The Federal Competition and Consumer Protection Commission (FCCPC) has distanced itself from widespread reports alleging that President Bola Tinubu approved a major restructuring of Nigeria's airtime credit market and licensed nine fintech companies to operate in the sector.
In a statement released on Saturday, the Commission described the reports as inaccurate and clarified that it neither submitted proposals to the Presidency nor participated in any process aimed at opening the market to new operators.
FCCPC Rejects Claims of Presidential Backing
Speaking through its Director of Corporate Affairs, Ondaje Ijagwu, the Commission said it was not connected to claims that it had sought presidential approval for local fintech firms to enter the digital airtime lending market.
According to the FCCPC, reports suggesting it pushed for reforms to reduce capital flight in the sector were false.
"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 stated.
The reports had alleged that President Bola Tinubu approved the entry of nine Nigerian firms into the airtime credit business, ending what was described as a long-standing monopoly in the market.
Nine Companies Named in Controversial Reports
The companies listed in the reports 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.
Five of the firms had earlier appeared in reports published in April 2026, while four others surfaced for the first time in recent publications.
The reports also claimed the airtime credit market was valued at nearly N3 trillion annually. However, industry estimates have consistently placed the market between N300 billion and N400 billion, raising further questions about the accuracy of the claims.
Court Order Still Suspends DEON Regulations
The FCCPC also reaffirmed that enforcement of the DEON Consumer Lending Regulations 2025 remains suspended following an interim injunction issued by the Federal High Court in Lagos.
The case, filed by the Wireless Application Service Providers Association of Nigeria (WASPA), challenges the regulatory framework under which the nine firms were reportedly approved.
Ijagwu said the Commission remains fully bound by the court order pending the determination of the substantive suit.
"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," he said.
The matter is expected to return to court on July 20, 2026.
Industry Group Raises Fresh Concerns
Reacting separately, the Wireless Application Service Providers Association of Nigeria questioned how approvals could allegedly be granted under a framework that has already been suspended by the court.
Osa Umweni, Chairman of Regulatory and Partnership at WASPA, described the development as troubling and warned against creating commercial rights under disputed regulations.
The FCCPC's latest denial has now deepened uncertainty surrounding the reported reforms and the alleged presidential directive.
Despite the detailed nature of the earlier reports, including policy arguments, market figures, and lists of approved companies, the Presidency has yet to officially confirm whether any directive on the DEON framework was issued.
For now, attention remains fixed on the upcoming court proceedings, which could determine the future of Nigeria's fast-growing airtime credit market.
Legit.ng earlier reported that the Federal Competition and Consumer Protection Commission (FCCPC) has expanded the number of companies approved to offer airtime and data credit services in Nigeria, despite an ongoing court order restraining enforcement of the regulatory framework governing the scheme.
The number of licensed operators under the DEON Consumer Lending Regulations 2025 has now increased from five to nine, following the addition of four new firms to the FCCPC-approved list.
The newly approved operators are Technotrends Platforms Nigeria Limited, Fonyou Technologies Nigeria Limited, MRS Innovation Nigeria Limited, and ERL Telecoms Service Limited.
