Economy
Investors Provide Funding Support to Promote Pay with Klump
By Adedapo Adesanya
To further establish the buy now pay later (BNPL) model in Nigeria, Lagos-based startup, Klump, has raised a $780,000 pre-seed funding round to help it launch its flagship product with select partners, offering BNPL solutions to customers and businesses.
The new product name Pay with Klump will use the company’s proprietary credit eligibility and fraud detection engine to make an informed credit decision on a customer in less than three minutes, with a goal to further reduce the decision time to less than a minute.
The pre-seed funding round was led by London-based investment firm Seedcamp, with participation from MAGIC Fund, Voltron Capital, Yellowwood, Kickoff Africa, Hoaq Capital, Kesho VC, Assembly Investors, as well as several angel investors and founders.
These big names include Mr Olugbenga ‘GB’ Agboola, CEO of Flutterwave; Will Neale, founder of Grabyo; Mr Michael Pennington, founder of Gumtree; Mr Richmond Bassey, CEO of Bamboo; Mr Babs Ogundeyi, CEO of Kuda Bank; Mr Abdul Hassan, CEO of Mono; Mr Opeyemi Awoyemi; and Ms Selma Ribica.
The funding will be used for further developing Klump’s credit decision and checkout engine, building the team, developing merchant partnerships, and offering affordable financing to its customers.
Speaking on this, the co-founder of the company Ms Celestine Omin said, “Our BNPL offering is a natural next step in the development of the African e-commerce sector, and we intend to be at the forefront by developing the capability to make credit decisions on customers in real-time and offer flexible payments to help reduce the economic pressure of one-time payment which has grown astronomically since the emergence of COVID-19.”
“At the same time, we want to help merchants achieve commercial prosperity by providing the tools to offer their customers the option to pay in small instalments,” Ms Omin noted.
On his part, the co-founder, Mr Olufunbi Falayi said Klump can quickly make sound credit eligibility decisions, facilitate transactions to approved customers, make disbursements to merchants, and effectively drive collections from customers with a flexible and efficient collections system.
“We are keeping mechanisms in place to ensure we promote responsible lending and reduce the risk of customers taking loans they cannot pay back,” he said.
Mr Felix Martinez, an investor at Seedcamp, said he was thrilled to be backing Klump as it laid the backbone in democratising new payment methods across a hugely under-served African market.
“It was clear to us from our first meeting that their respective experiences scaling some of Africa’s largest startup successes and implementing best-in-class payment solutions for large e-commerce merchants makes them the perfect team to become the responsible BNPL category leader on the continent,” he said.
Klump has also partnered with AltSchool, an alternative tech academic institution, to provide laptop financing to its students, as well as with Betastore, a B2B retail platform, to provide inventory financing to its retail customers.
Klump will also be rolling out other large-scale partnerships over the next few weeks with an initial focus on marketplaces with higher-margin, discretionary-spend categories, such as apparel and footwear, fitness, accessories, and beauty. Klump will also focus on the education, travel and healthcare industry verticals.
Founded in 2021 by Ms Celestine Omin and Mr Olufunbi Falayi, who have combined experience building products with Konga, DealDay, Paystack, Andela, Amazon and H-E-B, Klump offers customers the option to buy and receive their purchases right away and spread the payments over four equal instalments.
By Adedapo Adesanya
President Bola Tinubu has signed the 2026 Appropriation Bill into law, authorising an aggregate expenditure of N68.32 trillion for the current fiscal year.
He also signed a separate bill extending the implementation period of the 2025 budget from March 31 to June 30, 2026.
The budget allocates N4.799 trillion for statutory transfers and N15.8 trillion for debt service.
It further sets aside N15.4 trillion for recurrent expenditure and N32.2 trillion for capital expenditure through the Development Fund.
In a statement signed by Special Adviser to the President on Information and Strategy, Mr Bayo Onanuga, on Friday, it was that, “The N68.32 trillion budget for this year earmarks N4.799 trillion for statutory transfers and N15.8 trillion for debt service. It allocates N15.4 trillion to recurrent expenditure and N32.2 trillion to the Development Fund for Capital Expenditure.”
“With capital expenditure accounting for about 50 per cent, the 2026 budget underscores the administration’s continued commitment to economic stability, national security, infrastructure development, and inclusive growth.
“The allocations reflect a strategic balance between statutory obligations, debt servicing, recurrent expenditure, and capital investments critical to driving productivity and improving the quality of life for Nigerians,” it added.
