In a significant move, shareholders of Nigerian Breweries Plc have given their resounding approval for the acquisition of an 80% stake in Distell Wines & Spirits Nigeria Limited. The nod came as part of special resolutions reached at an Extraordinary General Meeting (EGM) held in Lagos, showcasing the pivotal role that strategic expansions play in shaping the corporate landscape. This milestone decision, disclosed in the company’s official communication to the Nigerian Exchange Limited and the investing public, signals a strategic shift for Nigerian Breweries, one of the prominent players in the Nigerian beverage industry. The approval, as noted by Uaboi…
Author: Temitope N.
In an extraordinary trading session, the Nigerian Stock Exchange (NGX) witnessed a historic surge, surpassing the 74,000 mark as the All-Share Index displayed a notable 1.21% increase, culminating at 74,289.02 points. This remarkable achievement follows closely on the heels of the NGX breaching the 73,000 mark just a day prior, accompanied by the market capitalization crossing the impressive N40 trillion milestone. Equities experienced a substantial uptick of N488 billion on this particular day, propelling the market capitalization to a new high of N40.652 trillion. Notably, leading performers such as TRANSCORP, MULTIVERSE, and INFINITY sustained their exceptional momentum, posting gains of…
The Port Harcourt Refining and Petrochemical Company, located in Rivers State, has reinitiated its operations, marking a significant milestone in the Federal Government’s commitment to restoring the facility’s production of refined products by the year’s end. After a prolonged period of underperformance and extensive turnaround maintenance, during which the facility produced minimal output, the Minister of State for Petroleum (Oil), Senator Heineken Lokpobiri, confirmed the recommencement of operations. He led members of the Refinery Steering Committee on an inspection of the facility, expressing congratulations to the Nigerian National Petroleum Company (NNPC) Limited and the entire nation for this achievement. The…
Angola, a crucial member of the Organization of the Petroleum Exporting Countries (OPEC) since 2007, has formally expressed its intention to withdraw from the organization. This strategic move is a direct response to what Angola perceives as a fundamental misalignment between its national interests and the production quotas imposed by OPEC, illuminating the challenges within the organization and its potential repercussions on the global oil market. The genesis of Angola’s decision to exit OPEC can be traced back to a prolonged period of discontent with the organization’s production quotas. With an approximate daily oil production of 1.1 million barrels, Angola…
The declaration of the 2024 budget’s passage date by the Speaker of the House of Representatives, Hon. Tajudeen Abbas, has added a sense of urgency to the legislative proceedings, marking a significant milestone in Nigeria’s fiscal planning. This pivotal announcement was made during the resumption of the House’s plenary on Tuesday, December 19, setting the stage for crucial deliberations and decisions shaping the country’s economic trajectory. During the session, the Speaker addressed various House committees, underscoring the importance of expeditiously concluding and submitting their reports on the budget defense by government agencies before 8 pm on December 19, 2023. The…
Infostride News reported that Nigeria’s total external debt stock experienced a noteworthy decline of $1.57 billion in the third quarter of 2023, dropping from $43.16 billion to $41.59 billion as of September 30, 2023. The Debt Management Office (DMO) disclosed this information in its third-quarter public debt report. The reduction in external debt was attributed to the redemption of Nigeria’s $500 million Eurobonds and the initial principal payment of $413.859 million for the International Monetary Fund’s (IMF) $3.4 billion loan acquired during the COVID-19 period in 2020. The DMO’s statement emphasized the specifics of this decline, stating, “External debt decreased…
The third quarter of 2023 witnessed significant financial activity on the part of the Federal Government of Nigeria, as reflected in the recently published domestic debt service report by the Debt Management Office (DMO). During this period, the government allocated a substantial sum of N1.79 trillion for servicing its domestic debt, marking a considerable uptick from the corresponding quarter in the previous year. This financial commitment was distributed across various instruments, including Nigerian Treasury Bills (NTBs), Federal Government of Nigeria (FGN) bonds, treasury bonds, and FGN savings bonds. The meticulous breakdown of the domestic debt service for each month unveils…
Nyesom Wike, the Minister of the Nigerian Federal Capital Territory (FCT), has recently given the green light for a substantial allocation of N13.1 billion earmarked to facilitate the refurbishment, construction of new toilets, and provision of furniture in secondary and primary schools across the Six Area Councils in 2024. This significant development was disclosed by Dr. Danlami Hayyo, the Mandate Secretary of the Federal Capital Territory Administration Education Secretariat, during a comprehensive year-end media briefing held in Abuja on Wednesday. In his elaborate statement, Dr. Hayyo expounded that the allocated funds would be distributed among the Councils based on the…
Nigeria witnessed a staggering increase of 277.64% in external debt servicing during the third quarter of 2023, as revealed by the latest data from the Debt Management Office (DMO). The analysis unveils a spike from $368.26 million (N283.17 billion) in Q2 2023 to $1.39 billion (N1.07 trillion) in Q3 2023, reflecting the financial strain on the nation. The Debt Management Office utilized an exchange rate of N768.93/$ for the calculation of the naira equivalent of the external debt servicing cost. Notably, the top three contributors to external debt service expenditure in Q3 2023 were Eurobonds ($943,661,250.03), World Bank’s International Development…
Infostride News recently reported on Nigeria’s labor landscape, drawing insights from the National Bureau of Statistics (NBS) Labour Force report for the second quarter of 2023. In this period, the country’s unemployment rate saw a marginal increase from 4.1% to 4.2%, signaling a modest uptick of 0.1% compared to the first quarter. Gender Disparities in Unemployment: The NBS report highlighted a noteworthy gender disparity in unemployment, revealing that more women of working age were unemployed compared to their male counterparts. Specifically, the male unemployment rate was reported at 3.5%, whereas the female unemployment rate stood higher at 5.9%. Regional Disparities:…
