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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2025 Service Awards: You’re our strenght – Lubasch tells Julius Berger workers
The nation’s leading engineering construction company, Julius Berger Nigeria PLC has honoured 598 employees for their dedicated service spanning 10 to 45 years during its annual Long Service Award ceremonies held nationwide on December 5–6. Managing Director and CEO, Engr. Dr. Peer Lubasch has described the company’s workers as the reason for the company’s valuable…
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Julius Berger has done a very beautiful job on Bodo-Bonny Road – Tinubu
President Bola Ahmed Tinubu has hailed leading engineering construction company, Julius Berger Nigeria PLC for the extent and quality of work done on the 35.7km Bodo-Bonny Road project, saying that at the end of the job, Nigerians will be proud and feel safer to ply the legacy road. Read Also: Represented by the Minister of Works, Engr…
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Cadbury Nigeria Plc Confirms Director’s Resignation
Cadbury Nigeria Plc has formally notified the Nigerian Exchange Group (NGX) of the resignation of one of its Directors. In a corporate disclosure filed with the NGX, the company stated that the resignation takes effect in December 2025. The move is part of ongoing corporate governance adjustments within the organization. Cadbury Nigeria Plc, a leading…
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.