The Federal Competition and Consumer Protection Commission (FCCPC) has distanced itself from reports claiming it secured presidential approval to open Nigeria’s airtime credit market to nine new operators.
The agency’s position comes after several national newspapers reported that President Bola Tinubu approved plans to restructure the airtime credit market as part of the administration’s ‘Nigeria First’ policy.
The reports claimed that the latest regulatory move would allow nine Nigerian fintech companies to participate in the sector, which has traditionally been dominated by telecommunications operators and their partners.
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.
The reports also claimed the move was aimed at reducing capital flight and expanding local participation in the digital lending and airtime credit ecosystem.
Some of the reports estimated the market at about N3 trillion annually, but industry estimates have generally placed the value of the sector between N300 billion and N400 billion.
Speaking on the development in a statement on Saturday, Ondaje Ijagwu, director of corporate affairs at the commission, said the FCCPC was neither aware of nor involved in the claims attributed to it.
“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,” the statement reads.
The FCCPC said the implementation of the DEON consumer lending regulations 2025 remains suspended.
Ijagwu said the suspension followed an interim injunction granted by the federal high court in Lagos on April 15, in a suit filed by the Wireless Application Service Providers Association of Nigeria (WASPAN).
“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.
He said the commission remains committed to pursuing all lawful processes in respect of the matter while complying fully with the orders of the court.
