The former Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, has regained his freedom from Kuje Prison after successfully meeting the bail conditions set at N300 million. The release follows his arrest and subsequent prosecution for an alleged N1.2 billion procurement fraud, as reported by Infostride News. According to a report by Infostride News, Emefiele’s spokesperson at the Kuje Correctional Centre, FCT, Adamu Duza, confirmed the development to The Punch on a Saturday. “I can confirm to you that he (Emefiele) has met his bail conditions; hence, he has no reason to remain in our facility. He met…
Author: Temitope N.
In the third quarter of 2023, the African smartphone market demonstrated remarkable resilience, boasting a robust 12% year-on-year growth in smartphone shipments despite prevailing challenges in the economy. These challenges encompassed macroeconomic hurdles, import restrictions, and volatile currencies in key markets across the continent. The latest report from the global research firm Canalys shed light on the dynamics of this growth, revealing that a total of 17.9 million smartphone units were shipped to Africa during this period. Contrary to the global trend, where the smartphone market experienced a 1% decline during the same period, the African market showcased its buoyancy…
A leaked document, purportedly the result of a Special Investigation on the Central Bank of Nigeria (CBN) and related entities, has surfaced, raising serious concerns about financial and legal irregularities within the CBN during the tenure of Godwin Emefiele. Titled “REPORT OF THE SPECIAL INVESTIGATOR ON CENTRAL BANK OF NIGERIA (CBN) AND RELATED ENTITIES (Chargeable offences),” this report is currently circulating online. It is crucial to note that the authenticity of this document, which has been dubbed a draft, cannot be independently verified by Infostride News at this time. The allegations outlined in the leaked report are substantial, accusing various…
Infostride News, a prominent source of information, has recently reported on a significant legal development involving the Socio-Economic Rights and Accountability Project (SERAP) and the Nigerian National Petroleum Company Limited (NNPCL). This legal action stems from the alleged failure of the NNPCL to disclose crucial details about Nigeria’s daily oil production, exportation, and the total revenues generated from oil since the removal of the subsidy on petrol in May 2023. SERAP has taken the initiative to address this perceived lack of transparency by filing a lawsuit against the NNPCL. The lawsuit, officially designated as FHC/ABJ/CS/1719/2023, was submitted on Friday at…
Telecommunications operators in Nigeria, including MTN, Airtel, Globacom, 9mobile, and various internet service providers, are gearing up for a surge in revenue during this Christmas season. Despite economic challenges and high inflation affecting budgetary allocations for traditional festive activities like travel and clothing, telecom services, particularly data usage, remain a priority for many Nigerians. In a scenario where travel becomes cost-prohibitive, video calls serve as a vital means for individuals to connect with loved ones. Historical financial data from leading telcos, MTN and Airtel, consistently reflect increased subscriber spending during December, positively impacting their Q4 revenues over the years. Beyond…
In a vehement denial, Boss Mustapha, the former Secretary to the Government of the Federation, has refuted allegations of his involvement in an unauthorized withdrawal of $6.3 million from the Central Bank of Nigeria (CBN) vault during the tenure of President Buhari. The controversy stems from a purported report by a special panel tasked with investigating the CBN. Dismissing the accusations as “outrageous and unsubstantiated,” Mustapha released a strongly-worded statement to the media, branding the article as a “malicious fabrication” orchestrated to smear his character and tarnish his reputation. The former SGF expressed his lack of awareness regarding the alleged…
Titan Trust Bank Limited (TTB) has taken a proactive stance in response to the circulating report of a special investigation into the Central Bank of Nigeria (CBN), which includes allegations of TTB’s supposed illegal acquisition of Union Bank of Nigeria Plc (Union Bank). This move comes in the form of a comprehensive press release that aims to shed light on the acquisition process and clarify the circumstances surrounding the reported irregularities. In a detailed account, Titan Trust Bank refuted the allegations, providing key insights into the acquisition and addressing the various aspects of the reported investigation. Nairametrics has distilled the…
The embattled former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, has responded to the allegations made by Jim Obazee, a private investigator appointed by former President Muhammadu Buhari. Emefiele, who was recently released on bail from Kuje prison, denies any knowledge of a directive to withdraw $6.23 million from the CBN vault, as claimed in the report. In his detailed rebuttal, Emefiele challenges Obazee to produce both written and oral records of the interrogation session where he allegedly denied knowledge of the said directive. Emefiele dismisses the publications surrounding the report as false and asserts that they are intended…
Dr. Tosan Erhabor, the Registrar of the Medical Laboratory Science Council of Nigeria (MLSCN), has greenlit an ambitious plan to address the scarcity of scientists in the country. This strategic move involves doubling the admission quotas for universities that offer the Bachelor of Medical Laboratory Science (BMLS) program. The aim is to significantly increase the number of qualified professionals in the field and meet the growing healthcare demands of Nigeria’s vast population. In a recent development approved by Dr. Erhabor, 48 universities across Nigeria that provide the BMLS program are set to experience a notable surge in their admission quotas.…
Infostride News reports that the Nigeria Civil Aviation Authority (NCAA) has issued a directive to airlines, urging them to comply with the Nigeria Civil Aviation Regulations 2023 Part 19. This directive specifically pertains to addressing flight delays and cancellations by providing refreshments and implementing alternative measures to alleviate passenger inconvenience. Michael Achimugu, the Director of Public Affairs & Consumer Protection, expressed the NCAA’s understanding of the disruptions in flight schedules. In a statement, he conveyed empathy to all affected passengers, acknowledging the inconveniences they have faced in the recent days. Achimugu emphasized that the NCAA requires all airlines to keep…
