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


• 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.
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.
Finance
Flutterwave Activates American Express Payments for its Merchants in Nigeria


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.
Finance
NNPC Releases 2023 Audited Financial Statement


…Posts N3.3trn Net Profit, Declares N2.1trn Dividend
…Targets 2mbpd Crude Oil Production by December 2024
The NNPC Limited has released its 2023 Audited Financial Statement (AFS), declaring a net profit of N3.297 trillion at the close of the financial year which ended in December 2023, an increase of over N700billion (28%) when compared to the 2022 profit of N2.548trillion.
In a world press conference held at the NNPC Towers in Abuja on Monday, the Chief Financial Officer of the Company, Mr. Umar Ajiya said the release of the AFS is a testament to the Company’s commitment to transparency and accountability.
“Our fiscal performance reflects both strategic foresight and operational resilience. Despite inherent challenges of our operational and economic environment, we have improved the productivity and the financial performance of this great company,” Ajiya stated.
Ajiya added that posting such impressive returns demonstrates NNPC Ltd’s commitment to sustaining profitability and supporting the attainment of national energy security as stipulated by the Petroleum Industry Act (PIA) 2021, and by extension, as expected by the Company’s shareholders.
Explaining that the NNPC Ltd will announce Initial Public offer (IPO) once the shareholders and Board make a decision, Ajiya also debunked claims on subsidy payment, saying the Company was only taking care of the shortfall on PMS importation between it and the Federation.
Speaking earlier at the press conference, the Chairman of the NNPC Ltd Board, Chief Pius Akinyelure said that the excellent performance came as the fruit of the PIA 2021, the commitment of the Board, Management and staff of the company.
Akinyelure added that the shareholders of the company have since approved a final dividend of N2.1trn in line with PIA 2021 provisions.
In her remarks at the briefing, the Executive Vice President, Upstream, Mrs. Oritsemeyiwa Eyesan said with improvements witnessed as a result of the renewed vigour in the war against crude oil theft and pipeline vandalism, NNPC Ltd is targeting 2million barrels per day crude oil production by the the end of the year.
On the current fuel queues in parts of Lagos and the FCT, the Executive Vice President, Downstream, Mr. Dapo Segun appealed for understanding from Nigerians, saying that the the Company is working with relevant stakeholders to address the distribution, evacuation and logistics challenges.
It would be recalled that in 2021, NNPC declared profit in its operations for the first time. From a loss position of N803 billion in 2018, it reduced the loss further down to N1.7 billion in 2019.
However, in 2020, it posted its ‘first ever’ profit of N287 billion, then in 2021, it recorded a N674.1 billion profit and in 2022, the profit grew to N2.548, an unprecedented achievement in its financial performance. The N3.297 trillion profit declared for 2023 is the highest since the Company’s inception, 46 years ago.