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The Federal Competition and Consumer Protection Commission (FCCPC) has rejected reports claiming it backed a major shake-up of Nigeria’s airtime credit market or secured presidential approval for new operators to enter the space.
In a statement on Saturday, the commission said it had no knowledge of the alleged plan and was not part of any process said to be opening the sector to nine fintech firms.
The clarification follows widespread media reports suggesting that President Bola Tinubu had approved a restructuring of the airtime credit ecosystem under the administration’s “Nigeria First” policy. The reports also claimed the move would allow new players to compete in a market long dominated by telecom operators and their existing partners.
The companies mentioned in the reports include 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.
Some of the publications further suggested that the reform could unlock a market valued at about N3 trillion annually. However, industry estimates generally place the size of Nigeria’s airtime credit and related digital lending space at between N300 billion and N400 billion.
But the FCCPC dismissed the entire narrative, insisting it was not involved in any approval process or regulatory announcement linked to the claims.
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“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 agency said through its Director of Corporate Affairs, Ondaje Ijagwu.
The commission also clarified that its Digital, Electronic, Online and Non-Traditional Consumer Lending (DEON) regulations remain suspended.
According to the FCCPC, the suspension followed an interim court order issued by the Federal High Court in Lagos on April 15, in a case filed by the Wireless Application Service Providers Association of Nigeria (WASPAN).
It stressed that as a public institution, it is fully complying with the court directive and will not enforce the regulations until the matter is fully resolved in court, with the next hearing scheduled for July 20, 2026.
The agency added that it remains committed to due process and will continue to handle the issue strictly within the boundaries of the law.
In simple terms, the FCCPC says it is not driving any airtime market overhaul, has not approved new entrants, and is currently waiting on the courts before taking any regulatory action.
