In a statement issued on Sunday, the commission’s Director of Corporate Affairs, Ondaje Ijagwu, described as inaccurate media reports suggesting that FCCPC forwarded the names of local fintech firms to the Presidency as part of plans to reform the airtime credit sector.
“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,” Ijagwu said.
Several newspapers had reported on Friday and Saturday that Tinubu endorsed proposals from the FCCPC to restructure the airtime credit market and approved nine Nigerian fintech companies to participate in the sector.
The firms mentioned in the reports 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, and Coverage Broadband Limited.
However, the FCCPC stressed that it neither participated in nor had knowledge of any such approvals. The commission also pointed out that the regulatory framework under which the companies were reportedly cleared to operate remains suspended.
According to Ijagwu, the implementation and enforcement of the DEON Consumer Lending Regulations 2025 were halted following an interim injunction granted by the Federal High Court in Lagos on April 15, 2026, in a case instituted by the Wireless Application Service Providers Association of Nigeria (WASPA).
“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.”
WASPA also raised concerns over reports that additional operators had allegedly been approved under a regulatory framework currently restrained by the courts.
The association’s Chairman of Regulatory and Partnership, Osa Umweni, questioned the basis for granting commercial rights under regulations that remain suspended through both judicial and administrative actions.
The FCCPC’s clarification has left uncertainty over the source of the reports, which detailed policy proposals, market projections and the names of companies allegedly cleared to enter the airtime credit business.
Meanwhile, the Presidency has yet to issue any public statement confirming or denying whether directives relating to the DEON framework or the airtime credit market were given.
The matter is expected to return to court on July 20, 2026, when the substantive suit comes up for further hearing.