11/06/2026
HOW A SOUTH AFRICAN COMPANY USED A NIGERIAN COURT TO KILL A REGULATION BUILT FOR NIGERIANS
On April 15, 2026, Justice Ambrose Lewis-Allagoa of the Federal High Court in Lagos granted an interim injunction that suspended Nigeria's Digital, Electronic, Online or Non-Traditional Consumer Lending (DEON) Regulations 2025 — a framework specifically built to open Nigeria's ₦3 trillion airtime lending market to Nigerian-owned fintechs and protect Nigerian consumers. Independent Newspaper Nigeria
The company that killed it? Optasia — a South African-listed fintech that operates in Nigeria through its local subsidiary, employs virtually no Nigerian staff, and does not share consumer credit data with local credit bureaus or financial institutions. Premium Times
The FCCPC had argued that Optasia's arrangement facilitated significant capital flight out of Nigeria to South Africa. The regulations were designed to stop this. So Optasia went to court — through a proxy industry association — and got the regulations frozen. Premium Times
40 million Nigerians depend on airtime advances to stay connected. The case continues on July 20, 2026.
Frilife Media exposes the full story 👇
👉 https://www.frilifemedia.com/articles/6a282d862794c50c3681945c
South Africans carrying out baseless xenophobic attacks on Nigerians is enough cause for anger. But more infuriating is a South African-listed company operating