By Adedapo Adesanya

Redtech, a technology company backed by Heirs Holdings, has been named in the Financial Times (FT) Africa’s Fastest Growing Companies 2026 list.

The Tony Elumelu-backed startup ranked 32nd out of 130 high-growth companies and also secured a position among Africa’s top 15 fastest-growing fintech companies in its debut appearance on the annual FT/Statista ranking.

Produced by the FT in research partnership with Statista, the ranking identifies Africa’s fastest-growing companies based on compound annual growth rate (CAGR) in revenue between 2021 and 2024. Companies also had to meet additional criteria, including minimum revenue thresholds, independence and primarily organic growth. Redtech’s inclusion provides independent validation of its growth as an African payment infrastructure company.

The recognition comes as Redtech’s flagship platform, RedPay, continues to scale across physical and digital payment channels. Through RedPay, the company enables businesses to collect, process, confirm, reconcile, disburse, and manage funds through secure, scalable technology built for African commerce.

Last week, the company announced a rare fintech-bank-telco alliance with MTN’s mobile fintech unit and UBA, to expand cardless payment access for consumers and merchants across Nigeria.

Speaking on the development, Mr Elumelu, the Group Chairman of Heirs Holdings, said, “Africa’s next growth era will be powered by entrepreneurs, enterprises, and the infrastructure that enables them to succeed. Redtech’s recognition among Africa’s fastest-growing companies demonstrates what is possible when we invest in solutions built for Africa’s realities. Through RedPay, Redtech is helping merchants, fintechs, and financial institutions transact with greater speed, security, intelligence, and control. This is Africapitalism in action: building profitable, sustainable businesses that create prosperity across Africa.”

The numbers have also backed up Redtech’s growth. This is visible across four strategic areas, including a boost in transaction as the company processed $27 billion (N37.2 trillion) to date, more than three times the over $8.9 billion (N12 trillion) processed by the end of 2024; it has deployed 55,000 RedPay POS terminals within 16 months across merchant locations in Nigeria, supporting payment acceptance across sectors including hospitality, energy, banking, fintech, retail, utilities, and enterprise services; while its infrastructure supports payments in five UEMOA countries – Benin, Burkina Faso, Côte d’Ivoire, Mali, and Senegal.

Redtech operates with key regulatory approvals, including licences from the Central Bank of Nigeria as a Payment Terminal Service Provider (PTSP), Payment Solution Service Provider (PSSP), and Super Agent, enabling the company to provide POS, payment gateway, and agency banking services. The company also holds relevant Nigerian Communications Commission (NCC) authorisation for communications-enabled value-added services.

As part of its growth roadmap, Redtech is working to expand its payment infrastructure capabilities across African markets, with a long-term ambition to support merchant collections and financial technology services in 29 African countries within the next year.

Adding his input, Mr Emmanuel Ojo, CEO of Redtech, said: “Redtech’s inclusion in the Financial Times Africa’s Fastest-Growing Companies ranking recognises the infrastructure we are building and the African businesses that rely on it every day. At Redtech, growth is not only about transaction value or market reach; it is tied to a belief that when African businesses have payment systems they can trust, they are better placed to trade, serve customers and expand with confidence.

“That is the Heirs Holdings Africapitalism philosophy in practice – private-sector execution building the rails for African prosperity. Our focus is on strengthening the infrastructure that allows businesses across the continent to collect, pay, and grow.”

By Adedapo Adesanya

The Federal Competition and Consumer Protection Commission (FCCPC) and the National Agency for Food and Drug Administration and Control (NAFDAC) have signed a Memorandum of Understanding (MoU) aimed at closing regulatory gaps and strengthening enforcement against unsafe products and unfair market practices.

The agreement, signed in Abuja on Wednesday, is expected to deepen collaboration between both agencies in areas such as product safety, consumer protection, and enforcement of standards.

The deal also introduced a structured system for information exchange between both regulators, aimed at eliminating delays that often hinder investigations and enforcement.

