President Bola Tinubu has directed the Federal Competition and Consumer Protection Commission (FCCPC) to break the long-standing dominance allegedly held by South African technology firm, Optasia in Nigeria’s airtime credit and data advance sector.
The move follows a briefing by the FCCPC, which reportedly warned that the company’s near-exclusive control of the market over the past 12 years has led to significant capital outflows and limited benefits for the Nigerian economy.
According to sources, the Presidency believes opening the sector to competition could unlock an estimated N3 trillion in annual revenue, create jobs, boost local fintech firms, and support the administration’s ‘Nigeria First’ economic agenda.
The FCCPC also raised concerns over the company’s limited operational presence in Nigeria, including allegations that it employs few Nigerians and contributes little to the local digital ecosystem.
Despite reported legal and diplomatic efforts to maintain its position, the Presidency is said to have backed reforms aimed at fostering competition and reducing foreign dominance in the sector.
