In a remarkable turn of events, the Federal Government of Nigeria has successfully raised approximately N6.658 trillion through the issuance of Nigerian Treasury Bills (NT-Bills) in the year 2023. This staggering figure signifies a momentous 40.4% surge compared to the N4.74 trillion accumulated through NT-Bills in the preceding year of 2022. **Monthly Breakdown of NT-Bills Issuance** Breaking down the data, as meticulously tracked by Infostride News based on Central Bank of Nigeria (CBN) data, the total NT-bills subscription for the year 2023 amounted to a substantial N23.507 trillion. The monthly breakdown illustrates the financial dynamics at play: – **January:** N277.468…
Author: Temitope N.
In a significant move aimed at alleviating congestion within correctional facilities and promoting justice sector reforms, Governor Babajide Sanwo-Olu of Lagos State has granted clemency to 246 inmates. This momentous decision, endorsed by the Advisory Council on the Prerogative of Mercy, underscores the governor’s commitment to ushering in the New Year with compassion and addressing the overcrowded conditions in correctional facilities across Lagos State. The official announcement, available on the Lagos State Government’s official social media handle, details that Governor Sanwo-Olu exercised his prerogative on December 20, 2023, in accordance with the provisions of Section 212 (1) (2) of the…
Infostride News has reported on a significant development in the legislative landscape, as the House of Representatives unveils a groundbreaking proposal aimed at safeguarding the financial interests of employees across the nation. This pioneering initiative, known as the Employees Remuneration Protection Bill, 2023, is championed by Wale Hammed, a distinguished member of the House representing the Agege federal constituency in Lagos State. The essence of this proposed legislation revolves around making it unlawful for employers or corporate entities to either delay or neglect the payment of their employees’ salaries. A careful examination of the bill reveals its comprehensive provisions designed…
As Nigeria grapples with the uncertainties of 2024, the economic landscape under President Tinubu’s seven-month-old administration has witnessed a significant surge in the Misery Index, posing a formidable challenge for economists attempting to forecast the nation’s economic trajectory amid persistent challenges. While the official release of the 2023 Hanke’s Misery Index is awaited, the tangible effects of Nigerians slipping into poverty are palpable on the streets and within households, exacerbated by the ongoing rise in inflation. Commencing at around 73.05 in 2023, Nigeria’s misery index has experienced a noticeable escalation. Esteemed economists, such as Dr. Ikchukwu Okafor and Dr. Gbenga…
Infostride News reports that Nigeria’s capital importation has experienced a significant decline of 43.55% in the third quarter of 2023, despite the earnest efforts of the current administration led by President Bola Tinubu to attract investments into the country. The figures reveal a stark contrast, with only $654.65 million recorded in Q3 2023 compared to the robust $1.16 billion reported in the same quarter of the previous year. Breaking down the data further, there was a quarterly decrease of 36.45%, with capital importation standing at $1.03 billion in the preceding quarter of the same year. This revelation comes from the…
Infostride News reported that the Lagos State Government took decisive action by sealing Carizma Hotel and Luxury Suites on 10/12 Ishola Lemomu Street, New Oko-Oba, Abule Egba, in response to persistent noise pollution complaints. The Lagos State Environmental Protection Agency (LASEPA) executed the closure on December 27, 2023, after the hotel repeatedly failed to comply with the specified guidelines outlined in a Memorandum of Understanding (MoU) signed during earlier engagements with the regulatory agency. This development was unveiled through an official statement from LASEPA, available on the agency’s official communication platform. According to the statement, Carizma Hotel had committed to…
The 20th edition of the Calabar Carnival is poised to captivate an expansive global audience of approximately 15 million viewers as it unfolds today, with the main event set to be broadcast live on DSTV. This grand cultural spectacle, as reported by Infostride News, has created a buzz of anticipation, evident in the complete booking of hotels in Calabar since Tuesday. Erasmus Ekpang, Cross River’s Commissioner for Information, shared valuable insights into the resounding success of the carnival. He emphasized the overwhelming demand for accommodation, stating that only those who foresaw the influx of visitors and secured hotel bookings in…
Infostride News reported that the Corporate Affairs Commission (CAC) has approved an extension for companies to submit their annual returns, extending the deadline from January 1 to April 1, 2024. The announcement, made on December 28, 2023, revealed that the extension was necessitated by glitches on the Company’s Registration Portal (CRP) and in consideration of the challenges faced by Micro, Small, and Medium Scale Enterprises (MSMEs). In a circular released by Infostride News, it was mentioned that the CAC had initially expressed its intention to delist a significant number of companies – precisely 91,843 – by the end of the…
The Managing Director of Infostride News, Mr. Fidet Okhiria, has shared significant developments regarding the Nigerian Railway Corporation’s (NRC) free train rides initiative, revealing that over 63,000 passengers have been transported nationwide between December 21 and December 26. The disclosure occurred during an end-of-the-year media interactive session held in Lagos. Previously reported by Infostride News on December 20, 2023, the presidency had announced a 50% reduction in transport fares for interstate travels and complimentary commuter rides on all rail lines from December 20, 2023, to January 4, 2024. Okhiria expressed his appreciation for the Federal Government’s initiative and encouraged the…
Infostride News reported that the BRICS group of emerging-market nations is on the verge of experiencing a significant expansion, with Saudi Arabia, Iran, the United Arab Emirates, Ethiopia, and Egypt poised to join its ranks on January 1, as revealed by South Africa’s envoy to the bloc. This move comes after the current members—Brazil, Russia, India, China, and South Africa—extended invitations in August to six other nations to join their influential coalition, establishing a formidable alliance comprising major energy producers and substantial consumers in developing countries. Notably, Argentina stands as the sole nation that declined the invitation, a decision influenced…
