Connect with us

Finance

Bayelsa declares N1.88bn deficit in April as revenue nosedives

Published

on

Bayelsa

• Accuses FG of manipulation

BY: Ikenna Oluka

Bayelsa State Government has declared a N1.88 billion deficit as balance for April, 2019, saying that its earnings from the Federation Account Allocation Committee (FAAC) have been suffering a setback in the past four months.

The state Deputy Governor, Rear Admiral Gboribigha John Jonah (Retd), disclosed this on Tuesday at the monthly transparency briefing in Government House, Yenagoa.

Giving the state income and expenditure accounts for April, John Jonah said that Bayelsa statutory receipts have declined steadily from N13bn in February to N11bn in May this year.

The Deputy Governor, who attributed the dwindling revenue situation to manipulation of the Excess Crude Account by the Federal Government, noted that parameters used in distribution of funds are not in the interest of the Niger Delta states.

His words: “As at the last report, the Excess Crude Account at the national level is almost empty. It’s about N130 million from billions of naira we had in that account. At the time the Excess Crude Account Loan Facility was discussed at the National Economic Council, our state position was that we didn’t need any loan because excess account was there.

“If you look at the papers, the money distributed this month was more than last month. But we got less. When you talk about the factors that they use, the only one that favour us is the 13% derivation.

“But when this government came, they have a way of adjusting a few things. So you always see that once the Excess Crude is manipulated, our allocation comes down automatically.

“We are the most advantaged as far as other variables such as number of local governments, land area, and population are concerned. That is why you see our allocation coming down even when the amount being distributed at the centre is increasing. “

According to John Jonah, the state Gross inflow from FAAC was N12.7bn compared to the N13.2bn it received in March, 2019 which represents a difference of N549m.

He announced April statutory allocation as N2.4bn, representing a decline of N1.2bb, derivation N7.2bn, Value Added Tax N795.5m and Forex equalization fund N1.6bn, representing a positive difference of N1.7m.

The Deputy Governor said that first line FAAC deductions amounted to N1.55bn, including bond of N421m, restructured repayment of previous overpayments to the state N127m, restructured commercial bank loans N741m and Excess Crude Account loan facility of N126m.

According to him, the deductions left the state with a Net FAAC inflow of N11bn while total receipts from other sources stood at N1.18bn, comprising a N1bn internally generated revenue for March this year.

On April outflows, John Jonah said government spent N3.2bn on bank loans and contractual guarantee, N3.2bn for civil servants and political appointees’ salaries and N695m as grant to state-owned tertiary institutions.

According to the Deputy Governor, the State Government contribution from IGR to its Education Development Trust Fund, Health Insurance Scheme and Students Loan board gulped N149m.

He noted that the state had a negative balance N1.88bn in April after expending a total of N6.57bn for recurrent and capital payments.

He however announced N1.2bn as balance of funds available as a result of the N3.08bn balance brought forward from March.

Earlier, the Commissioner for Information and Orientation, Daniel Iworiso-Markson, reassured the people of the Governor Seriake Dickson-led administration’s determination to finish strong in spite of the state declining earnings from the Federation Account.

Iworiso-Markson urged the people not to panic over the gloomy economic outlook painted by the handlers of the nation’s economy, adding that government would do everything within its reach to maintain a stable financial environment in the state.

GrassRoots.ng is on a critical mission; to objectively and honestly represent the voice of ‘grassrooters’ in International, Federal, State and Local Government fora; heralding the achievements of political and other leaders and investors alike, without discrimination. This daily, digital news publication platform serves as the leading source of up-to-date information on how people and events reflect on the global community. The pragmatic articles reflect on the life of the community people, covering news/current affairs, business, technology, culture and fashion, entertainment, sports, State, National and International issues that directly impact the locals.

Continue Reading

Finance

NGX Boss, Umaru Kwairanga, to Chair Business Journal Fintech Roundtable 2025

By Our Correspondent

Published

on

NGX Boss, Umaru Kwairanga
NGX Boss, Umaru Kwairanga

Dr. Umaru Kwairanga, Group Chairman, Nigerian Exchange Group (NGX) will Chair the 2nd Business Journal Fintech & Financial Inclusion Roundtable 2025 scheduled for Friday, August 29, 2025 at Oriental Hotel, Lekki, Lagos. Time is 10-am prompt.

The theme of the Roundtable is: Fintech & Financial Inclusion: The Opportunities & Challenges for Nigeria.

In a statement, Prince Cookey, Publisher/Editor-in-Chief of Business Journal Media Group said the choice of Umaru Kwairanga to chair the event is a reflection of his immense and chequered journey in the Nigerian economic system over the years.

“Dr. Umaru Kwairanga is a noted player in the Nigerian economy and financial services sector. Over the years, he has carved a positive niche in driving the narrative in national policy formulation, implementation and review. He remains a worthy point of reference and role model to current and future players in the Nigerian economy.”

Alhaji (Dr.) Umaru Kwairanga, Sarkin Fulani Gombe and Group Chairman, Nigerian Exchange Group (NGX), is a notable player in the Nigerian corporate world, a thorough-bred professional and a prominent community leader in Gombe State and the North East region.

