Finance
Saraki speaks on Senate’s passage of 2018 budget
The Senate President, Senator Bukola Saraki, on Wednesday said the implementation of 2018 Appropriation Bill passed by the senate should commence immediately.
He said the immediate implementation of the budget will enable Nigerians to “benefit from the objective of the budget and opportunities it opens.”
Speaking on the floor of the Upper Legislative Chamber, Saraki urged agencies of government to eliminate unnecessary bureaucracy and speed up the procurement process.
According to Saraki, “Distinguished colleagues, let me thank you so much for the industry you have put into bringing us to this point. Let me thank the relevant sub-committees, especially, for the patriotism and commitment to the delivery of a more efficiency oriented budget.
“When we received the 2018 Draft Appropriation Bill, I reiterated the need for us to reassess the relationship between oil and our economy. We must grow our economy away from oil. Hopefully, the current budget, when signed into law, should help us in this regard, especially with the coming into focus for implementation, the economic reform bills we have passed so far and those on the way to full passage.
“We have always believed that government spending must continue to grow on issues relevant to the welfare and security of our people. In the same vein, government spending should reduce in areas where the private sector is better placed to catalyse progress. This will free up funds for Education, Health, Water and Sanitation services, amongst others.
“On this note, it with great delight that I announce that the 2018 Budget has met the threshold of reserving at least 1% of total budget to health. This is historic. We were focused on this commitment of the 1% set aside for the Basic Health Care Provision Fund (BHCPF). We promised, and we have delivered.
“For us this is not a commitment to numbers; it is a commitment to the health and well-being of our people. It is a commitment to ‘Making Nigeria Stronger’. We expect that this will continue and even inch upwards as we work to eradicate malaria, and significantly reduce infant and maternal mortality. The statistics that show Nigeria as having one of the highest maternal mortality rates in the world – is not the Nigeria we want to leave behind for our children. The journey starts now; let us not look back.
“As you will recall, I had indicated the need for the Executive and the Legislature to come together, especially in the formation and passage of the Appropriation Bill. However, while we may have made progress in the formation stages, there is a lot more that needs to happen, to minimise delays and other stumbling blocks in the process.
“One of the symptoms of the unhelpful aspects of the prevailing culture hampering the process, remains the neglect or refusal of certain agencies of government to honour invitations to budget defence. It is our hope that we will see a major change in this regard, going forward.
“The Petroleum Industry Governance Bill (PIGB) has been passed; it should of course be duly signed and implemented, so that our people can reap the full dividends of this landmark legislation. We are committed to passing all three parts of the legislation – i.e. Petroleum Industry Bill (PIB) – thereby ushering in major reforms that will sanitise the oil industry. I am confident that we will redouble efforts towards passing other major component parts of the Petroleum Industry Bill (PIB) – namely the Fiscal and Host Communities Bills – a process that is currently ongoing.
“Further to the goal of increasing independent revenue, there is the need to review agreements that government has signed with some private sector service providers. It is pertinent to observe that many of these agreements are biased and clearly not in the interest of the country. These are important steps toward freeing up funding for our critical sectors especially now with the increasing need for strengthening our security architecture and capacity across the country to improve on the safety and confidence of our people in government’s ability to provide for their welfare and security.
“It is also hoped that we have put together a Budget that will lend itself easily to the government priority of revamping the economy, creating jobs and fuelling the economic recovery in a manner that has meaning for the ordinary man on the street.
“We would like to see that the process of implementation of the budget starts immediately so that our people will begin to benefit from the objective of the budget and opportunities it opens. In order for us to have an efficient budget implementation, we will advise that agencies of government eliminate unnecessary bureaucracy and speed up the procurement process.
“I congratulate us all, once again, on this accomplishment of passing the 2018 Appropriations Bill; and I enjoin everyone in the legislature and the Executive to do their very best to ensure its successful implementation, for the greater development of our country.”
Finance
Flutterwave Powers Local Businesses in Ghana Through Pay With Bank Transfer
Reporter: Ikenna Ugwu
Flutterwave, a leading payments technology company in Africa, has broadened its reach in Ghana through the integration of Pay With Bank Transfer, done in partnership with Affinity Bank.
With over 115 million bank transfer payments recorded in Ghana in 2023, this move will ensure that Flutterwave businesses in Ghana can now receive payments seamlessly and securely through a rapidly growing payment method. While Mobile Money leads as the preferred payment type for everyday transactions in Ghana, the recent growth in transactions for Pay With Bank Transfer symbolizes the expanding payment options available for Ghanaian businesses.
Flutterwave has a track record of driving innovation in the African finance ecosystem, and this new development promises versatility, thereby expanding the pool of customers available to businesses. As a preferred payment method, it also promises faster payments while providing access to a more secure process of transacting which benefits both the sender and the receiver (business).
“We are excited to extend our services to the Ghanaian market” says Olugbenga Agboola, Flutterwave Founder & CEO“At Flutterwave, we are driven by the vision of building Africa’s economy. By making payment options like Pay With Bank Transfer available for everyday use, we are expanding access to payments and enabling local businesses to thrive in the economy”
By establishing this strategic partnership, Flutterwave aims to drive the adoption of the Pay With Bank Transfer option in Ghana, using virtual accounts to allow for secure and transparent payments. This will provide enterprises and small businesses with a simpler way to receive payments and give their customers a seamless process of making payments.
