E-Financial
NCC, Others to Meet over USSD Charges
Nigerian Communications Commission (NCC), Central Bank of Nigeria (CBN), and Body of Bank CEOs are to meet to resolve the dispute surrounding charges for use of Unstructured Supplementary Service Data (USSD), the Nation reported.
First Bank USSD Account Opening
According to Wikipedia, ‘USSD, sometimes referred to as “Quick Codes” or “Feature codes”, is a communications protocol used by GSM (global service for mobile communications) cellular telephones to communicate with the mobile network operator’s computers. But it is now used for transferring cash and transacting other banking services by customers in line with the cashless policy of the CBN.
According to the Nation. the USSD services of the lenders include GTB’s *737#; First Bank’s *894#; Fidelity Bank’s *770#; Access Bank’s *901#; and UBA’s *919#. They all run on telecoms infrastructure.
While there is an initial charge of N50 by the bank, which will be retained, customers who use the USSD will be made to pay additional N4, which would have automatically translated to double billing.
The meeting, which would hold early in the new year, would be at the instance of the NCC and the CBN. It is expected, among other things, to end the bickering by the telcos over their denial to charge customers for using the platform for banking transactions.
The telcos had threatened to invoke the relevant sections of the Nigeria Communications Act 2003 by disallowing the banks further access to the USSD link over the conspiracy of silence by the relevant stakeholders after Dr Isa Pantami, Communications and Digital Economy minister, had ‘directe’ the NCC to bar the telcos from collecting charges for use of the infrastructure they built with their cash.
But a source in the NCC said the regulator had not abandoned the telcos.
“We are on top of the situation. We have not abandoned the telcos as alleged. You know the issue concerns multiple stakeholders. You will agree with me that it is not so easy to iron the matter because of this. But let me assure you that as a responsive regulator, we will collaborate with the CBN as we did during the 9mobile crisis to prevent any problem. You should also remember that this issue at stake touches that heart of the policy of the Federal Government,” the source said.
Gbenga Adebayo, chairman, Association of Licensed Telecoms Companies of Nigeria (ATCON), said the USSD channel has evolved from a telco exclusive channel used for only telco services, such as balance inquiry and recharges, to a channel being utilised for the deployment of financial, insurance, agricultural and government services, etc. The USSD channel is delivered using the Standalone Dedicated Control Channel (SDCCH) which is also used for call set-up, SMS set-up, and delivery.
Similar to the other telco services such as SMS, voice and data, network resources are utilised in the provisions of USSD services and as such there are significant costs associated with deploying and maintaining the service.
“The banks, however, identifying the convenience of delivering services to its customers over the USSD channel applied to the NCC for USSD codes to deliver these services. USSD Shortcodes were thereafter issued to the banks and as is expected, they became fully responsible for the charges associated with delivering services to their customer through these shortcodes.
“To accelerate the adoption of financial services on USSD, the banks partnered our members to zero-rate the USSD access to end-users, while the banks bore the cost for the provision of service,” he said.
Based on this arrangement, the banks took on the responsibility of billing customers and paid our members for use of the USSD infrastructure from the service fees deducted from the customer’s bank account.
These service fees charged by the banks were however far over the costs remitted to our members by the banks for providing the USSD platform and have since remained so.
“Following the issuance of the USSD Pricing Determination by the N CC which resulted in a price review of USSD service by our members, the banks stated that they would no longer pay for USSD service delivered to their customers and requested our members to charge customers directly for use of the USSD channel. This billing methodology where the Banks customer is directly charged USSD access fees by our members irrespective of the service charges that the bank may subsequently apply to the customers’ bank account is called “End-User Billing” which the banks specifically demanded that all our members implement. The banks, however, provided no assurances to our members that such service fees charged to customers’ bank accounts for access to bank services through the USSD channel will be discontinued post-implementation of end-user billing by our members,” Adebayo said.
He said the removal of these service fees by the banks would have meant that if bank customers were charged only the USSD costs communicated by our members per USSD session, bank customers will be paying far less than what they are currently being charged by the banks which in some instances are as high as N50.
“Our members were however concerned that the banks were unlikely to discontinue the USSD service fees charged by the banks when customers utilise the USSD channel thereby resulting in double and overbilling, whereby our members charge consumers for the USSD access from their airtime and the Banks still proceed to charge the same consumers a service charge from their bank accounts. In the interest of the consumers, our members challenged the implementation of end-user billing until a formal request for its implementation was received from the Body of Bankers Chief Executive Officers and several banks specifically demanding that end-user billing be implemented.
“In view of the opposition to the implementation of end-user billing by customers, our members, as responsible and responsive corporate citizens are committed to safeguarding consumer interests, and in this regard, we are willing to explore mutually beneficial solutions which ensure that costs associated with the provision of USSD services as determined by the NCC are fully recovered by our members and customers are not billed twice for the same service and by different institutions which is what end-user billing advocat
E-Financial
EXPLOSIVE: How Titan Trust Bank Allegedly Used Union Bank’s Own Assets to Fund Its Takeover
What was sold to Nigerians in May 2022 as a clean and powerful takeover is now looking like something far more troubling. When Titan Trust Bank announced it had acquired Union Bank of Nigeria, a 100+ year-old institution, the story was simple: a young bank buying a legacy giant. But fresh documents are now pointing to a shocking twist that raises serious questions about how the deal was actually done.
Titan Trust Bank
According to findings, Titan Trust Bank allegedly secured a $300 million loan from African Export-Import Bank (Afreximbank) to fund the acquisition of Union Bank of Nigeria. On paper, Titan Trust Bank was the borrower. But in reality, the collateral reportedly included shares, treasury bills, and assets belonging to Union Bank itself.
