Connect with us

Business

Understanding The Ethics Of Public Procurement

Published

on

Speech presented at the second phase of National Sensitisation and Enlightenment Programme on the Public Procurement Act 2007 In Port Harcourt

This sensitisation season marks another phase of our efforts at creating awareness amongst the citizenry on the principles and importance of public procurement. We made progress in this regard last year and we are continuing this year. It is important to continue to tell our people what we need to gain by following procedures in public contracting, so that we can make the much desired social, economic and political progress. I am optimistic, like I do know many of you are that we shall sooner than later take Nigeria to the promised land.

Let me, however, tell again how we got to where we are, so that we can understand the present and probably interpret the future. The Bureau of Public Procurement (BPP) was established in 2007 following the signing into law of its enabling act by President Umar Musa Yar’Adua. It was the first act to be signed into law by the new president. The Bureau developed through the former office of Budget Monitoring and Price Intelligence Unit (BMPIU), established in 2001 by the former President Olusegun Obasanjo.

The bureau emerged because of the need to check the open abuse of rules and standards in the award and execution of public contracts in Nigeria. The abuses were evident in over-invoicing, inflation of contract costs, proliferation of white-elephant projects and diversion of public funds through all kinds of manipulations of the contract system. The implication of these lapses in the country’s procurement system over the years was the abandonment of governments projects after large sums of money have been paid out to contractors from public funds. Above all, it brought about endemic corruption, poor service delivery, poverty and denial of social amenities to the people.

The vision of the BPP is to restore transparency, competition, competence, integrity and value for money in the award and execution of public contracts in Nigeria. The BPP, therefore, implements a Procurement Reform Agenda that uses what can be called a Due Process Mechanism to restore and maintain openness, competition, budgetary discipline, optimal costs and efficient projects implementation in a planned and coordinated framework.

The BPP has long being involved in several sensitisation efforts across the country. With the support of the WorId Bank Economic Reform and Governance (ERGP) project, the bureau, has been educating the Nigerian populace on the importance of implementing best procurement practices. There have been and would continue to be newspaper adverts, journal publications, Radio and TV jingles on the activities of the bureau and on details of the public procurement act. The bureau has also been organising conferences so the nation can expand their understanding of the ethics of public procurement. One such conference, an international one, was recently held between June 29th and 30th in Abuja. It was attended by resource persons from across sections of the world and it afforded us an opportunity to compare notes with other countries, so that we can benefit from their procurement experiences and they might also gain from us. The sensitisation, education and public awareness processes are continuing in the interest of establishing best procurement practices consciousness amongst the citizenry. This would eventually lead to a change in attitude and then an attendant development of the countries’ institutions.

For the bureau to achieve its objectives, it has been consistent in insisting on the need for probity, transparency and accountability within its management. The leadership has often emphasised the need to show example by ensuring that what is preached is implemented in the bureau. The bureau’s officials have often been educated on the need not to compromise their integrity in the course of their duties. The bureau hopes to achieve its aim through ensuring forthrightness in its activities and through constant training and retraining of its staff.

As a new policy, the implementation of the Procurement reforms has continued to generate fears, debates and concerns in some quarters. Experience has showed that there are some elites who have a good understanding of what the bureau stands for and are, therefore, ready to help it work. There are also those who genuinely do not understand its modus operandi, which is why the bureau has been painstaking in sensitisation and in creating awareness.

At the same time, there are beneficiaries of the old order, who understands the multiple benefits of the public procurement reform policy but deliberately and out of self and narrow interest, choose to misinform, misrepresent, vilify and condemn the genuine intentions of government with the goal of frustrating the idea. Some politicians are also unrelenting in trying to prevent the proper operations of the bureau, but we have been sustained by the determination of the President Umar Yar’Adua’s anti-­corruption stand and are assured of the need to steady our gait in falling in line.

