At least 118 prison inmates escaped from a prison facility in Suleja, Niger state close to the Nigerian capital after heavy rains on Wednesday night damaged the prison facility a prison spokesperson confirmed. According to Reuters, the rain which lasted for several hours wrecked part of the medium-security prison, including the perimeter wall and surrounding buildings spokesperson Adamu Duza said in a statement on Thursday. Responsible Security agents are now hunting down the fugitives and have successfully recaptured 10 of them with the help of other security agents. “We are in hot chase to recapture the rest,” Duza said. “The public is…
Author: Temitope N.
The Federal Ministry of Industry, Trade and Investment (FMITI) recently launched a $10 billion Nigeria Diaspora Fund, urging eligible firms to indicate interest in providing services as managers. The announcement was made by the Minister of Industry, Trade and Investment, Doris Nkiruka Uzoka-Anite on Thursday. She said the ministry initiated the policy to foster investment in the private sector and inject foreign direct investments into the Nigerian economy. Uzoka-Anite noted that the federal government established a committee to design and develop the framework for a Diaspora Fund. The Minister further highlighted that diverse stakeholders in the capital markets, investment community, and diaspora…
The Oyo State Government has set aside N691.3 million to invest in any future rights issuances by Wema Bank Plc. The announcement was made in a press statement released after the Oyo State Executive Council meeting on April 23rd, 2024. The statement read, “The sum of N691,307,039.86 to be invested in Wema Bank rights issuance programme as part of plans to secure the future of Oyo State.” Investors in Wema Bank Concerning Wema Bank’s shareholding structure, strategic shareholders own 51.69% of the bank with Neemtree Limited, SW8 Invest Company, and Petrotab Limited holding 28.25%, 14.90%, and 8.54% respectively. Governments…
The United Kingdom has pledged to sponsor 50 green investment projects in Kenya worth £6.6 million to battle climate change. A total of 10 counties in the country have been selected to develop these projects. According to Business Insider Africa, the fund is set to be distributed among 10 counties to create the 50 projects and bring them to reality. The investment by the UK Government is also intended to create jobs in the East African country and preserve the country’s rich Bio diversity and distinctive landscape. A Kenyan media outlet reported that the 10 counties set to receive the funds and…
The Minister of State for Labour and Employment, Mrs Nkeiruka Onyejeocha, has said that the federal government plans to create 2.5 million jobs through the Labour Employment Enhancement Programme (LEEP). She said this at the pre-inaugural ceremony for the LEEP in Abuja on Thursday. She emphasized that in a quickly changing global environment, it was crucial to LP provide the Nigerian workforce with the essential tools and opportunities to succeed in the digital era. She noted that the LEEP aimed for zero hunger, zero poverty, economic growth, and decent jobs through six strategic initiatives. “The LEEP vision is to train…
The Manager of Calabar Ports, Olumati Festus, has disclosed that the port has not received a single container vessel in the past 25 years. This startling admission was made during an investigative visit by the House of Representatives Adhoc Committee on Ports and Harbours on Friday in Calabar, the News Agency of Nigeria stated in a report as seen by The Infostride News. Festus attributed the situation to the port’s shallow channel, which has not been dredged to accommodate larger vessels. “Bigger vessels can’t come in because of this. The situation is affecting the economy of the zone. If more vessels…
The President of the Trade Union Congress of Nigeria (TUC), Mr. Festus Osifo, announced that the anticipated new minimum wage is unlikely to be declared on May 1. He made this statement during a press interaction on Friday in Abuja. However, he mentioned that the N615,000 demanded by organized labour is not set in stone. He added that this figure was reached after conducting thorough research. He stated, “The negotiation by the Tripartite Committee is still ongoing. If you remember, the TUC earlier submitted N447,000 as the new minimum wage but we have harmonised our figure with the Nigeria Labour Congress…
A relatively unknown Dubai-based company is currently eyeing a $12.9 billion oil-for-cash deal with South Sudan. The company seeks to lend the country $12.9 billion in exchange for oil in a deal that may last for 20 years. This deal marks one of the largest oil-for-cash deals ever brokered and has garnered significant attention from the United Nations, considering the terms of the deal. According to Bloomberg, the information was revealed in a report by a panel of investigators appointed by the United Nations Security Council. In the report, it was noted that Dubai-headquartered Hamad Bin Khalifa Department of Projects (HBK…
The Acting Senior Trade Commissioner, Deputy High Commission of Canada, Dindembolo-Zaya Kuyena, has said that Nigeria is the largest African foreign investor in Canada. He revealed that Nigerians’ total investment in the country was $1.7 billion invested as of 2021. Kuyena disclosed this on Thursday at a partnership event between a Canadian Company, SpeechLogix, and MTN Nigeria. The partnership aims to deliver a video conferencing platform for Small and Medium Enterprises (SMEs) called Meetings+, which leverages Zoom technology. According to Kuyena, Canada has been actively collaborating with Nigeria on trade policy, including negotiation and agreements, to enhance market access and…
Following a brief uptick on April 25, 2024, the NGX resumed its downward trajectory on Friday, April 26, concluding the week with minimal movement. The All-Share Index settled at 98,152.91 points, marking a marginal decline of 0.02% compared to the previous day’s close of 98,169.30 points. Equities lost N11.1 billion, as the market capitalization closed at N55.51 trillion, representing a slim decline from the N55.52 trillion posted yesterday. Despite the bearish sentiment in the market, there was an optimistic outlook from banking stocks, as FBNH and STANBIC posted 10% gains respectively to lead the gainers. While ACCESSCORP and UBA gained…
