Federal Competition and Consumer Protection Commission (FCCPC) has denied reports claiming that President Bola Ahmed Tinubu approved the entry of nine new operators into Nigeria’s airtime credit market.
The Commission in a statement made available by the Director of Corporate Affairs, Ondaje Ijagwu, said the commission neither submitted any list of fintech companies to the Presidency nor participated in any process leading to the alleged approvals.
According to the FCCPC, reports published by some newspapers stating that the President approved reforms of the airtime credit sector and licensed nine fintech firms are inaccurate.
The companies reportedly named in the publications were:
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
Coverage Broadband Limited
The commission stressed that the regulatory framework under which the approvals were allegedly granted remains suspended.
Ijagwu explained that enforcement of the DEON Consumer Lending Regulations 2025 was halted after the Federal High Court in Lagos granted an interim injunction on April 15, 2026, following a suit filed by the Wireless Application Service Providers Association of Nigeria.
He stated that the FCCPC remains bound by the court order and will continue to comply with all legal processes pending the determination of the case.
WASPA also questioned how new operators could be approved under regulations that are currently suspended by both court order and administrative action.
The FCCPC’s denial has raised questions about the source of the reports, which contained detailed policy proposals, market projections, and a list of companies allegedly approved to participate in the airtime credit market.
The Presidency has not yet issued any public statement on the matter.
The substantive case is scheduled for further hearing on July 20, 2026.
