Fidelia Soriwei, Abuja
The Federal Competition and Consumer Protection Commission has dismissed reports claiming it approved 48 new digital lending applications, insisting no fresh licences have been granted under the current regulatory framework governing online lenders.
In a statement issued on Sunday via its official X account, the commission described the publication titled “FCCPC Approves 48 More Loan Apps, Raises Licensed Digital Lenders in Nigeria to 505” as inaccurate and misleading.
According to the FCCPC, it has suspended the implementation of the Digital, Electronic, Online and Non-Traditional Consumer Lending Regulations, 2025, in compliance with an ex parte order of the Federal High Court pending the determination of ongoing legal proceedings.
“The attention of the Federal Competition and Consumer Protection Commission has been drawn to a publication titled ‘FCCPC Approves 48 More Loan Apps, Raises Licensed Digital Lenders in Nigeria to 505.’ The publication is false, misleading and does not represent the position or actions of the Commission.
“The FCCPC is a law-abiding institution and is fully complying with the ex parte Order of the Federal High Court restraining the implementation of the Digital, Electronic, Online and Non-Traditional Consumer Lending Regulations, 2025 pending further proceedings.
“Consequently, the Commission has not granted any new approvals or licences pursuant to those Regulations. Any publication suggesting that the Commission recently approved additional digital lenders under the Regulations is entirely false.”
The commission urged the public, media organisations and industry stakeholders to disregard the report and rely only on information released through its official channels.
It also reaffirmed its commitment to obeying court directives and providing accurate information on its regulatory activities.
The FCCPC noted that this was not the first time it had refuted reports of approvals linked to its suspended regulatory framework.
Earlier this month, the agency also denied claims that it approved nine fintech companies to participate in the airtime credit sector, maintaining that it played no role in the reported approvals.
The commission explained that enforcement of the DEON Consumer Lending Regulations 2025 has remained on hold since April 15, 2026, following an interim injunction granted by the Federal High Court in Lagos in a suit filed by the Wireless Application Service Providers Association of Nigeria.
