Nigeria News (Standard)
FCCPC Denies Tinubu’s Approval of Nine New Airtime Credit Operators in Lagos
Commission says regulatory framework for fintech firms remains suspended after court order halts enforcement till July hearing
Commission says regulatory framework for fintech firms remains suspended after court order halts enforcement till July hearing
The Federal Competition and Consumer Protection Commission (FCCPC) on Sunday refuted reports that President Bola Tinubu approved the entry of nine new operators into Nigeria’s airtime credit market, saying it was neither involved in nor aware of such plans. The commission made this clarification in a statement issued by its Director of Corporate Affairs, Ondaje Ijagwu, in Lagos.
According to Ijagwu, recent media reports alleging that the FCCPC submitted names of local fintech companies to the Presidency for approval were inaccurate. He said, “The commission wishes to state clearly that it is not aware of, and was not involved in, the claims attributed to it in the report absolutely.”
On Friday and Saturday, several national newspapers had published stories claiming President Tinubu endorsed FCCPC proposals to restructure the airtime credit sector and approved nine Nigerian fintech firms—Technotrends Platforms Nigeria Limited, Total Tim Nigeria Limited, Fonyou Technologies Nigeria Limited, Rane Interactive Medien CLS Limited, MRS Innovation Nigeria Limited, Mode NG Applications Nigeria Limited, ERL Telecoms Service Limited, Cloud Interactive Associate Limited, and Coverage Broadband Limited—for participation. The FCCPC has now confirmed it had no involvement in any such approvals.
Ijagwu further explained that the regulatory framework under which these companies were reportedly approved remains suspended. He stated that implementation and enforcement of the DEON Consumer Lending Regulations 2025 was halted following an interim injunction granted by the Federal High Court in Lagos on April 15, 2026. The suit was filed by the Wireless Application Service Providers Association of Nigeria. “As a law-abiding public institution, FCCPC remains bound by the court order to suspend enforcement of the regulation pending determination of the substantive case by the court,” Ijagwu said.
The next hearing on the matter has been scheduled for July 20, 2026. The commission maintained its commitment to due process and urged stakeholders and members of the public to disregard unsubstantiated reports regarding approvals or reforms in the airtime credit sector until there is an official pronouncement.
Source: https://punchng.com/tinubu-did-not-approve-new-airtime-credit-operators-says-fccpc/
Nigeria News (Standard)
Oil Prices Plunge as US, Iran Reach Landmark Peace Deal
Global oil market reacts sharply, raising concerns for Nigeria’s revenue projections and foreign exchange stability
Global oil market reacts sharply, raising concerns for Nigeria’s revenue projections and foreign exchange stability
Global oil prices recorded a significant drop on Monday after the United States and Iran announced a breakthrough peace agreement. The development, which was widely reported across international markets, immediately triggered concerns in Lagos and Abuja about the impact on Nigeria’s crude oil earnings and naira stability.
The peace deal was unveiled on 15 June, sending benchmark Brent crude futures down by several dollars per barrel within hours of trading. Analysts in Nigeria’s financial sector said the sudden price dip could strain government revenue, given that the 2026 budget is pegged on an optimistic oil price benchmark. The Nigerian National Petroleum Company Limited (NNPC Ltd) has yet to issue an official statement, but traders at Apapa and Port Harcourt confirmed reduced buying interest from major international partners following the news.
Nigeria relies on crude exports for more than 80 percent of its foreign exchange receipts and nearly half of government income. A drop in global oil prices typically leads to lower inflows into the Federation Account, affecting federal allocations to states and weakening the naira against other currencies. Economic observers note that any prolonged period of low prices could worsen inflationary pressures already facing households across all geopolitical zones.
While US officials described the agreement as a step towards regional security, market experts in Nigeria warned that increased Iranian exports could flood the global market, further driving down prices. An independent energy consultant based in Abuja said: “We expect volatility in the next few weeks as traders reassess supply risks.”
