The Nigerian Immigration Service (NIS), on Thursday, placed Yahaya Bello, immediate past governor of Kogi State, on watch list amid allegations of N80.2 billion money laundering by the Economic and Financial Crimes Commission (EFCC). This development occurred shortly after the anti-graft agency had issued a wanted notice for Bello, in relation to allegations of laundering. The watch list circular, dated April 18, 2024, was signed by DS Umar, Assistant Comptroller of Immigration, on behalf of Kemi Nandap. The service provided details including the name, nationality, and passport number (B50083321) of the former governor as part of identification in the document.…
Author: Temitope Nlewemchi
The Federal Government has announced the commencement of the disbursement of the N50,000 Presidential Conditional Grant Scheme, also known as Trade Grants Scheme, to nano businesses nationwide. Nano businesses are enterprises that have one or two workers and less than annual turnover of N3 million, according to the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN). Minister of Industry, Trade and Investment, Doris Uzoka-Anite, made this disclosure in a statement on Tuesday in Abuja. According to Uzoka-Anite, several beneficiaries have already received their grants, marking the beginning of the phased disbursement strategy. The Minister also said that on Friday, 19th April…
The Atelier Ludwigsburg-Paris, a flagship European co-production training, is inviting non-EU national creatives and filmmakers to apply for its 2024-2025 program. Nairametrics learns that the program is supported by funding from the European Union’s Media programme under CREATIVE EUROPE, along with contributions from the French and German governments, Baden-Württemberg state, and the Franco-German Youth Office. The program aims to shape the future of film production and distribution internationally which serves as a gateway to honing skills, building networks, and contributing to European cinema, offering prospective candidates a chance to step into the heart of European cinema collaboration and industry networking. About the…
The National Drug Law Enforcement Agency (NDLEA) executed the destruction of a substantial haul of narcotics, totaling 304,436 kilograms and 40,042 litres. This action, undertaken on Tuesday, April 16th, 2024, in Badagry, Lagos, marked a significant step in the ongoing battle against drug trafficking and abuse. Brigadier General Mohamed Buba Marwa (Ret), Chairman and Chief Executive Officer of the NDLEA, presided over the ceremony. Emphasizing the significance of public support, he reiterated the agency’s commitment to eradicating the drug scourge plaguing Nigerian society. The NDLEA destruction The destruction of these illicit substances, as mandated by court orders, highlights the agency’s…
The Federal Government has warned Nigerians that 148 Local Government Areas (LGAs) in 31 states of the federation, fall within the high flood-risk areas. The warning was given by the Minister of Water Resources, Prof Joseph Utsev while presenting the general highlights of the 2024 Annual Flood Outlook prepared by the Nigeria Hydrological Services Agency on Tuesday, April 16, 2024, in Abuja. Utsev explained that the annual flood outlook serves as a comprehensive guide to mitigate the impact of floods on communities across the country. Lagos, Rivers, Ogun, 28 other states that are affected The minister in his presentation of the…
President Bola Tinubu has inaugurated a committee for a National Single Window (NSW) to promote ease of import and export trade in the country. Tinubu revealed this during the inauguration of the National Steering Committee of the project on Tuesday at the Presidential Villa, Abuja. According to him, the introduction of the National Single Window (NSW) project is set to enhance integration at both national and regional levels. The single-window system, also known as the single-window concept, is a trade facilitation idea enabling international traders to provide required information through a single agency, streamlining cross-border transactions. The president stated that…
The World Bank has said that, for the first time this century, half of the world’s 75 poorest nations are witnessing a widening income gap compared to the wealthiest economies, marking a significant historical reversal in development trends. According to the report, per capita income growth in these countries has lagged the richest nations over the past five years. “For the first time, we see there is no convergence. They’re getting poorer,” Ayhan Kose, Deputy Chief Economist for the World Bank and one of the report’s authors, told Reuters. “We see a very serious structural regression, a reversal in the…
In March 2024, Nigeria’s inflation rate increased to 33.20% from 31.70% recorded in February 2024. However, food inflation for the month under review clocked 40.01% from 37.92% recorded in the previous month. By geopolitical zone, food inflation was highest in the South-South zone at 43.71% closely trailed by the South-East at 42.72% and the South-West at 42.08%. Also, the North-west geopolitical zone recorded the lowest food inflation rate for the month at 35.42%. Top 10 states where food is most expensive in Nigeria in March 2024, according to the National Bureau of Statistics are: Enugu State– Its year-on-year food inflation…
The World Bank has identified Nigeria and 14 other countries as having weak credit ratings for sovereign bonds. This is contained in its latest report, “The Great Reversal: Prospects, Risks, and Policies in International Development Association (IDA) Countries.” The list includes Cameroon, Democratic Republic of Congo, Republic of Congo, Ethiopia, Ghana, Lao People’s Democratic Republic, Maldives, Mali, Mozambique, Niger, Nigeria, Pakistan, Solomon Islands, Sri Lanka, and Zambia, all classified as needing substantial support due to their lower income status. The report read: “Among IDA countries, 15 have weak credit ratings for sovereign bonds: Cameroon, Democratic Republic of Congo, Republic of Congo,…
The United States (US) President, Joe Biden, has revealed that American forces helped to intercept and bring down nearly all the drones and missiles fired by Iran at Israel, reaffirming his “ironclad” support to Prime Minister Benjamin Netanyahu. This follows the reported launch of over 300 drones and missiles by the Iranian authority towards Israel in an unprecedented attack overnight, injuring at least 12 people, according to an Israeli army spokesman. This disclosure is contained in a statement issued by Biden where he stated that he would convene his fellow leaders of the G7 group of wealthy nations on Sunday…
