The presidency has not publicly commented on whether any directive relating to the DEON framework or the airtime credit market was issued.
The substantive case is scheduled to come up for further hearing on July 20, 2026.
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