Infostride News: Patience Oniha, the Director-General of the Debt Management Office (DMO), recently highlighted Nigeria’s success in raising its domestic borrowing to the tune of N7.043 trillion for the year 2023. In an interview with CNBC Africa on the sidelines of discussions for the African Debt Managers Initiative Network, organized by the African Development Institute of the African Development Bank in Abuja, Oniha emphasized the robust demand for federal government securities. Speaking about the positive market dynamics, Oniha pointed to the depth of the market and the increasing influx of funds into systems and institutions engaging with federal government securities.…
Author: Temitope N.
Point of Sale (PoS) service providers across the nation are implementing substantial increases in fees for cash deposits and withdrawals, citing a scarcity of naira in banks. In certain areas like Lagos and Abuja, Nairametrics has observed a surge in transaction charges as POS operators grapple with challenges in accessing sufficient naira from their banks or ATMs. In Abuja’s Karu locality, a POS operator informed a Nairametrics analyst that the charges for a transaction of N10,000 have risen from N200 to N250, reflecting a 25% increase in fees. Meanwhile, at Aya junction in the same city, Ms. Felicity, another POS…
Infostride News reports that in November 2023, the Federation Account witnessed a substantial increase in Exchange Difference revenue, accumulating an impressive N364.87 billion. This marked a noteworthy surge of N101.98 billion compared to the N262.89 billion recorded in October of the same year. The surge signals a positive impact of the country’s unified exchange rates on government revenue amid the ongoing challenges of naira devaluation. Before the revenue is distributed among the three tiers of government, statutory deductions, including the 13% derivation and other charges, are applied. Following these deductions, the Federal Government claims 52.68%, the State Government receives 26.72%,…
The imminent enforcement of the European Union Deforestation Regulation (EUDR) in late 2024 is already exerting a profound influence on the global coffee import landscape. This legislative initiative, designed to combat deforestation, will impact products such as coffee, cocoa, soy, and others, mandating that they must not originate from deforested areas. Importers are grappling with the complexities of compliance, and the consequences are particularly pronounced in the realm of coffee, affecting small-scale African farmers, especially in coffee-rich countries like Ethiopia. As reported by Infostride News, the EU’s importers are preemptively adjusting their sourcing strategies in response to the forthcoming EUDR.…
Infostride News reports that the Nigerian Port Authority (NPA) has made a significant revelation regarding the activities of a fraudulent e-CallUp syndicate that has been undermining the effectiveness of NPA’s electronic truck traffic management system, commonly known as “to.” This revelation came to light through an official statement released by the NPA on its verified X (formerly Twitter) handle on Monday. The statement outlined that NPA officials, in collaboration with security agents, conducted a thorough spot check of the MPS Pregate, leading to the discovery of 249 counterfeit vehicle plate numbers and 149 units of Minimum Safety Standard (MSS) stickers.…
Infostride News, in partnership with the Bank of Industry (BOI), has finalized arrangements to commence the disbursement of a substantial sum of N75 billion to Micro, Small, and Medium Enterprises (MSMEs) across Nigeria, starting from January 2024. This significant initiative, aimed at fostering economic growth, was unveiled in a statement issued by Temitola Adekunle-Johnson, the Senior Special Assistant to the President on MSMEs and Job Creation, on Tuesday, December 19, 2023, in Abuja. The key feature of this financial support is the provision of loans at an attractive single-digit interest rate of 9%, underscoring the commitment to affordability for the…
A consignment comprising 25,000 tons of Ukrainian grain is currently undergoing preparations for transportation from the Turkish port of Samsun to Nigeria as part of the Grain from Ukraine program, as revealed by the Ukrainian Ambassador to Turkey, Vasyl Bodnar. This substantial quantity of grain is presently stored in Turkey under the auspices of the UN World Food Program, a pivotal step in addressing global food security challenges. Ambassador Bodnar, in a detailed statement to Infostride News, underscored the significance of cooperation with the World Food Program to facilitate the supply of essential grains to countries like Nigeria. He further…
Infostride News has received confirmation from the Economic and Financial Crimes Commission (EFCC) that Olu Agunloye, the former Minister of State for Power, is currently in its custody. This revelation follows the recent declaration by the anti-graft agency, designating the former minister as wanted on charges of forgery and corruption. As reported exclusively by Channels, a reliable source within the EFCC disclosed that Agunloye has been in their custody since December 13, 2023. The source emphasized that this information had not been made public until now. “He has been with the EFCC since December 13th,” the source stated, shedding light…
Infostride News has reported that the United Nations (UN), through the Commission on the Limits of the Continental Shelf (CLCS), has made a significant decision to extend Nigeria’s seaward continental boundaries by 20 nautical miles, effectively expanding it from 200 to 220 nautical miles. The announcement was made through a post on Infostride News by the Nigerian Maritime Administration and Safety Agency (NIMASA) and was signed by its Assistant Director of Public Relations. This extension of Nigeria’s maritime borders holds significant implications, as it grants the country the authority to redraw the territorial map of its sovereignty in the Gulf…
AP Møller-Maersk has declared a rerouting strategy for vessels navigating the Red Sea, opting for a detour around Africa via the Cape of Good Hope due to mounting threats from Yemeni rebels. This decision, announced by the world’s second-largest container shipping fleet on Tuesday, is a response to the “highly escalated security situation” in the region, particularly the Bab-el-Mandeb strait. The company took a precautionary measure last Friday by temporarily halting all vessels scheduled to pass through the strait, citing alarming attacks on commercial vessels and emphasizing the need to ensure the safety and security of seafarers, crews, vessels, and…
