The Nation Newspaper

Author: The Nation

  • Telcos, banks refund N10b to subscribers

    Telcos, banks refund N10b to subscribers

    • Customers get cashback for failed airtime, data transactions

    Telecom sector regulator, the Nigerian Communications Commission (NCC) yesterday said mobile network operators (MNOs) and Deposit Money Banks (DMBs) have refunded subscribers over N10billion cash for failed airtime and data purchase.

    Director of Consumer Affairs at the NCC, Mrs. Freda Bruce-Bennett who disclosed this said the framework jointly drawn by the Commission and the Central Bank of Nigeria (CBN) has established a Central Monitoring Dashboard to be jointly hosted by the NCC and the CBN.

    Head, Public Affairs at the NCC, Nnenna Ukoha, assured that the Commission has the data of all the failed transactions, adding that when the framework becomes up and running by March1, 2026, every subscriber affected by such failures would be refunded.

    According to Mrs. Bruce-Bennett, failed top-ups rank among the top three consumer complaints, adding that the Commission is committed to addressing these priority issues.

    “So far, pending the approval of management of both regulators on the framework, MNOs and banks have collectively made refunds of over N10 billion to customers for failed transactions,” she said.

    She said the NCC and the CBN have drawn a framework to address consumer complaints arising from unsuccessful airtime and data transactions during network downtimes, system glitches, or human input errors.

    READ ALSO; Still on Nigeria’s re-designation as ‘country of particular concern’

    The framework, she said, is the outcome of several months of engagements involving the NCC, the CBN, Mobile Network Operators (MNOs), Value Added Service (VAS) providers, Deposit Money Banks (DMBs), and other relevant stakeholders. These engagements were prompted by a rising incidence of failed airtime and data purchases, where subscribers were debited without receiving value and experienced delays in resolution.

    The Framework represents a unified position by both the telecom and financial sectors on addressing such complaints.

    It identifies and tackles the root causes of failed airtime and data transactions, including instances where bank accounts are debited without successful delivery of services. It also prescribes an enforceable Service Level Agreement (SLA) for MNOs and DMBs, clearly outlining the roles and responsibilities of each stakeholder in the transaction and resolution process.

    Under the new framework, where a purchaser is debited but fails to receive value for airtime or data—whether the failure occurs at the bank level or with an NCC licensee—the purchaser is entitled to a refund within 30 seconds, except in circumstances where the transaction remains pending, of which the refund can take up to 24 hours.

    The framework further mandates operators to notify consumers via short message service (SMS) of the success or failure of every transaction. It also addresses erroneous recharges to ported lines, incorrect airtime or data purchases, and instances where transactions are made to the wrong phone number.

    According to her, the dashboard will enable both regulators to monitor failures, the responsible party, refunds, and track SLA breaches in real time.

    She said: “Failed top-ups rank among the top three consumer complaints, and in line with our commitment to addressing these priority issues, we were determined to resolve it within the shortest possible time.

    “We are grateful to all stakeholders—particularly the CBN and its leadership—for their tireless commitment to resolving this issue and arriving at this framework, and for ensuring that consumers of telecommunications services receive full value for their purchases.

    Mrs. Bruce-Bennett further noted that implementation of the framework is expected to commence on March 1, 2026, once the two regulators have made final approvals, and technical integration by all MNOs, VAS providers and DMBs is concluded.

  • Credit available to manufacturers dips by N810b

    Credit available to manufacturers dips by N810b

    Operators in the real sector, particularly manufacturers, have cried out over Nigeria’s current average lending rate of 36.6 per cent, which they describe as “high and restrictive.”

    They lamented that the asphyxiating lending rate of 36.6 per cent has forced a reduction in credit access to the manufacturing sector to N7.72 trillion as at March 2025, down from N8.53 trillion in December 2024, representing N810 billion dip.

    Manufacturers, under their umbrella association, Manufacturers Association of Nigeria (MAN), said the high lending rate hinders production and reduces the sector’s competitiveness.

    MAN, in its ‘Manufacturing State of Affairs’ which reviewed the sector’s last year’s performance and outlook for the current year, said the Central Bank of Nigeria (CBN’s) recent benchmark interest rate cut is “commendable and signals a welcome policy shift.”

