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President Pledges Support for Fintech Companies As Flutterwave Seeks Listing on NGX

The CEO of Flutterwave, Agboola, said the company has made it easy for Nigerians to pay for some global services with Naira and provided payment platforms for Nigerians in the diaspora who are willing to send money to families and relatives in the country.

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▪︎In picture: President Bola Ahmed Tinubu, Minister for Finance and Coordinating Minister of the Economy, Mr Wale Edun, Chief Executive Officer Flutterwave, Mr Olugbenga Agoola and CEO Alami Capital, Miss Olu Seun Olufemi-White, after a  Meeting at the Presidential Villa Abuja.

President Tinubu said his administration will support businesses in the financial technology sector that provide payment infrastructure services for Nigerians and Africans.

He said this when he received the leadership of Flutterwave and Alami Capital in Abuja on Saturday afternoon.

Flutterwave, a leading Fintech company founded by young Nigerians and headquartered in Lagos, operates in the U.S., Canada, Nigeria, Kenya, Uganda, Ghana, South Africa, and 29 other African countries. Olugbenga Agboola, the CEO; Adeleke Adekoya, a co-founder; Oluwabankole Falade and Mitesh Popat, represented Flutterwave at the meeting.

Ms Oluseun Olufemi-White represented Alami Capital as its CEO. Minister of Finance and Coordinating Minister of the Economy Mr Wale Edun led the delegation to meet President Tinubu.

Dr. Armstrong Ume Takang, the Managing Director and Chief Executive of the Ministry of Finance Incorporated (MOFI), and Dr. Inuwa Kashifu Abdullahi, the Director General/ Chief Executive Officer of the National Information Technology Development Agency (NITDA), also attended.

President Tinubu said Nigeria is genuinely open to business, and as President, he is determined to remove all obstacles to allow companies to thrive.

He commended Flutterwave’s commitment to building capacity in the digital economy sector, especially as it is being made possible by energetic, young Nigerians.

He said he is honoured to be the President of a country with such a youthful and resourceful population.

He said the leadership Flutterwave provides in the digital world is what Nigeria needs today to grow its economy and make life easier for most of its population.

Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, said Flutterwave has made significant progress since its establishment 10 years ago.

It has created jobs and helped diversify the economy by providing innovative digital platforms and payment services in Nigeria and across Africa.

The CEO of Flutterwave, Agboola, said the company has made it easy for Nigerians to pay for some global services with Naira and provided payment platforms for Nigerians in the diaspora who are willing to send money to families and relatives in the country.

He said Flutterwave, valued at over $3 billion, is a Nigerian export and brand employing over 1,000 Nigerians.

He said the company seeks to be listed on the Nigerian Exchange and solicited the President’s support.

The Managing Director and Chief Executive of MOFI, Dr.  Armstrong Ume Takang, said that as Africa’s biggest economy, Nigeria must demonstrate its economic prowess by strategically positioning products and services by Nigerian companies, such as Flutterwave, in the homes of all Africans.

He said Flutterwave spends millions of dollars monthly on hosting services, but that money goes to other countries.

He suggested supporting Galaxy Backbone’s hosting services to enable it to handle companies like Flutterwave.

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President Tinubu empowers ICRC to approve PPP projects Valued below N10-20bn for MDAs

“Under the new directive, PPP projects valued below ₦10 billion for Parastatals/Agencies and ₦20 billion for Ministries will now be approved by respective Project Approval Boards (PABs) that will be constituted under ICRC guidelines and regulations.

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President Bola Ahmed Tinubu has empowered the Infrastructure Concession Regulatory Commission (ICRC) to implement a more efficient and better streamlined Public-Private Partnership (PPP) project delivery process by approving PPP thresholds for Ministries, Departments, and Agencies (MDAs).

The approval was granted during the just-concluded Nigeria PPP Summit 2025, where President Tinubu declared that his administration was strengthening the ICRC as the “engine room of Nigeria’s infrastructure revolution,” noting that PPPs would be pivotal in driving transformative development across the country.

Until now, all PPP projects—regardless of size—were subjected to Federal Executive Council (FEC) approval, resulting in extended processes and limiting the participation of MDAs with small and mid-scale projects.

The Director General of the ICRC, Dr Jobson Oseodion Ewalefoh, who disclosed the presidential approval, said: that the new policy decentralizes the approval process, allowing MDAs to approve projects below specified thresholds under ICRC guideline, thereby supporting all scale of projects and encouraging broader private sector investment in PPPs.

