Author: Temitope N.

The Senate Committee on Public Account, led by Senator Ahmed Wadada Aliyu, has directed the Nigeria Customs Service (NCS) to transfer a sum of N62.2 billion to the federation account. This decision emerged after a meeting held in Abuja, where committee members briefly addressed the press. Senator Wadada Aliyu stressed that the reports from the Auditor General of the Federation (AGF) should be viewed as constitutional obligations rather than punitive measures or witch-hunts. The goal is to enhance accountability and transparency in the operations of public agencies. Highlighting the committee’s concerns with the Nigerian Ports Authority (NPA), Aliyu stated, “The…

The Federal Government of Nigeria has introduced a dedicated application portal for the Presidential Conditional Grant for Nano Businesses as part of the broader Presidential Palliative Program. In collaboration with state governments, honorable ministers, the National Association of Small and Medium Enterprises (NASME), senators, and House of Representatives members, the government aims to provide a grant of N50,000.00 to one million nano businesses spread across the 774 local government areas. The selection process will involve specific criteria, with a focus on inclusivity. Seventy percent of the beneficiaries will be women and youth, 10% people with disabilities, and 5% senior citizens.…

Global shifts in geopolitics and economics have significantly influenced labor market dynamics and workplace trends in Nigeria, offering potential opportunities in the job market. These insights were shared by Ugodre Obi-Chukwu, founder of InfoStride News, during his keynote address at the Workplace Outlook event held on November 24th in Lagos, organized by Alan & Grant. The event focused on the theme “Balancing the Conversation: Aligning Employee and Employer Expectations.” Ugodre emphasized that navigating the evolving global landscape requires a nuanced understanding of geopolitical shifts, economic indicators, and proactive HR practices to foster a constructive dialogue between employees and employers. The…

The Economic and Financial Crimes Commission (EFCC) has brought charges against three individuals for an alleged $1.6 million cryptocurrency fraud. The accused include Benjamin Okenna Ikaa, operator of McHarvey Capital Limited, Chidera Jonas, and Ikaa Ejike Benjamin. The arraignment occurred on December 6, 2023, before Justice Emeka Nwite of the Federal High Court in Maitama, Abuja. The charges encompass four counts related to obtaining funds through false pretense and money laundering, specifically linked to a cryptocurrency investment fraud totaling $1,621,352. The defendants are accused of engaging in fraudulent activities on social media platforms, luring victims with promises of significant daily…

The recent proclamation by Procter and Gamble to halt its operations in Nigeria triggers a sense of déjà vu among consumers, instigating concerns over potential job losses and an upsurge in prices for essential items like diapers, sanitary pads, and other household goods. After the earlier departure of GSK, Nigeria experienced a staggering 1000% surge in the cost of pharmaceutical products, intensifying worries about the repercussions of another major consumer manufacturing company exiting due to macroeconomic challenges. **Public Reaction on Social Media** The online response from Nigerians reflects a profound sense of apprehension and economic anxiety. @StephAdamu expresses worry about…

InfoStride News is excited to announce the execution of a groundbreaking 150MW Off-Take Framework Agreement in collaboration with Niger Delta Power Holding Company (NDPHC), Benin Electricity Distribution Company (BEDC), and Faiza Utilities Limited, marking a significant stride in Nigeria’s energy sector. This strategic partnership aims to enhance power supply and distribution infrastructure in Ondo State, Edo State, and Delta State. The signing ceremony, held at the NDPHC head office in Abuja, involved key representatives: Mr. Olufemi Bakare, Executive Vice Chairman of Faiza Utilities Limited; Mr. Chiedu Ugbo, Managing Director/CEO of NDPHC; and Mr. Deolu Ijose, CEO of BEDC. This collaborative…