    READ ALSO: Kano’s unfolding power game

    The Association, however, insisted that the time has come for the apex bank to take a bolder step by introducing a deeper rate cut that can meaningfully lower the cost of credit and stimulate real sector investment.

    “Growth cannot thrive where capital remains prohibitively expensive,” MAN Director General Segun Ajayi-Kadir, said, in the document which was made available to The Nation, during the week.

    The CBN, citing progress in disinflation, made its first policy easing in five years, trimming the Monetary Policy rate (MPR) by 50 bps to 27 per cent.

    Monetary policy remained tight for most of last year, with the CBN holding the Monetary Policy Rate (MPR) at 27 per cent to anchor inflation expectations and stabilise macroeconomic conditions.

    Towards year-end, the CBN adopted a cautious easing stance, lowering the MPR to 27 per cent as inflation moderated, signalling a gradual shift towards disinflation while preserving macroeconomic stability.

    Despite the rate easing, Ajayi-Kadir said high interest rates still restricted lending, with credit to the private sector falling to N75.83 trillion in August 2025 from N76.13 trillion in June 2025, for instance.

    He, therefore, called for further reduction in the benchmark interest rate to reduce the cost of borrowing for manufacturers.

    The MAN DG insisted that it is essential to reduce the cost of funds to encourage borrowing for expansion and investment.

    He further stated that persistent high lending rates will further limit access to affordable credit for manufacturers, especially those within the Small and Medium Industries (SMI) cadre.

    “The situation is complicated with prevailing structural challenges like poor infrastructure, high logistics costs, inadequate electricity supply, high energy cost and insecurity that cumulatively raise production costs and weaken competitiveness,” Ajaiyi-Kadir said.

    He also sought a relief for manufacturers by way of launching a Manufacturing Refinancing and Rediscounting Facility (MRRF) that allows banks to refinance approved manufacturing loans at single-digit rates for up to seven years.

    Ajaiyi-Kadir also called for the creation of a publicly accessible dashboard tracking lending flows, interest rate spreads, loan approvals and sectoral disbursement patterns in real time.

    “CBN should consider additional policy instruments or incentives that facilitate credit flow to the real sector of the economy, especially the manufacturing sector,” the MAN chief added.

    He also called on the federal Government to approve the N1 trillion stabilization fund for manufacturers and direct the CBN to increase the capital base of the Bank of Industry (BoI) to meet the credit demand of industries.

    On its part, MAN, he said, will advocate for specialised financing mechanisms for manufacturing, including a Manufacturers Bank offering long-term concessionary credit.

    Manufacturers’ outcry over lending rate come n the heels of projection by PwC Nigeria that credit conditions may remain tight in 2026, as both supply and demand-sides constraints may limit private-sector borrowing.

  • Residents desert village over attacks

    Residents desert village over attacks

    • Oyo govt: we’ll go after perpetrators of park violence

    Residents of Oloka village in Orire Local Government Area of Oyo State, the host community of National Park Service, have continued to desert the village.

    Despite the presence of security operatives, the residents said they have not recovered from the shock caused by the bandits attack.

     A source said while some residents were leaving for neighbouring communities, others were still afraid, but summoning courage to stay back, with the presence of security operatives.

    The Nation reports that no fewer than five forest guards were killed on Tuesday when suspected bandits stormed the National Park Service office, shooting the officers on duty.

    The source, who pleaded anonymity, said  Oloka streets are currently empty and houses are put under lock and key, as commercial and social activities have been disrupted.

     Residents, who commented on the incident, expressed fear and uncertainty, lamenting that the attack had crippled their livelihood and forced families to seek refuge in neighbouring communities.

     They appealed to the state government and security agencies to establish permanent security posts at Oloka to prevent recurrence.

     Chairman of Orire Local Government, Mr. Michael Alabi, assured residents that steps were being taken to address the security situation.

    READ ALSO; Still on Nigeria’s re-designation as ‘country of particular concern’

     He said the local government was working to rejig the security architecture and restore peace to the area.

    To douse tension, Police Commissioner Femi Haruna has ordered that tactical teams, including Mobile Police Force officers and EOD be deployed in the affected areas, to prevent further breakdown of law and order.

    Oyo State Government has vowed to go after the gunmen who launched an attack on the National Park Service Office.

    Featuring as a guest on Channels Television yesterday, the Special Adviser on Security to Governor Seyi Makinde, CP Fatai Owoseni (Rtd), said although the attack could be said to be against the state, it was specifically targeted at the NPS Office.

