FCCPC denies a hand in the reported airtime credit overhaul

The Federal Competition and Consumer Protection Commission (FCCPC) has officially denied any role in the alleged restructuring of Nigeria's airtime credit market. Recent reports suggested that the commission had obtained presidential approval to overhaul the sector and introduce new operators.

However, in a statement released on Saturday, FCCPC spokesperson Ondaje Ijagwu clarified that the agency is not aware of, nor was it involved in, the claims attributed to it. The reports had indicated that President Bola Tinubu had given the green light to plans that would open the market to nine Nigerian fintech firms, aligning with the administration's 'Nigeria First' policy. These reports also suggested this move could significantly reduce capital flight and expand participation in a market estimated to be worth approximately ₦3 trillion annually.

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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.

Separately, the FCCPC reiterated that the DEON Consumer Lending Regulations 2025 remain suspended. This suspension follows an interim injunction granted by the Federal High Court in Lagos on April 15, stemming from a lawsuit filed by the Wireless Application Service Providers Association of Nigeria (WASPAN). The commission emphasized its commitment to adhering to the court's order, with further hearings in the case scheduled for July 20, 2026.

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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.