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Update : N120b USSD debt : Telcos accuses the big DMBs of intransigence of not paying their debt

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Telecom operators have accused big deposit money banks (DMBs) of owing the huge percentage of the N120 billion debts that arose from the use of Unstructured Supplementary Service Data (USSD). They also accused the big DMBs of intransigence in paying the debt.

Acting under the aegis of Association of Licensed Telecoms Companies of Nigeria (ALTON), the operators also said they were yet to feel the impact of the intervention of the Central Bank of Nigeria (CBN) Governor Godwin Emefiele in resolving the impasse as it has not translated to the payment of the debt by the big banks.

UUSD is a Global System for Mobile Communications (GSM) protocol that is used to send text messages. USSD is similar to Short Message Service (SMS); it uses codes made up of the characters that are available on a mobile phone.

Chairman of ALTON, Gbenga Adebayo, in a telephone interview, said the smaller operators have been responsive and alive to their corporate responsibilities by paying their debts to the operators, adding that the same story could not be told of the big banks that have refused to defray their debts.

According to him, the impact of the debt burden is huge because of the caliber of banks owing.

Adebayo said the CBN governor’s intervention has not resulted into the payment of the debt, meaning such an intervention remained useless at best, adding that the process of final disconnection has started.
He said: “We are now commencing the implementation of the terms of the agreement by sending them notice which will expire after the notice depending on the agreement and once the service notice expires, we will begin to withdraw the service. I must say that some banks are paying. Unfortunately the ones that are not paying are the big banks debtors. I don’t want to mention their names. They are the big ones and that is why it has such a huge impact on the industry. So the smaller ones that are not owing much are paying; some were paying before, we don’t know what happened and they stopped paying, allowing the debts to pile up.”

He said initially when the notice was served, the DMBs agreed but only to turn around to talk about the billing system. He asked rhetorically: “How can billing be the problem after the service has been provided?”

On the CBN’s intervention, he said: “We will begin to see the intervention when the DMBs start paying. We don’t know what intervention they are doing with the banking system but we will see the impact when we start seeing money being paid by the DMBs. So far, we have not seen anything. We are a highly responsible corporate organisation. We are not going to yank off the plug without following due process; all we are doing now is to enforce the terms of the commercial agreement and when the day comes when the notice will expire, we will rightly disconnect.”

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Zenith Bank and Ford Foundation Honour Unsung ‘Sheroes’ with Inaugural Woman of Power Award

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On  Saturday, March 28 2026, Zenith Bank held the climax of its month-long activities to commemorate March as women’s month. The event which held at The Civic Centre, was the second of such activity at the Centre, having held the International Women Day Seminar on the 9th of March, 2026. The event was to honour and give awards to exceptional women who have shown resilience in their communities with heir vocation impacting lives sustainably.Speakers after speakers eulogized Zenith Bank for its people-centred activities and appreciated the Ford Foundation for identifying the Bank as a worthy partner in its push to support women in their peculiar cultural and economic conditions across the world.Themed “Celebrating Resilience, Leadership, and Generosity” the award recognised 19 women who were selected from the six geo-political zones in trade, petty manufacturing, education, and agriculture. These women demonstrated extraordinary strength, leadership, and impact despite the significant challenges posed by the difficult economic situation in the country.According to the organisers, the initiative provided a platform to showcase unsung “Sheroes” — everyday women who are making meaningful contributions in their communities and fields. These include market women, small-scale business owners, community leaders, educators, healthcare workers, and many others whose vital roles often go unnoticed.The sponsors of the event noted that each awardee exhibited excellence in several key areas, including leadership and initiative, community impact, innovativeness and resourcefulness, perseverance, integrity, community trust, and philanthropy.Among those honoured were: Mrs Regina Amankulor, a retired nurse empowering young people in Umuode-Nsulu community, Isiala Ngwa North LGA, Abia State; Mary Matanmi, Coordinator of the Nigeria Association of Hairdressers, Barbers and Cosmetologists, Lagos State chapter; Ifeanyi P. Ugwueze, a Guidance Counsellor and Life Coach who continues to thrive despite blindness and is currently pursuing a doctorate degree.

Others include: Amina Musa, a trade educator based in Karonmajiji, AMAC, Abuja; Adenike A. Lambo, the Iyaloja of Ilorin; Sadiya Abubakar, an educator in Jibi (Deidei), Bwari Area Council, FCT; Erikan Idem Andrew, a market woman with significant community impact in Port Harcourt; Ngozi B. Nwankpa, an Aba-based fashion designer; Hadiza Umar, a Development Specialist based in Kaduna, Kaduna State; Joy C. Ezenwa (aka Mama Amala), a trader at Sabon Gari Market, Kano; Shola Esther Babalola (Mama Sho), promoter of natural honey and founder of the Mama Sho Honey brand in Lagos; Josephine Ugwu, a staff member of the Federal Airports Authority of Nigeria (FAAN), honoured for her honesty in recovering and returning millions of naira mistakenly dropped by passengers at Murtala Muhammed Airport, Lagos. And many others.In her keynote address, the Group Managing Director of Zenith Bank, Dame Dr. Adaora Umeoji, OON, who was represented by Executive Director, Adobi Nwapa, praised the awardees and reaffirmed the bank’s strong commitment to women’s empowerment. She noted that “Zenith Bank’s commitment to gender inclusion is not a rhetoric but one of the ethos that the bank holds very dearly”. In her words, she also said, “Zenith Bank has a 50-50 gender ratio with women occupying strategic positions in the bank’s management and Board up to the current Group Managing Director being the very first female to hold that position.The Regional Director of the Ford Foundation, Dr Chichi Aniagolu, described the Woman of Power Award as an eye-opener, noting that her team’s journey across the country revealed the vast and often overlooked facets of human potential among Nigerian women.Both the Ford Foundation and Zenith Bank Plc have pledged to sustain and grow the initiative in the coming years.Zenith Bank used the forum to notify the women of their various women-targeted products and initiatives, including the Z-Woman initiative, and the Bank’s 19-year sole sponsorship of the NBBF Women’s Basketball League; thus, further highlighting its position at the forefront of women empowerment and economic inclusion across the country.

