Court affirms FCCPC's authority to regulate digital lending, dismisses WASPAN's suit
via Punch Nigeria13 min read
A Federal High Court in Lagos has upheld the Federal Competition and Consumer Protection Commission's power to regulate Nigeria's digital consumer lending market, including airtime and data lending services. Justice Ambrose Lewis-Allagoa dismissed a suit filed by the Wireless Application Service Providers Association of Nigeria WASPAN that challenged the FCCPC's regulatory authority, particularly its Digital, Electronic, Online and Non-Traditional Consumer Lending Regulations DEON Regulations. The court ruled that the FCCPC's regulatory powers are rooted in the Constitution and the Federal Competition and Consumer Protection Act, 2018, emphasizing that these powers are economy-wide and concurrent with those of sector-specific regulators like the Nigerian Communications Commission NCC. While affirming the FCCPC's regulatory role, the court clarified that the FCCPC does not have the power to issue licenses, a point highlighted by WASPAN. The judgment also discharged interim injunctions that had previously restrained the FCCPC from enforcing the DEON Regulations. Stakeholders, including the Chairman of the Association of Licensed Telecommunications Operators of Nigeria, Gbenga Adebayo, welcomed the clarity but called for coordination between regulators to avoid service disruptions, noting the market is valued between N300bn and N400bn annually and serves about 40 million subscribers.
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Must ReadThe Sea Empowerment & Research Centre SERC has expressed concern over the significant increase in illicit drug seizures at Nigerian seaports. In the first half of 2026, 109,306.75 kilograms 109.3 tonnes of illicit drugs, with an estimated street value exceeding N45bn, were intercepted by the Nigeria Customs Service and the National Drug Law Enforcement Agency NDLEA. SERC highlights that while these interceptions demonstrate improved intelligence and inter-agency collaboration, they also reveal that transnational organized crime syndicates are increasingly using Nigerian maritime routes and containerized cargo for drug trafficking. The organization warns that this trend could damage Nigeria's international trade reputation, lead to stricter inspections, cause cargo clearance delays, deter investment, and elevate the country's global maritime risk profile. SERC also notes that drug trafficking through maritime channels fuels money laundering, organized crime, corruption, and insecurity. The center advocates for a shift from seizure-based enforcement to intelligence-led prevention, recommending the deployment of AI-driven cargo profiling, wider installation of non-intrusive scanners, strengthened container tracking systems, and enhanced collaboration among relevant agencies, including the full integration of the National Single Window for improved information sharing and risk management. Apapa Port accounted for the largest share of seizures, with 77,959.95 kilograms, representi
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The Nigerian Exchange Limited experienced a significant downturn on Wednesday, with aggressive profit-taking in high-capitalization stocks leading to an N800bn reduction in total market valuation. The All-Share Index fell by 1,241.19 points, a 0.50 percent decline, closing at 245,418.37 basis points, and market capitalization dropped to N158.319tn. This decline was primarily driven by price depreciation in major consumer goods and industrial companies such as Nestle Nigeria, BUA Foods, UACN, Guinness Nigeria, and MeCure Industries. Despite the broader market contraction, investor sentiment showed resilience with 37 gainers outperforming 27 decliners. Analysts noted a high concentration of trading activity in First Holdco, indicating strong institutional participation, and sustained buying interest in tier-one banking stocks. Cadbury Nigeria, Trans-Nationwide Express, and Unilever Nigeria led the gainers, each advancing by 10 percent, while Nestle Nigeria and BUA Foods were among the top decliners, shedding 10 percent each. Activity levels increased significantly, with total volume traded jumping 34.34 percent to 1.253 billion units, valued at N118.179bn, across 47,458 deals. First Holdco dominated the activity chart, exchanging 736.038 million shares for N80.812bn.