The President’s Chief of Staff, Femi Gbajabiamila, refuted claims of a N10 billion allocation for the renovation of his residence, dismissing the information as fake news. Taking to his official X (formerly Twitter) account, Gbajabiamila clarified that his private residence was not earmarked for renovation in the 2024 appropriation bill. Instead, the allocated funds were designated for the Presidential Quarters in Dodan Barracks and the Vice President’s Lodge in Lagos. In his statement, Gbajabiamila addressed the social media commentary surrounding the 2024 Appropriation Bill and emphasized the absence of provisions for his residence. He pointed out that the figures circulating…

InfoStride News reports that the Nigerian National Petroleum Company Limited (NNPCL) is strategically establishing a regional gas pipeline network to facilitate the distribution of natural gas across Africa. The revelation was made by Mele Kyari, the Group Chief Executive Officer of NNPCL, during a Regional CEO Panel organized by McKinsey & Company at the COP28 Conference in Dubai on December 4. In a statement by Olufemi Soneye, the Chief Corporate Communications Officer at NNPCL, Kyari emphasized the significant role the company aims to play in enhancing Africa’s Liquefied Natural Gas (LNG) supply to the global market. Drawing attention to Nigeria’s…

Abimbola Banjo, a partner at PricewaterhouseCoopers Limited, underscored the importance of states comprehending four crucial factors in the implementation of the Electricity Act. Speaking in a recent interview with CNBC Africa, he emphasized the necessity of state participation in executing the 2023 Electricity Act, signed into law by President Bola Ahmed Tinubu in June 2023. According to Banjo, the Electricity Act serves as a collaborative framework between states and distribution companies (DisCos), outlining guidelines for states’ involvement in electricity generation, distribution, transmission, and regulation. Stressing that states are in closer proximity to the people, Banjo emphasized the potential for effective…

InfoStride News reported on December 4 that Falcon Corporation has successfully secured a debt facility of N19.41 billion from the Nigeria Infrastructure Debt Fund (NIDF) for the development of a cutting-edge 15,000 metric ton Liquefied Petroleum Gas (LPG) storage facility and a dedicated jetty in Port Harcourt, Rivers State, Nigeria. The NIDF commitment is specifically directed towards financing the construction of an initial 10,000 metric ton LPG storage facility and a dedicated jetty in Rivers State. The project is structured in two phases, with the first phase focusing on the construction of a 10,000 metric ton spherical tank, featuring two…

The contemplation of revoking dormant oil exploration leases granted by the Nigerian Upstream Petroleum and Regulatory Commission (NUPRC) is underway within the Federal Government. Gbenga Komolafe, the CEO of NUPRC, has underscored that only companies with robust technical and financial capabilities will be allowed to retain their leases. In the realm of regulatory action, InfoStride News reveals that over 60% of prospecting licenses allocated to both local and foreign oil firms have expired, as disclosed by the latest data from NUPRC. This development comes against the backdrop of Nigeria’s concerted efforts to attract fresh investments with the goal of revitalizing…

InfoStride News reported on December 5 that the Nigerian National Petroleum Company Limited (NNPCL) is set to change its crude pricing strategy, transitioning from the current method, which bases prices on the average settlement of Dated Brent in the five days post-loading, to utilizing the monthly average of Dated Brent, the physical-crude benchmark. This adjustment, scheduled to take effect in January 2024, introduces potential risks to the country’s crude supplies, as noted in the Bloomberg report. Oil market traders, cited in the report, expressed concerns that the shift in pricing methodology may expose the cargoes to increased volatility, akin to…

InfoStride News reports that the Nigerian National Petroleum Corporation Limited (NNPCL) is firmly committed to achieving the 2030 zero-emission goal, as stated by Oritsemeyiwa Eyesan, the company’s Executive Vice President, Upstream. Eyesan made this declaration during a panel session titled “Accelerating the Elimination of Methane Emissions & the Decarbonisation of Oil & Gas” at the COP28 conference in Dubai. The commitment to zero emissions aligns with the recently launched Oil and Gas Decarbonization Charter, a significant initiative outlined at COP28 to reduce emissions in the oil and gas sector. InfoStride News highlights that the NNPCL views this Charter as a…