He has served at the highest levels of the banking, pension, investment, manufacturing and commercial sectors of Nigeria’s economy. He is the current Chairman of the Nigerian Exchange Group Plc, Nigeria’ oldest stock exchange and also Chairman of Tangerine General Insurance Limited.

The NGX Chairman is also a Director on the Boards of First Bank Senegal Limited, Tangerine Apt Pensions Limited and the Group Managing Director of Finmal Finance Services Limited.  

He is a past Chairman of Ashaka Cement plc and previously served on the Boards of Jaiz Bank Plc, Central Securities Clearing System Plc, Lafarge Africa Plc and First Bank Mortgages Limited to mention a few.

Professionally, Alhaji Kwairanga is a Fellow of the Chartered Institute of Stockbrokers, Chartered Institute of Directors of Nigeria, the Certified Pension Institute of Nigeria and the Abuja Commodities and Securities Exchange.

He is also a Council Member of the Chartered Institute of Stockbrokers; the Chartered Institute of Directors and he is the current President of the Certified Pensions Institute of Nigeria.

Kwairanga is a holder of the prominent traditional title of Sarkin Fulani Gombe and has led several initiatives for peace and development in Gombe State and the North East region in general.

He has also been involved in policy and strategy formulation in the public sector as a Member of the Vision 2020 Committee, the Presidential Advisory Committee on the Nigerian Industrial Revolution Plan and several committees of the Securities and Exchange Commission (SEC).

Continue Reading

Finance

PAFON 2.0: Experts Highlight Ingredients for Accelerated Financial Inclusion in Nigeria

Published

on

PAFON 2.0
L-r: Peter Oluka, co-convener, Payments Forum Nigeria (PAFON); Ibirogba Oluwagunwa, chairman, Lagos State Chapter of the Association of Mobile Money & Bank Agents in Nigeria (AMMBAN); Mrs. Uche Uzoebo, MD/CEO, Shared Agent Network Expansion Facilities Limited (SANEF) Limited; Chika Nwosu, managing director of PalmPay; Happiness Ohioha, CEO, Tizel Cybersecurity, and Chike Onwuegbuchi, co-convener, Payments Forum Nigeria (PAFON), at PAFON 2.0 held in Lagos, recently.

Improved efforts at collaboration among financial service providers, telecommunication operators, and tech Startups, with conscious effort geared at consumer awareness, have been proffered as key remedies to the challenge of financial inclusion in the country.

This is the viewpoint of stakeholders that gathered for the second edition of Payment Forum Nigeria (PAFON 2.0) held recently in Lagos.

PAFON 2.0
L-r: Munachi Duru, Head of Innovation and partnership at AfriGoPay Financial Services Limited; Oluwabunmi Ogunyemi, customer support lead at Moniepoint MFB; Chika Nwosu, managing director of PalmPay, and Mrs. Uche Uzoebo, MD/CEO, Shared Agent Network Expansion Facilities Limited (SANEF) Limited, at PAFON 2.0 held in Lagos, recently.

Delivering a keynote address on the theme, “Bridging the Customer Experience Gap for Financial Inclusion Using AI”, Ebehijie Momoh (Mrs.), the managing director and chief executive officer of AfriGoPay Financial Services Limited, said that with 64% of Nigerian adults being financial included the country has made immense progress in that regards.

She said that between 2012 till date, the country has recorded robust regulatory reforms, especially the launch of the Bank Verification Number (BVN) in 2014 making it easier to identify and track customers across different banks.

“This initiative enhanced the credibility of the financial sector and increased confidence in formal banking systems.

The growth in adoption of smartphones has also helped the financial sector to leapfrog financial inclusion. Nigeria has 142.16 mobile internet subscriptions with an average consumption of ~7.04GB / month as of January 2025. If you juxtapose it to the 15.9% decline in shipments of feature phones to 18.8 million units in Africa as at Q1 2024, you will understand that the uptake in smartphones has helped us a great deal.

Mrs. Momoh who spoke through Mr. Munachi Duru, the head of Innovation and Strategic Partnership at AfriGoPay, said the adoption of artificial intelligence banking gave birth to solutions like smile identity, a leading KYC verification provider launches facial recognition capabilities in Nigeria as neobanks and commercial banks are deploying AI-based KYC verification tools, enabling cheaper and efficient customer acquisition and servicing.

In her goodwill message, Mrs. Uche Uzoebo, MD/CEO, Shared Agent Network Expansion Facilities Limited (SANEF) Limited said that with progress made in accelerating financial inclusion to unbanked and underbanked communities in Nigeria, SANEF has leveraged Artificial Intelligence (AI) as the next step to advancement in financial services in the country.

She noted that as technology evolves rapidly within the financial ecosystem, Financial Inclusion must continue to be at the center of the nation’s progress.

