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CBN Orders Banks to Move Services from Telcos Charging for USSD Transactions
By Adedapo Adesanya
Commercial banks offering financial services to its customers through the use of the Unstructured Supplementary Service Data (USSD) via telecommunications companies operating in Nigeria have been directed to move to telcos charging less for the transaction.
This directive was given by Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele, on Sunday in the United States of America, where he was for the IMF/World Bank Annual Meetings.
On Sunday, one of the telcos, MTN, in a notice sent to its customers had stated that, “Please note that from October 21, we will charge N4 per 20 seconds for USSD access to banking services. Thank you.”
But this was greeted with harsh criticisms from both subscribers and regulators, including the Nigerian Communications Commission (NCC), which was asked by federal government to halt the planned imposition of N4 per transaction charge for the banking transaction.
The Minister of Communications, Mr Ibrahim Pantami, had in a statement signed by his media aide, Mr Uwa Suleiman, urged the commission to look for ways of bringing down the cost of data and illegal deductions of airtime by service providers.
“The attention of the Federal Ministry of Communications has been drawn to the viral text message allegedly sent by the Mobile Network Operator MTN Nigeria and other Mobile Operators notifying subscribers of a four naira (N4:00) charge per 20 seconds on USSD access to banking services from the 21st of October 2019.
“The office of the Minister of Communications, Dr. Isa Pantami, is unaware of this development and has hereby directed the sector regulator, the Nigerian Communications Commission (NCC) ensures the operator suspends such plans until the Honourable Minister is fully and properly briefed,” the statement read in part.
While also reacting to the issue, Mr Emefiele informed the banks to move their services to telcos that are willing to offer such service at the lowest or even zero charges.
“I have told the banks that they have to move their business and move their traffic to a telecom company that is ready to provide it at the lowest possible and if not at zero cost and there is where we stand and we must achieve it,” he said in a message on the matter.
Speaking further, the apex bank chief said, “You are all aware that there is a drive for us to deepen financial inclusion in Nigeria. I had made my commitments to Bill Gates Foundation as well as Queen Maxima that we would deepen financial inclusion and that by 2020 the rate of financial inclusion would have accelerated to about 80 per cent.
“At this time, we are close to about 65 percent. We moved from about 42 percent to 65 percent in about 18 months and we believe that we can achieve this 80 percent if everybody, that is the bank and telecoms company, cooperate with us.
“About five months ago, I held a meeting with some telecoms companies and leading banks in Nigeria in Lagos and the issue on cost of USSD came up. We came to a conclusion that the use of USSD is a sunk cost, meaning that it is not an additional cost on the infrastructure of the telecoms companies.
“But the telecoms companies disagreed with us and said it was an additional investment in infrastructure and that for that reason, they needed to impose the charge. I appealed to them to please review this downwards and they refused.
“I understand that about three to four weeks ago, rather than reduce it, they went ahead to increase by 300 percent. I opposed it and I have told the banks that we would not allow this to happen. The banks are the people who give these businesses to the telecoms companies and I leave the banks and the telecoms companies to engage.”
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Man Cools Off in EFCC Custody Over Alleged $320,000 Vehicle Import Fraud
By Modupe Gbadeyanka
A Nigerian-American identified as Mr Adegoke Oluwatobi Adams has been arrested by operatives of the Economic and Financial Crimes Commission (EFCC) in Ilorin, Kwara State, over his alleged link with cross-border vehicle import fraud of about $320,000 (approximately N434.88 million).
A statement from the EFCC disclosed that the suspect is being investigated for alleged criminal breach of trust and obtaining money by false pretence.
Preliminary investigations revealed that he allegedly belongs to a syndicate based in the United States that specialises in defrauding unsuspecting Nigerians under the guise of purchasing and importing vehicles from the US for them.
It was discovered that while residing in America, Mr Adams allegedly advertised and circulated photographs of a 2024 Mercedes-Benz G63 AMG to prospective buyers in Nigeria, promising to purchase and ship the luxury vehicle to them.
Findings revealed that two victims allegedly paid $320,000 for the vehicle. One of the victims, Ikechukwu Osita Ifeabunike, reportedly paid $145,000 through an intermediary, while another victim, Godson Azubuike Amans, allegedly paid $175,000 for the same vehicle.
