Tinubu Allies Target N400bn Airtime Lending Market

Allegations have surfaced that close allies of President Bola Tinubu are orchestrating a bid to dominate Nigeria's airtime lending market, estimated to be worth N400 billion annually. Investigative journalist David Hundeyin reported that the Federal Competition and Consumer Protection Commission (FCCPC) introduced new regulations in July 2025, classifying airtime and data credit services as traditional lending, which requires strict licensing and compliance.

This regulatory change has led major telecom operators, including MTN and Airtel, to suspend their lending services due to compliance challenges. The FCCPC's actions were prompted by numerous consumer complaints regarding hidden charges and aggressive recovery practices.

The commission has not banned the services outright but is enforcing compliance. Allegations against Idri Saliu Alubankudi and his brother Shamsudeen Shamz Saliu Alubankudi suggest they are positioning themselves to control vital sectors of Nigeria's economy, drawing comparisons to tactics used by post-Soviet oligarchs.