The Federal Competition and Consumer Protection Commission (FCCPC) has clarified the media report that it submitted to the Presidency, a list of indigenous fintech companies to join the airtime lending market.
This clarification was made in a statement issued by the commission's director of corporate affairs, Ondaje Ijagwu, saying, “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 absolutely.”
The statement reads in part, “For clarity, the Commission’s position on matters relating to digital and non-traditional lending is limited to its regulatory responsibilities under the Digital, Electronic, Online or Non-Traditional Consumer Lending Regulations 2025 (DEON Regulations).
“As previously communicated by the Commission, implementation and enforcement of the DEON Regulations were suspended following service of an ex parte order of the Federal High Court in Lagos in Suit No. FHC/L/CS/760/2026, filed by the Wireless Application Service Providers Association of Nigeria (WASPAN).
“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.
“The Commission remains committed to pursuing all lawful processes in respect of that matter while complying fully with the orders of the Court.”
This statement by the FCCPC is a result of several media reports, which claimed that President Bola Tinubu ordered the commission to deregulate the airtime lending sector and dismantle the 12-year dominance in the sector by a South African firm, Optasia, formerly known as Channel VAS.
According to the false media reports, Optasia remits about N3 trillion annually in profits to South Africa while paying minimal local tax; thus, the claims that the Commission submitted the names of nine local fintech companies in order to promote local content, strengthen Nigeria’s digital economy and curb capital flight to South Africa.