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🇳🇬 Nigeria /Economy & Trade

Tinubu did not approve new airtime credit operators, says FCCPC

From The Punch · () English

Summarized and contextualized by DistantNews.

At a glance

News Named sources Under investigation
  • The Federal Competition and Consumer Protection Commission (FCCPC) denied reports that President Bola Tinubu approved new operators for Nigeria's airtime credit market.
  • FCCPC stated it was unaware of and not involved in the claims, emphasizing that the relevant regulatory framework remains suspended due to a court order.
  • The Wireless Application Service Providers Association of Nigeria also questioned how commercial rights could be granted under suspended regulations.

The Federal Competition and Consumer Protection Commission (FCCPC) has firmly refuted claims that President Bola Tinubu sanctioned the entry of nine new operators into Nigeria's airtime credit market. FCCPC Director of Corporate Affairs, Ondaje Ijagwu, clarified in a statement that the commission was neither aware of nor involved in the reports circulating in national newspapers.

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.

— Ondaje IjagwuFCCPC Director of Corporate Affairs explaining the commission's stance on the reports.

These reports alleged that the Presidency had endorsed FCCPC proposals to restructure the sector and approved specific Nigerian fintech firms. However, the FCCPC maintains that the regulatory framework, the DEON Consumer Lending Regulations 2025, is currently suspended. This suspension follows an interim injunction granted by the Federal High Court in Lagos on April 15, 2026, in response to a lawsuit filed by the Wireless Application Service Providers Association of Nigeria (WASPA).

As a "law-abiding public institution," the FCCPC stated it is bound by the court order to halt enforcement of the regulation until the substantive case is determined. The court has scheduled July 20, 2026, for further hearing. WASPA's Chairman of Regulatory and Partnership, Osa Umweni, echoed this concern, questioning the validity of granting commercial rights under regulations that are subject to judicial restraint and administrative action.

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.

— Ondaje IjagwuFCCPC Director of Corporate Affairs detailing the commission's compliance with a court injunction.

The FCCPC's denial leaves significant questions about the origin of the reports, which included detailed policy proposals and a list of alleged approved companies. The presidency has yet to issue any public comment on the matter.

How commercial rights could be granted under regulations that have been suspended by both court order and administrative action.

— Osa UmweniChairman of Regulatory and Partnership at WASPA questioning the approval of new operators.
DistantNews Editorial

Originally published by The Punch. Summarized and contextualized by our editorial team with added local perspective. Read our editorial standards.

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