There are indications that the Federal government will tomorrow list out names of 18 banks owing almost N200 billion to Nigerian telecom operators on Unstructured Suplementary Service Data, USSD, and remained adamant towards settling it for several years.

The reason for the public disgrace seems to be for the telcos to stop offering them services that enable their customers to conveniently do online banking.

Vanguard gathered that the telecom regulator, the Nigerian Communications Commission, NCC has been given the nod to publish the names and approve that telcos withdraw services to them if after two weeks they fail to settle the debts.

Recall that the issue of banks’ multi billion naira USSD debt to telcos has lingered since 2020, rising from below N40 billion to N57 billion by the end of 2021 and N80 billion in 2022.

But now, the telcos claim the debt has risen above N250 billion and accused the banks of not complying with the repayment plan.

The recent development, cannot be unconnected with a December joint meeting between the two regulators, NCC and the Central Bank of Nigeria which resolved that the banks pay part of the money by December 31, last year and defray the remaining gradually.

However, Vanguard gathered authoritatively that only four banks complied with the directive, while 18 others are still adamant.

Similarly, when the matter brewed heavily a few years ago, the National Assembly, Central Bank of Nigeria, CBN, and the Nigerian Communications Commission, NCC, waded in and also generated such a gentleman’s agreement, which gave the banks leverage to defray the debts gradually.

However, that did not also happen as the banks allegedly reneged.

A few weeks ago the Chairman, Association of Licensed Telecommunications Operators of Nigeria (ALTON), Gbenga Adebayo, accused the banks of deliberately frustrating any move to resolve the issue and threatened that the only option, since the banks have consistently failed to honour the agreements, would be to withdraw the support that gives the USSD platform life.

USSD, commonly known as ‘bank transfers’, is done through short codes on mobile phones.
The support is provided by the telcos.

If the latest approval Vanguard gathered that telcos will be given, to blacklist the 18 banks is carried out, it means that in the next two weeks all the short code services to such banks may be suspended and users will not be able to carry out some online banking services from the comfort of their homes.

Strong indications emerged on Monday that the Senate is on the verge of holding a public hearing on the Tax Reform Bills, with the aim of presenting them for a third reading and eventual passage.

This development was confirmed following a closed-door session of the Senate Ad-hoc committee and key government officials, including the Attorney General of the Federation, Lateef Fagbemi (SAN); Chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji; Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele; and Chairman of the Revenue Mobilization Allocation and Fiscal Commission (RMAFC), Dr. Mohammed Bello Shehu.

The Senate’s Ad-hoc Committee on Tax Reform led by its Chairman, Sen. Abba Moro, was established in December last year to engage with the Federal Government on contentious aspects of the proposed tax legislation.

Senator Moro revealed that significant progress had been made.

“We have reached some agreements after thorough discussions with government officials. Our goal is to synthesize the entire process to deliver a law that meets the needs of all Nigerians,” Moro stated.

He expressed optimism that the committee would soon finalize its work, paving the way for the bills to be presented for passage.

“By the time we meet again, we will have a better story to tell,” he said.

FIRS Chairman Zacch Adedeji also expressed confidence in the progress made, indicating that previously contentious issues had been resolved.

“The so-called grey areas were discussed and clarified. We are now moving in the right direction, and there won’t be a need for further meetings. All issues have been identified, clarified, and resolutions have been made,” Adedeji said.

He affirmed that there was a consensus among all stakeholders on the necessity of the proposed tax laws.

“Everyone agreed that Nigeria needs these laws. Today, we saw the framework of the law come together, with the Attorney General, lawmakers, and operators all on the same page,” he concluded.

The committee’s efforts mark a significant step towards overhauling Nigeria’s tax system, with the reforms expected to enhance revenue collection and create a more efficient tax framework.

A chieftain of the All Progressives Congress (APC), Joe Igbokwe has thrown his weight behind the impeachment of the former speaker of the Lagos State House of Assembly, Mudashiru Obasa, describing it as a long-overdue decision.

Members of the Assembly on Monday impeached the 52-year-old over alleged gross misconduct and abuse of official.

They have since appointed the member representing Apapa 1 State Constituency, Mojisola Meranda, as the new speaker of the House.

In a post on his Facebook page, Igbokwe wrote: “The deed is done in LAHA!!! Hon. Mudashiru Obasa impeached as Speaker Lagos State House of Assembly for gross misconduct and abuse of office. Hon Mojisola Meranda Ojora is the new Speaker.”

In a more detailed comment under his post, the former Managing Director of the Voice of Nigeria (VON) shed light on the deeper tensions between the former speaker and Lagos State Governor, Babajide Sanwo-Olu.

According to him, Obasa’s refusal to collaborate with the governor had been a recurring issue that strained their working relationship.

“He (Obasa) was on Governor Sanwo-Olu’s neck for years. Every attempt to persuade him to work with the Governor fell on deaf ears. Many interventions by GAC (Governor’s Advisory Council) members did not help matters,” he wrote.

Obasa, who has served as speaker since 2015, has long been a central figure in Lagos politics, known for his influence and authority within the Assembly.

However, his tenure has not been without controversy.

Allegations of financial misconduct and abuse of power have dogged his leadership, culminating in Monday’s impeachment.

The friction between Obasa and Sanwo-Olu had reportedly been a lingering issue, with sources claiming the former speaker often challenged the governor’s policies and decisions.

Igbokwe’s comments appear to corroborate these claims, hinting at longstanding discord that even the intervention of influential APC elders failed to resolve.