FCCPC denies involvement in reported airtime credit market reform approval

The Federal Competition and Consumer Protection Commission (FCCPC) has denied reports claiming it obtained presidential approval to restructure Nigeria’s airtime credit market and introduce nine new operators into the sector.

The clarification follows media reports alleging that President Bola Tinubu had approved a sweeping reform of the airtime lending ecosystem under the administration’s “Nigeria First” policy, aimed at expanding local participation and reducing capital flight.

The reports had claimed that nine fintech companies were cleared to enter the market, including 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.

They also suggested that the reform would open up a sector valued at as high as N3 trillion annually, although industry estimates typically place the market size between N300 billion and N400 billion.

In a statement issued on Saturday, Director of Corporate Affairs at the Commission, Ondaje Ijagwu, said the FCCPC was neither involved in nor aware of the claims attributed to it in the reports.

“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,” the statement read.

The agency stressed that no such approval or regulatory action had been communicated through its official channels.

The FCCPC also clarified that its Digital, Electronic, Online and Non-Traditional (DEON) consumer lending regulations 2025 remain suspended.

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According to the Commission, the suspension follows an interim injunction issued by the Federal High Court in Lagos on April 15, 2026, in a case filed by the Wireless Application Service Providers Association of Nigeria (WASPAN).

Ijagwu noted that the matter is still before the court and has been adjourned for further hearing on July 20, 2026.

“As a law-abiding public institution, the FCCPC remains bound by the court order to suspend enforcement of the regulation pending the determination of the substantive case,” he said.

The FCCPC reiterated its commitment to due process, stating that it will continue to comply with all judicial directives while pursuing lawful regulatory procedures.

The clarification comes amid heightened public debate over the future structure of Nigeria’s airtime credit and digital lending ecosystem, a sector increasingly linked to mobile finance, fintech expansion and telecommunications services.

The Commission maintained that any policy decisions affecting the sector would be communicated through official and legally recognised channels, cautioning against misinformation and premature conclusions regarding regulatory approvals.