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FG to blacklist 18 banks owing telcos N200bn on USSD

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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.

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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.

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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.

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SAD! Popular Broadcast Journalist Bukola Agbakaizu Slumps, Dies Before Afternoon Shift

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The Ogun State media industry was plunged into mourning on Monday following the sudden death of veteran broadcast journalist, Mrs. Bukola Agbakaizu, a longtime staff member of Ogun State Television (OGTV).

Agbakaizu, aged 52, reportedly collapsed while preparing for her afternoon shift at the OGTV studios in Abeokuta. Despite immediate efforts to revive her, she was pronounced dead upon arrival at the Federal Medical Centre, Abeokuta.

Her passing was officially confirmed on Tuesday night in a statement issued by the Secretary of the Nigeria Union of Journalists (NUJ), Ogun State Council, Mr. Bunmi Adigun.

“Bukola Agbakaizu, a dedicated staff member of OGTV, tragically slumped while preparing for her shift. She was rushed to the hospital but could not be saved,” Adigun stated.

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He described her as a passionate and highly respected journalist who had previously served as Vice Chairman of the OGTV Chapel and was a valued member of the Wale Olanrewaju-led executive of the NUJ Ogun State Council.

“She was a vibrant and committed media professional. Her death leaves a painful void in our community,” Adigun added.

Agbakaizu also served as an ex-officio member of the NUJ Ogun State Council. She is survived by her two children, her elderly mother, colleagues, and a wide circle of friends in the journalism community.

The Nigeria Association of Women Journalists (NAWOJ), Ogun State Chapter, also expressed profound sorrow over her untimely demise, noting her contributions to the advancement of women in journalism.

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Just in: NNPC Cuts Petrol Price Amid Competitive Moves with Dangote Refinery

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By Kayode Sanni-Arewa

The Nigerian National Petroleum Company (NNPC) Limited has announced a reduction in the pump price of Premium Motor Spirit (PMS), popularly known as petrol, at its retail outlets in the Federal Capital Territory (FCT), Abuja.

According to a report by The Cable, the petrol price at the NNPC station in Wuse Zone 3, Abuja, was cut from ₦935 per litre to ₦910, signaling a slight relief for consumers in the nation’s capital.

However, the new pricing has not yet extended to Lagos, where petrol prices at NNPC retail outlets remain unchanged. This discrepancy has sparked renewed concerns over regional price variations in Nigeria’s downstream oil market.

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The latest adjustment comes in the wake of an intensifying price contest between NNPC and the privately-owned Dangote Refinery. Just days earlier, on May 12, the Dangote Refinery lowered its ex-depot petrol price to ₦825 per litre, a strategic move aimed at capturing a larger share of the domestic fuel market.

The price reduction appears to be an outcome of recent high-level discussions between NNPC’s Group Chief Executive Officer (GCEO), Bayo Ojulari, and Dangote Refinery’s founder, Aliko Dangote. The meeting, held on May 9, reportedly sought to realign the relationship between the two entities and promote collaboration rather than rivalry.

Speaking after the meeting, Dangote stated, “There is no competition between us; we are not here to compete with NNPC Ltd. NNPC is part and parcel of our business, and we are also part of NNPC. This is an era of cooperation between the two organisations.”

Ojulari echoed this position during a press briefing on May 12, attributing the petrol price reduction to the recent procurement of fuel at lower international prices. He explained that the earlier surge in pump prices was due to existing stock purchased by marketers at higher rates.

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“This downward price adjustment reflects our effort to respond to changing supply conditions and deliver better value to Nigerians,” Ojulari said, while also noting that more adjustments may occur as the market stabilizes.

Industry observers view the ongoing price adjustments as an early indicator of growing competition in Nigeria’s petroleum sector, especially with the Dangote Refinery ramping up its operations. Analysts believe that sustained collaboration between both players could enhance supply efficiency and potentially ease the burden of fuel costs for consumers nationwide.

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BUNKERING: Army, Tantita Security Arrest Truck Laden with Illegally Extracted Crude Oil in Delta

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A joint team comprising officers of the 181 Battalion, Nigerian Army, Oleh, and personnel from Tantita Security Services Nigeria Ltd. has arrested a vacuum truck involved in illegal crude oil extraction at Well 3, Olomoro, in Isoko South Local Government Area of Delta State.

According to reports, the truck, which previously belonged to Engr. Daniel Omoyibo, also known as Damotech, was gifted to the driver, Mr. Matthew Ojomikre, who is currently being detained at the Forward Operating Base (FOB), 181 Battalion, Oleh.

Upon interrogation, the driver confessed that his company had been contracted by Heritage Energy Operational Services Ltd. to evacuate sludge from Well 3, Olomoro. However, he was unable to provide any formal approvals or documentation authorizing the activity, as was previously the norm.

Until recently, Heritage Energy Operational Services Ltd. had consistently provided crude and condensate trucking permits to officers of the Nigerian Army and Tantita Security Services Nigeria Ltd. for proper monitoring from the loading point to the discharge location.

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Officers of Tantita Security Services, in collaboration with a team from Heritage and the Nigerian Army, have collected samples from the vacuum truck for laboratory testing and analysis.

The preliminary confessional statement from the driver indicates that he illegally collected crude oil from Well 3 under the pretense of evacuating sludge from the wellheads.

Authorities have reported that the same truck has previously been involved in unauthorized crude oil evacuations within the Isoko axis.

The driver, the truck, and its contents remain in custody at the 181 Battalion Base in Oleh for further interrogation and possible prosecution.

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