Speaking at the event held at the commission’s corporate headquarters, the Executive Vice Chairman of FCCPC, Mr Tunji Bello, said the pact marks a deliberate step towards coordinated regulation in Nigeria’s consumer market.

He said, “This event marks a deliberate step towards strengthening collaboration in the service of Nigerian consumers, particularly in areas where product safety and consumer protection overlap and require coordinated action.

“The mandates of the FCCPC and the National Agency for Food and Drug Administration and Control NAFDAC, are clearly set out in law, although their functions increasingly overlap in practice.”

Mr Bello explained that while both agencies have distinct legal mandates, their responsibilities increasingly intersect in practice, especially in dealing with substandard goods, unsafe pharmaceuticals, and misleading product claims.

According to him, “FCCPC focuses on protecting consumers from unfair, deceptive, or exploitative market behaviour. It also promotes competition, investigates complaints, and enforces remedies where consumer welfare has been undermined. NAFDAC’s responsibilities are more product-specific.

“It regulates the manufacture, importation, distribution, advertisement, and use of food, drugs, cosmetics, medical devices, chemicals, and packaged water. Its central concern is safety and quality, ensuring that regulated products meet required standards both before and after they enter the market.”

Mr Bello acknowledged that their regulatory functions increasingly overlap in practice, particularly in areas affecting both product safety and consumer rights.

He noted that issues such as misleading product claims, substandard goods, unsafe pharmaceuticals, and deceptive advertising often cut across the mandates of both agencies, requiring coordinated intervention.

He further explained that a harmful product in the market is not only a public health concern under NAFDAC’s jurisdiction, but also a consumer protection issue that falls within the enforcement scope of the FCCPC.

Similarly, cases involving false or misleading advertising of regulated products typically demand joint action from both institutions.

Against this backdrop, the agencies said the newly signed MoU provides a structured framework to address these overlaps, enabling more effective collaboration, clearer responsibilities, and improved regulatory outcomes.

The FCCPC boss stated, “In reality, the work of both agencies often converges. Issues such as misleading product claims, substandard goods, unsafe pharmaceuticals, and deceptive advertising raise questions that fall within both product safety and consumer protection. For instance, a harmful product that reaches the market is not only a public health concern under NAFDAC’s remit, but also a consumer protection issue for FCCPC.

“The same applies to false advertising of regulated products, which typically requires input from both bodies. Given this overlap, a formal Memorandum of Understanding provides a practical basis for cooperation. The MoU being executed today, therefore, establishes a clearer and more workable framework for collaboration between the two institutions.”

He added that the new framework would eliminate confusion for consumers and improve response time to complaints.

“Rather than leaving consumers to decide which agency to approach, complaints can now be received and reviewed in one place, and then directed through clearly defined channels. This will make the system more efficient and more responsive,” Mr Bello said.

The FCCPC boss also disclosed that the agreement provides for data sharing, joint investigations, and coordinated enforcement actions, as well as capacity building through training and technical collaboration.

He stressed that the ultimate goal is to build trust in the market.

“Effective regulation is not just about enforcement. It builds confidence. When consumers trust that products are safe and their rights are protected, markets function more efficiently,” he added.

In a stern warning to violators, Mr Bello said the collaboration would strengthen oversight and deter non-compliance.

“This will send shivers down the spine of those who are mischievous in our society, those who try to circumvent the rules. The message is clear: enforcement will be stronger and more coordinated,” he said.

On her part, the Director-General of NAFDAC, Mrs Mojisola Adeyeye, described the agreement as critical to protecting Nigerians from harmful products and ensuring that consumer rights are upheld.

She said the partnership goes beyond documentation and must translate into action.

“This MoU is extremely important for the nation. But beyond the document, what matters is action. We do not need theory when it comes to consumer protection; we need results,” she said.

Mrs Adeyeye recounted instances where FCCPC responded swiftly to complaints she personally raised as a consumer, leading to immediate corrective actions by erring businesses.

