Adobe has decided to abandon its ambitious $20 billion acquisition of Figma, a startup that rapidly gained prominence for its design app and website interface capabilities. The tech giant made this announcement after facing significant challenges in obtaining regulatory approvals from both the European Commission and the UK’s Competition and Markets Authority (CMA), as reported by CNBC. In a joint statement issued on Monday, December 18, the two companies revealed that, in light of the regulatory roadblocks, they saw “no clear path” forward for the deal. The termination of this acquisition comes with a hefty price for Adobe, as they…
Author: Temitope N.
Petrol prices in Nigeria are witnessing a surge, ranging from N660 to N700 per litre across various states, as reported by Infostride News on Monday, December 18. The increase in fuel costs is attributed to multiple factors, with the yuletide season exacerbating the upward trend. A critical driver behind this surge is the removal of fuel subsidies, a move that has rendered petrol prices more responsive to market dynamics. The ongoing foreign exchange crisis in Nigeria is playing a pivotal role, posing significant challenges to independent fuel marketers attempting to import petroleum products independently. Independent fuel marketers are grappling with…
The Chairman of the National Drug Law Enforcement Agency (NDLEA), Brig. Gen. Buba (rtd), has disclosed a staggering achievement in the agency’s relentless efforts to combat illicit drugs and substances across the nation. Over the course of three years, the NDLEA has successfully seized a substantial 7,590 tons of these prohibited substances, amounting to an estimated value exceeding N800 billion. This significant milestone was revealed during a visit to the NDLEA headquarters in Abuja by the Chief of Defence Staff (CDS), Gen. Christopher Musa, on a Monday. In addition to the colossal drug seizures, the agency has been unwavering in…
A Federal Capital Territory High Court in Abuja recently issued a consequential order, directing the freezing of accounts belonging to the Oyo State Government in ten major commercial banks across the country. This development stems from an outstanding judgement debt of N3.5 billion, and the order was issued as part of a garnishee proceeding initiated by former council leaders in Oyo State who were relieved of their positions on May 29, 2019, by Governor Seyi Makinde. These dismissed Local Government Chairmen and Councillors had secured a substantial judgement in 2021, amounting to N4.9 billion against Governor Makinde and various state…
Infostride News reported that Wema Bank recently concluded a successful fund-raising venture, securing an impressive N40 billion earlier this month. This strategic move comes amidst anticipation within the banking sector of a potential recapitalization exercise. The bank, however, doesn’t plan to stop there, as it now eyes additional funds through either a share placement or a public offer. Tunde Mabawonku, the Chief Financial Officer of Wema Bank, disclosed that the ongoing share sale is scheduled to conclude on December 29. He emphasized that the outcome of this sale would be instrumental in significantly bolstering shareholder funds, projecting a remarkable increase…
Infostride News’ recent coverage of NAFDAC’s decisive crackdown on counterfeit wine factories and other illicit operations in Abia State has stirred a wave of reactions across social media platforms. Nigerians are expressing their deep concerns about the apparent oversight lapses in both NAFDAC and SON, questioning how the proliferation of fake products could reach such alarming levels. Many users are actively engaging in discussions, raising important queries about the effectiveness of NAFDAC’s monitoring mechanisms and the contributing factors that allowed the problem to escalate to its current extent. This has prompted a broader dialogue on the overall regulatory framework and…
Telecommunications giants operating in Nigeria, namely MTN, Airtel, and Globacom, have received a directive from the Nigerian Communications Commission (NCC) to enforce full network barring on all phone lines lacking associated national identification numbers (NINs) by February 28, 2024. This regulatory measure, aimed at enhancing security and identity verification, is part of the ongoing efforts by the Nigerian government to streamline and fortify its National Identity Management system. In a notice submitted to the Nigeria Stock Exchange, MTN Nigeria disclosed the specific timelines and conditions for the implementation of this directive. Notably, subscribers who have submitted their NINs but await…
Infostride News has reported on a significant breakthrough by the National Agency for Food and Drug Administration and Control (NAFDAC) in Aba, Abia State. This federal agency successfully uncovered and dismantled a notorious counterfeit beverage syndicate operating within the Eziukwu Market, commonly known as Cemetery Market. This intervention by NAFDAC comes after weeks of strategic intelligence gathering and collaboration with various security agencies to address the long-standing criminal activities rampant in the market. The counterfeit beverage syndicate, operating like a well-established cartel, was involved in the production of a wide range of fake beverages, including wines, soft drinks, and various…
Infostride News reports that the Egbin Power Station, a vital component of Nigeria’s power infrastructure, has temporarily ceased operations for maintenance on a crucial gas pipeline. This development, effective from 11:13 hours on December 18, 2023, is slated to last for three days, resulting in a substantial reduction in the national power grid’s capacity. As a cornerstone in the nation’s power generation framework, Egbin Power Station typically contributes a noteworthy 676MW of bulk power to the national grid. The shutdown is imperative to facilitate essential maintenance work on the gas pipeline supplied by the Nigeria Gas Company (NGC). This maintenance…
This hiatus was triggered by an unnoticed abuse report, an issue that had flown under the radar until it resulted in a significant setback. Investigations by Infostride News unveiled that the website had been inaccessible for approximately 12 hours, displaying a “Web server is down” error message. The Founder of Infostride News, Seun Osewa, revealed through a social media platform (X) that the site’s hosting service suspended operations after discovering this unaddressed abuse report, which dated back to earlier in the month. Osewa took to Twitter to narrate the sequence of events and the challenges faced in efforts to restore…