“Under the new directive, PPP projects valued below ₦10 billion for Parastatals/Agencies and ₦20 billion for Ministries will now be approved by respective Project Approval Boards (PABs) that will be constituted under ICRC guidelines and regulations.

Only projects exceeding these thresholds—or those involving multiple Ministries and requiring inter-agency coordination—will require FEC approval.

“Importantly, all such projects must be entirely privately funded, with no government guarantees or financial commitments from the treasury.

Notwithstanding the new thresholds, every PPP project must be submitted to the ICRC for review and certification.

The ICRC must issue certificates of compliance before any PPP project can be approved by the PAB and other approving bodies,” he said.

Dr Ewalefoh explained that this framework marks a shift from the previously adopted one-size-fits-all approach, to a more dynamic and scale-sensitive model that will unlock low-value but high-impact projects. “This approval is a game-changer, especially for sectors like health, education, agriculture, and housing.

We expect to see private sector- led investments in projects like rural diagnostic medical centers, construction of classroom blocks, student hostel and delivery of affordable housing schemes across the country—with less bureaucratic requirements under the new adopted process.” he added.

He emphasized that the new framework aligns with President Tinubu’s broader public procurement reforms, ensuring harmony across the government’s financial and investment systems.

“By decentralizing approvals, the government is supporting and unlocking investments opportunities through improved capital inflows, job creation, and faster project delivery—exactly what we need in this current economic climate.”

Dr. Ewalefoh stated that the ICRC will continue to promote, guide, facilitate and regulate the PPP ecosystem in the country, while collaborating with other agencies in the infrastructure ecosystem including the Bureau of Public Procurement (BPP), Ministry of Finance Incorporated (MOFI), Bureau of Public Enterprises (BPE) among others.

He enjoined MDAs as project owners and grantors to take advantage of the approved threshold and the new guidelines that will be issued by the Commission.

MDAs are encouraged to  embrace the utilization of PPPs for the delivery of critical infrastructure in delivering on the Renewed Hope Agenda of Mr. President.

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George Elombi is Afreximbank’s new president

He succeeds Benedict Oramah, a professor, who has served as President and Chairman of the Board of Directors since 2015, and who will be stepping down in September.

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The shareholders of the African Export-Import Bank (Afreximbank) have appointed George Elombi as the next President and Chairman of the Board of Directors of the continental financial institution.

He becomes the fourth president to lead the bank since its establishment in 1993.

His appointment was one of the key decisions of the 32nd Afreximbank group annual meetings and associated events held in Abuja, Nigeria, from 25 to 28 June, with the formal annual general meeting of shareholders taking place on Saturday.

He succeeds Benedict Oramah, a professor, who has served as President and Chairman of the Board of Directors since 2015, and who will be stepping down in September.

A Cameroonian national, Mr Elombi has been with Afreximbank since 1996, as a Legal Officer.

He rose through the ranks to become Executive Vice President, Governance, Legal and Corporate Services.

Over his nearly three decades at the bank, he has served as director and executive secretary (2010–2015); deputy director, legal services / executive secretary (2008–2010); chief legal officer (2003–2008); and senior legal officer (2001–2003).

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NRS Chair: New tax laws won’t be implemented until January

According to Adedeji, the Federal Inland Revenue Service, FIRS by the signing of the bills into Law is now the Nigeria Revenue Service (NRS), explaining that the new law now defines the NRS’s expanded mandates…

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•President Bola Tinubu shake hands with NRS Chairman, Zach Adedeji.

The Chairman of the Nigeria Revenue Service (formerly FIRS), Zach Adedeji, has disclosed that the implementation of the newly signed four tax fiscal reform laws will commence by January 1st, 2026.

Adedeji told State House correspondents shortly after the President signed the bills into law, the previous day.

Adedeji said that the modalities will be put in place ahead of the implementation.

Adedeji further explained that the six-month period between the enactment of the new fiscal laws is designed to give ample time to those saddled with the implementation to carefully prepare and ensure that all Nigerians are adequately sensitised.

According to Adedeji, the Federal Inland Revenue Service, FIRS by the signing of the bills into Law is now the Nigeria Revenue Service (NRS), explaining that the new law now defines the NRS’s expanded mandate, including non-tax revenue collection, and lays out transparency, accountability, and efficiency mechanisms.

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