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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Wike-Aligned PDP Hails Court Ruling, Calls for Party Unity
The Nyesom Wike-backed National Caretaker Committee of the Peoples’ Democratic Party has welcomed a Federal High Court ruling that affirmed its legitimacy as the party’s leadership, urging members to embrace unity, reconciliation and respect for due process. In a statement issued on Friday, the Abdulrahman Mohammed-led committee described the judgment as a victory for constitutionalism…
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Military Destroys 53 Illegal Refineries, Arrests 81 in Niger Delta Operations
The Defence Headquarters has announced that troops of Operation Delta Safe destroyed at least 53 illegal crude oil refining sites and arrested 81 suspects during sustained military operations across the Niger Delta in January. The disclosure was made on Friday in Abuja by the Director of Defence Media Operations, Major General Michael Onoja. According to…
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Osun Monarch Unveils Ijesa Hall of Fame, Honours Adesanya, Petinrin, Others
The Owa Obokun of Ijesaland, Oba Adesuyi Haastrup, has unveiled nominees for the maiden Ijesa Hall of Fame, recognising prominent individuals who have made lasting contributions to the development of Ijesaland in Osun State. According to a statement released by the palace, the list—ratified by the Owa-in-Council—features distinguished late and living indigenes across business, education,…
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.