The Federal Competition and Consumer Protection Commission (FCCPC) has dismissed reports claiming that President Bola Tinubu approved plans to open Nigeria’s airtime credit market to nine new operators, stating that it neither participated in nor had knowledge of the claims attributed to it.
In a statement issued on Sunday, the FCCPC’s Director of Corporate Affairs, Ondaje Ijagwu, described as inaccurate media reports suggesting that the commission submitted the names of local fintech firms to the Presidency as part of efforts to reform the airtime credit sector.
According to Ijagwu, the commission had no involvement whatsoever in the reported approvals and was unaware of the claims published in several national newspapers on Friday and Saturday.
The reports had alleged that President Tinubu endorsed FCCPC recommendations to restructure the airtime credit market and approved nine Nigerian fintech companies to operate within the sector. The firms mentioned 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.
However, the FCCPC reiterated that the regulatory framework under which the companies were reportedly approved remains suspended. The commission noted that the implementation and enforcement of the DEON Consumer Lending Regulations 2025 were put on hold following an interim injunction granted by the Federal High Court in Lagos on April 15, 2026, in a suit filed by the Wireless Application Service Providers Association of Nigeria.
