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FG gives banks, telcos six-month ultimatum on N250bn USSD debt

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The Central Bank of Nigeria and the Nigerian Communications Commission have issued a final directive to Deposit Money Banks and Mobile Network Operators to resolve the protracted N250bn Unstructured Supplementary Service Data debt dispute.

CBN and NCC are both regulatory agencies of the Federal Government.

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, exclusively obtained by our correspondent, outlined a structured payment plan for clearing the debt and introduced new operational guidelines for USSD services.

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Under the terms of the directive, 60 per cent of all debts incurred before the implementation of Application Programming Interfaces in February 2022 must be paid as full and final settlement.

Payment agreements—whether as lump sums or instalments—must be finalised by January 2, 2025, with full settlement due by July 2, 2025.

For debts arising after February 2022, the CBN and NCC mandated that banks pay 85 per cent of all outstanding invoices by December 31, 2024, and ensure that 85 per cent of future invoices are settled within one month of issuance.

The regulators also directed both parties to discontinue all ongoing litigation related to the USSD debt issue, warning that non-compliance would attract stiff sanctions.

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“In view of the foregoing, the CBN and NCC hereby direct that all DMBs and MNOs adhere strictly to the outlined payment terms to ensure final resolution of this matter. Failure to comply will result in sanctions,” the circular stated.

The move comes amid mounting pressure from telecom operators, who had earlier called for a clear payment framework to address the debt, which has strained relationships between the banking and telecom sectors.

Additionally, the regulators emphasized the transition to end-user billing for USSD services, noting that it would only apply 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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The circular further highlighted the opportunity for banks currently using prepaid billing systems to migrate to EUB, subject to regulatory approval.

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.

In Nigeria, USSD is vital for financial inclusion, particularly in rural areas where smartphone penetration and internet access are limited.

Banks heavily rely on it, especially for mobile banking services, and it is also used for services like airtime top-ups, bill payments, and other telecom services.

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The debt crisis has persisted for years, with telecom operators threatening to suspend USSD services unless payments are made.

While smaller banks have reportedly begun repaying their obligations in installments, tier-one lenders—responsible for the bulk of the debt—are yet to make significant payments, according to the Chairman of the Association of Licensed Telecom Operators of Nigeria, Gbenga Adebayo.

Credit: PUNCH

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Easter: Ibas, wife, children worship at Rivers Government House chapel

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Rivers State Administrator, Retired Vice-Admiral Ibok Ibas marked Easter on Sunday with a worship service at the Chapel of Everlasting Grace, Government House, Port Harcourt.

Ibas was accompanied by his wife, Dr. Theresa, their children, and key state officials including the Secretary to the State Government (SSG), Prof. Ibibia Lucky Worika, and his family.

A statement signed by the SSA media, Hector Igbikiowubo, said the administrator joined worshippers in a service filled with uplifting hymns and prayers for peace in Rivers State and the country.

Chaplain Pastor Barasin Ogan delivered a message, reminding the congregation of the transformative power of Christ and assuring them of divine justification, deliverance, healing, and righteousness through faith.

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Special prayers were offered for President Bola Tinubu, Administrator Ibas, and the continued progress of Rivers State, reinforcing unity and faith as the foundation for a brighter future.

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We have no no abducted victim in our custody, says NCoS

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The Nigerian Correctional Service (NCoS) has strongly denied reports linking it to the alleged kidnapping of a 12-year-old girl in Rivers state, describing the claims as false, malicious, and a figment of the writer’s imagination.

In a statement issued by the Service’s Public Relations Officer, Umar Abubakar, the NCoS said the allegation was aimed at misleading the public and tarnishing the image of the Service.

Abubakar stated that a thorough check of available records showed no inmate named “Chi Boy” is in custody at any facility under the Enugu State Command.

He added that the failure to provide the full names of the alleged inmate or the kidnapped victim further undermines the credibility of the report.

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He emphasized that the NCoS is unaware of any kidnapping incident linked to its facilities in Rivers State or any other command, as claimed in a circulating press statement and viral video.

Abubakar also clarified that no investigative agency has tracked any suspected kidnapper to any correctional facility in either Enugu or Delta State Commands.

“Therefore, the Service is not in the position to confirm payment of ransom or whatsoever transaction as alleged in the fictitious report and video.

“The Service has no role in the said kidnap story, and as a security organization, it does not operate in isolation; rather, it partners with sister agencies to ensure adequate security. The Service will never turn down requests for investigation activities from sister agencies,” Umar said.

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Netanyahu orders strikes on Hamas after truce rejection

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Benjamin Netanyahu has said he has instructed Israel’s military to intensify pressure on Hamas after the Palestinian militant group rejected a temporary truce proposal.

In a televised address, the Israeli prime minister said that while war came with a heavy price, Israel had “no choice but to continue fighting for our very existence, until victory”.

On Thursday, Hamas rejected an Israeli proposal for a temporary pause in fighting, describing the offer as demanding “impossible conditions”.

Hamas currently holds 59 hostages, with 24 of them believed to be alive. It says it will only return them in exchange for the release of more Palestinian prisoners, a full Israeli withdrawal from Gaza, and a lasting truce, as called for in the now-defunct ceasefire agreement reached earlier this year.

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Netanyahu’s remarks came after the Hamas-run health ministry in Gaza said Israeli strikes had killed more than 90 people in 48 hours.

Women and children were among 15 people who were killed overnight on Friday in the southern city of Khan Younis, according to hospital staff.

At least 11 of those who were killed were sheltering in a tent in the designated humanitarian zone of al Mawasi, where hundreds of thousands of displaced people are living, the hospital workers said.

A further four people were killed in separate strikes on the city of Rafah, including a mother and her daughter, according to Gaza’s European Hospital, where the bodies were taken.

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Israel says its latest campaign is to put pressure on Hamas to release more hostages and ultimately agree to disarm and leave the territory.

For weeks, Israeli troops have also blockaded Gaza, barring the entry of food and other goods.

Last month, 15 aid workers were killed and buried in a shallow grave after being fired upon by Israeli troops.

Hamas’s armed wing said the fate of Israeli-American hostage Edan Alexander was unknown after a guard who was holding him was found killed.

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On Tuesday, Hamas said it had lost contact with a group of militants holding Mr Alexander in Gaza.

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