‘WE ARE NOT INVOVLED’ FCCPC REFUTES REPORTS OF AIRTIME CREDIT MARKET OVERHAUL

The companies mentioned in the reports are 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.

The reports also said the action was meant to cut down on money leaving the country and to increase local involvement in the digital lending and airtime credit industry.

Some of the reports said the market is worth around N3 trillion each year, but most experts think the real value of the sector is between N300 billion and N400 billion.

Speaking on the development in a statement on Saturday, Ondaje Ijagwu, director of corporate affairs at the commission, said the FCCPC was neither aware of nor involved in the claims attributed to it.

“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.

The FCCPC said the implementation of the DEON consumer lending regulations 2025 remains suspended.

Ijagwu said the suspension followed an interim injunction granted by the federal high court in Lagos on April 15, in a suit 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,” he said.

He said the commission remains committed to pursuing all lawful processes in respect of the matter while complying fully with the orders of the court.