In a noteworthy financial stride, the Nigerian Exchange Limited (NGX) witnessed its fifth consecutive day of positive trading on Thursday, translating to a substantial N86 billion gain for investors. Infostride News has been closely monitoring the market trends, revealing that the NGX has maintained its positive momentum since last Friday and has carried this bullish sentiment through the fourth trading session of the week, despite encountering bearish undertones in certain sectors. The All-Share Index (ASI) and market capitalization both experienced a commendable uptick, registering a 0.21% increase to close at 72,455.83 and N39.649 trillion, respectively. This consistent upward trajectory brings…
In a resounding declaration of its commitment to community well-being and socio-economic advancement, Dangote Cement Plc’s Ibeshe Plant in Ogun State affirms its dedication to intentional empowerment programs. The pledge was reiterated by Mr. Azad Nawabuddin, the Plant Manager, during the annual 2023 Community Day Celebration, held within the company’s premises to strengthen ties with its 17 host communities. During the celebration, Nawabuddin unveiled an array of empowerment initiatives benefiting 269 members from the 17 host communities. The generosity extended to a diverse range of sectors, showcasing Dangote Cement’s holistic approach to community development. A significant highlight of the event…
In a recent development within the Ministry of Industry, Trade, and Investment, Dr. Doris Uzoka-Anite, the esteemed Minister of Industry, Trade, and Investment, has emphatically emphasized the importance of exemplary leadership qualities among the 15 recently appointed Chief Executive Officers (CEOs) of various parastatals and agencies under the ministry. The call to action transpired during the formal inauguration ceremony that marked the official assumption of duties by the newly appointed CEOs. Infostride News learned that Minister Uzoka-Anite underscored the critical nature of these appointments in the context of realizing President Bola Tinubu’s renewed hope agenda. The minister urged the CEOs…
In a recent interaction at the year-end business and networking cocktail event in Abuja, Mr. Karim Ahmed, the Vice President of the World Trade Centre, Abuja, emphasized the crucial need for innovative solutions to navigate the challenging economic landscape affecting business operations in Nigeria. The event, covered by Infostride News, provided a platform for Mr. Ahmed to share insights on how businesses can overcome obstacles such as currency crises, fuel subsidy removal, and unfavorable exchange rates. Expressing the impact of the general economic situation on businesses in the country, Mr. Ahmed acknowledged the challenging year but also highlighted the significant…
In a decisive move to combat illegal investment activities and cleanse the Nigerian capital market of fraudulent operators, the Securities Exchange Commission (SEC) announced the closure of Ready Finance Investors Limited’s premises. The enforcement action took place on Tuesday, with the company’s office situated in the Garki Area of Abuja being sealed and shut down. According to a statement released by Infostride News on Thursday, the SEC’s intervention is a part of broader initiatives aimed at eliminating fraudulent practices within the capital market. This proactive approach is intended to provide a conducive environment for legitimate businesses to flourish and build…
In a significant move towards fostering innovation and excellence, Infostride News, a prominent pan-African shares registrations, and business solutions provider, has officially launched its newly renovated and upgraded office building. This state-of-the-art facility, strategically situated in the heart of Lagos, Nigeria, signifies Infostride News’ dedication to providing its employees with an advanced workspace that encourages collaboration, creativity, and productivity. The company proudly announced that the revamped building boasts modern amenities, incorporates sustainable design elements, and features flexible workspaces tailored to meet the evolving needs of its workforce. The move aligns with Infostride News’ ongoing commitment to staying at the forefront…
Infostride News Reports: Jumia Food, the food delivery arm of e-commerce giant Jumia Technologies, has unveiled plans to cease operations in Nigeria and six other countries by the end of December, as part of a strategic shift to concentrate on bolstering its core online retail business. This decision was revealed in the wake of Jumia Technologies’ third-quarter results, where the company reported a noteworthy 67 percent reduction in losses compared to the previous year. The reduction was attributed to aggressive cost-saving initiatives aimed at steering the company toward profitability. In an official statement, Jumia emphasized that the move aligns with…
In the wake of widespread public criticism over the allocation of N57.6 billion for the procurement of 360 Sport Utility Vehicles (SUVs) for National Assembly members, there is a growing consensus urging the government to explore leasing as a strategic avenue to mitigate the escalating costs of governance amid the country’s revenue challenges. This discourse gains traction as concerns intensify about the judicious use of funds, particularly at a time when the nation is grappling with economic constraints. Leasing experts contend that the adoption of leasing could offer a viable solution to curbing the substantial capital expenses associated with political…
In a recent address at a digital currency conference in Seoul, the Managing Director of the International Monetary Fund (IMF), Kristalina Georgieva, emphasized the urgent need for comprehensive regulation within the cryptocurrency space. This call to action aims to protect global financial stability in the face of the potential threats posed by the widespread adoption of cryptocurrencies. During the conference, which was organized in collaboration with the South Korean government and central bank, Georgieva expressed concerns about the macro-financial stability risks associated with the growing popularity of cryptocurrencies. She underscored the importance of effective regulation to prevent disruptions in monetary…
In a recent revelation by the Comptroller General of the Nigeria Customs Service (NCS), Adewale Adeniyi, it has been disclosed that an astounding 70 percent of the service’s total revenue is generated from Lagos State. The significance of this contribution underscores the pivotal role that Lagos plays in the economic landscape of Nigeria. The announcement was made during the CGC 2023 Conference held in Lagos, themed ‘Leveraging Data Analytics for Secure and Efficient Trade Facilitation in Customs operations.’ During his address, Adeniyi highlighted the close collaboration between the Nigeria Customs Service and the Lagos State Government, emphasizing their shared commitment…