The Federal Government has recently expanded the list of motor parks eligible for the 50% rebate on transport fares for Nigerians traveling between states. This move aims to provide more accessible options for citizens to benefit from the ongoing transport fare reduction initiative. The additional motor parks are strategically located in various states across the country, including Lagos, Abuja, Onitsha, Abia, Kano, Jos, Enugu, Uyo, Gombe, Port Harcourt, Sokoto, and Owerri. This significant update was disseminated through an official statement posted on the Office of Special Adviser on Social Media to President Bola Tinubu’s handle on X (formerly Twitter). The…
Abdul-Samad Rabiu, the Chairman of BUA Group, reiterated the company’s unwavering commitment to offer cement at the affordable rate of N3,500 starting from January 2024. This commitment was emphasized during his discussion with State House Correspondents after a meeting with President Bola Tinubu in Lagos on a Thursday. Assuring the public of BUA Group’s dedication to ensuring accessibility and affordability of their cement products, Rabiu acknowledged the challenges faced by the company but emphasized their determination to meet the promised pricing structure. He detailed the pricing dynamics, highlighting that the base cost would be N3,500 per bag ex-factory, to which…
Infostride News, in collaboration with the Raspberry Pi Foundation, is excited to announce the commencement of applications for teaching positions as part of the innovative Build-A-Thon initiative program. The Ministry of Communications, Innovation, and Digital Economy is spearheading this initiative, aiming to tap into the potential of visionary educators, teachers, and technology enthusiasts who can guide the next generation of tech innovators in secondary schools. These teaching positions will be based in the capitals of three strategically selected states, contributing to the educational landscape in Maiduguri, Owerri, and Abeokuta. The Ministry encourages qualified individuals to apply through the program’s official…
Tech behemoth Google has recently agreed to a substantial $5 billion settlement in a legal battle centered around allegations that it clandestinely tracked the internet activities of millions of users who believed their online browsing was conducted privately. The development unfolded as U.S. District Judge Yvonne Gonzalez Rogers in Oakland, California, decided to pause a scheduled trial set for February 5, 2024, in the proposed class action lawsuit. This decision followed an announcement by legal representatives of both Google and the consumers, indicating that a preliminary settlement had been reached. While the specific terms of the settlement remain undisclosed, attorneys…
The escalating cost of living has propelled Nigerians to seek financial relief, resulting in a substantial borrowing trend that saw approximately N740 billion being borrowed from banks between January and September of the current year. This revelation emerges from a meticulous examination of the quarterly economic reports provided by the Central Bank of Nigeria (CBN). The data elucidates a discernible surge in consumer credit, which catapulted from N2.31 trillion at the close of the fourth quarter of 2022 to an elevated N3.05 trillion by the conclusion of the third quarter of 2023. This translates to a notable escalation of 32%,…
Infostride News, the prominent representative body for fintech entities in Nigeria, known as the Fintech Association of Nigeria (FintechNGR), has unveiled its strategic plans to address the escalating challenge of fraud within digital payment channels. In a statement released in Lagos, the CEO’s Committee of the Association underscored the severity of the situation, emphasizing the critical need to tackle these issues to safeguard the entire digital ecosystem that has garnered global acclaim. The Committee revealed that it is in the process of developing a comprehensive framework for fraud reporting, scheduled for release in 2024. This framework, as articulated by the…
Infostride News reported that the Independent Petroleum Marketers Association of Nigeria (IPMAN) is on the brink of suspending its operations in Anambra State. The reason behind this potential suspension lies in the Anambra State Government’s failure to fulfill its financial obligations, specifically the non-payment of N900 million owed to contractors who supplied Automotive Gas Oil (AGO) for streetlight operations before the project was abruptly halted. The announcement of this potential operational suspension was made by Mr. Chinedu Anyaso, the Chairman of IPMAN, Enugu Depot Community, overseeing operations in Anambra, Ebony, and Enugu States. Anyaso addressed the issue during a press…
Infostride News reports that the National Agency for Food and Drugs Administration and Control (NAFDAC) has issued a crucial alert to healthcare providers and the general public concerning the presence of five different oral liquid dosage forms, namely syrup and suspension, discovered in the Maldives and Pakistan. These concerning pharmaceuticals have also been identified in Belize, Fiji, and the Lao People’s Democratic Republic, raising international alarms. The implicated products, namely ALERGO Syrup, EMIDONE Suspension, MUCORID Syrup, ULCOFIN Suspension, and ZINCELL Syrup, collectively comprising 23 batches, all trace their origin back to the manufacturer PHARMIX LABORATORIES (PVT.) LTD in Pakistan. The…
Infostride News reports that the Special Investigator of the Central Bank of Nigeria (CBN), Jim Obazee, has summoned Babatunde Lemo, the chairman of Titan Trust Bank (TTB), for questioning regarding TTB’s acquisition of Union Bank of Nigeria Plc (UBN). This development comes amidst allegations that certain individuals, acting as proxies for former CBN Governor Godwin Emefiele, were instrumental in establishing Titan Trust Bank and orchestrating the acquisition of Union Bank. As per The Nation, Babatunde Lemo, a former deputy governor of the Central Bank of Nigeria, has been directed to appear at the Department of Force Intelligence in Abuja on…
In the tumultuous financial landscape of 2023, global financial institutions faced a significant upheaval that reverberated across the industry, leading to the elimination of more than 60,000 jobs. This contraction stands as one of the most substantial downsizings since the global financial crisis of 2008, signaling a stark departure from the aggressive hiring trends witnessed during the initial stages of the pandemic recovery. The epicenter of this seismic shift was felt in the realm of investment banking, traditionally considered the engine of dealmaking on Wall Street. The challenges mounted as fees experienced a sharp decline for the second consecutive year,…