By Adedapo Adesanya

The Nigerian Communications Commission (NCC) has authorised telecommunications companies to disconnect the Unstructured Supplementary Service Data (USSD) codes assigned to nine financial institutions over a N200 billion debt.

The directive signed by NCC’s Director of Public Affairs, Mr 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.

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

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.

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 invoices have remained unpaid since 2020, and has been a source of tussle for years.

“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,” a part of the notice read.

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.

 By Adedapo Adesanya

The Nigerian Communications Commission (NCC) has authorised telecommunications companies to disconnect the Unstructured Supplementary Service Data (USSD) codes assigned to nine financial institutions over a N200 billion debt.

The directive signed by NCC’s Director of Public Affairs, Mr 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.

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

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.

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 invoices have remained unpaid since 2020, and has been a source of tussle for years.

“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,” a part of the notice read.

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.

By Adedapo Adesanya

The continued tussle over an alleged $225.8 million debt between General Hydrocarbons Limited (GHL) and top Nigerian lender, First Bank of Nigeria Limited, showed no signs of abating as the energy company accused the lender of recklessness.

GHL, owned by the chairman and editor-in-chief of ThisDay Media Group and Arise News Channel, Mr Nduka Obaigbena, in a statement Wednesday morning, said the bank’s failure to pay GHL pending request as per the agreed terms led to an international incident on October 7, 2023, “when the drilling rig, Blackford Dolphin, ran out of fuel, food, water and other critical supplies with 93 souls on board, and the rig was on the verge of declaring MAYDAY.”

“First Bank keeps talking about the diversion of funds by GHL without providing any evidence,” the statement said.

It alleged that all GHL contracts and invoices were vetted and paid by FBN through their Credit and Risk teams directly to all service providers, noting that the bank’s alleged repeated failures to pay on time within the contractual framework of five days which became up to 70 days or not at all, in a clear breach of its Tripartite Agreement obligations.

Recall that the issue commenced when First Bank of Nigeria Limited and FBN Quest Trustees Limited on December 27, 2024, approached the Federal High Court in Ikoyi to seek orders in respect of a total claim of $225.8 million being alleged outstanding indebtedness on General Hydrocarbons’ account with First Bank as of September 30, 2024.

The Ikoyi court granted an order restraining all commercial banks in Nigeria from releasing or dealing in all monies and assets up to $225.8 million due to Mr Obaigbena.

The court also blocked all commercial banks from releasing or dealing in all monies and assets up to the said amount belonging to Efe Damilola Obaigbena, Olabisi Eka Obaigbena and General Hydrocarbons Limited, an oil and gas firm in which all three are directors and shareholders.

Another order barring the banks from dealing in or releasing such monies and assets due to the company, its agents, privies, subsidiaries and sister companies with the banks up to the same sum was issued.

Yesterday, First Bank responded that it didn’t abuse court processes in the ongoing legal battles with General Hydrocarbons Limited, adding that its opponent’s claims were misleading and incorrect.

The bank said it performed its obligations under the loan agreements but trouble started when it demanded good governance and transparency in the transaction, which GHL rejected.

However, in the latest right of reply, GHL said it will meet FBN in court with daily reports and log details to debunk, what it called “this continuing misinformation of diversion.”

“GHL acted to save 93 souls, most of them foreign nationals, who had begun contacting their embassies and home governments, and to save Nigeria from an international incident offshore Nigeria,” the statement said.

“This 2nd Right of Reply has become necessary, again, in view of FBN’s continued misstatement but they have failed to debunk or deny the foundational material facts and seeking to eating their cake and having it. Luckily, FBN has not denied the Subrogation MOU and the benefits it got upfront from GHL’s intervention. They should meet their obligations and all will be well,” it added.