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FCCPC Enforces Regulations on Digital Lending

Announcing the gazetting and commencement of the Regulations in his office in Abuja today, the Commission’s Executive Vice Chairman/Chief Executive Officer, Mr. Tunji Bello, stated, “For too long, Nigerians have endured harassment, data breaches, and unethical practices by unregulated digital lenders.

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• FCCPC CEO, Tunji Bello

The Federal Competition and Consumer Protection Commission (FCCPC) has officially issued the Digital, Electronic, Online, or Non-Traditional Consumer Lending Regulations (DEON Consumer Lending Regulation), 2025, to address longstanding consumer complaints and a variety of issues.

These include exploitative practices, data privacy violations, abusive loan recovery tactics, harassment, and anti-competitive behaviour by certain digital lenders and their partners within Nigeria’s rapidly growing digital credit market.

This landmark Regulations, made pursuant to Sections 17, 18, and 163 of the Federal Competition and Consumer Protection Act (2018), primarily safeguards consumers by establishing a comprehensive framework.

This framework mandates transparency, fairness, responsible conduct, data privacy, and accessible redress mechanisms, all under the oversight of the FCCPC.

It is a crucial step toward regulating Nigeria’s rapidly expanding digital lending sector.

Announcing the gazetting and commencement of the Regulations in his office in Abuja today, the Commission’s Executive Vice Chairman/Chief Executive Officer, Mr. Tunji Bello, stated, “For too long, Nigerians have endured harassment, data breaches, and unethical practices by unregulated digital lenders.

These regulations draw a clear line that innovation is welcome, but not at the expense of rights and dignity of consumers, or the rule of law.”

“This Regulations provide the legal tools to hold violators accountable and promote responsible digital finance.

No consumer should be harassed, defamed, or lured into unsustainable debt under the guise of digital lending,” he added.

The Regulations, which came into effect on July 21, 2025, establishes a robust legal framework to register, monitor, and sanction all forms of digital and non-traditional lending in Nigeria.

Applicable to all unsecured consumer lending conducted through electronic, online, mobile, or other non-traditional means, the regulations set out clear requirements for registration, transparency, data privacy, ethical recovery, fair interest rates, and responsible lending.

Critically, the Regulations prohibits pre-authorised or automatic lending, compel clear and accessible loan terms, ban unethical marketing, and mandate local ownership of at least one service provider for airtime and data lending services.

It also requires joint registration of all lender partnerships and prohibits monopolistic or dominance-based agreements without prior Commission’s approval.

Under its provisions, all digital lenders must register with the FCCPC within 90 days of commencement. Approval is dependent on meeting consumer protection, data compliance, and transparency standards.

Non-compliant operators face sanctions, which may include fines of up to ₦100 million or 1% of turnover, as well as potential disqualification of directors for up to five years.

The FCCPC urges all current and intending providers of digital lending services, including Mobile Money Operators (MMOs), Digital Money Lenders (DMLs), and service partners, to visit www.fccpc.gov.ng for application forms, guidelines, and compliance requirements.

Consumers are advised to report unlawful or unregistered lenders, unfair interest rates, or privacy violations to the Commission through its complaint portal.

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Business

PENGASSAN – Dangote Rift: A needless attack on private enterprise

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The Director-General, Manufacturers Association of Nigeria (MAN), Segun Ajayi-Kadir, has described the rift between Dangote Refinery and Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) as unfortunate, and a needless attack on private enterprise.

He noted that the strike had far-reaching implications on residents and businesses, as factories suffered cuts in production schedules, with a hike in transportation fare.

Fielding questions from reporters at MAN House, yesterday, while announcing the association’s coming Annual General Meeting (AGM), he revealed that imported products, which were not suffering disruption, were likely to fill the gap and if the rift rears its head again, it would affect daily workers and people in the logistics value chain that rely on the products made in those factories.

Meanwhile, PENGASSAN has said it decided to suspend its two-day strike to protect the jobs of its members in Dangote Refinery.The President, Festus Osifo, explained that the union was unsatisfied with the posting of about 800 sacked staff to Dangote’s subsidiaries to prevent job loss.

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FG Spends $2.86bn on External Debts Servicing – CBN

By August 2025, debt service climbed to $302.3m, which was $22.35m or 8 per cent higher than the $279.95m of August 2024.

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The Federal Government spent a total of $2.86 billion to service external debt in the first eight months of 2025.

This was disclosed in the international payment data from the Central Bank of Nigeria.

The figure shows that external debts accounted for 69.1 percent of the country’s total foreign payments of $4.14 billion in the period.

In the same eight-month stretch of 2024, debt service stood at $3.06 billion, representing 70.7 percent of total foreign payments of $4.33 billion.

The figures show that while the absolute value of debt service fell by $198m between 2024 and 2025.

The share of debt in overall foreign payments has remained persistently high, with about seven out of every ten dollars leaving the country used to meet debt obligations.

The monthly breakdown highlights the volatility of Nigeria’s repayment schedule:

In January 2025, $540.67m was spent compared with $560.52m in January 2024, a fall of $19.85m or 3.5 per cent.

February 2025 recorded $276.73m, slightly below the $283.22m in February 2024, down by $6.49m or 2.3 per cent.March 2025 surged to $632.36m against $276.17m in March 2024, an increase of $356.19m or 129 per cent.

In April 2025, payments reached $557.79m, which was $342.59m or 159 per cent higher than the $215.20m of April 2024.

May 2025 stood at $230.92m, sharply lower than the $854.37m in May 2024, a drop of $623.45m or 73 per cent.

June 2025 rose to $143.39m compared with $50.82m in June 2024, a rise of $92.57m or 182 per cent.

July 2025 fell to $179.95m, down by $362.55m or 66.8 per cent from $542.5m in July 2024.

By August 2025, debt service climbed to $302.3m, which was $22.35m or 8 per cent higher than the $279.95m of August 2024.

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ECOWAS Bank okays $308.63m for Nigeria, Guinea

The bank gave the approval during its 93rd Ordinary Session convened at the it’s headquarters in Lomé, the Togolese capital.

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ECOWAS Bank for Investment and Development (EBID), has approved $308.631 million for the implementation of various projects in Taraba State, Nigeria, and a $40 million credit line for Vista Bank, Guinea, to bolster trade-related activities, including import-export operations and commercial value chains.

The bank gave the approval during its 93rd Ordinary Session convened at the it’s headquarters in Lomé, the Togolese capital.

President and Chairman of Board of Directors of the bank, Dr. George Agyekum Donkor, said the newly approved financing would advance strategic public and private sector initiatives, aligned with EBID’s mandate to promote sustainable development throughout the Economic Community of West African States by strengthening regional integration and fostering economic diversification.

The approved facilities include the $98.18 for a 50 MW Solar Photovoltaic Power Plant in Taraba State, Nigeria, , which will augment the supply of reliable, clean electricity to spur inclusive economic development, alleviate energy poverty, and improve environmental sustainability.

Anticipated benefits include direct electricity access for roughly 390,000 individuals, enhanced power reliability for at least 200 public institutions, the creation of 400 direct jobs during construction, and approximately 50 permanent operational roles.

The bank noted that an estimated 1,200–1,500 indirect jobs were expected to emerge across supply chains, maintenance services,and small businesses.

Another facility is the $79.219 million modern rice processing complex and 10,000-hectare irrigated rice production unit also in Taraba State.

Also included is the $91.232 million facility for Taraba State Industrial Park, an initiative conceived to accelerate local industrialisation and economic diversification through the establishment of a modern, integrated industrial ecosystem.

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