Tinubu approves 9 Nigerian firms to drive data credit infrastructure 

…As FCCPC seeks to end Optasia’s 12-year monopoly 

President Bola Tinubu has approved nine Nigerian companies to drive data credit infrastructure in Nigeria, as well as strengthen security.

The move, BusinessDay gathered, is aimed at strengthening security, local jobs and boosting the economy

The measure, coming in the wake of current security challenges, is seen as capable of further ending the exploitation of Nigerians.

The move is also expected to break the 12-year data credit monopoly by Optasia, a South African firm, that recently entered a legal battle with the Federal Competition and Consumers Protection Commission FCCPC, a federal government agency that protects consumers against exploitation and promotes competition

BusinessDay gathered that President Tinubu approved the firms in his efforts to enhance service delivery in the sector

A Presidency source said it was part of President Tinubu’s efforts to address ” a complex legal and regulatory issue, as well as foreign control, protection of indigenous consumers against unfair competition,

” The President also desires to protect the data of Nigerians, especially in the wake of recent developments around security

He stated that the President has vowed to ensure that everything needed to be done to protect Nigeria from either insecurity and unnecessary exploitation will be done”

Our source, who did not want his name in print, states that”such measures will also help the country create jobs for Nigerians and stop capital flights ”

The companies which are based in Nigeria include: Technotrends Platforms Nigeria Limited, Coverage Broadband Limited;  Fonyou Technologies Nigeria Limited; Total Tim Nigeria Limited and Rane Interactive Medien CLS Limited

Others are MRS Innovation Nigeria Limited,
Cloud Interactive Associate Limited, ERL Telecoms Service Limited and Mode NG Applications Nigeria Limited

It was gathered that the South African fintech and AI infrastructure firm, which operates in Nigeria  through its subsidiary (Nairtime Nigeria Ltd), had sought and obtained an injuction from the Federal High Court, Abuja and Lagos, against mobile network operators (MTN and Airtel) to prevent them from suspending its airtime and data lending services.

The firm’s action was to  block the FCCPC from carrying out reforms and enforcing its Digital, Electronic, Online or Non-Traditional Consumer Lending (DEON) regulations, which had resulted in telecom operators initially suspending “borrow airtime” services.

Following the action of the firm, the FCCPC was said to have submitted a request to the President to end the foreign monopoly.

The President’s decision was also influenced by the report of the full investigation into the issue by the National Data Protection Commission NDPC, involving what ” privacy invading technology”, for credit scoring and marketing” in breach of Nigeria’s data rights laws.

President Tinubu was said to have been swayed by the results of the investigation and the argument of  FCCPC which also submitted the names of the nine firms to end the foreign monopoly and granted the approval