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N434.5M Contract: CCT Denies Wrongdoing, Says Mischief Makers At Work

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The Code of Conduct Tribunal (CCT) has denied reports that it couldn’t justify payment to contractors to the tune of N434.5 million.

It said the report was laced with mischief as projects with which the said fund was released in 2019 have been well executed and put to use.

The CCT management recalled its appearance before the Public Accounts Committee of the Senate and that of the House of Representatives on the basis of the audit report by the Office of the Auditor-General for the Federation (OAuGF) and defended the said capital expenditure for the 2019 satisfactorily.

A statement by the Spokesperson for the CCT, Atekojo Samson Usman on Thursday in Abuja, said, “the Tribunal which has the sole power to adjudicate on conducts of public officers has only its head office in Abuja, the nation’s capital handling the entire public officers through the federation.

“A task too over burden with pendency of cases for long period of time, hence, it thought it wise to open offices across the six geopolitical zones of the country.

“It was based on that, that members of CCT recommended the opening of States offices, i.e. Calabar, Enugu, Kaduna and Bauchi and which eventually necessitated construction of office accommodations.”

Denying any wrongdoing as reports would want to portray the Tribunal, the statement explained that due process was followed in the handling of the projects.

It said: “In line with the public procurement act, the projects were competitively bidded after calling for expression of interest and bidders emerged through due process before the award of contracts to winners. It’s worth noting that the bidding was conducted in most transparent manner with the presence of some Civil Society Organisations and media coverage.

“It’s gratifying to note that every bit of documents involving the 2019 expenditure are available for record purposes including those of payment vouchers.

“The CCT is categorically putting on record that the said N434.5 million was for 2018/2019 capital projects. The projects are verifiable in Calabar, Enugu, Kaduna and Bauchi as the projects have been completed and are now being used.

“The likelihood diversion of the said capital projects fund by the CCT as reported was not only mischievous, but a figment of imagination of some elements within, but working in cahoots with outsiders who wanted the agency flattened in order to sustain their corruption against the Federal Republic of Nigeria.

“Meanwhile, the audit report, the latest in the OAuGF’s annual series, titled, ‘Non-compliance/Internal Control Weakness Issues in Ministries, Departments and Agencies of the Federal Government of Nigeria for the Year ended December 31, 2019’ was not the latest exercise that perused the financial transactions of CCT.

“The same auditors from the AuGF’s office have carried out the 2020 exercise and found no in financial infraction in the agency.

“The CCT paid out the sum of N434.5 million to contractors after the projects were satisfactorily executed in Calabar, Enugu, Kaduna and Bauchi and it remain to be known when it’s wrong to pay for projects executed in Nigeria.

“Moreso, at the time of auditors’ visit, original payment vouchers, Bill of Engineering Measurement and Evaluation (BEME), Consultants Interim Payment Certificate (IPC) and other relevant documents that would have aided the auditors were in custody of Tenders Board Secretary who was bereaved and was unavailable.

“The documents were later assembled and forwarded to the Office of the Auditor-General of the Federation, while their report is being awaited.

“The Justice Danladi Umar-led CCT was currently carrying out reforms that would make the Tribunal foremost in discharging its adjudicative responsibility, a development that has seen to the provision of the 2022 Medium Term Expenditure Framework (MTEF) for execution of virtual court proceedings and automation of court system”, the statement concluded.

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Flutterwave Powers Local Businesses in Ghana Through Pay With Bank Transfer

Reporter: Ikenna Ugwu

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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.

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Stanbic IBTC Capital leads Presco PLC’s ₦82.9 Billion Bond Issuance to drive West African market growth

Reporter: SANDRA ANI

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Presco and Stanbic Capital
L-r: Oladele Sotubo, Chief Executive, Stanbic IBTC Capital; Kenneth Ugo, Investor Relations Manager, Presco PLC; Olaronke Arigbede, Group Treasurer, SIAT Group; Reji George, Managing Director/CEO, Presco PLC; Felix Nwabuko, Group CEO, SIAT Group and Bayo Ajayi, Chief Executive Officer, Rand Merchant Bank Nigeria Limited, during the signing ceremony of Presco PLC’s ₦82.9 billion 7-year 23.75% Series I Bond held recently in Lagos.

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.

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Flutterwave Activates American Express Payments for its Merchants in Nigeria

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Olugbenga GB Agboola, CEO Flutterwave
Olugbenga GB Agboola, CEO Flutterwave

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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