The Federal Competition and Consumer Protection Commission has refuted reports claiming that President Bola Tinubu approved plans to open Nigeria’s airtime credit market to nine new operators, saying it ss neither aware of nor involved in the claims attributed to it.
FCCPC Director of Corporate Affairs, Ondaje Ijagwu, in a statement said reports suggesting it submitted the names of local fintech companies to the Presidency as part of efforts to reform the airtime credit market were inaccurate.
Reports published by several national newspapers alleged that Tinubu had endorsed FCCPC proposals to restructure the airtime credit sector and approved nine Nigerian fintech firms to participate in the market.
The companies named 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.
FCCPC, however, maintained that it had no involvement in the reported approvals and reiterated that the regulatory framework under which the firms were reportedly approved remains suspended.
Ijagwu said implementation and enforcement of the DEON Consumer Lending Regulations 2025 had been halted following an interim injunction granted by the Federal High Court in Lagos on April 15, 2026, in a suit filed by the Wireless Application Service Providers Association of Nigeria.