    House of Assembly Speaker and Chairman, Conference of Speakers of State Legislatures of Nigeria, Adebo Ogundoyin, has condemned the attack. He sympathised with the victims.

    Ogundoyin hailed the lawmaker representing Orire State Constituency, Johnson Ogundele, for his immediate response and efforts to stand by his constituents in their moment of grief.

  • Afenifere seeks action against terrorism

    Afenifere seeks action against terrorism

    The pan-Yoruba socio-political organisation, Afenifere, has condemned what it described as upsurge in terror attacks in parts of Yorubaland and other parts of the country.

    In a statement yesterday by the National Publicity Secretary, Comrade Jare Ajayi, Afenifere referenced the latest killing of some forest guards at Old Oyo National Park in Oloka, Oriire Local Government, killing of four farmers in Igboho, Oorelope Local Government, both in Oyo State and abduction of a nursing mother and her child at Supare/Ajegunle in Akoko South Local Government Area of Ondo State.

    It cited the apprehension of some bandits in Ondo State, who were alleged to have fled Sokoto in the wake of America’s bombardment of their hideout in the state and the torching of a police station in Ipele also in Ondo State.

    The statement said: “Towards the end of last year, a rumour was rife that some hoodlums planned attacks on some public places in the Southwest during the just-concluded festive periods.

    “While we thank God that no major attack occurred during the period, the rumour should not be dismissed outright, going by reports of terrorists’ cells or camps already detected in various parts of the region.

    READ ALSO: Kano’s unfolding power game

    “Those who struck at Oloka, Oyo State on Tuesday must have taken off from one of the cells nearby. Ditto for those who struck in Kwara, Kogi, Niger, Borno, Plateau, Benue, Nasarawa and  Kaduna states, including those who attacked guests at a wedding on December 30, 2025 at Kunza, Ashige in Lafia Local Government Area of Nassarawa State.

    “The 3rd Division of the Army on New Year Eve foiled an attempt to attack some communities in Plateau State and eliminated five bandits in the process.’’

    The Afenifere spokesman challenged Southwest governors to implement the resolution they made when they met in Ibadan on November 24 last year on the security of the region.

    “They had resolved to, among others, set up South West Security Fund (SWSF) that will institute a ‘Joint Security Intelligence Sharing and Communication Platform’ for the purpose of exchanging threat notifications, incident logs, traveller and cargo alerts and coordinating state-to-state rapid response.

    “The governors were urged to quickly actualise the arrangement and jointly acquire necessary things to secure the region. Kwara and Kogi states including Edo and Delta states can be brought into the loop in view of insecurity linkage with these states.”

  • Lagos Assembly passes N4.4tr 2026 Budget

    Lagos Assembly passes N4.4tr 2026 Budget

    Lagos State House of Assembly has passed N4.4 trillion Appropriation Bill for 2026 fiscal year, following the adoption of the report of the House Committee on Economic Planning and Budget.

    The committee Chairman, Sa’ah Olumoh, presented the report during plenary yesterday, detailing the assumptions, projections and structures of the 2026 Appropriation Bill tagged: “Budget of Shared Prosperity.”

    According to the report, the 2026 budget represents the third budget cycle of the current administration and the final new-cycle budget of Governor Babajide Sanwo-Olu’s second term.

    It is aligned with the administration’s development agenda, anchored on four strategic pillars: human-centric development, modern and adaptive infrastructure, a thriving 21st-century megacity economy, and effective governance that exceeds citizens’ expectations.

    Olumoh noted that the budget framework was informed by macroeconomic indices, including an exchange rate benchmark of N1,512 0to the dollar, an inflation rate of 14.7 per cent, oil production of 2.06 million barrels per day, and a benchmark oil price of $64 per barrel.

    READ ALSO; Still on Nigeria’s re-designation as ‘country of particular concern’

    The committee also reviewed the 2025 budget performance, reporting a cumulative budget performance of 79 per cent as at November 2025. Capital expenditure performance stood at 75 per cent, recurrent expenditure at 87 per cent, while overall revenue performance was put at 79 per cent.

    For the 2026 fiscal year, the approved budget size stands at about N4.4 trillion, with proposed recurrent expenditure of N2.052 trillion and capital expenditure of N2.185 trillion. The capital component represents a significant portion of the budget, underscoring the state government’s commitment to infrastructure development.