Google has recently announced a significant settlement in the amount of $630 million to be paid to its United States consumers, concluding a dispute related to the app distribution policies of the Play Store. Additionally, the tech giant will contribute an additional $70 million to a fund designated for use by the states, resulting in a comprehensive settlement totaling $700 million. This resolution stems from a class action lawsuit filed by U.S. states and consumers in 2021, asserting Google’s monopoly over app distribution on Android through its Play Store. The company had reached a tentative settlement in September of the…
Infostride News, a prominent source of information, reports that the National Agency for Food and Drug Administration and Control (NAFDAC) has embarked on a pivotal initiative to ensure the safety of pharmaceuticals in Nigeria. This initiative involves the unveiling of a comprehensive database, aptly named the ‘NAFDAC Green Book,’ which contains detailed information on 6,432 registered pharmaceutical products. The primary objective of this database is to empower the public with easy online access, enabling them to verify the authenticity of drugs. Prof. Mojisola Adeyeye, the Director General of NAFDAC, officially launched the ‘NAFDAC Green Book’ during a media parley, underscoring…
Infostride News: The Presidential Council on Industrial Revitalization has taken a significant step forward by establishing a Technical Working Group comprising members from key entities such as the Central Bank of Nigeria (CBN), the National Identity Management Commission (NIMC), and the Federal Competition and Consumer Commission (FCCPC). The move aims to formulate a comprehensive framework that enhances consumer credit in Nigeria, addressing various challenges hindering access to credit across the nation. Alongside representatives from the National Insurance Commission (NAICOM), the National Institute of Credit Administration (NICA), the Bank of Industry (BOI), and the Federal Inland Revenue Service (FIRS), the Technical…
In a significant move towards prioritizing the well-being of senior citizens, Governor Godwin Obaseki of Edo State has given his approval for the implementation of a groundbreaking initiative – free health insurance for pensioners. With an earmarked budget of N1 billion, this initiative is poised to revolutionize healthcare accessibility for retirees in the state, embodying the government’s unwavering commitment to delivering high-quality and affordable healthcare services. Dr. Rock Amegor, the Director-General of the Edo State Health Insurance Commission, officially unveiled this transformative program during an announcement made in Benin on Tuesday. The primary objective of the initiative is to address…
Infostride News reported on Tuesday the successful conclusion of a transcontinental police operation led by INTERPOL, targeting online financial crime and resulting in almost 3,500 arrests. The operation, known as HAECHI IV, spanned six months from July to December 2023, with a focus on combating seven types of cyber-enabled scams: voice phishing, romance scams, online sextortion, investment fraud, money laundering associated with illegal online gambling, business email compromise fraud, and e-commerce fraud. Authorities from 34 countries participated in Operation HAECHI IV, including Argentina, Australia, Brunei, Cambodia, Cayman Islands, Ghana, Hong Kong (China), India, Indonesia, Ireland, Japan, Kyrgyzstan, Laos, Liechtenstein, Malaysia,…
Infostride News reports that the Federal Government has disclosed the names of 45 startups chosen to participate in the Nigeria Artificial Intelligence Research (NAIR) scheme. This initiative, designed to promote the development of artificial intelligence (AI) projects, will provide each selected startup with a grant of N5 million from the government. The Minister of Communications, Innovation, and Digital Economy highlighted that the chosen startups span various sectors, including healthcare, agriculture, finance, and education, showcasing their potential to elevate Nigeria’s technological landscape on the global stage. The primary objective of the NAIR scheme is to cultivate a thriving and sustainable AI…
In the latest edition of the Nigeria Development Update (NDU) presented by the World Bank’s Lead Economist for Nigeria, Alex Sienaert, a stark reality emerged regarding the Federal Government’s Conditional Cash Transfer Program. Launched on October 17, 2023, by President Bola Tinubu, the initiative aimed to provide N25,000 per month for three months to 15 million poor, near-poor, and vulnerable households in Nigeria, supported by an $800 million loan from the World Bank. However, the disbursement data reveals a significant gap between intentions and execution. As of now, only 1.5 million households, a mere 0.1% of the targeted 15 million,…
Infostride News has reported that the Ambassador of Cote d’Ivoire to Nigeria, Kalilou Traore, has revealed that the official trade volume between his country and Nigeria has now reached approximately $1.5 billion. In an interview with the News Agency of Nigeria (NAN) on Sunday, Traore discussed the current state of trade relations and emphasized the potential for further growth, particularly in the manufacturing sector. According to Traore, the $1.5 billion official trade volume includes crude oil, as the Cote d’Ivoire refinery is supplied by Nigeria. He highlighted the diverse range of manufacturing products being traded between the two countries, including…
Infostride News recently published the monthly Consumer Price Index (CPI) report for Nigeria, as released by the National Bureau of Statistics (NBS) last week Friday. The report unveiled a concerning headline inflation rate of 28.2% for November 2023. Notably, this marks the eleventh consecutive month of increase throughout the year, reaching the highest level since July 2005, spanning over 18 years. Year-to-date, the inflation rate in Nigeria has surged by 7.21 percentage points, signaling the swiftest pace of increase recorded since the economic recession in 2016. A deeper dive into the report indicates that the surge is predominantly attributed to…
Infostride News reports on the unveiling of the 2024 budget, revealing that the Federal Government of Nigeria aims for a fiscal allocation of N27 billion, with the lion’s share, approximately N7.94 billion, anticipated to be generated from the export sales of crude oil. This represents a substantial 247% surge compared to the figures from the preceding fiscal year, 2023. Delving into the intricacies of the budget, one crucial facet under scrutiny is the assumption regarding oil output. The success of this projection plays a pivotal role in determining the foreign currency (forex) revenues accruing to the federation. Notably, forex revenues…