Infostride News reported that the Federal Competition and Consumer Protection Commission (FCCPC) declared a substantial achievement, revealing an Internally Generated Revenue (IGR) of N56 billion in 2023. Notably, an overwhelming 90% of this revenue was sourced from penalties imposed on various companies and businesses. This revelation came to light during a strategic media engagement in Abuja, led by Mr. Babatunde Irukera, the Executive Vice Chairman of FCCPC. Mr. Irukera underscored the pivotal role of accountability in maintaining market stability. He emphasized that the commission’s approach is not aimed at shutting down businesses but rather at instilling a sense of responsibility.…
In the second quarter of 2023, approximately 88% of working-age Nigerians found themselves without traditional salaried employment, instead opting for self-employment, a marginal increase from the 86% recorded in the preceding quarter. This shift underscores the resilience of ordinary Nigerians in the face of mounting economic challenges, as individuals increasingly turned to entrepreneurial endeavors to navigate the evolving economic landscape. Contrary to the prevalent narrative of wage employment, only about 12% of working-age Nigerians were involved in formal employment during this period, representing a slight uptick from 11.8% in the previous quarter. The asksource.info platform defines wage employment as any…
The extension of the implementation of the supplementary appropriation bill from December 31, 2023, to March 31, 2024, has received approval from the Senate. This decision was prompted by an amendment presented by the Leader of the Senate, Senator Opeyemi Bamidele, who sought to extend the lifespan of the bill beyond the originally stipulated date. Senator Bamidele clarified that the 2023 Appropriation Act had initially set the budget duration for 12 months, running from January 1 to December 31, 2023. However, he emphasized that the effective utilization of funds allocated in the 2023 supplementary appropriation bill would be hindered if…
Infostride News reports that the Anambra State House of Assembly has given its nod to the state’s 2024 Appropriation Bill, a financial plan amounting to N410 billion. This approval comes a month after Governor Chukwuma Soludo submitted the bill to the House, with the green light finally given during a plenary session in Awka. The green light for the budget was granted following the acceptance of the comprehensive report presented by Mr. Ejike Okechukwu, the Chairman of the House Committee on Finance and Appropriation. Okechukwu confirmed that the budget size would remain as initially presented by the Governor, signifying a…
Infostride News has learned that President Tinubu has greenlit a substantial 50% discount on road transport fares nationwide, effective from December 21, 2023, to January 4, 2024. The announcement came through the Minister of Solid Mineral Development, Dele Alake, during a press briefing at the state house. According to Alake, this decision aligns with President Tinubu’s commitment to improving the lives of Nigerians, especially during the festive season. Alake, who also chairs the Inter-ministerial Committee on Presidential Intervention, shared the details of the initiative alongside three other committee members: Alhaji Mohammed Idris (Minister of Information and National Orientation), Saidu Alkali…
The Lagos State Government has taken a decisive step to alleviate traffic congestion and enhance the overall mobility experience for residents and commuters along the Apapa-Oshodi expressway. In a statement issued on December 20, 2023, by Sola Giwa, the Special Adviser on Transportation to the Lagos State Governor, the directive mandates all tankers and trailers to immediately vacate the Cele Bus Stop Inward Tin Can Port axis and cease indiscriminate parking along the specified corridor. The recurring issue of heavy articulated vehicles parking haphazardly on this route has been a persistent source of gridlock, obstructing the free flow of traffic…
Infostride News reports that Saudi Arabia has recently unveiled a groundbreaking initiative aimed at streamlining visa applications and enticing foreign visitors through the introduction of a unified online platform, ksavisa.sa. This announcement was made by Abdulhadi Almansouri, Assistant Minister for Executive Affairs at the Ministry of Foreign Affairs, during the Digital Government Forum in Riyadh. The introduction of ksavisa.sa marks a significant stride towards achieving the Kingdom’s ambitious tourism goals. This innovative platform promises a simplified visa application process for a diverse range of travelers, encompassing those embarking on Hajj and Umrah pilgrimages, individuals seeking tourism adventures, and those exploring…
Infostride News reported that Olu Agunloye, the former Minister of State for Power, was granted bail by the Economic and Financial Crimes Commission (EFCC) just one week after his initial detention. The release, as confirmed by Dele Oyewale, the spokesman for EFCC, took place on a Wednesday. Agunloye had been declared wanted by the EFCC in connection to an alleged $6 billion fraud linked to the Mambilla hydropower project, a project that has been marred by controversy. The anti-corruption agency had urged individuals with information about his whereabouts to come forward. This development came after the former minister had been…
The philanthropic spirit of Nigeria’s First Lady, Mrs. Oluremi Bola Ahmed Tinubu, shines brightly as she pledges a substantial sum of N950 million to bolster the well-being of police, military retirees, and senior citizens across the nation. This remarkable initiative, part of the Renewed Hope Initiative Elderly Support Scheme, aims to provide financial assistance to at least 250 individuals aged 65 and above who have devoted their lives to public service. In a momentous inaugural event held in Abuja on a Thursday, Mrs. Tinubu underscored the profound importance of this economic empowerment program. Rooted in a deep-seated commitment to the…
President Bola Tinubu has granted approval for the revival and implementation of school feeding programs across basic educational levels as a strategic move to address the challenges faced by out-of-school children. This decision marks a significant shift as the initiative is reinstated several years after the discontinuation during the administration of former President Muhammadu Buhari. The announcement was made by the Minister of Education, Professor Tahir Mamman, during a One-Day Retreat on Quick Wins in the Ministerial Deliverables (2023-2027) held on Thursday, December 21, 2023, in Abuja. Professor Mamman highlighted that President Tinubu has directed the reinstatement of the school…