The Federal Competition and Consumer Protection Commission (FCCPC), says its position on matters relating to digital and non-traditional lending is limited to its regulatory responsibilities.
This is according to the Commission is under the Digital, Electronic, Online or Non-Traditional Consumer Lending Regulations 2025 (DEON Regulations).
A statement signed by Mr Ondaje Ijagwu, FCCPC’s Director, Corporate Affairs, in Abuja on Sunday, said the Commission had, however, suspended the implementation and enforcement of DEON regulations pending the determination of a court case.
Ijagwu said the suspension followed the service of an ex-parte order of the Federal High Court in Lagos to FCCPC in Suit No. FHC/L/CS/760/2026, filed by the Wireless Application Service Providers Association of Nigeria (WASPAN).
According to him, 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.
He said the date for the determination of the case had been fixed for July 20 for further hearing.
The director said the Commission was reacting to a report in some sections of the media alleging that the Commission was involved in the submission of names of local fintech companies.
The companies he said were seeking to partake in the digital lending market to the Presidency, to curb capital flight.
Ijagwu said the Commission remained committed to pursuing all lawful processes in respect of the matter while complying fully with the orders of the Court.
The DEON was created to eliminate predatory loan app practices, data privacy abuses, and unethical debt collection tactics.