The bureau has commenced its constitutional responsibility to ensure that all the provisions of the Public Procurement Act are strictly followed in the award and execution of all government contracts. Intensive public enlightenment campaigns on procedures in contract award and execution by MDAs and the role of stakeholders including contractors, consultants and, the general public are ongoing through the BPP jingles on radio and television stations. The bureau’s audit monitoring of the budget as constitutionally guaranteed, is also ongoing as part of a holistic attempt at ensuring a successful fiscal policy.

Other than that, the bureau is presently organising workshops for stakeholders in different government ministries and departments. The first was held July 27th and 28th for procurement personnel in the Federal Ministry of Works and- Housing. It is continuing as it would also be done for other ministries. Once again, I welcome us all and wish us all successful interactive session.

Eze is the Director-General, Bureau of Public Procurement (BPP)

Continue Reading

Banking/ Finance

Ripple Survey Reveals Appetite for Digital Assets

Published

on

Cornerstone of Financial Services

A survey of more than 1 000 global finance leaders undertaken by digital payment network Ripple shows that 72% of respondents believe they need to offer a digital asset solution to remain competitive.

According to Ripple, leaders from the banking, fintech, corporate and asset management sector have made it clear that the “digital asset revolution is happening now.

“Digital assets are quickly becoming a cornerstone of financial services, underpinned by progressive regulation, growing interest from Tier-1 banks, a steady consumer shift from banks to fintech providers, and booming stablecoin adoption,” Ripple says.

The survey was conducted in early 2026 and the findings released in March.

Stablecoin Boon or Bane?

Ripple has experienced significant success in the stablecoin sector since launching its Ripple USD (RLUSD) stablecoin in 2024.

With a market cap of $1.56 billion, it is considered a major regulated player in the market.

No doubt the platform was pleased to learn through its own survey that financial leaders were most bullish about stablecoins.

Roughly three-quarters of respondents believed they could boost cash-flow efficiency and unlock trapped working capital.

Ripple noted that finance leaders were thinking about stablecoins as more than “just a new way to execute payments”; instead, they viewed them as effective tools for treasury management.

In March 2026, Ripple began testing a new trade finance model built around RLUSD in a bid to increase the speed of cross-border payments.

The pilot initiative, developed alongside supply chain finance company Unloq [https://unloq.com], is running on the XRP Ledger inside a testing framework developed by the Monetary Authority of Singapore.

The Asian city-state is one of the platform’s biggest growth markets.

The idea behind the project is to see whether stablecoin-based settlement can streamline trade finance, too often hampered by reliance on intermediaries and slow reconciliation.

The only potential drawback is that if the initiative takes off, the Ripple to USD price could be negatively affected.

Ripple has always championed its native XRP token as a bridge asset, the “middleman” in the process of a financial institution turning dollars in the US into pounds in the UK, for example.

Ripple converts dollars into XRP and then back into pounds.

If RLUSD can do exactly the same thing, questions will be asked about XRP’s relevance.

That is a bridge Ripple will have to cross if it gets to that point.

Tokenisation Partners

Another interesting finding from Ripple’s survey is that most banks and asset managers are seeking tokenisation partners to help execute their strategies.

Some 89% of respondents said digital asset storage and custody were top priority. “Token servicing/lifecycle management also ranks highly for banks at 82%, while asset managers place greater emphasis on primary distribution at 80%,” Ripple found.

The survey also revealed that just more than half of fintechs and financial institutions want an infrastructure provider that can offer a “one-stop-shop solution”. This rose to 71% among corporate financial leaders.

Ripple attributes this to institutions and firms wanting uncomplicated, cohesive systems.

Infrastructure Rules

In its final analysis, Ripple says companies across the board are looking for partners and solutions that are “secure, compliant, battle-tested and that enable growth and execution”.

“The message is clear: infrastructure decisions made today will shape competitive positioning tomorrow.”

No surprise that this is precisely where Ripple is placing much of its focus.

