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The Federal Competition and Consumer Protection Commission has dismissed reports alleging that President Bola Tinubu approved the licensing of new operators to take over Nigeria’s airtime credit and data advance market. In a statement issued by its Director of Corporate Affairs, Ondaje Ijagwu, the commission described the reports as inaccurate, stressing that it neither submitted such a proposal to the Presidency nor participated in the process being reported by some media outlets.
According to the FCCPC, claims that the Federal Government had authorised the entry of nine new fintech companies into the airtime credit sector are unfounded. The commission explained that the Digital, Electronic, Online or Non-Traditional Consumer Lending Regulations (DEON Regulations), under which such approvals were allegedly granted, are currently under suspension following an interim order of the Federal High Court in Lagos. The agency said it remains bound by the court directive and cannot implement or enforce the framework until the legal dispute is resolved.
The clarification comes after widespread reports suggested that the Tinubu administration had approved a restructuring of Nigeria’s airtime lending industry as part of a broader technology policy aimed at reducing capital flight and promoting local participation. The FCCPC, however, insisted that it had no knowledge of such presidential approval and urged the public to disregard information attributed to unnamed sources. The commission reiterated that any future regulatory changes would be communicated through official channels.
The latest statement follows earlier controversies surrounding airtime borrowing and data advance services, when the FCCPC similarly denied reports that it had banned those products. The commission explained at the time that temporary service disruptions experienced by some subscribers were the result of compliance issues involving telecom operators rather than a government directive. Industry stakeholders expect further clarity once the ongoing court proceedings over the DEON regulations are concluded, with the case scheduled for hearing later this year.