    The budget includes provisions for personnel costs, overheads, debt servicing and debt repayment, with a projected deficit of about N243 billion to be financed through approved deficit financing options.

    During deliberations, lawmakers hailed the budget, describing it as realistic and growth-oriented.

    Aro Moshood said an additional N171 billion was added to the budget during the review process.

    Femi Saheed said the size and structure of the budget showed Lagos State remained on a strong economic footing, provided stakeholders played their roles.

    Gbolahan Yishawu representing Eti-Osa Constituency II highlighted the importance of revenue reforms and prudent loan repayment structures, noting that effective implementation would strengthen the state’s fiscal position.

    The assembly received assurances from relevant officials that revenue-generating agencies would collaborate to ensure projected revenues were met and possibly exceeded.

    Following deliberations, the House adopted the committee’s report and passed the 2026 Appropriation Bill into law.

    The House also took the third reading and passed the budget.

    Governor Sanwo-Olu had presented N4.237 trillion spending plan to the house on November 25, 2025. He said the budget was designed to accelerate economic growth, deepen infrastructure development and maintain fiscal responsibility.

    He disclosed that the budget projected total revenue of about N3.99 trillion, with N3.12 trillion expected from internally generated revenue and N874 billion from federal transfers, while the deficit financing plan stood at approximately N243.3 billion.

  • Ben Akinbami tackles crime with songs

    Ben Akinbami tackles crime with songs

    In an industry often criticised for romanticising fraud, drug abuse and sex, Nigerian singer, Akinbami Ebenezer aka Ben Akinbami is charting a different course with music.

    While many of his contemporaries sing about illicit success, Akinbami is releasing songs aimed at discouraging crime to support the work of law enforcement agencies.

    “Music is powerful and people internalize it more when the lyrics hits different,” Akinbami told The Nation after his recent performance at Economic and Financial Crimes Commission (EFCC)’s Officers Night Out.

    “If music could influence people into doing drugs and other vices, I believe music can influence younger generations to act better,” he said.

    At a time when internet fraud and drug-related offences are drawing growing concern across Nigeria, Akinbami’s message-driven music seeks to speak directly to youths and corrupt politicians desperate to make quick wealth.

    READ ALSO; Still on Nigeria’s re-designation as ‘country of particular concern’

    In his newest song entitled, ‘Hand Go Touch You,’ the mutlti-talented artist warns of the long-term consequences of criminal lifestyles and encourages them to respect the rule of law.

    While speaking on the concept of the body of work, the artist, who started singing at age 8 and has released two studio albums alongside Extended Play (EP) over the years, said his latest single was timely and intentional.

    “It’s a song for the season because of criminal acts on rampage in our society, how people glorify committing fraud including Yahoo Yahoo as well as politicians embezzling public funds,” he enthused.

    “The lyrics of the song says it all, it’s a sensitization that no matter how smart you think you can be, EFCC will catch you.”

    Unlike the dominant commercial soundscape, where flashy visuals and controversial lyrics often dominate streaming platforms, Akinbami’s work leans heavily on storytelling. Drawing inspiration from real-life encounters and news reports, his songs mirror the realities faced by law enforcement officers and families affected by crime.

    In the visual of the track, he honoured the slain EFCC’s Assistant Superintendent, late Aminu Harisu Sahabi who was brutally murder last year.

    For Akinbami, commercial success is secondary to impact. He admits that socially conscious music rarely attracts the same attention as mainstream hits, but remains undeterred.

    “When you fight corruption, it’ll definitely fight back. I had several criticisms because of individual hatred for the anti-graft agency,” he said.

    Continuing, Akinbami, who also doubles as a writer and social entrepreneur, said, “I want people to act better and get blessed everytime they get to listen to my music. I don’t want to sing songs that will trend, rather I want to sing songs that’ll be evergreen.”

    Law enforcement officials and social advocates have welcomed the approach, describing it as a creative complement to traditional crime-prevention campaigns. While music alone cannot solve deep-rooted social problems, they argue that artists like Akinbami help shift conversations in a culture where musicians wield enormous influence.

  • ADC afraid of its shadow, says Lagos APC

    ADC afraid of its shadow, says Lagos APC

    Lagos State chapter of All Progressives Congress (APC) says it has taken note of yet another alarmist outburst by former Vice-President Atiku Abubakar, who now claims that Nigeria’s democracy is facing an “existential threat.”