Further investigation also uncovered a prior criminal record involving Mr Adams in the United States, allegedly related to the illegal acquisition of vehicles. In the long run, the suspect was arrested by operatives of the Ilorin Zonal Directorate of the EFCC upon his return to Nigeria.
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Warri–Itakpe Train Derailment Leaves Passengers With Injuries
By Aduragbemi Omiyale
A few passengers on a Warri-Itakpe train were feared to have died on Monday in a derailment, which affected at least four coaches. Some of the passengers were also said to have suffered some degree of injury.
This was confirmed by the Nigerian Railway Corporation (NRC) in a statement today.
The unfortunate incident involved the Warri–Itakpe Train Service (WITS), the agency stated, though it did not confirm the number of human casualties.
However, it noted that emergency response teams and relevant authorities were at the scene attending to the situation and providing necessary assistance.
“The Nigerian Railway Corporation (NRC) confirms that an incident involving the Warri–Itakpe Train Service (WITS) occurred today.
“Emergency response teams and relevant authorities are currently at the scene attending to the situation and providing necessary assistance,” the chief executive of the organisation, Mr Kayode Opeifa, said in the statement.
“The corporation is closely monitoring developments and a detailed statement will be issued as soon as more information becomes available,” it added.
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Shuttlers Hits 10 Million Trips, Expands Reach via Google Maps Transit
By Adedapo Adesanya
Nigerian mobility startup Shuttlers has surpassed 10 million trips on its platform and expanded its reach through an integration with Google Maps Transit in Nigeria, thereby strengthening access to public transportation information.
According to a statement on Monday, the milestones reflect the growing need for structured, shared mobility in urban Africa.
The 10-million-trip milestone coincides with Shuttlers’ 10th year of operations, marking a key point in its growth trajectory. Meanwhile, the Google Maps integration now allows users searching for transit directions on the platform to view Shuttlers’ routes and book seats directly through its system.
The partnership is expected to broaden access to reliable shared transportation options for businesses and professionals navigating major urban centres.
To achieve a Google Transit Partner status, Shuttlers aligned its data architecture, route systems, and real-time operational capabilities with Google’s partner infrastructure requirements.
Across the continent’s fastest-growing cities, formal public transport infrastructure faces significant pressure from rapid population growth, leaving millions of professionals dependent on fragmented and costly alternatives. According to the World Bank, African cities lose an estimated 2% to 5% of GDP annually to transport inefficiency.
Shuttlers currently serves 30,000 active users across more than 1,000 itineraries, operating more than 430 buses daily across Lagos, Abuja and Port Harcourt. Since launching in 2016, the platform said it has maintained a 99 per cent trip completion rate and a 99.94 per cent incident-free rate across its entire journey history.
The average Shuttlers commuter saves 60 per cent to 88 per cent on transport costs compared to ride-hailing services, and reclaims 8 to 12 hours from gridlock every month. In Lagos, the average commuter loses more than 30 hours a month to gridlock.
Speaking on this achievement, chief executive and co-founder of Shuttlers, Ms Damilola Olokesusi, shared, “We are incredibly proud of our integration into the Google Maps Transit system. This, alongside hitting 10 million journeys since launch, is a reflection of years of hard work. For millions of professionals, commuting is still unpredictable, exhausting and expensive.”
“We have spent the last 10 years building technology and operational infrastructure that makes daily transportation more dependable – for commuters, businesses that employ them, and the fleet operators who power our network,” she added.
On his part, Mr Olumide Balogun, Director for West Africa at Google, said: “We are pleased to welcome Shuttlers into the Google Transit ecosystem in Nigeria. Reliable transit information helps people navigate cities more confidently and efficiently. As more Nigerians adopt digital tools for everyday mobility, integrations like these help make trusted transportation easier to discover and access.”
Reiterated its commitment to sustainability, Shutters also disclosed that it is actively integrating Compressed Natural Gas (CNG) and electric buses into its fleet, reducing emissions by up to 60 per cent compared to traditional diesel alternatives.
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