President Bola Tinubu had reportedly approved moves to dismantle the 12-year dominance of South African technology firm, Optasia, in Nigeria’s airtime credit and data advance market.
THISDAY gathered that the decision followed extensive engagements between the Presidency and the Federal Competition and Consumer Protection Commission (FCCPC), which argued that the current market structure had stifled competition, limited local participation, and enabled significant profit repatriation outside the country.
Sources familiar with the development said the FCCPC convinced the Presidency that opening the market would align with the administration’s broader economic agenda of promoting local content, strengthening the digital economy, creating jobs, and retaining more value within the domestic financial system.
According to the commission, Optasia’s model had fuelled capital flight for over a decade, with the firm allegedly repatriating about N3 trillion annually in profits to South Africa while paying minimal tax locally.
Sources familiar with the development said the commission convinced the Presidency that opening up the market would promote competition, support the Nigeria First Technology Policy, create jobs for Nigerians and curb capital flight.
Optasia, formerly known as Channel VAS, has operated almost exclusively in the airtime credit and data advance segment for about 12 years, providing services largely to MTN and some of its African affiliates.