Geoffrey Fiador, Manager, Country Operations and Partnerships, at Flutterwave stated: “By delivering essential payment options like Pay With Bank Transfer for businesses in Ghana, we’re providing an easy way for them to increase their revenue opportunities to grow their businesses. ”
This announcement comes at the heels of Flutterwave’s recent approval by the Bank of Ghana to provide inward remittance services. With a track record of success across Africa, Flutterwave continues to be a trusted partner for businesses in over 34 countries, providing the tools and expertise necessary for success in the dynamic African market.
Finance
Stanbic IBTC Capital leads Presco PLC’s ₦82.9 Billion Bond Issuance to drive West African market growth
Reporter: SANDRA ANI
Presco PLC (Presco or the “Company”), has achieved a significant milestone with the successful issuance of its ₦82,896,000,000 7-year 23.75% senior unsecured fixed rate Series I Bonds under its ₦150 billion bond issuance programme (the “Transaction”) with the Securities and Exchange Commission (“SEC”). Stanbic IBTC Capital Limited (“Stanbic IBTC Capital”) acted as the Lead Issuing House on the Programme.
The proceeds from the Transaction will enable the Company fund its acquisition of a 100% equity stake in Ghana Oil Palm Development Company (GOPDC), further supporting its strategic expansion objectives.
Speaking on the transaction registration, Mr Reji George, Managing Director / CEO, Presco PLC commented:
“The successful completion of our Series 1 Bond issuance solidifies Presco’s foundation for continued growth and expansion. Aligned with our strategic objectives of increasing our planted area of palm oil and, to lead Africa in the fully integrated edible oil and fats business in the nearest future, the proceeds from this issuance will be primarily directed towards the acquisition of a majority equity stake in the Ghana Oil Palm Development Company (GOPDC).
This not only enhances our operational efficiencies, It also solidifies our market presence and competitive advantage in the palm oil sector beyond Nigeria. Most importantly, this will enable us to better serve our valued customers and deliver sustainable value to our shareholders. We extend our sincere gratitude to Stanbic IBTC Capital and all our advisors for their support throughout this process.”
Also speaking on the transaction registration, Oladele Sotubo, Chief Executive, Stanbic IBTC Capital, said:
“Stanbic IBTC Capital is proud to have advised Presco PLC on the successful issuance of its ₦82.9 billion Series 1 bond. As the largest local currency corporate bond issuance in the Nigerian market in recent years, this milestone underscores our deep expertise in capital markets and our commitment to delivering innovative, high-impact financial solutions.
Beyond reinforcing Presco’s strategic growth, this transaction enhances funding diversification within the agricultural sector, driving sustainable industry expansion. We appreciate Presco PLC’s trust in Stanbic IBTC Capital and the consortium of advisors who contributed to the successful execution of this landmark deal.
Flutterwave, Africa’s leading payments technology company, has announced today that its online merchants in Nigeria can now accept American Express payments.
American Express Card Members – with consumer, business, or corporate cards – will be able to make payments directly to e-commerce businesses using Flutterwave in Nigeria.
This service will also be available to Flutterwave merchants in other countries including Tanzania, Rwanda, Ghana and Uganda in the near future.
This collaboration facilitates online transactions and offers a range of benefits for both merchants and online shoppers:
- Flutterwave merchants can attract business from a new customer base of American Express Card Members in Africa and around the world. This includes consumers with personal cards and spenders with business or corporate products. Terms and conditions apply.
- For shoppers, there is more choice when it comes to being able to select their preferred method of payment when transacting with Flutterwave merchants. This collaboration strengthens the American Express global network and increases the number of locations across Africa that can be used by American Express Card Members to purchase a range of different goods and services.
Speaking on the development, Olugbenga ‘GB’ Agboola, Founder and CEO, Flutterwave, said:“At Flutterwave, we’re always looking for ways to connect the world to Africa through payments. This is one of our initiatives to ensure that more people across the world can pay using Flutterwave in Africa. We understand the value of providing shoppers with payment methods that work for them, as well as helping businesses to expand their customer bases. This collaboration also provides more options of where to shop and what to buy to American Express card holders across the globe. By offering American Express as a method of payment, Flutterwave will make the payment process faster and simpler for American Express card holders, and improve the experience for e-commerce businesses using Flutterwave, helping them to start locally and sell globally.”
On his part, Briana Wilsey, Vice President and General Manager of Global Network Services EMEA at American Express, said: “American Express continues to expand in Africa to enable greater payment choice for businesses and consumers. Through the agreement with Flutterwave, a trusted payment provider, we are giving e-commerce merchants in Nigeria the opportunity to reach American Express Card Members around the world. The collaboration is a win-win because it also increases the number of places where our Card Members can use their Cards in Nigeria.”
Flutterwave and American Express share similar visions; to enable businesses across the world to expand their operations in Africa and other emerging markets through a platform that enables local and cross-border transactions via one Application Programming Interface (API).
Flutterwave has processed over 630M transactions in excess of USD $31B, serves global and African customers like Uber, Air Peace, Bamboo, PiggyVest, and across various industries. On the other hand, American Express is a globally integrated payments company, providing customers with access to products, insights and experiences that enrich lives and build business success.
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