The Federal Competition and Consumer Protection Commission has dismissed reports claiming President Bola Ahmed Tinubu approved nine new operators for Nigeria airtime credit market, saying commission had no knowledge or involvement.
In a statement issued by its Director of Corporate Affairs, 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, had alleged that the President endorsed proposals by the FCCPC to restructure the airtime credit market and approved a number of Nigerian Fintech firms to operate within the space.
However, the commission clarified that the regulatory framework under which such approvals were reportedly granted remains suspended, following a court order.
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, which challenged aspects of the regulation and secured a judicial restraint pending the determination of the substantive suit.
According to the FCCPC, 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 over how any 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.
Meanwhile, the Presidency has yet to issue any official statement confirming or denying whether directives were given regarding the airtime credit market, as the case is scheduled for further hearing on July 20, 2026.
