Business
ALTON Commends FCCPC on DEON Suspension as Airtime Credit Returns to Airtel, Others
” It is economic infrastructure that approximately 40 million people use regularly, with the vast majority of them at the base of the economy. Removing that infrastructure, even temporarily, had consequences that went far beyond the telecom sector.”
•Gbenga Adebayo, ALTON Chairman
The Association of Licensed Telecommunications Operators of Nigeria (ALTON) has commended the Federal Competition and Consumer Protection Commission for suspending enforcement of the Digital, Electronic, Online, or Non-traditional Consumer Lending (DEON) regulations against telecommunications operators.
ALTON described the decision as a critical step towards restoring confidence in Nigeria’s regulatory environment.This comes as airtime and data credit services resume across several of Nigeria’s mobile networks.
Airtel Nigeria has fully restored airtime credit to its subscribers, and Glo has also brought its services back online in recent days.
The restoration follows weeks of disruption that left approximately 40 million active users, overwhelmingly prepaid subscribers in the lower-income bracket, without access to the small airtime and data advances they rely on daily.
Gbenga Adebayo, ALTON Chairman, said that the FCCPC’s decision reflects the kind of institutional discipline that the sector and the broader investment community had been looking for.
“We commend the FCCPC for taking this decision in the interests of Nigerian consumers and the telecommunications industry,” Adebayo said.
“Suspending the DEON regulations as they apply to telecom services recognises that the established regulatory architecture, with the NCC as the sector’s primary regulator, is the appropriate framework for governing these products.
That recognition matters enormously for industry stability and investor confidence.”
Adebayo noted that the disruption had exposed how deeply embedded airtime credit is in the daily economic activity of millions of Nigerians.“
What this episode demonstrated is that airtime credit is not a financial product in the way regulators initially characterised it.
It is economic infrastructure that approximately 40 million people use regularly, with the vast majority of them at the base of the economy. Removing that infrastructure, even temporarily, had consequences that went far beyond the telecom sector.”
The airtime credit market, estimated at N300 to N400 billion annually, was effectively frozen in early April when MTN, Airtel, Glo, and T2mobile suspended their offerings after an FCCPC enforcement directive required immediate compliance with the DEON framework.
The FCCPC had classified airtime credit as consumer lending, bringing it within the scope of regulations originally designed to curb predatory practices by digital loan applications.
The classification triggered a jurisdictional dispute with the Nigerian Communications Commission, which regulates telecommunications services under the Nigerian Communications Act 2003.
Two Federal High Court orders followed: an interim injunction in Lagos on 15 April, restraining the FCCPC from enforcing DEON against WASPAN members, and a separate order in Abuja on 24 April, restraining MTN and Airtel from interfering with licensed VAS providers’ access to the platform.
The FCCPC’s application to discharge the Lagos injunction was refused on 28 April. Airtel’s decision to move first on restoration has drawn particular attention within the industry.
The operator restored services shortly after the regulatory path cleared, a move several analysts have described as a signal of confidence in the legal and commercial environment. Nigeria’s largest local telco, Globacom, followed within days.
MTN Nigeria, the country’s largest operator by subscriber count with over 95 million subscribers, had not restored its airtime credit services at the time of this report.
Industry sources familiar with the situation say there are no regulatory or legal impediments to restoration, and that MTN’s subscribers, who represent the largest bloc of airtime credit users in the country, are now the most significant group still waiting for service to resume.
Adebayo said ALTON expects full restoration across all networks to follow swiftly.
“The regulatory environment is now clear, and we are confident that full restoration is imminent.
The courts have spoken, the FCCPC has acted responsibly, and two of the four major operators have already restored services. There is no ambiguity left, and we expect every operator to act with the urgency their subscribers deserve.
”Looking ahead, Adebayo called for a structured dialogue between the FCCPC and the NCC to prevent a recurrence.“
The lesson is that Nigeria’s regulatory agencies need formal coordination protocols for services at the intersection of telecommunications and financial products.
The FCCPC’s consumer protection mandate and the NCC’s telecom regulatory mandate can coexist without either displacing the other. We are ready to participate in that conversation and urge both agencies to begin it without delay.”
Business
Obi Sees Something Good in Tinubu’s “Naira Float Policy ‘
The policy was introduced by the Tinubu administration in June 2023 as part of wider foreign exchange reforms.
The presidential candidate of the National Democratic Congress (NDC) for the 2027 election, Peter Obi, has said he would retain President Bola Ahmed Tinubu’s naira float policy if elected president.
The policy was introduced by the Tinubu administration in June 2023 as part of wider foreign exchange reforms.
The Central Bank of Nigeria removed restrictions at the Investors and Exporters foreign exchange window, allowing the naira to trade more freely against the dollar and other major currencies
Obi made the disclosure in a public statement on air, emphasising that his administration would seek to strengthen the currency by prioritising productivity and increasing economic output rather than reversing the floating exchange-rate framework.
Asked to identify one policy of the Tinubu administration he would keep if elected, Obi said, “There’s one – the floating of the Naira. I’m not going to defend it. But I’m going to put productivity to make it more valuable to the people.”
His position means he would maintain the floating exchange-rate system while seeking to change the economic conditions that determine the strength and value of the naira.
Business
Dangote Refinery Buys 16m Barrels Of Nigerian Crude For October
The October supply is equivalent to about 520,000 barrels per day, representing most of the refinery’s 700,000 barrels-per-day processing capacity.
Dangote Refinery has bought at least 16 million barrels of Nigerian crude oil for delivery in October.
Reuters reported that the 16 million barrels comprise monthly crude allocations from the Nigerian National Petroleum Company and additional volumes purchased through a tender.
The October supply is equivalent to about 520,000 barrels per day, representing most of the refinery’s 700,000 barrels-per-day processing capacity.
The increased crude purchases highlight the refinery’s rising demand for feedstock as it expands operations and moves closer to operating at a larger share of its installed capacity.
Business
Brent crude slid to around $106 per barrel
Top US officials reportedly warned President Donald Trump that the war could continue through the remainder of his term, which ends in January 2029.
Brent crude slid to around $106 per barrel on Friday in a likely technical correction, but was still set to end the week sharply higher as the escalating conflict between the US and Iran fueled concerns over prolonged disruptions to global energy supplies.
Top US officials reportedly warned President Donald Trump that the war could continue through the remainder of his term, which ends in January 2029.
Meanwhile, Iranian leaders are reportedly determined to continue fighting despite mounting economic costs, viewing the conflict as an existential threat.
They also claim that Tehran has managed to rebuild its missile capabilities and could intensify attacks on US and Gulf assets if Washington escalates its own strikes.
Fighting has intensified over the past two weeks, with the US targeting Iranian oil tankers while Iran launched missiles at US warships and tankers in the Persian Gulf, as well as American assets in neighboring countries.
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