By Stephen Simon
The Federal High Court sitting in Lagos has fixed July 20, 2026, to deliver judgment in a suit challenging the legality of the Digital, Electronic, Online and Non-Traditional Consumer Lending Regulations issued by the Federal Competition and Consumer Protection Commission (FCCPC).
The suit was instituted by the Wireless Application Service Providers Association of Nigeria (WASPAN), which is asking the court to nullify aspects of the regulations on the grounds that the FCCPC exceeded its statutory powers in issuing them.
Justice Ambrose Lewis-Allagoa fixed the date after counsel to the parties adopted their final written addresses, marking the close of arguments in the matter. The proceedings also saw the resolution of issues arising from earlier contempt proceedings between the parties.
Counsel to WASPAN, Kemi Pinheiro (SAN), subsequently withdrew the contempt application filed against the FCCPC after informing the court that the issues leading to the application had been amicably resolved. The court struck out the application accordingly.
At the heart of the dispute is whether the FCCPC has the legal authority to regulate digital lending platforms in the manner prescribed by the regulations, which were introduced to curb unethical loan recovery practices and protect consumers.
The outcome of the case is expected to have far-reaching implications for digital lenders, financial technology companies and consumer protection in Nigeria, particularly as the online lending industry continues to expand rapidly.
Judgment is expected on July 20, with stakeholders across the financial technology and consumer protection sectors closely monitoring the case for clarity on the scope of the FCCPC’s regulatory powers.
