Business
FCCPC denies a hand in the reported airtime credit overhaul
The Federal Competition and Consumer Protection Commission (FCCPC) has denied reports that it secured presidential approval to restructure Nigeria’s airtime credit market and allow new operators to join the sector.
In a statement issued on Saturday, Ondaje Ijagwu, the commission’s spokesperson, disclosed that the agency played no part in the development as alleged.
“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.”
FCCP’s reaction comes on the heels of claims that President Bola Tinubu has given the go-ahead to plans to open the market to nine Nigerian fintech firms as part of the administration’s Nigeria First policy.
The reports said the push would expand participation in a sector largely dominated by telecommunications operators and their partners, and could play a big role in reducing capital flight.
The reports also estimated that the market is worth about ₦3 trillion annually.
The FCCPC, however, did not comment on the estimated market size or the companies mentioned in the reports.
The commission also reiterated that the implementation of the DEON Consumer Lending Regulations 2025 remains suspended.
ALSO READ: FCCPC seals Ochacho Real Estate, TI’Bilon Construction offices
According to the FCCPC, the suspension followed an interim injunction granted by the Federal High Court in Lagos on 15 April in a suit filed by the Wireless Application Service Providers Association of Nigeria (WASPAN).
Mr Ijagwu said the commission remains bound by the court order pending the determination of the suit.
“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 emphasised that the commission would steadfastly follow all lawful procedures related to the matter while fully complying with the court’s directives.
BY NKECHI NAECHE-ESEZOBOR—West Africa’s leading insurance and technology conference, Insurance Meets Tech (IMT), will return for its fifth anniversary edition on Thursday, 18th September 2026, at the Balmoral Convention Centre, Sheraton Hotel in Ikeja, Lagos.
Created by the strategic communications agency Creato Urban, the flagship event has evolved since its 2021 debut into a critical cross-industry platform designed to accelerate digital transformation, boost customer acquisition, and foster collaboration across the regional insurance landscape.
This year’s milestone event, themed “Building Insurance That Connects,” marks a fundamental shift in the industry’s digital evolution.
Rather than debating the theoretical benefits of technology, IMT 5.0 will focus strictly on the practical embedding of cutting-edge solutions into everyday insurance products, regulatory processes, and customer experiences. Convener Odion Aleobua emphasized that the conference comes at a critical juncture for a newly reformed and recapitalized insurance sector.
The core objective of IMT 5.0 is to bridge the existing gaps between technological innovation and consumer trust, ensuring that ambitious digital ideas translate into tangible impact and genuine financial inclusion for the people they are designed to serve.
To address these pressing integration challenges, the convention will bring together an interconnected ecosystem of founders, CEOs, domain experts, policymakers, and customers.
Attendees can expect a high-impact agenda featuring keynote presentations, technology showcases, and panel discussions dedicated to the forces reshaping African insurance.
The dialogue will directly confront the realities of deployment—moving from isolated concepts to collaborative, market-ready solutions driven by artificial intelligence, digitization, and customer-centric product design to define the future of the continent’s insurance landscape.
The post IMT 5;0 Set for September 2026 in Lagos appeared first on Business Today NG.
Wema Bank has temporarily blocked communication on its account X, citing the need to protect customers from fraudulent activities and account impersonation.
The lender disclosed the suspension of its engagements on X in a post on Sunday, urging customers to halt interactions with its ‘Wema’ and ‘Alat’ accounts on the platform until further notice. Alat is the lender’s digital banking platform.
Wema Bank noted that its routine checks and security sweeps showed a surge in the rate at which customers are becoming vulnerable to ‘scam accounts’ and fraudsters with fake accounts on X.
“As part of our ongoing efforts to proactively protect your interests and take action against these accounts, we have decided to pause communications on the X platform until further notice,” the financial institution stated.
“Please do not attempt to contact us on X,” it further said.
The bank explained that its efforts to halt communications on X are to prevent its customers from falling prey to fraudulent accounts operating under the guise of Wema Bank on the platform.
The bank directed its customers to contact its official Instagram and Facebook pages, call its contact centre, or email it for verified support and enquiries.
“Please do not engage with or respond to any account claiming to represent us on the platform during this period,” Wema Bank disclosed in the post.
READ ALSO: Fuel gulps 73% of tricycle operators’ income in northern Nigeria – Report
Meanwhile, more than 70 unverified accounts bearing the names “Wema Bank” or ‘ALAT’, the bank’s digital banking platform, have been identified on X, even though they have no affiliation with the financial institution.
The development highlights the increasing incidence of cybersecurity threats in the Nigerian banking industry, which compelled the Central Bank of Nigeria (CBN) to issue lenders a three-week ultimatum in March to complete a mandatory cybersecurity self-assessment as part of a broader push to enhance resilience in the financial system.
According to the CBN, the exercise would boost risk-based monitoring and enhance regulatory oversight of cybersecurity threats in the country’s financial ecosystem.
-
News3 days agoAPC House of Representatives Primary: Esther Danboyi Campaign Alleges Irregularities, Demands Fresh Elections in Affected Wards
-
News1 day ago
OpenAI unveils Lockdown Mode to protect sensitive data from prompt injection attacks
-
Health3 days ago
NARD condemns assault, arrest of doctor after patient dies at Ogun hospital
-
News3 days ago
The token bill comes due: Inside the industry scramble to manage AI’s runaway costs
