Business
FG gives banks, telcos six-month ultimatum on N250bn USSD debt
The Central Bank of Nigeria (CBN) and the Nigerian Communications Commission (NCC) have issued a final directive to Deposit Money Banks (DMBs) and Mobile Network Operators (MNOs) to resolve the protracted N250bn Unstructured Supplementary Service Data (USSD) debt dispute.
The directive, contained in a joint circular dated December 20, 2024, was signed by the acting Director of Payments System Management at the CBN, Oladimeji Taiwo, and the Head of Legal and Regulatory Services at the NCC, Chizua Whyte. The document outlines a structured payment plan for clearing the debt and introduces new operational guidelines for USSD services.
Under the terms of the directive:
60% of all debts incurred before the implementation of Application Programming Interfaces in February 2022 must be paid as full and final settlement, with payment agreements to be finalized by January 2, 2025, and full settlement due by July 2, 2025.
For debts arising after February 2022, the CBN and NCC mandated that banks pay 85% of all outstanding invoices by December 31, 2024, and ensure that 85% of future invoices are settled within one month of issuance.
Ongoing litigation related to the USSD debt issue must be discontinued.
The regulators also emphasized the transition to end-user billing for USSD services, applicable only to banks and telcos that meet the outlined payment obligations. Pending this transition, operators are required to implement a “10-seconds rule,” ensuring sessions shorter than 10 seconds are not billed.
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Burkina Faso Junta to Dissolve All Political Parties
Burkina Faso’s military junta has announced plans to dissolve all political parties in the country, whose activities have been suspended since the 2022 coup that brought Captain Ibrahim Traore to power. The move aims to curb political divisions and strengthen national unity, according to the presidency. Parties had previously been prohibited from holding public gatherings…
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Akoko-Edo Local Government Chairman Impeached, Vice Chairman Sworn In
The Chairman of Akoko-Edo Local Government, Hon. Alabi Oshionogue, has been impeached by seven out of ten councilors, with the Vice Chairman, Hon. Ayodele Fatimbi, sworn in as the new council leader. The impeachment follows allegations of abuse of office, financial mismanagement, and disobedience to constituted authorities. The impeachment letter, signed by councilors representing wards…
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Katsina State Unveils ₦155bn Housing and Agro-Residential Project
The Katsina State Government has clarified that its ₦155 billion investment to build 3,500 housing units in Kankia and Charanchi Local Government Areas will provide affordable homes, create employment, and promote agricultural development. The state signed a Memorandum of Agreement with COSMOS Residential City Nigeria Limited to deliver the housing units alongside an innovative aquaculture…
The CBN and NCC reiterated their commitment to resolving the debt impasse, stating that the measures are aimed at fostering stability in both the financial and telecommunications sectors while ensuring the continued availability of USSD services for Nigerians.