    The party, in a statement yesterday in Ogba by its spokesman, Seye Oladejo, said: ‘’Coming from a political tendency that has repeatedly tested, stretched and strained democratic institutions, this sudden affection for democracy is as ironic as it is convenient.

    ‘’It is instructive that this apocalyptic narrative is being amplified from the stable of African Democratic Congress (ADC), a political contraption that appears unsure of its ideological footing, uncertain of its leadership direction and plainly afraid of its own shadow. Having failed to convince Nigerians at the polls, the opposition now seeks relevance by predicting the collapse of a democracy that has continued to mature despite their constant doomsday prophecies.

    ‘’Nigeria’s democracy is not under threat; what is under threat is the opposition’s fading relevance. Since May 29, 2023, democratic institutions have functioned as designed. Elections have been conducted, courts have adjudicated disputes, the legislature has exercised oversight, and citizens have continued to enjoy constitutionally guaranteed freedoms. The opposition has spoken freely, protested freely, and litigated freely-hardly the attributes of a nation under democratic siege.’’

    READ ALSO: Kano’s unfolding power game

    The statement said it was increasingly apparent that the ADC might implode under the weight of its own contradictions and inherent deceit.

    ‘’Beneath the loud rhetoric, borrowed moral outrage and manufactured alarmism lies a fragile coalition of protagonists, whose singular ambition is the Presidency-each nursing private entitlement while threatening fire and brimstone should that ambition be denied.

    ‘’No political house built on sand can withstand the inevitable internal whirlwind that follows unchecked ambition without ideology. It is therefore disingenuous to blame the ruling party for the visible desperation of ADC leaders, who already see the forthcoming elections as their final bow on the national stage.

    ‘’Perhaps it bears reminding that winning and losing are integral and inseparable components of the democratic process. Democracy does not collapse because personal ambitions are frustrated, nor is it imperilled when Nigerians refuse to mortgage their future to political expediency.’’

    Oladejo said the coalition, as presently constituted, appeared to have its expiry date engraved upon it, adding that longevity, sadly, did not appear to be its portion.

    The statement further said: ‘’What we are witnessing is not the defence of democracy, but the last convulsion of a political arrangement held together by fear, impatience and the fading relevance of its leading lights.

    ‘’Lagos APC affirms that Nigeria’s democracy remains resilient and firmly anchored under the leadership of President Bola Ahmed Tinubu. The ongoing reforms, though demanding, are rooted in constitutional order, the rule of law, and democratic accountability-principles that cannot be wished away by those who lost the confidence of Nigerian people.

    ‘’We therefore advise Atiku Abubakar and his new political companions to confront reality honestly. Nigeria is not afraid. Democracy is not collapsing. It is only the opposition that is frightened by its own shadow-and by the unmistakable reality that Nigerians have moved on.’’

  • Olubadan intervenes in Onido stool crisis

    Olubadan intervenes in Onido stool crisis

    The Olubadan of Ibadanland, Oba Rashidi Ladoja, has intervened in the Onido stool crisis where three persons are reportedly claiming authority over Ido township traditional leadership.

    The monarch, who implored the parties concerned to maintain peace, said a panel to investigate the causes of the 19-year old crisis would be inaugurated on Monday at Olubadan Palace, Oke-Aremo, Ibadan.

    A statement by Adeola Oloko, media aide to Oba Ladoja, did not, however, disclose the names and composition of the panel members.

    It only hinted that the committee would start sitting immediately after inauguration.

    Part of the panel’s mandate is to look into the remote and immediate causes of the Onido stool crisis.

    READ ALSO; Still on Nigeria’s re-designation as ‘country of particular concern’

    The second mandate is to make recommendations that will guide Olubadan and his council in resolving the 19-year old crisis. Two days ago, stakeholders of Ido town in Ido Local Government Area of Oyo State raised fresh concerns over the Onido of Ido dispute.

    According to them, ‘’Ido has been in a delicate situation since 1997 because we have three persons claiming to be Onido, while the town has witnessed multiple appointments and counter-appointments, which have deepened division.”

    The three persons are: Oba Benjamin Ademola, Ishola Orobiyi, Tajudeen Akinola and Muritala Babalola.