The Transmission Company of Nigeria (TCN) has confirmed the full restoration of the national grid that collapsed earlier today following a fire incident at the Afam Power Generating Station, in River State. The spokesperson for the commission, Ndidi Mbah, disclosed this in a statement on Monday. This will be the third time in 2024 the national grid has collapsed, resulting in nationwide power outage in the country. According to Mbah, the collapse was caused by a fire which erupted at the Afam V 300kV bus bar coupler, leading to the tripping of units at Afam III and Afam VI. He…
The federal government through the Nigeria Upstream Petroleum Regulatory Commission (NUPRC) has introduced new regulations requiring its oil producers to sell crude oil to local refineries in a move to reduce the country’s dependence on imported refined products. The new regulations mandate that all oil companies in Nigeria must supply crude to domestic refineries that are unable to procure it locally. Only after fulfilling these domestic supply commitments are producers permitted to export crude. The NUPRC will serve as a middleman between local refiners and producers when agreements on crude supply cannot be finalized, helping to arrange a sales purchase…
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) said on Monday that the country’s oil and gas reserves stood at 37.50 billion barrels as of January 1, 2024, up from 37.046 billion barrels in May 2022. At a press conference in Abuja, Engr. Gbenga Komolafe, Chief Executive Officer of the commission, said robust policies are in place to enhance and streamline oil and gas operations in the nation. He said that the reserves of associated gas are at 102.59 trillion cubic feet (TCF) and non-associated gas at 106.67 TCF, totaling 209.26 TCF in gas reserves. He noted that addressing issues concerning…
After losing Angola and other key players, the Organization of Petroleum Exporting Countries (OPEC) has set its eyes on Namibia for possible membership after a significant amount of oil was discovered within its shores. The latest discovery of oil in Namibia would easily make the country the fourth largest oil exporter by output by the next decade, according to an African industry official. Reuters reported that Total Energies and Shell have, in recent years, made discoveries estimated at 2.6 billion barrels of oil, placing the South African country in a good position to plan production from about 2030. OPEC’s main goal is to…
Ten years after its initial public offer (IPO) which was held in 2014, Seplat Energy has generated $1.7 billion in free cash flow and invested over $57million to support community projects focused on healthcare, education and empowerment. These were disclosed by Roger Brown, Chief Executive Officer, Seplat Energy, at a press briefing marking the oil company’s 10-year anniversary of dual listing at the Nigerian Stock Group (NXG) and the London Stock Exchange (LSE) in Lagos on Thursday. Free cash flow is defined as “the money a company has left over after paying its operating expenses (OpEx) and capital expenditures (CapEx),”…
Industry key player and CEO of Rainoil Limited, Gabriel Ogbechie, has claimed that the federal government has resumed the payment of the controversial fuel subsidy following the devaluation of the Naira in the foreign exchange market. Ogbechie made this statement on Tuesday during the Stanbic IBTC Energy and Infrastructure Breakfast Session held in Lagos. He pointed out that with Nigeria’s daily fuel usage at 40 million liters and the foreign exchange rate at N1,300, the government’s subsidy per liter of fuel falls between N400 and N500, culminating in a monthly total of approximately N600 billion. “When Mr. President came May…
The Organised Private Sector in Nigeria comprising the Manufacturers Association of Nigeria (MAN), Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), National Employers Consultative Association (NECA), Nigerian Association of Small Scale Industrialists (NASSI) and National Association of Small and Medium Enterprises (NASME) has stated that over 65% of businesses in Nigeria may shut down due to the over 200% hike in electricity tariff by the Federal Government. The group disclosed this in a statement addressed to President Bola Tinubu on the need to suspend the tariff hike to save businesses, jobs and the economy in general. According…
The World Bank and the African Development Bank (AfDB) have announced plans to partner to provide access to energy for 300 million Africans by 2030. The plan will cost around $30 billion and is to be funded by the World Bank through the International Development Association (IDA) and the AfDB together with governments across the continent and the private sector. Announcing the partnership during the panel session on Energizing Africa: What Will It Take to Accelerate Access & Improve Lives? at the World Bank’s Spring Meetings in Washington DC on Wednesday, Ajay Banga, President of the World Bank, said for the plan…
Ekperikpe Ekpo, the Minister of State for Gas, has said that the Federal government secured an agreement with Shell (SHELL) to supply gas to its planned $3.8 billion methanol plant in Brass, Bayelsa State, clearing a significant obstacle for the final investment decision on the project. Ekpo said that following successful negotiations with the CEO of Shell Nigeria and executives from other participating companies, the Gas Supply and Purchase Agreement (GSPA) essential for the Brass methanol project will be signed next month. The GSPA has secured a long-term gas supply agreement with a Shell-led joint venture to support the methanol…
The average retail price of Automotive Gas Oil (Diesel) paid by consumers rose by 59.51% year-over-year, increasing from N840.81 per litre in March 2023 to N1341.16 per litre in March 2024. On a month-to-month basis, the price climbed by 6.69% from N1257.06 in February 2024 to N1341.16 in March 2024. State and regional breakdown Examining state-level price variations, the highest average prices in March 2024 were found in Edo State at N1566.67, Jigawa State at N1533.33, and Cross River at N1532.71. Conversely, the lowest prices were recorded in Plateau State at N1067.25, Niger State at N1140.00, and Adamawa State at…