Reported by: Ijeoma G | Edited by: Oravbiere Osayomore Promise.
ABUJA, Nigeria – The Federal Competition and Consumer Protection Commission has firmly rejected reports claiming that it secured presidential approval to open Nigeria’s airtime credit market to nine new operators, describing the allegations as wholly inaccurate and stating that it was neither aware of nor involved in any such initiative. The denial came in a statement issued on Saturday, June 6, 2026, by the commission’s Director of Corporate Affairs, Ondaje Ijagwu, following a flurry of national newspaper reports on Friday and Saturday that claimed President Bola Tinubu had approved a major shake-up of the sector.
The reports, which cited unnamed sources allegedly linked to the commission, claimed that President Tinubu had endorsed plans to restructure the airtime credit market as part of his administration’s “Nigeria First” policy. They alleged that the move would allow nine Nigerian fintech companies to participate in a sector traditionally dominated by telecommunications operators and their foreign partners. The companies named in the reports were 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 these firms had reportedly been listed in an earlier FCCPC approval announced on April 22, while four appeared for the first time in the June 6 coverage.
The publications also estimated the value of Nigeria’s airtime credit market at about N3 trillion annually, a figure that industry observers have questioned, noting that available estimates consistently place the market between N300 billion and N400 billion. In its statement, the FCCPC made its position unequivocal. “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 said. “The Commission wishes to state clearly that it is absolutely unaware of, and was not involved in, the claims attributed to it in the report,” the statement reads.
Ijagwu further reaffirmed the commission’s position on the Digital Extension of Nano‑credit (DEON) Consumer Lending Regulations 2025, the framework under which all nine firms were reportedly approved. He confirmed that implementation and enforcement of the DEON Regulations remain suspended following an interim injunction issued by the Federal High Court in Lagos on April 15, 2026. The injunction was granted in Suit No. FHC/L/CS/760/2026, 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 the determination of the substantive case by the court, which has been fixed for July 20, 2026, for further hearing,” Ijagwu stated. “The Commission remains committed to pursuing all lawful processes in respect of that matter while complying fully with the orders of the Court.”
The confusion stems from contradictory signals emanating from the regulatory space over the past two months. The dispute began in April after the FCCPC classified airtime credit as a consumer lending product under its DEON Regulations 2025, a move that prompted telecom operators to suspend their services, affecting an estimated 40 million Nigerians who rely on borrowed airtime and data to stay connected. After several weeks of disruption, the FCCPC announced on May 22 that it was suspending enforcement of the DEON framework in obedience to the court order. Airtel Nigeria and Globacom subsequently restored their airtime credit services.
Despite the suspension, reports of an expansion of the approved operators list emerged on June 6, citing commission sources. The Wireless Application Service Providers Association of Nigeria responded sharply, questioning how any new commercial rights could be created under a regulatory framework that is both administratively suspended and subject to a court injunction. Osa Umweni, WASPA’s Chairman of Regulatory and Partnership, described the reported expansion as troubling and legally questionable.
The controversy leaves several questions unanswered. If the commission was not involved in submitting the nine names to the Presidency, who was? If the DEON framework remains judicially restrained and administratively suspended, on what basis were the approvals granted? And if the reports were inaccurate, why did multiple national newspapers publish detailed policy justifications and a full list of approved companies attributed to FCCPC sources? The Presidency has not publicly commented on whether a directive regarding the DEON framework was issued.
As the legal battle over the DEON regulations heads toward a hearing on July 20, millions of Nigerian mobile subscribers continue to access airtime and data credit services through their telecom providers, uncertain whether the regulatory landscape will shift again. The FCCPC’s categorical denial has drawn a clear line in the sand, but it has also deepened the mystery of who, if anyone, is driving the push to restructure one of Nigeria’s most widely used digital financial services.
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