A fresh controversy has erupted following explosive allegations by investigative journalist David Hundeyin, who claims that individuals closely linked to President Bola Tinubu are positioning themselves to gain significant control over Nigeria’s lucrative airtime and data credit lending industry, estimated to generate about ₦400 billion annually.
In a widely circulated post on social media platform X, Hundeyin accused two brothers Idris Saliu Alubankudi, Special Adviser to the President on Technology and Digital Economy, and Shamsudeen “Shamz” Saliu Alubankudi of spearheading what he described as a calculated effort to dominate a critical segment of Nigeria’s telecommunications and digital finance ecosystem.
According to Hundeyin, the duo have spent the last three years building strategic influence within the telecom and ICT sectors, allegedly positioning themselves to benefit from regulatory changes affecting airtime and data credit services. He likened the development to a form of “state capture,” drawing comparisons with the rise of powerful oligarchs in post-Soviet economies.
The journalist claimed he had been monitoring the issue for more than two years and warned Nigerians to pay close attention to the Alubankudi family, suggesting that their growing influence could reshape a market relied upon by millions of citizens daily.
“You will be hearing the names Idris and Shamz frequently in the coming days,” Hundeyin wrote, while urging the public to take note of the family name “Saliu Alubankudi.”
Regulatory Battle Over Airtime and Data Credit Services
The allegations emerge amid an ongoing dispute surrounding airtime and data credit facilities offered by major telecommunications companies, including services such as MTN XtraTime and Airtel Advance.
These products have long enabled subscribers to borrow airtime and data during emergencies and repay the amount upon their next recharge. The services have become especially popular among low-income Nigerians, with an estimated 40 million users depending on them for daily communication needs.
However, the sector came under increased regulatory scrutiny after the Federal Competition and Consumer Protection Commission (FCCPC) introduced the Digital, Electronic, Online or Non-Traditional Consumer Lending Regulations (DEON Regulations) in July 2025.
The regulations classified airtime and data credit advances as formal lending products, meaning service providers would be required to obtain licenses, disclose charges, comply with consumer protection standards, and meet other regulatory obligations.
Following the introduction of the new rules, several telecom operators suspended their airtime and data credit services, citing compliance difficulties and uncertainty over implementation requirements. The suspension triggered widespread disruption and sparked legal disputes, with some operators obtaining interim court orders while challenging aspects of the regulations.
Although the FCCPC has consistently denied banning the services outright, the commission has maintained that stronger oversight became necessary due to consumer complaints involving undisclosed fees, unfair lending practices, and inadequate customer protections.
Spotlight on Presidential Adviser
At the centre of the controversy is Idris Saliu Alubankudi, a respected technology executive with an extensive background in Nigeria’s fintech and digital economy sectors.
Before joining the presidency, Alubankudi served as Chief Technology Officer at major fintech company Interswitch Group and was involved in founding several technology-driven financial service firms. His appointment as Special Adviser on Technology and Digital Economy was widely viewed as part of efforts to accelerate Nigeria’s digital transformation agenda.
His brother, Shamsudeen Alubankudi, has largely maintained a lower public profile but has now found himself drawn into the debate following Hundeyin’s claims.
As of the time of filing this report, neither the presidency, Idris Alubankudi, nor Shamsudeen Alubankudi had publicly responded to the allegations. Likewise, no official evidence has been released to substantiate the claims made by Hundeyin.
The allegations have nevertheless generated significant discussion online, with observers calling for transparency and clarity regarding regulatory developments in Nigeria’s telecommunications and digital lending sectors.
