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N160bn USSD Debt: Banks Make Partial Payments to Avert Service Disruption

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USSD War

By Modupe Gbadeyanka

The Nigerian banks at the risk of having their Unstructured Supplementary Service Data (USSD) services, designed for financial transactions, being disconnected by telecommunications operators have made partial payments.

This development was confirmed recently by the chairman of the Association of Licensed Telecommunications Operators of Nigeria (ALTON), Mr Gbenga Adebayo.

Speaking at forum in Lagos, Mr Adebayo revealed that, “The matter has been de-escalated. Money has been paid, and we are making progress thanks to the regulators.”

Recall that on January 15, 2025, the Nigerian Communications Commission (NCC) issued a public notice that customers of nine deposit money banks (DMBs) may not be able to use the USSD services to complete transactions through their banks because of debts worth N160 billion.

The telcos accused the banks of not remitting the USSD access fee (N6.98 telco fee) charged by financial institutions when customers use the service to purchase airtime or make fund transfers via their mobile devices.

The telecom sector’s regulator named the affected lenders as UBA, Sterling Bank, Polaris Bank, Zenith Bank, Jaiz Bank, FCMB, Fidelity Bank, Wema Bank, and Unity Bank.

The latest development means the USSD services of these financial institutions were not disconnected by the telco by January 27, 2025, as earlier threatened.

About N250 billion was initially owed the telecom operators, but this has been brought down to N160 billion, and according to the payment timeline earlier released by the NCC, the next instalment should be by July 2, 2025, and the final payment by December 31, 2025.

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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Banking

GTCO Distributes 3,000 Gas Cylinders to Obafemi Owode Residents

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GTCO cooking gas cylinder

By Aduragbemi Omiyale

Over 3,000 residents of the Obafemi Owode Local Government Area of Ogun State have been given a unit each of a 3kg gas cylinder by Guaranty Trust Holding Company (GTCO) Plc under its Waste for Gas initiative launched recently.

The cooking tool was distributed mostly to women in the community after conducting thorough assessments by visiting beneficiaries’ homes to ensure that the support reached those who genuinely needed it.

The financial institution said the items would provide access to gas-powered cooking solutions and simplify daily routines by freeing up time for other productive activities that support financial stability.

It expressed optimism that the cooking gas cylinder will make a meaningful impact in the community and enhance the quality of life for households.

“The Waste for Gas initiative is about making life easier for families, giving them more time to focus on important activities such as education, work, or personal development.

“Beyond this, our goal is to continuously develop sustainable initiatives that empower individuals, strengthen communities, and contribute to socioeconomic growth,” the chief executive of GTCO, Mr Segun Agbaje said.

Also, the Chief Communication Officer of GTCO, Ms Oyinade Adegite, said, “We visited various households across the local government and were surprised to find that some residents had already gone borrowing from money lenders just to afford gas cylinders, while some others were considering doing the same.”

She urged beneficiaries to use the cylinders for their intended purpose and not resell them, adding that GTCO would return for the second phase of the program. The bank’s decision to expand the initiative would depend on how well the items are utilized.

Expressing gratitude for the initiative, Obafemi Owode Local Government Chairman, Mr Ogunsola Adesina, stated that the intervention would significantly improve the standard of living in the area.

He also appealed to GTCO to establish a branch within the community to alleviate the banking challenges residents currently face.

In his remarks, the Olu of Owode-Egba, Mr Kolawole Aremu Sowemimo, advised beneficiaries not to sell the gas cookers and assured them that discussions were underway to establish discounted gas refill stations within the community.

Additionally, the Iyaloja General, Mrs Ganiyat Oyelakin, cautioned beneficiaries to use the gas cookers safely to prevent accidents. Residents were also educated on the proper handling and maintenance of their gas cylinders.

One of the beneficiaries, Mrs Risikat Ayoka, thanked GTCO for the initiative, saying, “We are excited. This gesture will make us stop using firewood for cooking.”

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Banking

Union Bank, ICAN Explore Potential Areas of Collaboration

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ICAN Union Bank

By Aduragbemi Omiyale

The managements of Union Bank of Nigeria and the Institute of Chartered Accountants of Nigeria (ICAN) are looking at ways to join forces for growth.

Recently, the executives of ICAN were at the head office of the financial institution tucked in the iconic Stallion Plaza in Lagos.

This visit underscores ICAN and Union Bank’s mutual commitment to advancing the accounting profession and contributing to the overall growth of Nigeria’s financial sector.

The president of ICAN, Mr Davidson C.S Alaribe, appreciated the warm reception and highlighted the importance of such engagements in promoting professional excellence and ethical standards within the accounting and finance sectors.

In his remarks, the Chief Financial Officer of Union Bank, Mr Oluwagbenga Adeoye, emphasised the bank’s commitment to supporting initiatives that enhance the professional development of accountants and ICAN members.

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Banking

Senate Accuses CBN of Stalling N30trn Ways and Means, ABP Investigations

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CBN IMTOs

By Adedapo Adesanya

The Senate Ad-hoc Committee on Ways and Means Advance has accused the Central Bank of Nigeria (CBN) of frustrating its investigation into the N30 trillion Ways and Means Advance and the Anchor Borrowers’ Programme (ABP) under former President Muhammadu Buhari’s administration.

The committee made the accusation after receiving an interim report from its consultants at a meeting where they expressed frustration over the central bank’s failure to provide crucial documents required for the probe.

The panel, which was inaugurated a year ago by Senate President, Mr Godswill Akpabio, stated that the delay has significantly stalled progress on the investigation.

The chairman of the committee, Mr Isah Jibrin, criticised the CBN for withholding vital information, despite multiple requests, revealing major infractions with the preliminary reports of the lender.

He dismissed speculations that the Senate had been compromised or gone to sleep, reaffirming its commitment to ensuring accountability and transparency in the management of public funds.

“The information we have here is not different from what we have heard all along. What we did was to hand over the documents to the consultants, and when the consultants made available to us this interim report, our intention was to hold onto the interim report on the final report,” he told reporters.

“But we’ve been compelled to make available this interim report to the general public so that they know that we let them know where the problem is, and the problem is that the Central Bank of Nigeria has denied us consistently the documents that we need to complete this assignment. That is the truth.

“It was at the CBN sometimes, I met Bala the deputy governor. And they promised, but nothing came out of it. The Clerk has been there several times. Nothing has come out of it.

“The consultants themselves even took it upon themselves to go with CBN directly, because we introduced them to CBN and nothing has come out of it.”

The committee issued a strong warning to the CBN representatives, emphasizing the need for full disclosure of how the funds were utilized to address Nigeria’s economic challenges.

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