PAFON 2.0
L-r: Peter Oluka, co-convener, Payments Forum Nigeria (PAFON); Ibirogba Oluwagunwa, chairman, Lagos State Chapter of the Association of Mobile Money & Bank Agents in Nigeria (AMMBAN); Mrs. Uche Uzoebo, MD/CEO, Shared Agent Network Expansion Facilities Limited (SANEF) Limited; Chika Nwosu, managing director of PalmPay; Happiness Ohioha, CEO, Tizel Cybersecurity, and Chike Onwuegbuchi, co-convener, Payments Forum Nigeria (PAFON), at PAFON 2.0 held in Lagos, recently.

According to her, agent banking has been a game-changer in expanding financial inclusion across Nigeria. “By deploying agents in underserved areas, we have brought financial services and banking products such as account opening, cash in, cash out, bill payment, transfers and other services closer to the unbanked and underserved.”

Speaking during a panel session, Mr. Ibirogba Oluwagunwa, chairman, Lagos State Chapter of the Association of Mobile Money & Bank Agents in Nigeria (AMMBAN), spoke of lack of collaboration and slow institutional drive towards AI as key barriers hindering digital inclusion.

He harped on the need for information sharing among fintech operators, and improved free flow of information to consumers. “The human barrier angle needs to be addressed. Fintechs need to be pushed to move forward, AI cannot operate itself.”

In his contribution, Mr. Chika Nwosu, managing director of PalmPay, reiterated the need to reach the consumers with simple format communication and education style.

He said operators should create awareness and design consumer​-centric approach in developing any products. This will not only draw the consumers towards the product, but also generate trust and ease the use of such products.

Focusing on the use of AI to ensure reach, inclusion and security, Azure Application and AI Specialist at Microsoft UK, Olusoji Solomon Adeyemo, spoke on the need for AI and Blockchain in the bid to extend services to rural communities and the unbanked.

PAFON 2.0
PANELISTS: L-r: Chike Onwuegbuchi, co-convener, Payments Forum Nigeria (PAFON); Chika Nwosu, managing director of PalmPay; Oluwabunmi Ogunyemi, customer support lead at Moniepoint MFB; Mrs. Uche Uzoebo, MD/CEO, Shared Agent Network Expansion Facilities Limited (SANEF) Limited; Ibirogba Oluwagunwa, chairman, Lagos State Chapter of the Association of Mobile Money & Bank Agents in Nigeria (AMMBAN),and Joan Aimuengheuwa, assistant editor, Techeconomy; Virtual panelsts: Olusoji Solomon Adeyemo, Azure Application and AI Specialist, Microsoft UK, and Olusegun Gabriel Afolabi, co-founder and chief innovation architect, Face Technologies UK Ltd., at PAFON 2.0 held in Lagos, recently.

According to him, “AI, Blockchain and CBDs are shaping the future of payment, and there is a serious need for education. We need to align with global trends in new tech adoption.”

While noting that AI can ensure reach, Adeyomo said blockchain will also create digital identity that is exclusive and will promote digital financial inclusion.

In her position, Oluwabunmi Ogunyemi, the customer support lead at Moniepoint MFB, proffered physical and digital meet with customers, even in rural areas, as a viable means of inclusivity.

Also speaking, Olusegun Afolabi, the co-founder of Face Technologies UK Ltd., called for improved collaborations among stakeholders in the financial sector.

According to him, the fintech companies must also embrace effective identification solutions, focusing on biometrics and card technologies to ensure topnotch security for users.

Earlier in his opening remarks, Mr. Peter Oluka, co-Convener of the Forum, noted that the financial inclusion journey in the country has come to a crucial juncture where over 30 million adults are still financially excluded, many of whom reside in rural areas or belong to vulnerable demographics.

He noted that despite 12% growth in access to formal financial services between 2020 and 2023, as recorded by the EFInA Access to Financial Services Survey 2023, challenges still exist that hinders the unlocking of the potentials of digital payments to drive inclusive growth in Nigeria.

He further posited: “As digital infrastructure grows and fintech innovation accelerates, we must channel these advancements toward building a more inclusive, secure, and trusted financial ecosystem. This is not just about transactions — it’s about empowerment, opportunity, and economic participation for all.

Payments Forum Nigeria
Panel session led by Chukwuemeka Mbaebie, convener of Lagos Blockchain Week.

Nodding in agreement, Mr. Chike Onwuegbuchi, co-Convener, PAFON, reiterated the need for all stakeholders in the financial payment industry, including regulators, to participate in forums as PAFON, to map out, growth strategies with consumers and other strata of the ecosystem.

PAFON 2.0
A cross section of participants at Payments Forum Nigeria – PAFON 2.0 held in Lagos, recently.

He promised to invite security stakeholders, such as the EFCC and others in subsequent editions of the event. This will help give insight into security concerns in deployment of products and services in rural and unbanked communities.

Payments Forum Nigeria (PAFON) is a platform dedicated to shaping the future of digital payments and financial services in our country.

Continue Reading

Finance

Flutterwave Powers Local Businesses in Ghana Through Pay With Bank Transfer

Reporter: Ikenna Ugwu

Published

on

Flutterwave Ghana
Flutterwave Ghana

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 & CEOAt 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.

Continue Reading

Trending