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Zenith Bank Faces Customer Outrage Amid Ongoing IT Upgrade Disruptions

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Zenith Bank announced on Thursday that significant progress had been made in its ongoing IT system upgrade, which had caused a major disruption to banking services for over 48 hours. In a message via its official X handle (formerly Twitter), the bank assured customers that they could now access transactions across its various channels. However, despite these reassurances, many customers are still unable to complete transactions using their debit cards, mobile app, internet banking, or USSD codes.

The disruptions have sparked widespread frustration, especially among customers who are yet to receive funds from transfers initiated days earlier. Some customers reported that despite receiving transfer confirmation from their clients, the money had not reflected in their accounts—even after four working days.

Many customers took to X to voice their complaints. One user, @FareedahAlee, shared her ordeal, tweeting, “Dear Zenith Bank, I sent a series of DMs to you without a reply. 1.7 million naira was sent to my account since Tuesday, but I haven’t been credited even when the sender has printed their bank statement as proof showing the money is with my bank. @cenbank @ZenithBank please HELP!”

Similarly, another frustrated user, @Ebuqriz, expressed, “@ZenithBank please credit my account! It’s almost 4 days since this money was sent to my account with you guys, but I’m yet to receive it.”

Zenith Bank had initially notified customers on Tuesday, October 1, of a scheduled routine IT maintenance expected to cause temporary service disruptions for only a few hours. The bank promised that services would resume by 2:30 pm that same day. However, the disruptions persisted for more than 48 hours, leaving customers unable to access their funds or carry out basic transactions.

The timing of the service outage worsened the situation, as it coincided with the beginning of the month—a period when many salary earners receive their payments. Many customers were left stranded as they could not withdraw money, transfer funds, or even check their account balances during this critical period.

Further reports suggest that Zenith Bank may have been conducting more than just routine maintenance. There are indications that the bank is migrating its core banking platform from Phoenix, developed by London-based Finastra, to Oracle’s Flexcube, a more advanced platform widely used by several other Nigerian banks. This type of migration, which involves transferring massive amounts of data and reconfiguring internal systems, is a significant change and often requires more time and caution than regular IT maintenance.

The extended downtime has caused a significant backlash, with thousands of customers venting their frustrations on social media platforms. Many complained about the lack of communication and transparency from the bank during the period of disruption, especially considering the scale of impact on salary earners, businesses, and individuals reliant on seamless electronic transactions.

For some customers, the disruption has had severe financial consequences. Entrepreneurs, freelancers, and small business owners who rely on swift bank transfers and payments from clients have been particularly affected, as they’ve been unable to complete transactions or receive payments. This has disrupted business operations, contracts, and even personal finances, leading to a growing sense of dissatisfaction.

In response to the public outcry, Zenith Bank reiterated that the technical team is working tirelessly to resolve the remaining issues, urging customers to remain patient while the final stages of the upgrade are completed.

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Telecom Operators Reject NLC’s Demand for Tariff Reduction, Justify 50% Hike

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By Emmanuel Ogbodo

Nigeria’s Mobile Network Operators (MNOs) have rejected calls from the Nigeria Labour Congress (NLC) to negotiate a reduction in the recent 50% tariff increase, insisting the hike is necessary for the industry’s sustainability amid rising operational costs.

The NLC, opposing the adjustment, has demanded a rollback to 5% and threatened a nationwide protest on Tuesday, February 4, if its demands are not met.

The union described the increase as “insensitive and unjustifiable,” warning it would further strain Nigerian consumers.

At a weekend forum in Lagos, representatives from the Association of Licensed Telecommunications Operators of Nigeria (ALTON) and major telecom firms, including MTN Nigeria, Airtel Nigeria, and 9mobile, defended the hike.

ALTON Chairman Gbenga Adebayo likened the increase to a “lifeline” for the industry, arguing that anything lower would cripple operations.

MTN Nigeria’s Chief Corporate Services & Sustainability Officer, Tobechukwu Okigbo, clarified that operators do not engage directly with the NLC, as ALTON manages industry-wide negotiations.

Airtel Nigeria’s Director of Corporate Communications and CSR, Femi Adeniran, added that discussions with labour unions fall under the purview of government agencies and ALTON.

The Nigerian Communications Commission (NCC), which approved the tariff adjustment on January 20, 2025, defended the move, citing inflation, foreign exchange volatility, and rising energy costs.

The commission emphasized that the decision aligns with its mandate under the Nigerian Communications Act, 2003, to ensure telecom sector viability.

Despite these justifications, the NLC remains firm in its opposition. Union President Joe Ajaero reiterated the demand for a significant reduction, warning of nationwide protests if the hike is not reversed.

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Dangote Refinery Reduces Petrol Price to N890 Per Litre

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By Alexis Uchendu

Dangote Petroleum Refinery has announced a reduction in the ex-depot price of Premium Motor Spirit (PMS), commonly known as petrol, from N950 to N890 per litre, effective February 1, 2025.

The company attributed the price adjustment to a favorable shift in global energy markets and a decline in international crude oil prices.

This follows a previous price hike on January 19, driven by rising crude costs.

Dangote Refinery expressed optimism that the price cut will lower fuel costs nationwide, ease the cost of living, and positively impact key economic sectors.

The company also urged fuel marketers to reflect the reduction at retail stations, ensuring consumers benefit from the adjustment as part of broader economic recovery efforts led by President Bola Ahmed Tinubu.

Reaffirming its commitment to Nigeria’s self-sufficiency in refined petroleum products, the refinery pledged to strengthen the country’s position as a leading oil export hub in Africa.

 

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Naira Gains Against Dollar Amid CBN Reforms

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By Adenike Lawal

The Naira appreciated by 0.78% at the official market on Wednesday, trading at N1,510.72 per dollar, an N11.96 gain from the previous day’s rate of N1,522.68, according to FMDQ Securities Exchange data.

Since December 2024, the Naira has remained relatively stable, largely due to ongoing reforms by the Central Bank of Nigeria (CBN).

On Tuesday, the apex bank introduced additional measures, including a waiver on the 2025 annual license renewal fee for Bureau De Change (BDC), operators and the launch of the Nigeria Foreign Exchange (FX), Code to enhance transparency in forex transactions.

Dr. Aminu Gwadabe, President of the Association of Bureau De Change Operators of Nigeria (ABCON), praised the CBN’s initiatives, urging continued support for policies that strengthen the local currency.

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