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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Gov Zulum Decorates ADC Ashigar With New Rank
By Achadu Gabriel, Kaduna Borno State Governor Babagana Umara Zulum has decorated his Aide-De-Camp (ADC), Ashigar Baba Kulbu, with the new rank of Superintendent of Police (SP). At a brief ceremony held in the Government House on Monday, Zulum who performed the decoration was assisted by the Borno State Commissioner of Police, CP Yusufu Mohammed…
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Niger State Legislator Hon.Gwamna Reaffirms Commitment To Serving Constituents Better In The New Year
ADIGUN TUNDE – -MINNA The legislator representing Bosso constituency in Niger state House of Assembly, Hon. Abubakar S. Gwamna has reaffirmed his commitment to serving the people of his constituency better in the new year. He made the reaffirmation while playing host to a joint delegation from Bani Water and Unguwar Tukura communities in Chanchaga…
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S/Kaduna Journalists Loud Tinubu, Gov Sani. Lawmakers Over Federal Varsity, Medical Center’s Approval
Laments decades of challenges marginalization, under-devt By Achadu Gabriel, Kaduna The umbrella body of Southern Kaduna Journalists’ Forum (SKJF) has unequivocally commended President Bola Tinubu for the approval of Federal university and initiatives toward Federal Medical Centre in the region, and pledged their support for his development policies. This was contained in an elaborates thank-you-statement…
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.