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- Commission says it “is not aware of, and was not involved in” claims attributed to it across national media
The Federal Competition and Consumer Protection Commission has denied involvement in widespread media reports claiming it secured presidential backing to open Nigeria’s airtime credit market to nine new operators, describing the claims attributed to it as inaccurate.
In a statement issued on Saturday by its Director of Corporate Affairs, Ondaje Ijagwu, the Commission said its attention had been drawn to reports “purporting it was involved in the submission to the Presidency, the names of local fintechcompanies seeking to partake in the digital lending market with a view to curbing capital flight abroad.”
“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 said.
The denial follows the publication on Friday and Saturday of reports across several national newspapers claiming that President Bola Tinubu had endorsed the FCCPC’s plans to restructure the airtime credit sector and had approved the licensing of nine Nigerian fintech companies to enter the market. The reports cited unnamed sources within or close to the Commission and described the initiative as part of the administration’s Nigeria First Technology Policy.
The nine companies named in the reports were TechnotrendsPlatforms Nigeria Limited, Total Tim Nigeria Limited, FonyouTechnologies 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. Five of these firms had previously been reported as approved by the FCCPC on 22 April 2026, while four appeared for the first time in the June 6 coverage.
The reports also cited a market valuation of approximately N3 trillion annually, a figure significantly higher than published industry estimates, which consistently place the airtime credit market at between N300 billion and N400 billion.
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In the same statement, Ijagwu reaffirmed the Commission’s position on the DEON Consumer Lending Regulations 2025, the framework under which all nine firms were reportedly approved. He confirmed that implementation and enforcement of the DEON Regulations had been suspended following the interim injunction granted by the Federal High Court in Lagos on 15 April 2026 in Suit No. FHC/L/CS/760/2026, filed by the Wireless Application Service Providers Association of Nigeria.
“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.”
The Wireless Application Service Providers Association of Nigeria responded separately to the reports on Saturday. OsaUmweni, WASPA’s Chairman of Regulatory and Partnership, described the reported expansion of the approved operators list as disturbing and questioned how commercial rights could be created under a regulatory framework that is both judicially restrained and administratively suspended.
The FCCPC’s denial leaves unanswered questions about the origin of the reports, which carried detailed policy arguments, specific market data, and a named list of approved companies attributed to Commission sources. The Presidency has not publicly commented on whether a directive regarding the DEON framework was issued.
The substantive case is scheduled for judgment on 20 July 2026.