Stakeholders are now urging government to diversify revenue sources to cushion potential shocks. Policymakers are expected to review current budget assumptions if prices remain suppressed. Further updates from NNPC Ltd and the Central Bank of Nigeria are anticipated as market reactions evolve.
Nigeria News (Standard)
Bandits Kill Farmer in Kaduna’s Giwa LGA, Security Agencies Launch Manhunt
Incident heightens tension in rural Kaduna as local authorities vow to boost patrols and support affected families
Incident heightens tension in rural Kaduna as local authorities vow to boost patrols and support affected families
A farmer was killed by suspected bandits in a fresh attack on a rural community in Giwa Local Government Area of Kaduna State on Monday. The incident, which occurred in the early hours of 15 June 2026, has sparked concern among residents as insecurity continues to affect agrarian communities across the North-West.
According to initial accounts from local officials, the armed men stormed the village while residents were preparing for daily farming activities. The assailants reportedly targeted farmlands on the outskirts, shooting at farmers and causing villagers to flee for safety. One male farmer was confirmed killed at the scene before the attackers escaped into nearby bush.
Banditry has remained a persistent threat in Kaduna State, especially within Giwa LGA and neighbouring areas. Farmers say repeated attacks have disrupted agricultural activities and contributed to food insecurity. Community leaders noted that such incidents discourage residents from cultivating their land, with ripple effects on local economies and markets.
Security agencies have responded by intensifying patrols across affected communities. A senior police officer in Kaduna State Command, who spoke on condition of anonymity due to ongoing investigations, said: “We have deployed additional personnel to the area and are working with vigilante groups to track down those responsible.” Local authorities also assured residents that support would be provided to families affected by the violence.
As at press time, no group had claimed responsibility for the attack. Residents called on Governor Uba Sani and security stakeholders in Kaduna State to strengthen efforts against banditry. The state government is expected to convene an emergency security meeting later this week to review strategies for protecting vulnerable communities during the ongoing farming season.
Source: https://www.premiumtimesng.com/news/more-news/887734-bandits-kill-farmer-in-kaduna-community.html
Nigeria News (Standard)
Stephanie Oforka Leads Faith-Based Business Drive at Lagos LTIF 2025 Event
Ex-beauty queen steers Lagos Transformative Impact Forum, drawing attention to faith-driven entrepreneurship in Nigeria’s commercial hub
Ex-beauty queen steers Lagos Transformative Impact Forum, drawing attention to faith-driven entrepreneurship in Nigeria’s commercial hub
A major faith-based business conference, the Lagos Transformative Impact Forum (LTIF) 2025, held at Balmoral Convention Centre, Ikeja, Lagos, in November 2025, has positioned Stephanie Oforka as a leading figure in faith-driven commerce. The event gathered stakeholders and entrepreneurs from across Nigeria to discuss the role of spirituality in modern business practices.
The forum was marked by strategic sessions focused on integrating faith values into business models and promoting ethical entrepreneurship. Stephanie Oforka, who was at the forefront of the initiative, championed conversations on how spiritual principles could guide business growth and wellness programmes. Attendees noted that her leadership during the gathering provided practical insights for participants seeking to align their enterprises with their personal beliefs.
Faith-based commerce has increasingly gained prominence in Nigeria’s economic landscape, with more entrepreneurs looking to combine profit motives with spiritual fulfilment. Observers at the LTIF 2025 forum said the event underscored the potential for such forums to reshape how Nigerians approach both business and community development. Experts highlighted that platforms like LTIF offer a new pathway for SMEs and large enterprises aiming for sustainable success rooted in ethical foundations.
While official statements from government representatives were not immediately available, participants at the convention praised Oforka’s ability to bridge wellness initiatives with commercial opportunities. Many described the forum as a timely intervention for Nigerian youths and business owners grappling with economic uncertainty and value-driven decision making.
With momentum building from this year’s event, organisers indicated that plans are underway for future editions of LTIF aimed at expanding its reach across other states. Stakeholders believe the platform could become a vital fixture on Nigeria’s business calendar, encouraging more enterprises to embrace faith-based principles while contributing to national economic growth.
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