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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Mutual Benefits Records N39bn Gross Premium Growth
Mutual Benefits Assurance Plc reported a significant rise in its gross premium written, which increased by 77% to N39.3 billion in the first half of 2024, compared to N22.16 billion recorded during the same period in 2023. The company’s unaudited financial statements for the period ending June 30, 2024, filed with the Nigeria Exchange Limited…
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FAO and NESG Call for Reforms to Solve Nigeria’s Food Security Challenges
The Food and Agriculture Organization (FAO) of the United Nations and the Nigerian Economic Summit Group (NESG) have called for significant policy reforms to tackle Nigeria’s food security crisis. During a high-level meeting, FAO Nigeria Country Representative Dominique Koffy Kouacou led deliberations on innovative approaches to ensure food accessibility, affordability, and availability. The discussions addressed…
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Customs Seize $1.1 Million and SR135,900 in Undeclared Currency at Kano Airport
The Nigeria Customs Service (NCS) recently confiscated $1.154 million and 135,900 Saudi Riyals in undeclared foreign currency at the Mallam Aminu Kano International Airport. This was revealed in a statement issued on Thursday by the Customs National Public Relations Officer, Abdullahi Maiwada. According to Maiwada, the discovery was made during a routine baggage inspection of…
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.