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ZENITH BANK APPOINTS KENNEDY OKWUDILI AS EXECUTIVE DIRECTOR

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Zenith  Bank Plc has announced the appointment of Mr. Kennedy Onuwa Okwudili as an Executive Director of the bank effective May 1, 2026. The appointment, which is consistent with the bank’s tradition and succession strategy of grooming leaders from within, will further strengthen the bank’s Executive Management.Mr. Okwudili graduated with a Bachelor of Science (Honours) in Accounting in 1998 from the University of Maiduguri, Nigeria, with a Second Class Upper division. He obtained a Masters of Business Administration (MBA) from the Ahmadu Bello University, Zaria, Nigeria in 2008 and a Masters of Science in Accounting from Veritas University, Abuja, Nigeria in 2021.Mr. Okwudili has over twenty-five years of cognate banking experience spanning credit and marketing, treasury, compliance as well as operations and had at different times worked in various zones and departments of the bank. He is a Fellow of the Institute of Chartered Accountants of Nigeria (ICAN), 2013, a Fellow of the Chartered Institute of Bankers of Nigeria (CIBN), 2024 and an Associate of the Chartered Institute of Taxation of Nigeria (CITN), 2016. He has attended several Executive Education Programmes both within and outside the country, including: Senior Leadership Development Programme at the Lagos Business School, Corporate Directorship Programme at the Harvard Business School and Oxford Advanced Management and Leadership Programme at the University of Oxford, SAID Business School.He is currently the President of Catholic Bankers Association of Nigeria (CBAN) and a member of the Noble Order of the Knights of St. John International (KSJI).

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ZENITH BANK EXPANDS GLOBAL NETWORK WITH NEW MANCHESTER BRANCH

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Zenith Bank Plc has announced the opening of a new branch in Manchester, United Kingdom, marking another significant milestone in the bank’s international growth and its commitment to strengthening financial connections between Africa and global markets.The official opening ceremony, scheduled to hold on Tuesday, March 17, 2026, is expected to attract government officials from Nigeria and the United Kingdom, regulators, investors, customers, and business leaders from both countries, underscoring the growing economic ties and investment opportunities between the two markets.The new Manchester branch will complement Zenith Bank’s existing operations in the United Kingdom and serve as a strategic hub for supporting businesses engaged in international trade and investment. Through the branch, the bank will provide corporate banking, trade finance, treasury and related financial services to clients operating across the United Kingdom, Europe and Africa.Speaking ahead of the launch, the Group Managing Director/Chief Executive Officer of Zenith Bank Plc, Dame Dr. Adaora Umeoji, OON, said: “The opening of our Manchester branch represents another important step in Zenith Bank’s growth as a leading African financial institution connecting businesses and markets across continents. Manchester is one of the United Kingdom’s most dynamic commercial centres, and our presence here will further strengthen financial connections between businesses in the UK and opportunities across Africa’s rapidly expanding markets.”Founded in 1990 by its Founder and Chairman, Jim Ovia, CFR, Zenith Bank has grown into one of Africa’s most respected banking institutions, boasting a robust capital base and a remarkable history of year-on-year profitability. Built on a strong foundation of people, technology and service, the Bank has consistently delivered innovative financial solutions while maintaining a disciplined approach to growth and risk management. The impressive performance of the Bank has consistently earned it excellent ratings, recognition and endorsement from local and international agencies and institutions.Headquartered in Lagos, Nigeria, Zenith Bank operates over 500 branches and business offices across the 36 States of the Federation and the Federal Capital Territory (FCT). The Bank currently operates subsidiaries in several African countries including Ghana, Sierra Leone, Gambia, and Cote d’Ivoire, while maintaining a presence in major international financial centres including the United Kingdom, France, UAE and China. In recent years, Zenith Bank has continued to expand its international network as part of its strategy to support global trade and investment flows involving Africa.Manchester, widely regarded as one of the United Kingdom’s most vibrant economic centres, hosts a diverse base of businesses across sectors such as manufacturing, engineering, logistics, technology and consumer goods. The city’s strong commercial ecosystem and international outlook align closely with Zenith Bank’s expertise in corporate banking, structured finance and trade finance.The Manchester branch will work closely with the Bank’s London operations and its broader international network to support clients seeking to expand across markets and unlock new opportunities in both the United Kingdom and Africa.
With the opening of the Manchester branch, Zenith Bank continues to advance its vision of building a truly global African banking institution that connects businesses, facilitates trade and investment, and creates stronger economic bridges between Africa and the world.

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