Airtime Lending Dispute Continues Amidst Court Injunction

The Federal Competition and Consumer Protection Commission (FCCPC) has issued a strong denial regarding reports it briefed President Bola Tinubu on plans to dismantle Optasia’s dominance in Nigeria’s airtime credit lending market. This contradicts multiple major Nigerian news outlets that reported the briefing occurred, leading to a presidential directive for market liberalization.

The FCCPC stated unequivocally that it “was not aware of, and was not involved in, the claims attributed to it” in these reports. The commission’s Director of Corporate Affairs, Ondaje Ijagwu, emphasized this denial as “absolute,” directly refuting accounts published by Daily Post, Vanguard, Premium Times, and others.

Regulatory Dispute Background

The current dispute stems from the FCCPC’s introduction of Digital, Electronic, Online or Non-Traditional Consumer Lending Regulations (DEON) in mid-2025. These regulations extended credit lending oversight to include telecoms operators and their technology partners like Optasia—a South African firm that provides the AI infrastructure powering airtime loans for MTN, Airtel, and Glo.

The FCCPC has argued this arrangement facilitates significant capital flight, with Optasia maintaining minimal operational footprint in Nigeria while generating billions in revenue. This led to telcos suspending airtime lending services in April 2026 following FCCPC enforcement actions, disrupting access to emergency credit for millions of subscribers.

Court Intervention and Current Status

Optasia quickly responded by obtaining an interim injunction from the Federal High Court in Lagos (Suit No. FHC/L/CS/760/2026) filed through the Wireless Application Service Providers Association of Nigeria (WASPAN). This injunction, which remains in effect, restricts the FCCPC from enforcing DEON regulations.

The FCCPC’s statement confirms its obligation to comply with this court order, noting that enforcement will remain suspended until the substantive case is resolved on July 20, 2026.

Unanswered Questions

The denial raises questions about who briefed the presidency and why multiple outlets specifically cited the FCCPC as their source. If not the FCCPC, then who provided this information?

What also remains unclear is the origin of a list reportedly containing nine Nigerian fintechs submitted for approval to enter the airtime lending space—a detail omitted from the FCCPC’s statement and unclaimed by any agency.