    The stakeholders appealed to Governor Seyi Makinde and the Olubadan of Ibadanland, Oba Ladoja, to intervene.

  • ‘Why I want to represent Ogun Central’

    ‘Why I want to represent Ogun Central’

    An Ogun State-based entrepreneur and the Chairman, Threeco Construction Company, Otunba Muraino Banjoko, has said his ambition to contest for Ogun Central Senatorial District seat in the 2027 general election is motivated by a passion for service, philanthropy and advocacy for the uplift of the downtrodden in the society.

    Speaking to select stakeholders and support groups at a grassroots gathering in Ifo Local Government, the business mogul said his journey into politics was an extension of his lifelong commitment to humanitarian service.

    On how he would impact the people, he said his agenda was anchored on inclusivity and accessibility, which was lacking at the moment.

    He said he was determined to sustain his open-door policy, unlike many public office holders, who remained distant from the electorate.

    Banjoko said: “I have always believed leadership is about service. My closeness to the grassroots has shown me, first-hand, the struggles of ordinary people, and I cannot stand by while they continue to suffer. My passion for the masses is the driving force to seek representation at the National Assembly.

    READ ALSO: Kano’s unfolding power game

    “My ambition is to use the legislative platform to continue doing what I have done all my life, which is to help the socio-economically disadvantaged in our communities.

    “Over the years, I have used my platform, Threeco Foundation, to carry out philanthropic gestures, such as scholarships for indigent students, empowerment programmes for women and youths and sponsoring medical outreaches in rural communities across the six local governments of Ogun Central.”

    A community leader, Rev. Yemi Adekunle, said Banjoko’s closeness to the grassroots made him positioned to represent Ogun Central effectively.

    He said besides philanthropy, the aspirant was also well known for his vision, pushing for legislation that would improve education, health care, community development and economic opportunities for the district.

  • Togo, Niger, Benin owe Nigeria $17.8m for electricity supply

    Togo, Niger, Benin owe Nigeria $17.8m for electricity supply

    Though Nigerians are struggling with poor electricity supplies and estimated billings neghbouring African countries may just be enjoying our electricity more than us because there are indications that the sub Saharan countries that get supplied light from Nigeria enjoy steady supplies.

    Millions of Nigerians have decried the situation they see as unfortunate with millions of households living daily and deprived of electricity forcing them to provide electricity themselves through Solar panels, Inverters, Generators etc which consume a greater part of their income monthly.

    According to the NERC, Togo, Niger, and Benin owe Nigeria $17.8million, about N25billion at the current exchange rate of the Naira, for electricity supplied under the existing bilateral arrangements.

    In its 3rd quarter  2025 report  NERC disclosed that the three international customers were invoiced a total of $18.69million by the Market Operator for electricity supplied during the period, but unfortunately they remitted only $7.125million, leaving an outstanding balance of $11.56million.

    Similarly, the international bilateral customers had legacy invoices of $14.7million, out of which they paid only $7.84m, leaving a balance of $6.23million.

    READ ALSO: Kano’s unfolding power game

    It added that the international off takers of power included Compagnie Énergie Électrique du Togo, Société Béninoise d’Énergie Électrique of the Republic of Benin, and Société Nigérienne d’Électricité of the Republic of Niger.

    According to NERC, the three international bilateral customer’s purchasing power from the grid-connected GenCos made a cumulative payment of $7.125million against the $18.69million invoice issued to them by the Market Operator for services rendered in the third quarter 2025.

    It stated that the remittance level represented a 38.09 per cent remittance performance, with over half of the invoices remaining unpaid at the end of the quarter.

    It explained that the electricity supplied to the three countries was generated by grid-connected Nigerian generation companies and delivered through bilateral cross-border power arrangements.

    “The three international bilateral customers being supplied by GenCos in the NESI made a payment of $7.12million against the cumulative invoice of $18.69million issued by the MO for services rendered in 2025/Q3, translating to a remittance performance of 38.09 per cent”.

    In contrast, NERC said that domestic bilateral customers performed better, remitting N3.19billion out of the N3.64 billion invoiced to them during the quarter, representing a remittance rate of 87.61 per cent.

    “The domestic bilateral customers made a cumulative payment of N3.19bn against the invoice of N3.64bn issued to them by the MO for services rendered in the 3rd quarter of 2025, translating to 87.61 per cent remittance performance,” it added.