FCCPC Denies Claims of Presidential Approval for Airtime Credit Market Restructuring
By Aboki Forex —
The Federal Competition and Consumer Protection Commission (FCCPC) has rejected reports that President Bola Tinubu approved a major overhaul of Nigeria’s airtime credit market. The Commission also distanced itself from claims that it licensed nine fintech companies to operate in the sector.
In a statement released on Saturday, the FCCPC said the reports were inaccurate. It stated that it neither submitted proposals to the Presidency nor participated in any process to open the market to new operators.
The clarification follows widespread media reports suggesting the Presidency had endorsed the FCCPC’s plans to reform the airtime credit ecosystem under the Federal Government’s Nigeria First Technology Policy.
No Involvement in Presidential Approval Process
Speaking through its Director of Corporate Affairs, Ondaje Ijagwu, the Commission said it was not connected to claims that it sought presidential approval for local fintech firms to enter the digital airtime lending market.
“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,” Ijagwu stated.
The reports had alleged that President Tinubu approved the entry of nine Nigerian firms into the airtime credit business, ending what was described as a long-standing monopoly. The listed companies 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.
Market Valuation Discrepancies
The reports claimed the airtime credit market was valued at nearly N3 trillion annually. However, industry estimates consistently place the market between N300 billion and N400 billion. This raises serious questions about the accuracy of the claims.
The FCCPC also reaffirmed that enforcement of the DEON Consumer Lending Regulations 2025 remains suspended. An interim injunction from the Federal High Court in Lagos, filed by the Wireless Application Service Providers Association of Nigeria (WASPA), challenges the regulatory framework under which the nine firms were reportedly approved.
Ijagwu said the Commission remains fully bound by the court order pending the determination of the substantive suit. “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,” he said.
Court Case and Industry Reactions
The matter is expected to return to court on July 20, 2026. WASPA has questioned how approvals could be granted under a framework already suspended by the court. Osa Umweni, Chairman of Regulatory and Partnership at WASPA, described the development as troubling and warned against creating commercial rights under disputed regulations.
The FCCPC’s denial has deepened uncertainty surrounding the reported reforms and the alleged presidential directive. The Presidency has yet to officially confirm whether any directive on the DEON framework was issued.
For now, attention remains on the upcoming court proceedings. They could determine the future of Nigeria’s fast-growing airtime credit market.