FCCPC Denies Involvement in Reported Approval of New Airtime Credit Operators

The Federal Competition and Consumer Protection Commission (FCCPC) has dismissed reports claiming that President Bola Tinubu approved plans to open Nigeria’s airtime credit market to nine new operators, stating that it was neither aware of nor involved in the alleged proposals.

In a statement issued on Sunday, FCCPC Director of Corporate Affairs, Ondaje Ijagwu, described reports linking the commission to the purported market reforms as inaccurate.

According to Ijagwu, claims that the FCCPC submitted the names of local fintech companies to the Presidency as part of efforts to restructure the airtime credit sector are unfounded.

“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,” he said.

The reports, published by several national newspapers on Friday and Saturday, alleged that President Tinubu had endorsed FCCPC proposals aimed at reforming the airtime credit market and approved nine Nigerian fintech firms to participate in the sector.

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.

Regulatory Framework Remains Suspended

The FCCPC maintained that it had no involvement in the reported approvals and stressed that the regulatory framework under which the firms were allegedly approved remains suspended.

Ijagwu noted that 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 suit was filed by the Wireless Application Service Providers Association of Nigeria (WASPA), challenging aspects of the regulations.

“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,” Ijagwu said.

“The commission remains committed to pursuing all lawful processes in respect of that matter while complying fully with the orders of the court.”

WASPA Raises Concerns

Reacting to the reports, WASPA also expressed concern over claims that additional operators had been approved under a regulatory framework that is currently under judicial review.

Chairman of Regulatory and Partnership at WASPA, Osa Umweni, questioned how commercial rights could be granted under regulations that have been suspended through both court action and administrative compliance.

The FCCPC’s denial has left unanswered questions regarding the source of the reports, which contained detailed policy proposals, market projections and a list of companies reportedly approved to enter the airtime credit market.

As of Sunday, the Presidency had not issued any public statement confirming or denying whether directives relating to the DEON framework or the airtime credit sector had been approved.

The substantive case challenging the regulations is scheduled to come up for further hearing before the Federal High Court on July 20, 2026.

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A Lagos-based journalist with a passion for disseminating factual information and a deep appreciation for good music, good food, movies, and beautiful cars. He hopes to travel the world someday, documenting its beauty and diverse cultures through his storytelling.