Let that sink in: the bank being acquired was allegedly used to secure the loan that bought it. Titan Trust Bank—linked to Rahul Savara and Cornelius Vink— is believed to have engineered a scheme so bold it’s almost unbelievable. The plan? Have Union Bank allegedly repay the very illegal loan used to purchase it—using depositors’ funds! If allowed to succeed, the outcome is stark: TitanTrust Bank’s shareholders would end up owning one of Nigeria’s oldest banks for free!
Even more alarming is the alleged complicity of Godwin Emefiele, then Governor of the Central Bank of Nigeria (CBN), who is said to have turned a wilful blind eye to a deal that flew in the face of the CBN’s strict rules against using borrowed funds to acquire Nigerian banks.
It is unbelievable that Godwin Emefiele would allow an inconsequential bank like Titan Trust Bank to plunge a legacy and systemically important bank like Union Bank into a huge and needless debt – just to satisfy the greed of the owners of Titan Trust Bank.
The Afreximbank loan is reportedly structured in a manner that will force Union Bank to keep using its depositors’ funds to repay the unlawful loan.
By the third quarter of 2025, the situation had reportedly worsened. Exchange rate shocks and rising interest costs pushed the total exposure to over ₦500 billion. What started as a $300 million facility ballooned into a massive financial burden.
It gets deeper. An audit later allegedly described the acquisition/loan arrangement as “unethical financial engineering.” The audit allegedly pointed to possible misuse of foreign loans, questionable financial reporting and improper withdrawals from customer funds.
The fallout has already begun. Following leadership changes at the CBN, the board and management of Union Bank were removed in January 2024. That decision is now being contested in court, adding another layer of controversy to an already explosive situation.
Behind the scenes, ownership of Titan Trust Bank also raises eyebrows. The bank, incorporated in 2018, is largely owned by Dubai-based firms linked to powerful business interests, including individuals such as Rahul Savara and Cornelius Vink.
This is no longer just a banking story. It is a test of transparency, regulation and accountability.
If these allegations hold true, then one question refuses to go away: Who really paid for the takeover of Union Bank and at what cost to depositors?
Ecobank, Pan-African lender, said it is in advanced talks with the Bank of China to set up a direct yuan settlement system by the end of 2026, eliminating the need to use the U.S. dollar as an intermediary in trade with China.
For traders in Lagos, Nairobi or Lomé sourcing goods from China, payments have so far been complex and costly.
Paying a supplier in Guangzhou typically requires converting local currency into dollars, then into yuan.
The two-step process increases banking fees and cuts into margins.
Ecobank aims to remove that constraint.
“We are looking at opportunities for us to settle with, instead of going through the dollar, we do it directly with the Chinese yuan,” Jeremy Awori, chief executive, Ecobank told Reuters.
The move reflects current trade dynamics: China is Africa’s largest trading partner by a wide margin. Chinese exports to Africa rose 26% to $225 billion in 2025, contributing to a record $348 billion in total trade.
Beijing has also expanded its financial footprint, with around $39 billion in new contracts signed in 2025, making it the largest bilateral investor by new flows.
Ecobank’s talks with the Bank of China are part of a broader shift across Africa to reduce reliance on the dollar.
In November, South Africa’s Standard Bank took a similar step by joining China’s Cross-Border Interbank Payment System (CIPS).
Across the continent, governments and financial institutions are seeking alternatives to a currency that has become costly and harder to access. Backed by the African Union, the Pan-African Payment and Settlement System (PAPSS) is already reducing conversion costs for intra-African trade. Some countries are moving further: Tanzania and Zambia have restricted the use of the dollar in domestic transactions, while the Democratic Republic of Congo plans to do the same next year.
The trend is also supported by the growing influence of the BRICS+ bloc, which Egypt and Ethiopia have joined and which is promoting a more multipolar financial system.
China is no longer the only player pursuing this strategy.
A high-stakes contest is emerging with the United Arab Emirates for financial and logistical influence in Africa.
Abu Dhabi is expanding its presence through investments in ports and energy infrastructure, alongside financial initiatives.
The UAE has signed multiple currency swap agreements with countries including Egypt, Ethiopia, Kenya and Nigeria to facilitate transactions in dirhams and local currencies, reducing reliance on the U.S. dollar.
Central Bank of Nigeria (CBN) has warned the public of a fresh cyber hack attempt to access personal accounts, just days after the Corporate Affairs Commission (CAC) confirmed a major cyber attack on its systems.
CBN
In a statement signed by Hakama Sidi‑Ali, acting director of corporate communications, issued Tuesday, April 21, 2026, the apex bank said cybercriminals are circulating fraudulent emails and online messages falsely claiming to originate from the CBN.
The messages reportedly contain suspicious links and false narratives about the bank’s leadership, licensing activities, and policy decisions, with the aim of compromising Nigerians’ personal information and hacking their accounts.
The CBN reiterated that its official website remains www.cbn.gov.ng and urged Nigerians to avoid clicking links or sharing sensitive data via suspicious websites or unknown contacts. It also advised the public to verify all CBN‑related communications through the official portal and recognised media outlets, and to report suspected fraudulent sites or emails to law enforcement.
The warning comes after the CAC confirmed on April 15, 2026, that its information systems were breached by hackers, exposing millions of company documents and triggering an investigation by the Nigeria Data Protection Commission (NDPC).
The CBN said it is strengthening its cybersecurity frameworks in collaboration with relevant agencies to protect the financial system and safeguard users from digital fraud.
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