Business
Procurement Act Implementation: BPP Saves $590m
Mr. Emeka Ezeh, the Director-general, Bureau of Public procurement (BPP), in Abuja on Monday said the Bureau had saved $590 million dollars through the implementation of the procurement Act.
Ezeh spoke at a workshop on procurement, organissed by BPP for government ministries, departments and agencies (MDAs).
“In terms of dollars, we have saved $590 million. What you call savings is the difference between the amount being recommended by the Ministry and the amount we certify.
“For instance, if the Ministry recommends that a job be given to somebody at five billion and we actually rectify that the person who got it won it at may be, 2.5 billion, that difference is the savings”.
He said the focus of engaging MDAs in the workshop was to ensure that procurement officers understood global practice on government expenditure.
“The workshop is to remind you of what you know and tell you the dangers ahead and implications of the law becaue the law has no provision or exceptions of jail terms.
“As procurement officers, you are not just going to sit down and be given instructions you must know the standard bidding documents, development evalution criteria and make good use of the computers, “Eze said.
He said that participants at the workshop would be tested on general monitoring of aduit and evaluations, negotiations and administration of contracts among others.
According to him, the Bureau will make recommendations based on its funding to the head of service for the grading of procurement officers performances.
He urged participants to share their experiences to educate themselves on best practice in procurements.
Mr. Stephen Oronsaye, the Head of civil service of the federation called on procurement officers to be agents of change, adding that as “change agents, you cannot continue to do our business as we have always done.
“If we are able to reduce the cost of our procurement, money will then be available for other needs that are ready to be addressed.
“I tell you most sincerely that if you put God first and the fear of God before you, you will find that it will be difficult for you to do what is wrong”.
According to him, procurement officers should be conversant with the provisions in the procurement act.
Commenting on due process as it affects the implementation of the budget, he said “it is not because of due process but because of the actions of officials.”
He called on participants to use the opportunity and understand the standard bid document to enable them to use it as a guide to direct various tenders’ board meetings.
“This workshop is the one that you must be graded, which means that if you don’t measure up, you then shape out.
“You must not remain procurement officers and not have the knowledge to know the mandate to bring change,” he said.
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.