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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Ekiti monarchs push for night church ban after ₦1bn ransom demand for abducted worshippers
Traditional rulers in Ekiti State have called for an immediate ban on night church services following a deadly attack in Eda Oniyo community, Ilejemeje Local Government Area, where worshippers were abducted during a late-night crusade. The incident, which occurred during an evening prayer session, left a pastor dead and several congregants, including women and children,…
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Jandor withdraws from Lagos governorship race, cites Tinubu’s endorsement of Hamzat
Dr Abdul-Azeez Adediran popularly known as Jandor a leading Lagos State Governorship aspirant, has announced his withdrawal from the race citing President Bola Tinubu’s endorsement of the Deputy Governor Dr Obafemi Hamzat as APC consensus candidate. Adediran, the Lead Visioner of the Lagos4Lagos Movement, disclosed this at a news conference on Thursday. Announcing, Adediran said:…
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Tinubu dismisses NMDPRA Chief, appoints Rabiu Umar pending Senate approval
President Bola Ahmed Tinubu has relieved Mr. Saidu Mohammed of his position as Chief Executive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA). The announcement was made in a statement by Bayo Onanuga, presidential spokesman, on Wednesday. Onanuga revealed that Rabiu Abdullahi Umar, a seasoned executive with over 25 years in the energy,…
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.
