The Federal Competition and Consumer Protection Commission (FCCPC) has said it did not get any presidential approval to change Nigeria's airtime credit market. This is to let new players join the industry.
Ondaje Ijagwu, the spokesperson for the commission, made this clear in a statement on Saturday. He said the agency was not involved in what was reported.
"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."
The FCCPC's statement came after reports claimed that President Bola Tinubu approved plans to open the market to nine Nigerian fintech companies. This move was said to be part of the Nigeria First policy by the current administration.
The reports mentioned that this change would allow more participation in a market mostly controlled by telecom companies and their partners. It could also help reduce money leaving the country.
They estimated that this market is worth around ₦3 trillion every year. The FCCPC did not comment on the market size or the companies mentioned in the reports.
The commission also reminded everyone that the DEON Consumer Lending Regulations 2025 is still on hold. This is due to a temporary court order from the Federal High Court in Lagos.
This order was given on April 15 in a case brought by the Wireless Application Service Providers Association of Nigeria (WASPAN). Mr Ijagwu noted that the commission must follow the court's decision until the case is resolved.
"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 added that the commission will continue to follow all legal procedures related to this issue while fully obeying the court's orders.
Drop your comment
No comments yet — be the first to drop the gist 👇