Business
Court Order Still In Force, FCCPC Dismisses Claims Of New Loan App Approvals
described as “false” and “misleading”
The Federal Competition and Consumer Protection Commission (FCCPC) has denied reports claiming it recently approved 48 additional digital lending applications in Nigeria.
In a statement issued on Saturday, the commission described as “false” and “misleading” a publication titled ‘FCCPC Approves 48 More Loan Apps, Raises Licensed Digital Lenders in Nigeria to 505’.
The FCCPC said the report does not reflect its position or actions, stressing that it has not granted any new approvals or licences to digital lenders.
“The publication is false, misleading and does not represent the position or actions of the Commission,” the statement reads.
The commission explained that it is complying with an 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.
According to the FCCPC, the court order means it cannot approve or license any new digital lenders under the regulations until the matter is resolved.
“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,” the commission said.
And, further added “Consequently, the Commission has not granted any new approvals or licences pursuant to those Regulations.”
The agency said any publication suggesting that it recently approved additional digital lenders under the regulations is “entirely false”.
It urged members of the public, industry operators and media organisations to disregard the report and rely only on information released through its official communication channels.
“The Commission advises members of the public, industry participants and the media to disregard the publication and to rely only on information published through the FCCPC’s official communication channels,” the statement added.
