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Nigerian authorities begin digital loan apps harmonization
The Federal Competition and Consumer Protection Commission, FCCPC, has commenced a phased implementation of enforcement measures in respect of Digital Money Lending, DML, operators.
A statement released on Wednesday by its spokesperson, Ondaje Ijagwu, said the enforcement is targeted at those who did not regularise their status in accordance with the Digital, Electronic, Online and Non-Traditional Consumer Lending Regulations, 2025 (DEON Regulations).
The Commission had fixed Monday, 5 January 2026, as the deadline for compliance.
Speaking on the commencement of enforcement measures, the Executive Vice Chairman and Chief Executive Officer of the FCCPC, Mr. Tunji Bello, stated that the actions were necessary to give effect to the regulations and to maintain regulatory certainty in Nigeria’s digital lending market, in line with the Commission’s statutory mandate.
“The compliance window provided under the Regulations has now closed. At this stage, the Commission is proceeding with appropriate enforcement steps in a manner that is fair, orderly, and consistent with due process,” Mr. Bello said.
“The objective is to promote discipline, transparency, and consumer confidence within the digital lending space, not to disrupt legitimate business activity.”
As part of the approved enforcement framework, the Commission has withdrawn the conditionally approved status previously granted to certain DML operators that did not complete the required regularization process within the transitional period.
Consequently, such operators have been removed from the FCCPC’s published register of approved digital lenders, pending compliance with applicable regulatory requirements.
Bello noted that the Commission’s published register serves as an important consumer information tool.
“The FCCPC’s register is intended to guide the public on operators that have met the applicable regulatory requirements as at the time of publication. Consumers are advised to exercise caution when dealing with digital lenders that do not appear on the Commission’s current list of approved operators,” he said.
The Commission has also commenced structured engagement with relevant application hosting platforms and payment service providers, consistent with its statutory functions, as part of ongoing enforcement and compliance monitoring activities. Further regulatory steps will be undertaken in accordance with law and established procedures.
For those provisionally designated as eligible under transitional arrangements, the Commission has issued a deadline of April 2026 to regularize their registration under the DEON Regulations.
“This window is provided to enable affected operators to take steps towards compliance. Operators that choose not to regularize their status within this period may be subject to further regulatory measures, as provided under the law,” Bello stated.
The FCCPC emphasized that the ongoing enforcement process is intended to support market discipline, protect compliant operators from unfair competitive practices, and safeguard consumers from abusive, deceptive, or unlawful conduct.
“Effective regulation depends on consistent application. Compliant businesses deserve a predictable regulatory environment, and consumers are entitled to protection under the law,” he added.
The Supreme Court of Nigeria will on Thursday, deliver judgments in two cases involving the leadership crises rocking the African Democratic Congress and the Peoples Democratic Party.
According to information on the official website of the court, the matters, listed under “Political Appeals”, have been added to the cause list for Thursday, April 30, 2026.
While judgment in the ADC matter, marked SC/CV/180/2026, has been fixed for 2 pm, there is no time yet for that if the PDP.
President Bola Tinubu has written the Senate, seeking the screening and subsequent confirmation of fifteen nominees to the National Human Rights Commission (NHRC).
The letter was read by the President of the Senate, Senator Godswill Akpabio.
The letter seeks the reconstitution of the commission’s board in line with statutory provisions with the list comprising nominees from diverse professional backgrounds, including the media and legal sectors.
Among the nominees are the President, Nigeria Guild of Editors and Editor, Vanguard Newspapers, Mr. Eze Anaba; and Dr. Salamatu Hussaina Suleiman, who has been proposed as chairman of the board.
The Executive Secretary of the Commission, Dr. Anthony Ojukwu (SAN) is to retain his position as the Chief Executive Officer.
Other nominees include Mrs Roseline Tasha, Ambassador Adam Yubak Baku, ACG Felix Lawrence, Mr. Edmund Chinonye, Mr. Chinonye Obiaku (SAN), Oluwakemi Asiwaju Okere-Odo, Professor Adedeji Ogunji, Kingsley Chidozie, Mohammed Adelodu, Maupe Ogun Yusuf, and Otunba Francis Meshioye as members.
Also nominated are Patience Patrick and Hawwa Ibrahim, listed as members.
The President said the nominations were made pursuant to Section 2(3) of the National Human Rights Commission (Establishment) Act, 2010, which empowers him to constitute the board subject to Senate confirmation.
He explained that the reconstitution of the board was necessary to enhance the commission’s institutional capacity and enable it to more effectively discharge its mandate to promote and protect human rights across the country.
If confirmed, the new board is expected to play a critical role in reinforcing the NHRC’s oversight functions, particularly at a time of heightened concerns over rights protection and accountability in Nigeria.
Following the presentation of the request, the Senate referred the nominations to its Committee on Judiciary, Human Rights and Legal Matters for screening and report within two weeks.
The Economic and Financial Crimes Commission, EFCC, has revealed that it investigated the founder of Streams of Joy International, Pastor Jerry Eze, for six months over suspected money laundering before clearing him.
Ola Olukoyede, chairman of the Commission, disclosed this on Wednesday while speaking at the Jerry Eze Foundation Business Grant Award Ceremony in Abuja.
According to him, the probe was triggered by intelligence reports and petitions after the commission observed large inflows of foreign currencies into the cleric’s domiciliary account.
“We work by intelligence, we work by petitions. At some point, I saw there was an account, a domiciliary account. Dollars, pounds were dropping in like raindrops, from Colombia, from America, from Sri Lanka, even from Togo.
“I said who is this man? Yes, I’ve been hearing about his name, I’ve seen his face a couple of times. I never bothered about what he was doing. I knew he was a pastor.
“So they said this one pastor of streams of joy, go and investigate him. So we went to the investigation. We combed the books,” Olukoyede stated.
The EFCC boss said he subsequently invited Eze for questioning after preliminary findings were compiled by investigators.
He added that upon meeting the cleric and reviewing the findings of the investigation, the commission found no wrongdoing.
“So he came to my office. He told me what happens and all of that, and how the money came, what he does, how he has been helping people, and all of that.
“I said, you know what, I didn’t call you here to explain to me. We have already done our work. I called you here to commend you,” he stated.
The remark drew applause from the audience, as Eze, who was present at the event, acknowledged the commendation.
He noted that the commission has a responsibility not only to investigate financial crimes but also to recognise individuals found to have acted with integrity.
The EFCC chairman, however, stated that the agency would continue to monitor financial activities where necessary, stressing that its preventive mandate remains critical in tackling corruption.
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