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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Court Grants Senator Natasha N50m Bail, Sets September 23 for Trial
The High Court of the Federal Capital Territory, sitting in Maitama, has granted bail to suspended Senator Natasha Akpoti-Uduaghan in the sum of ₦50 million, following her arraignment on a three-count charge of criminal defamation. Justice Chizoba Orji, who delivered the ruling, rejected the Federal Government’s request to remand the senator in prison custody, stating…
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Dangote Refinery Unveils Fuel Distribution Plan to Create Jobs, Curb Inflation
The Dangote Petroleum Refinery has announced a direct fuel distribution initiative aimed at cutting costs, easing inflation, and creating thousands of jobs. The scheme, which will deliver petrol, diesel, and other petroleum products directly to major users—including station operators, manufacturers, and aviation firms—includes free logistics support and plans to deploy 4,000 new CNG-powered tankers. Experts…
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Exporters Must Secure Permits, Unique ID Before Crude Shipments — NUPRC
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced a new requirement mandating all crude oil exporters to obtain an export permit, vessel clearance, and a Unique Identification Number (UIN) prior to any shipment from Nigeria. This directive is part of the newly introduced Nigerian Upstream Petroleum Advance Cargo Declaration Regulation 2024. It comes as…
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.