The Federal Competition and Consumer Protection Commission (FCCPC) has denied reports that it secured presidential approval to restructure Nigeria’s airtime credit market and allow new operators to join the sector.
In a statement issued on Saturday, Ondaje Ijagwu, the commission’s spokesperson, disclosed that the agency played no part in the development as alleged.
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“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.”
FCCP’s reaction comes on the heels of claims that President Bola Tinubu has given the go-ahead to plans to open the market to nine Nigerian fintech firms as part of the administration’s Nigeria First policy.
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The reports said the push would expand participation in a sector largely dominated by telecommunications operators and their partners, and could play a big role in reducing capital flight.
The reports also estimated that the market is worth about ₦3 trillion annually.
The FCCPC, however, did not comment on the estimated market size or the companies mentioned in the reports.
The commission also reiterated that the implementation of the DEON Consumer Lending Regulations 2025 remains suspended.
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According to the FCCPC, the suspension followed an interim injunction granted by the Federal High Court in Lagos on 15 April in a suit filed by the Wireless Application Service Providers Association of Nigeria (WASPAN).
Mr Ijagwu said the commission remains bound by the court order pending the determination of the 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 by the court, which has been fixed for July 20, 2026, for further hearing,” he said.
He emphasised that the commission would steadfastly follow all lawful procedures related to the matter while fully complying with the court’s directives.
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