Tinubu Did Not Approve New Airtime Credit Operators, Says FCCPC

The Federal Competition and Consumer Protection Commission has denied reports claiming that President Bola Ahmed Tinubu approved plans to open Nigeria’s airtime credit market to nine new operators.

In a statement issued on Sunday, the FCCPC’s Director of Corporate Affairs, Ondaje Ijagwu, described the reports as inaccurate and stated that the commission neither participated in nor had knowledge of the alleged approvals.

According to Ijagwu, claims that the FCCPC submitted the names of local fintech companies to the Presidency as part of a proposed restructuring of the airtime credit market 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,” he said.

Several media reports published over the weekend had alleged that the President endorsed proposals from the FCCPC to reform the airtime credit sector and approved nine Nigerian fintech firms to operate in the market.

The reports named several companies as beneficiaries of the alleged approval, claiming they would participate in the airtime credit and data lending space.

However, the FCCPC maintained that the regulatory framework under which the approvals were reportedly granted remains suspended and cannot currently be enforced.

Ijagwu explained that the implementation and enforcement of the DEON Consumer Lending Regulations 2025 were halted following an interim injunction issued by the Federal High Court in Lagos on April 15, 2026.

The injunction followed a suit filed by the Wireless Application Service Providers Association of Nigeria challenging aspects of the regulations.

The commission stated that it remains bound by the court order and will continue to comply fully pending the determination of the substantive case.

The case is scheduled to return to court on July 20, 2026.

Meanwhile, WASPA also expressed concern over reports suggesting that new operators had been approved under a regulatory framework that is currently under judicial review.

The association questioned how commercial rights could be granted while the regulations remain suspended by both court order and administrative action.

The FCCPC’s clarification has raised questions about the source of the reports and the alleged approvals. As of Sunday, the Presidency had not issued any official statement confirming or denying whether such directives were approved.