Infostride News has reported that the National Identity Management Commission (NIMC) has introduced new guidelines for Nigerians seeking to change their date of birth on the National Identification Number (NIN) database. According to the guidelines released via its official handle, individuals applying for this modification are now required to provide an electronic civil registration and vital statistics system (e-CRVS) certificate from the National Population Commission (NPC). This marks a significant departure from the previous process, where only an affidavit and a payment of N15,000 were necessary for age modifications and other changes on the NIN system. In addition to the…
Forex turnover experienced a notable decline, dropping by 21.45% to $181.30 million on December 20, 2023, as the Nigerian naira faced depreciation against the US dollar, closing at N854.61/$1 in the official market, as reported by Infostride News. The domestic currency demonstrated a 1.5% depreciation, settling at N854.61/$1 at the close of the business day, according to data from the Nigerian Autonomous Foreign Exchange Market (NAFEM), where official forex trading occurs. This represented a gain of N9.73 or a 1.15% increase compared to the previous closing rate of N844.85/$1 on Tuesday. The intraday high and low recorded were N1240/$1 and…
In a notable development, shareholders of Dangote Sugar Refinery can breathe a sigh of relief as the company’s share price experiences an uptick, marking an impressive 258% year-to-date increase. This surge comes as a ray of hope for the future, offering optimism after a challenging five-year period characterized by an overall decline in share value. Over the past half-decade, Dangote Sugar shareholders faced a 21% dip in share value. In the year 2022 alone, the share price plummeted by 7.76%, trailing behind the broader market returns of 19.98%. Despite the decline in share price, the company witnessed significant earnings growth…
Seplat Energy, a distinguished firm listed on the NGX, stands out for its distinctive practice of disbursing quarterly dividends to shareholders, providing them with the option to receive dividends in various currencies rather than Naira. In the fiscal year 2022, the company proposed and distributed a cash dividend of $0.10 across four quarters, navigating through varying exchange rates. Extending this trend into 2023, Seplat paid a cumulative amount of $0.09 in the first three quarters, adeptly adjusting to fluctuating exchange rates. The company declared US 3 cents per quarter with exchange rates of N465.04, N759.86, and N996.75 to USD1 for…
Investors find themselves buoyed by an air of optimism as the NGX experiences an impressive surge this week, indicative of a Santa Claus rally in full swing. As of December 20, 2023, the NGX’s all-share index has recorded a remarkable appreciation of 1.39%, reaching an unprecedented high of 73,397.71 points. This surge has also translated into a substantial increase in equities, with the market’s capitalization surpassing the N40 trillion mark for the first time this week, witnessing a gain of N551 billion. Understanding the Santa Claus Rally The Santa Claus rally, a term coined to describe a seasonal upswing in…
In a significant move, shareholders of Nigerian Breweries Plc have given their resounding approval for the acquisition of an 80% stake in Distell Wines & Spirits Nigeria Limited. The nod came as part of special resolutions reached at an Extraordinary General Meeting (EGM) held in Lagos, showcasing the pivotal role that strategic expansions play in shaping the corporate landscape. This milestone decision, disclosed in the company’s official communication to the Nigerian Exchange Limited and the investing public, signals a strategic shift for Nigerian Breweries, one of the prominent players in the Nigerian beverage industry. The approval, as noted by Uaboi…
In an extraordinary trading session, the Nigerian Stock Exchange (NGX) witnessed a historic surge, surpassing the 74,000 mark as the All-Share Index displayed a notable 1.21% increase, culminating at 74,289.02 points. This remarkable achievement follows closely on the heels of the NGX breaching the 73,000 mark just a day prior, accompanied by the market capitalization crossing the impressive N40 trillion milestone. Equities experienced a substantial uptick of N488 billion on this particular day, propelling the market capitalization to a new high of N40.652 trillion. Notably, leading performers such as TRANSCORP, MULTIVERSE, and INFINITY sustained their exceptional momentum, posting gains of…
The Port Harcourt Refining and Petrochemical Company, located in Rivers State, has reinitiated its operations, marking a significant milestone in the Federal Government’s commitment to restoring the facility’s production of refined products by the year’s end. After a prolonged period of underperformance and extensive turnaround maintenance, during which the facility produced minimal output, the Minister of State for Petroleum (Oil), Senator Heineken Lokpobiri, confirmed the recommencement of operations. He led members of the Refinery Steering Committee on an inspection of the facility, expressing congratulations to the Nigerian National Petroleum Company (NNPC) Limited and the entire nation for this achievement. The…
Angola, a crucial member of the Organization of the Petroleum Exporting Countries (OPEC) since 2007, has formally expressed its intention to withdraw from the organization. This strategic move is a direct response to what Angola perceives as a fundamental misalignment between its national interests and the production quotas imposed by OPEC, illuminating the challenges within the organization and its potential repercussions on the global oil market. The genesis of Angola’s decision to exit OPEC can be traced back to a prolonged period of discontent with the organization’s production quotas. With an approximate daily oil production of 1.1 million barrels, Angola…
The declaration of the 2024 budget’s passage date by the Speaker of the House of Representatives, Hon. Tajudeen Abbas, has added a sense of urgency to the legislative proceedings, marking a significant milestone in Nigeria’s fiscal planning. This pivotal announcement was made during the resumption of the House’s plenary on Tuesday, December 19, setting the stage for crucial deliberations and decisions shaping the country’s economic trajectory. During the session, the Speaker addressed various House committees, underscoring the importance of expeditiously concluding and submitting their reports on the budget defense by government agencies before 8 pm on December 19, 2023. The…