Continue Reading

Business

Niger Delta Investment Summit Targets $5bn Inflows, 500,000 Jobs

Published

on

The Niger Delta Chambers of Commerce, Industry, Trade, Mines and Agriculture (NDCCITMA) has unveiled the plans to host a major economic and investment summit aimed at attracting five billion dollars, ( N7 trillion) investments in addition to creating about 500,000 jobs over the next five years.
The Chairman of NDCCITMA Board, Ambassador Idaere Ogan, disclosed this in Port Harcourt, recently.
Ogan stated  that the initiative is designed to reposition the Niger Delta as a viable destination for sustainable economic growth and development.
He explained the summit would bring together investors, policymakers, manufacturers and business leaders from within and outside Nigeria to explore opportunities across key sectors of the regional economy.
According to him, the event is expected to attract high-profile participation, with President Bola Tinubu billed as Special Guest of Honour, while the Prime Minister of Barbados, Mia Amor Mottley, is expected to deliver the keynote address.
Ogan said the summit would focus on critical sectors including agriculture, manufacturing, logistics and the blue economy, which he described as areas with significant untapped potential.
He called on state governments, development partners and private sector stakeholders to support the initiative, stressing that collective efforts are required to unlock the region’s economic prospects.
 NDCCITMA chairman further stated that improving security conditions and increasing economic confidence in the Niger Delta have made the region more attractive to both local and foreign investors.
He emphasised that ongoing economic reforms at the national level have also contributed to creating a more favourable investment climate.
Also speaking, the Chairman of the Summit Organising Committee, Dr. Solomon Edebiri, said the event would prioritise the growth of small and medium-scale enterprises (SMEs) across the region.
He noted the summit would provide a strategic platform for networking, business partnership and policy dialogue aimed at strengthening the private sector.
Edebiri disclosed that findings from a recent business roundtable revealed significant untapped investment opportunities, which the summit seeks to harness through targeted collaborations.
He revealed that the event would feature exhibitions of viable projects, facilitate business-to-business and business-to-government engagements, and also promote innovations across multiple sectors.
According to him, the expected outcomes of the summit include job creation, increased industrial activity and improved livelihoods for people in the Niger Delta.
To build momentum ahead of the event, NDCCITMA said the body would embark on awareness roadshows across states in the Niger Delta, as well as in Lagos and Abuja, to attract broad participation.
King Onunwor
Continue Reading

Business

NPA Targets N1.489tn Revenue In 2026

Published

on

The Management  of Nigerian Ports Authority (NPA) has set N1.489 trillion as its Internally Generated Revenue (IGR) target for the 2026 fiscal year.
NPA says the figure represents an increase of N21 billion over the N1.468 trillion target for 2025, which the agency exceeded with an actual revenue of N1.97 trillion.
 The Managing Director NPA, Dr Abubakar Dantsoho, stated this  during the agency’s 2026 budget defence before the Senate Committee on Marine Transport.
Dantsoho said  the authority was set to begin groundbreaking projects for the modernisation of Apapa and Tin Can Island ports to enhance global competitiveness.
According to him, of the projected revenue: N945 billion is allocated for capital projects, N447.5 billion for operating expenses, and
N90.6 billion for remittance into the Consolidated Revenue Fund (CRF).
The MD explained that the budget was anchored on the mantra, “Consolidation, Renewed Resilience and Shared Prosperity.”
Dantsoho said that the modernisation of Apapa and Tin Can Island ports were flagship projects aimed at boosting revenue.
“Apapa and Tin Can Island ports are old and no longer adequate for modern global port operations.
“Apapa Port is about 100 years old, while Tin Can Island Port is over 50 years old, with limited capacity for handling modern vessels and cargo volumes.
“Groundbreaking for their modernisation will commence within the next two to three weeks,” he added.
On the Treasury Single Account (TSA), Dantsoho said all revenues generated by the NPA are paid directly into the account managed by the Central Bank of Nigeria (CBN).
“We do not retain any funds. The Central Bank is the signatory and we must apply for funds whenever needed,” he explained.
Earlier in his remarks,Chairman of the Senate Committee on Ports, Sen. Wasiu Eshinlokun (Lagos Central), said the committee’s oversight function was collaborative rather than adversarial.
“Our goal is to work with you to strengthen institutional capacity, eliminate inefficiencies and ensure that every naira appropriated serves the public interest,” he said.
Chinedu Wosu
Continue Reading

Trending