Due to a backlog of unpaid debts, the Nigerian Communications Commission has authorised telecommunications companies to disconnect the Unstructured Supplementary Service Data codes assigned to nine financial institutions.

The directive signed by NCC’s Director of Public Affairs, Reuben Muoka on Tuesday and obtained by Channels Television, noted that the affected banks are to pay the outstanding debts by January 27, 2025, or risk losing access to their USSD codes.

The regulator did not, however, state the amount of the debt owed by the nine banks.

According to the NCC public notice, nine out of 18 financial institutions had not complied with regulatory directives.

It said while other banks have cleared their debts, the total amount initially owed by the financial institutions was reported to exceed N200 billion.

According to the NCC, some of the unpaid invoices have remained unpaid since 2020.

Part of the notice read, “By the information made available to the commission as at close of business on Tuesday, 14th January 2025, of a total of 18 financial institutions, the nine institutions listed below have failed to comply significantly with the directives in the Second Joint Circular of the Central Bank of Nigeria and the commission dated December 20, 2024, for the settlement of outstanding invoices due to MNOS, some since 2020.”

The affected financial institutions include Fidelity Bank Plc, First City Monument Bank, Jaiz Bank Plc, Polaris Bank Limited, Sterling Bank Limited, United Bank for Africa Plc, Unity Bank Plc, Wema Bank Plc, and Zenith Bank Plc.

The affected USSD codes include 770, 919, and 822, among others, could be reassigned to other applicants if the debts remain unresolved.

The regulator noted that banks’ failure to comply with the CBN-NCC joint circular also means that they are unable to meet the good standing requirements for the renewal of the USSD codes assigned to them by the commission.

It added, “In fulfilment of its consumer protection mandate, the commission wishes to inform consumers that they may be unable to access the USSD platform of the affected financial institutions from January 27, 2025.”

The NCC emphasised that the financial institutions had been duly notified of the need for immediate compliance and warned that consumers may face service disruptions if the issues remain unresolved.

Meanwhile, data from the CBN revealed that 252.06 million transactions worth N2.19 trillion were conducted via USSD between January and June 2024.

Mozambique President-elect Daniel Chapo will be sworn into office Wednesday after weeks of deadly political unrest but the main opposition leader has vowed to “paralyse” the country with fresh protests against the fiercely disputed election result.

Venancio Mondlane had already called for a national strike in the days leading up to the inauguration and threatened on Tuesday to curtail the new government with daily demonstrations.

Mondlane, 50, who is popular with the youth, maintains the October 9 polls were rigged in favour of Chapo’s Frelimo party, which has governed the gas-rich African country since independence from Portugal in 1975.

“This regime does not want peace,” Mondlane said in an address on Facebook Tuesday, adding his communications team was met with bullets on the streets this week.

“We’ll protest every single day. If it means paralysing the country for the entire term, we will paralyse it for the entire term.”

Chapo, 48, called for stability on Monday, telling journalists at the national assembly “we can continue to work and together, united… to develop our country”.

International observers have said the election was marred by irregularities, while the EU mission condemned what it called the “unjustified alteration of election results”.

The swearing in ceremony was expected to be snubbed by foreign heads of state, a move “which sends a strong message”, Maputo-based political and security risk analyst Johann Smith told AFP.

Former colonial ruler Portugal is sending Foreign Minister Paulo Rangel.

“Even from a regional point of view there is a hesitancy to acknowledge or recognise that Chapo won the election,” Smith said, pointing out that neighbouring South Africa’s president would also not be attending.

The extent of the unrest from now on “depends on how Chapo will tackle the crisis”, analyst Borges Nhamirre told AFP.

The inauguration of parliamentary lawmakers Monday was held amid relative calm in the capital, Maputo.

The streets were deserted, with most shops closed either in protest against the ceremony or out of fear of violence, while military police surrounded the parliament building and police blocked main roads.

Still, at least six people were killed in the Inhambane and Zambezia regions north of the capital, according to local civil society group Plataforma Decide.

– Possible concessions –

Unrest since the election has claimed 300 lives, according to the group’s tally, with security forces accused of using excessive force against demonstrators. Police officers have also died, according to the authorities.

Chapo, who is expected to announce his new government this week, could make concessions by appointing opposition members to ministerial posts to quell the unrest, said Eric Morier-Genoud, an African history professor at Queen’s University Belfast.

There have also been calls for dialogue but Mondlane has been excluded from talks that Chapo and outgoing President Filipe Nyusi have opened with the leaders of the main political parties.

Chapo has repeatedly said however that he would include Mondlane in talks.

Mondlane, who returned to Mozambique last week after going into hiding abroad following the October 19 assassination of his lawyer, has said he was ready for talks.

“I’m here in the flesh to say that if you want to negotiate… I’m here,” he said.

According to official results, Chapo won 65 percent of the presidential vote, compared to 24 percent for Mondlane.

But the opposition leader claims that he won 53 percent and that Mozambique’s election institutions manipulated the results.

Frelimo parliamentarians also dominate the 250-seat national assembly with 171 seats compared to the Podemos party’s 43.

The loading cost of Premium Motor Spirit (petrol) and other refined petroleum products at the depots increased on Monday.

It was gathered that marketers raised petrol and diesel prices at depots by N43 or 4.74 per cent due to the rising crude oil prices.

Recall that the cost of Brent, the global benchmark for crude, reached $79.76 per barrel on Sunday.

This current situation indicates that filling stations nationwide may adjust their pump prices to reflect the higher costs of refined products.

Data obtained while analysing petrol price movements at loading depots on Monday showed that Swift depot increased its loading price to N950 per litre from N907 last Friday.

Wosbab Depot increased its price to N950 from N909, while Sahara Depot made a similar change to N950 from the N910 it sold a litre of petrol last Friday.

Also, a private depot, Shellplux, increased its loading costs to N960 from N908. Chipet Depot asked retailers to pay N960 per litre to receive products. It sold at N908 per litre last week Friday.

Nipco Depot increased its price by N38 from N912 to N950 while the Matrix Warri Depot increased its cost from N925 per litre to N945.

It was also gathered that marketers who picked products from the Dangote refinery and resell to other retailers increased their costs to N923 per litre despite picking products from the refinery at N899 per litre.

For diesel, some loading depot prices including Stockgap depot increased its price from N1,080 to N1,150. Ibeto Depot approved an increase from N1,050 to N1,150 per litre. Sahara Depot sold its product at N1,150 from N1,045 last week.

Nipco Depot increased its price to N1,150 from N1,120 while Optima Depot approved a N72 increase to N1,120 per litre from N1,048.

The average increase in depot prices for PMS stands at approximately 7-10 per cent while AGO prices have surged by 5-10 per cent, depending on the depot and location.

Reacting in an earlier interview, an oil and gas expert, Olatide Jeremiah, said depots are poised to increase the loading price of refined petroleum products.

Jeremiah, who is the Chief Executive Officer of petroleumprice.ng, said, “It implies that there is a possibility of increased fuel prices, particularly diesel prices.

“As of Friday, when Brent crude neared $80, prices selectively increased in some depots in Lagos, and on Monday, prices might be jacked up by importers because a large chunk of oil marketers import petroleum products and Brent crude is a major determining factor in the refining process.”

Another marketer, Bayo Adelaja said, “Depot rates have escalated sharply, and this is directly affecting pump prices. Consumers should expect further fluctuations in the coming weeks,” he noted.

With depot rates showing no signs of stabilising, the coming weeks may bring further adjustments, emphasising the need for long-term strategies to mitigate the impact on consumers and the economy.