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


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.


The International Monetary Fund has urged Nigeria to revise its ₦54.99 trillion 2025 budget downward in response to weakening oil revenues.
It also recommends continued tight monetary policy and high interest rates until inflation further slows.
These suggestions may appear sound within orthodox economic models, but for most Nigerians, they are a recipe for deeper suffering.
Yes, inflation has decelerated—from an average of 31% in 2024 to 22.97% by May 2025. But that improvement hasn’t reached the dinner table.
Food prices remain brutal. Over 33% of Nigerians are officially unemployed, and more than 130 million people live in multidimensional poverty.
Behind every number is a family skipping meals, a child pulled out of school, or a shopkeeper forced to shutter their store.
One of the most damaging constraints in today’s economy isn’t the lack of money—it’s the inability to access it. Most banks avoid lending to those who need credit most.
When they do, they slap on interest rates of 27% to 30% and demand collateral far exceeding the value of the loan. It’s a system that locks out the very people who could drive recovery.
Credit is the oxygen of an economy. Without it, farmers don’t plant, factories sit idle, and markets shrink.
Former U.S. Federal Reserve Chair Ben Bernanke—an expert on financial crises—once observed that the core problem isn’t always overspending, but when capable people can’t borrow. Nigeria is falling squarely into that trap.
There is a way out. By reallocating just 3% of the national budget—₦1.65 trillion—the government could establish a national loan guarantee fund.
This fund would cover the first ₦10 million in loan risk per borrower, giving commercial banks the confidence to extend credit to those who actually produce.
With an average loan size of ₦1 million, such a move could unlock financing for 1.65 million small-scale farmers, cooperatives, and traders. Even if just two-thirds of those efforts succeed, that’s over a million new jobs.
The revenue return is clear. Increased employment expands the tax base. New businesses generate more goods, services, and local demand. Social safety nets face less pressure. That ₦1.65 trillion doesn’t vanish—it circulates, stimulates, and ultimately strengthens the economy.
Meanwhile, the IMF’s warning about Nigeria’s fiscal deficit possibly rising from 4.1% to 4.7% of GDP amounts to a difference of roughly ₦660 billion. That figure is modest compared to the trillions lost annually to inefficiencies and leakages.
It’s also less than what a single thriving sector—such as agriculture, construction, or telecoms—can contribute if properly enabled.
If austerity deepens poverty and chokes productivity, then even those advocating restraint today will soon label the country “unstable” tomorrow. But the burden won’t fall on spreadsheets. It will fall on people.
Nigeria doesn’t need to blindly follow rigid templates drawn up in distant boardrooms. It needs a tailored approach that empowers its own citizens.
The economy cannot grow if credit is frozen. The people cannot thrive without opportunity. And the nation cannot progress on fiscal neatness alone.
We don’t need applause from global observers. We need access—for those ready to build, employ, feed, and innovate. Let’s open the gates, not seal them.
Abidemi Adebamiwa is the Managing Editor @ Newspot Nigeria
Finance
PAFON 2.0: Experts Highlight Ingredients for Accelerated Financial Inclusion in Nigeria


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.


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.


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.


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.


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.


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.
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.