The Federal Competition and Consumer Protection Commission (FCCPC) has dismissed reports claiming President Bola Tinubu approved the entry of nine new operators into Nigeria’s airtime credit market.
FCCPC Director of Corporate Affairs, Ondaje Ijagwu, in a statement on Sunday, said the commission was neither aware of nor involved in the alleged approvals.
He stressed that reports suggesting FCCPC submitted names of fintech firms to the Presidency were “absolutely inaccurate.”
Several newspapers had reported that Tinubu endorsed FCCPC proposals to restructure the airtime credit sector and approved nine Nigerian fintech companies, including Technotrends Platforms Nigeria Limited, Total Tim Nigeria Limited, and Cloud Interactive Associate Limited, among others.
Ijagwu clarified that the regulatory framework under which the firms were reportedly approved remains suspended.
He noted that enforcement of the DEON Consumer Lending Regulations 2025 was halted following a Federal High Court injunction in Lagos on April 15, 2026, in a case filed by the Wireless Application Service Providers Association of Nigeria (WASPA).
“As a law-abiding public institution, FCCPC remains bound by the court order to suspend enforcement of the regulation pending determination of the substantive case,” Ijagwu stated.
The matter is scheduled for further hearing on July 20, 2026.WASPA also expressed concern over the reports, questioning how commercial rights could be granted under a framework currently restrained by both court order and administrative action.
The Presidency has yet to comment on whether any directive relating to the DEON framework or the airtime credit market was issued.
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