The 2026 Appropriation Act took effect on April 1, with the federal government commencing full implementation in line with what the presidency describes as the Renewed Hope Agenda.
President Tinubu also assented to the Appropriation (Repeal and Enactment) (Amendment) Bill, 2026, which extends the capital component of the 2025 Appropriation Act by three months to June 30.
The presidency said the extension would ensure the full utilisation of appropriated funds, particularly for critical infrastructure projects at advanced stages of implementation.
“The extension will ensure the full and effective utilisation of appropriated funds, particularly for critical infrastructure and development projects that are at advanced stages of implementation across the country.
“It will enable Ministries, Departments, and Agencies (MDAs) to consolidate ongoing works, enhance project completion rates, and maximise value for public expenditure,” the statement read.
He directed MDAs to ensure disciplined, transparent, and efficient utilisation of allocated resources, with strong emphasis on value for money and timely project delivery.
The President reaffirmed the importance of sustained collaboration between the Executive and Legislative arms of government in advancing national development objectives, the statement noted.
President Tinubu also assured Nigerians of his administration’s resolve to deepen fiscal reforms and boost revenue generation.
By Adedapo Adesanya
Pipeline Infrastructure Nigeria Limited (PINL) says Nigeria has lost an estimated $226.734 billion in revenue from stalled crude oil production in Ogoniland over the past 32 years.
The group at the company’s monthly stakeholders’ meeting in Port Harcourt called for an urgent, structured restart of operations in the region.
PINL described the resumption of oil production in Ogoniland as a “strategic national priority,” stressing that the process must be driven by host communities and grounded in environmental sustainability.
Speaking at the event, Mr Akpos Mezeh, General Manager, Community and Stakeholder Relations at PINL, said the scale of losses highlights both the cost of inaction and the opportunity ahead.
“Available data shows that over $226.734 billion has been lost due to the suspension of crude oil production from 96 oil wells in Ogoniland over the past 32 years. This clearly underscores both the economic cost of inaction and the immense opportunity that lies ahead,” he said.
Ogoniland, covered under Oil Mining Lease (OML) 11, has the capacity to produce over 500,000 barrels of crude oil per day. Production was halted in 1993 following unrest and environmental concerns linked to oil exploration activities.
PINL outlined key conditions for restarting operations, including active community participation, sustained environmental remediation, adoption of community-based security models, and prioritisation of economic inclusion.
“The position of PINL aligns with growing calls from stakeholders in the Niger Delta for the Federal Government to restart oil production in Ogoniland in a manner that balances economic benefits with environmental justice and community interests,” Mr Mezeh added.
He further affirmed the company’s readiness to support the process, stating: “At PINL, we stand ready to support this process by applying our experience in stakeholder engagement and infrastructure protection to ensure a peaceful, secure, and sustainable resumption.”
PINL maintained that with the right framework, resuming production in Ogoniland could significantly boost Nigeria’s crude output, increase government revenues, and support broader economic growth.
By Aduragbemi Omiyale
Additional shares of Champion Breweries Plc have been listed on the Nigerian Exchange (NGX) Limited.
A circular from the NGX Regulation Limited confirmed this development on Wednesday, April 15, 2026.
The new stocks of the brewery company came from its hybrid offer comprising rights issue and offer for subscription.
Through the two exercises, Champion Breweries issued fresh 2,375,615,342 ordinary shares of 50 Kobo each to subscribers, which were brought to the stock exchange for listing.
Business Post reports that 931,712,324 units arose from the rights issue of 994,221,766 ordinary shares of 50 Kobo each at N16.00 per unit, indicating a subscription rate of 93.71 per cent; and 1,443,903,018 units from the offer for subscription of 2,625,000,000 ordinary shares of 50 Kobo each at N16.00 per unit, reflecting a subscription rate of 55.01 per cent.
The listing of the new shares of the organisation has increased the total issued and fully paid-up shares to 11,323,611,234 ordinary shares of 50 Kobo each from 8,947,995,892 ordinary shares of 50 Kobo each.
“With this listing of the additional 2,375,615,342 ordinary shares of 50 Kobo each, the total issued and fully paid-up shares of Champion Breweries Plc have now increased from 8,947,995,892 to 11,323,611,234 ordinary shares of 50 Kobo each,” a part of the circular signed by the Head of Issuer Regulation Department of NGX RegCo, Mr Godstime Iwenekhai, stated.
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