The Nigerian government of President Bola Tinubu has urged Israel and Islamic Republic of Iran to exercise restraint amid its ongoing conflict. The Nigerian side maintained that de-escalation and peaceful resolution would guarantee peace and security across the region and the world at large. This was disclosed in a statement from the Federal Ministry of Foreign Affairs, signed by its spokesperson, Mrs. Francisca K. Omayuli and made available to The infostride News. Omayuli expressed optimism in the diplomatic efforts that is underway. The statement dated April 14, 2024, reads, “The Federal Government of Nigeria joins other Members of the International…
Chidi Iwuchukwu, Head Investment Banking West Africa, Rand Merchant Bank has said that Nigeria needs a consistent policy and regulatory framework as well as inward investing in its business ecosystem. He said this while speaking at the just conclude Doing Business in Nigeria Conference on Saturday, during a panel session. Iwuchukwu emphasized the importance of understanding the nuances of Nigeria’s investment landscape before diving in. He highlighted the need for “inward investing,” stressing that patient capital is what the country requires. He advised investors, both local and foreign, to be patient as quick returns, especially within five years, might pose challenges…
The Nigerian Communications Satellite Limited (Nigcomsat) is seeking to form a partnership with the Lagos Metropolitan Area Transport Authority (LAMATA) to enhance internet connectivity for commuters using the Lagos rail transit system. The Managing Director of Nigcomsat, Mrs. Jane Nkechi Egerton-Idehen, led the organization’s Lagos regional business office on a strategic visit to LAMATA on Monday to discuss this potential collaboration, as reported in a statement on LAMATA’s official X (formerly Twitter) account. The statement highlighted that Nigcomsat, through the proposed partnership, aims to offer a range of services to the commuters of the Lagos Rail Mass Transit (LRMT) system.…
The United States is set to announce an additional $100 million in aid response to the conflict in Sudan as it seeks to spur an international response to the War in the country which marks its one-year anniversary today. According to Reuters, U.S. Agency for International Development Administrator, Samantha Power, in a statement spelled out that the $100 million additional funding would go to emergency food assistance, nutrition support, and other life-saving aid. Power is also set to call on the warring parties to stop hindering humanitarian access and participate in what she called “Good faith negotiations” to end the famine…
The Board of Zenith Bank Plc will request shareholder approval during its forthcoming Annual General Meeting to establish a capital raising programne. This strategic decision reflects the ongoing efforts of banks to strengthen their capital reserves in light of evolving regulatory standards. Notably, the recent introduction of minimum capital requirements by the Central Bank of Nigeria emphasizes the imperative to enhance the resilience of the country’s financial system, facilitating a more substantial role for lenders in fostering economic growth. According to the Bank’s notice of Annual General Meeting seen by The Infostride News, this programme would allow the issuance of…
The CBN conducted another auction of Treasury bills (NT-bills) on April 12, 2024, with the yield on the 364-day bills dropping to 20.7%, from the previous 21.124%. The auction saw the CBN successfully sell N951.83 billion worth of bills, representing a 42% decline from the N1.64 trillion sold during the March 27 auction. The CBN offered N149.64 billion of NT-bills during the auction, offering N2.78 billion of the 91-day bills, N3.02 billion of the 182-day bills, and N143.84 billion of the 364-day bills. More than 1000% Oversubscription The CBN recorded an oversubscription of 1119%, as the total subscription received during…
The Nigerian Exchange Limited (NGX) has listed Royal Exchange Plc’s rights issue of 3.121 billion ordinary shares of 50 kobo each on its Daily Official List. According to the NGX in its weekly report seen by Nairametrics, with the listing of the additional 3,121328,866 ordinary shares, the total issued and fully paid-up shares of Royal Exchange have increased from 5,145,370,074 to 8,266,698,940 ordinary shares of 50 kobo each. The statement reads: “Trading Licence Holders are hereby notified that an additional 3,121,328,866 ordinary shares of 50 Kobo each at N0.50 per share of Royal Exchange Plc (Royal Exchange or the Company)…
South African hospitality group, Sun International Limited has announced plans to sell off 43% of its shares in Tourist Company of Nigeria Plc, the owners and operators of Federal Palace Hotel and Casino. According to a notice accessed by The Infostride, Sun International Limited which owns a 49% shareholding in Federal Palace Hotel and Casino, is divesting 43% of its shares to Rutam Finance Company. Rutam Finance Company is an associate of Oma Investments Limited, another existing shareholder in Tourist Company of Nigeria Plc (TCN). In the notice signed by Lovelyn Aniekwe, TCN’s Company Secretary, it was noted that the…
The NGX continued its bearish trajectory for the second consecutive week as the market recorded a 1.09% decline during the week ending April 12, 2024, to close at 102,314.56 points from the previous week’s 103,437.67 points. Equities also lost N613 billion, as the NGX closed the week with a market cap of N57.865 trillion, representing a 1.08% decline from N58.498 trillion at the start of the week. The market, which was closed for three days during the week, was mostly affected by the continued bearish performance of banking stocks. Among the top weekly losers, Access Holdings lost 14.60%, GTCO had a 13.75%…
The Lagos State Government through the Lagos State Fire and Rescue Service has moved to enforce proper safety measures across all markets in the state. This is as the Lagos State Fire and Rescue Service has launched an extensive plan to bolster fire safety measures in markets across the state. This follows a recent fire outbreak at Dosunmu market on Lagos Island and a subsequent on-the-spot assessment by Governor Babajide Sanwo-Olu. This disclosure is contained in a statement issued by the Deputy Director, Public Affairs, Lagos State Fire and Rescue Service, Ololade Agboola, where he stated that under the directive…