“The two times that I complained, he responded almost immediately, and the enterprise made amends. That is the way it is supposed to be. That is the kind of leadership we need,” she said.

She emphasised that while NAFDAC ensures product safety and quality, FCCPC plays a critical role in protecting the rights of consumers who use those products.

“NAFDAC is about the safety and efficacy of products, but it is people who use those products. That is where FCCPC comes in. Consumers have the right to complain, and we must ensure those complaints lead to action,” she added.

The NAFDAC boss further noted that the collaboration would strengthen enforcement tools, including sanctions against violators, while enhancing public awareness through coordinated communication.

She said, “NAFDAC has the mandate to act against violators, FCCPC will fight for the consumer, and together we will ensure that Nigerians are protected. For the people who are watching us. Because this will be televised, just know that you are on our minds.

“In terms of product quality, safety and efficacy. In terms of your rights as a consumer to complain. We are watching your back.”

The MoU is expected to streamline complaint handling, improve regulatory coordination, and ensure faster resolution of consumer issues, while also creating a more predictable compliance environment for businesses.

The move comes at a time when Nigeria is battling the proliferation of substandard products, fake drugs, and deceptive advertising, all of which have continued to undermine consumer confidence and public health.

With both agencies now working under a unified framework, stakeholders say the success of the agreement will depend on sustained implementation and consistent enforcement.

By Adedapo Adesanya

Two divisions of the Federal High Court have issued interim injunctions restoring airtime lending services and restraining the enforcement of the contentious regulations introduced by the Federal Competition and Consumer Protection Commission (FCCPC).

FCCPC introduced the controversial Digital, Electronic, Online or Non-Traditional (DEON) Consumer Lending Regulations in 2025, prompting legal actions by telecom firms.

The rulings, delivered in Lagos and Abuja, restored the data and airtime loan services, relied upon by millions of Nigerians.

In Lagos, Justice Ambrose Lewis-Allagoa, on April 15, 2026, granted four interim injunctions in suit marked FHC/L/CS/760/2026, filed by the Wireless Application Service Providers Association of Nigeria (WASPA) against FCCPC.

The court restrained the commission, its officers and agents from enforcing the DEON Regulations, including several key provisions of the framework.

It further barred the FCCPC from interfering with the operations of WASPA members, imposing sanctions or fines for alleged non-compliance, or issuing directives connected to the enforcement of the regulations and adjourned to April 17, 2026, for further hearing.

Relatedly, the Federal High Court in Abuja on April 24, 2026, granted an interim order in suit marked FHC/ABJ/CS/779/2026 following an ex parte application by Nairtime Holdings Limited and Nairtime Nigeria Limited against MTN Nigeria Communications Plc and Airtel Networks Limited.

The court restrained both telecom operators, their officers and agents from suspending, restricting or otherwise interfering with Nairtime Nigeria Limited’s access to their platforms, including short codes, Short Message Service (SMS), and Unstructured Supplementary Service (USSD).

The order applies for the duration of Nairtime’s valid licence issued by NCC and prevents the operators from relying on the FCCPC regulations as a basis for any disruption.

The applicants had argued that the planned suspension of services was based on a directive linked to the DEON Regulations, despite their compliance with contractual obligations and the absence of any established breach or required notice.

The court found sufficient grounds to grant interim relief pending the determination of the substantive suit.

Taken together, the two rulings effectively place the enforcement of the DEON Regulations on hold, creating a temporary legal framework that allows airtime lending and related services to continue.

The FCCPC is restrained from acting against VAS providers, while telecom operators are prevented from using the regulations to deny licensed operators access to their networks.

The DEON Regulations, introduced by the FCCPC in July 2025, were designed to extend regulatory oversight to unsecured digital lending, including airtime and data credit services.

However, the move triggered strong opposition from industry stakeholders, particularly the Association of Licensed Telecommunications Operators of Nigeria (ALTON), which argued that the regulations encroached on the NCC’s statutory mandate, created overlapping compliance obligations, and conflicted with an existing memorandum of understanding between the regulators.