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The Federal government of Nigeria is set to take drastic measures against banks in the country.
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The comes after piles and piles of debts to telecom companies.
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The banks are said to owe about #200 billion naira.
The Federal government of Nigeria has hinted on blacklisting banks found wanting of owing telecom companies.
According to reports from Vanguard News, FG will list out the names of 18 banks owing the sum of two hundred billion naira (#200bn) to telecom companies.
This amount is reportedly on the service of Unstructured Supplementary Service Data, USSD.
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According to reports, the purpose of this is to discourage the telecom companies from rendering service to them, and also forcing the indebted banks to pay up.
This comes after a directive by the FG on December 20, 2024, stating that 60% of all debts incurred before the implementation of Application Programming Interfaces in February 2022 must be paid as full and final settlement.
It also adds that all instalments must be paid by January 2, 2025, while full payment must have been paid by July 2, 2025.
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