The Federal Competition and Consumer Protection Commission (FCCPC) has dismissed reports claiming that President Bola Tinubu has approved the entry of nine new operators into Nigeria’s airtime credit market, insisting it had no knowledge of, or involvement in, such claims.
In a statement issued by its Director of Corporate Affairs, Mr Ondaje Ijagwu, the commission described the reports as inaccurate, stressing that it did not submit any list of Fintech companies to the presidency for approval as part of reforms in the sector.
The reports, which circulated in several national newspapers (excluding Business Post), alleged that the President endorsed proposals by the FCCPC to restructure the airtime credit market and approved a number of Nigerian financial technology firms to operate within the space.
However, the agency clarified that the regulatory framework under which such approvals were reportedly granted remains suspended, following a court order.
Mr Ijagwu explained that the implementation of the DEON Consumer Lending Regulations 2025 was halted after an interim injunction was issued by the Federal High Court in Lagos on April 15, 2026.
The case was instituted by the Wireless Application Service Providers Association of Nigeria (WASPA), which challenged aspects of the regulation and secured a judicial restraint pending the determination of the substantive suit.
The FCCPC said as a law-abiding institution, it remains bound by the court’s directive and cannot enforce or act on the suspended framework until the matter is resolved.
Reacting to the development, WASPA also raised concerns about how approvals could be granted under a regulatory regime that is currently under judicial review and administrative suspension.
The controversy has left unanswered questions about the origin of the reports, which included detailed policy proposals and named specific companies allegedly cleared to operate in the sector. The case is scheduled for further hearing on July 20, 2026.
This newspaper reports that with the suspension, lending services such as Globacom’s Borrow Me Credit and Airtel airtime advances have been restored, allowing subscribers to get airtime or data during emergencies or temporary cash shortages. Meanwhile, MTN has yet to restart the service.