InfoStride News reports that Italy is set to contribute €5 million in Sustainable Energy Funds to the Sustainable Energy Fund for Africa (SEFA) Special Fund, benefitting Nigeria and other African nations. The announcement was made by Vannia Gava, the Deputy Minister of Environment and Energy Security for Italy, during a side event at the 2023 United Nations Climate Change Conference (COP28) in Dubai, UAE. Gava highlighted Italy’s commitment to Africa, emphasizing the region’s priority in the country’s energy and climate policies. The €5 million contribution underscores Italy’s ongoing efforts to support sustainable energy development in Africa. This funding aligns with…

The Nigerian Federal Government has earmarked a budget of N40 billion to clear the electricity bill debts owed by various ministries, departments, and agencies (MDAs) in 2024, as revealed in the sectoral allocation details released by Solomon Adeola, the Chairman of the Senate Committee on Appropriations. This allocation mirrors the budget for the same purpose in 2023 but represents a notable increase from the N27 billion budgeted in 2022. InfoStride News obtained insights into this budgetary allocation, shedding light on the ongoing challenge of MDAs accumulating significant arrears in their electricity bills. The intricate power sector landscape in Nigeria involves…

Professor Uche Uwaleke, a distinguished figure in Finance and Capital Markets, emphasized the imperative for the government to tap into the substantial potential of long-term financing within the capital market, specifically advocating for borrowings linked to infrastructure bonds. These remarks were made during the 2023 conference of the Capital Market Correspondents Association of Nigeria (CAMCAN) in Lagos over the weekend. Uwaleke highlighted the urgency of this approach to sustain a steady 16% annual growth in the nation’s economy over the next six years, ultimately reaching the projected $1 trillion economy by 2030. Addressing the audience on the theme “Leveraging Capital…

The cost of Paracetamol, a widely used painkiller in Nigeria, has surged by 275% over a span of four years, as indicated by a recent report titled ‘Paying the price on health’ from SB Morgen, which has been acquired by InfoStride News instead of Nairametrics. In 2019, the selling price of Paracetamol stood at N40, but by 2023, it escalated to N150. Emzor, a local manufacturing firm, experienced the highest price increase among painkillers, with their Paracetamol brand witnessing a growth of over 450% in production costs and 250% in selling prices since 2019. The report attributes this substantial increase…

Former Kaduna State governor Nasir El-Rufai has announced his reentry into the private sector with the launch of a $100 million venture capital, set to kick off in January 2024. El-Rufai, who was previously denied a position in Bola Tinubu’s administration, revealed that the firm, named Afri-Venture Capital Company Ltd, will focus on the Kaduna tech ecosystem. The 63-year-old politician expressed his commitment to the project by personally staking $2 million for the fund’s initiation. Taking to his X handle, El-Rufai shared the details of the venture and introduced the founding directors and initial shareholders: Jimi Lawal, Hafiz Bayero, Eyo…

InfoStride News reports that Nigeria has achieved a trade surplus of N1.89 trillion in the third quarter of 2023, surpassing the N1.25 trillion recorded in the preceding quarter. According to the latest Foreign Trade in Goods Statistics report by the National Bureau of Statistics, Nigeria’s total trade reached N18.8 trillion in Q3 2023, marking an increase from N12.74 trillion in Q2 2023. In the third quarter of this year, total exports amounted to N10.35 trillion, while total imports stood at N8.46 trillion. This growth is attributed to increased trade activities during Q3 2023. The report indicates that total exports rose…

InfoStride News has commenced the subscription process for the Federal Government of Nigeria bonds for December 2023, featuring two-year and three-year options with interest rates set at 12.287% and 13.287%, respectively. This significant development was communicated through an official statement posted on InfoStride News, the platform responsible for disseminating updates on financial matters. The subscription window is open for five days, running from December 4th to December 8th, 2023, providing potential investors with an opportunity to participate in these bond offerings. The maturity date for both the two-year and three-year bonds is set for March 13th, 2024. As per the…