The Minister of Power, Adebayo Adelabu, has explained how a private company reportedly held on to N32bn paid into its account in 2003 for the supply of three million prepaid metres. According to a statement by the minister’s Special Adviser, Strategic Communications and Media Relations, Bolaji Tunji, on Wednesday, the Federal Government had entered a tripartite agreement with Messrs Ziklagsis Network Limited and Unistar International in 2003 for the supply of three million meters to distribution companies in the country, within three years. The statement indicated that to kick start the project, a revolving metering loan of N32bn was released…
Author: Temitope N.
There are concerns among Nigerians that further increases in electricity tariffs could worsen their economic situation, although the government and operators have consistently called for cost-reflective tariffs, write DARE OLAWIN As it happened with fuel subsidy, the government and major players in the power sector have all agreed on the need to allow customers to pay for the electricity they consume. To them, electricity is no more a service, but a commodity that must be fully paid for by whoever is ready to buy it. While those in the government have been clamouring for an end to the electricity subsidy…
FBN Holdings has appointed the former Chief Executive Officer of Europe, Middle East, Africa and Americas of Standard Chartered Plc, Viswanathan Shankar, and former banker, Olusola Adeeyo, as independent non-executive director and a non-executive director, respectively. In a notice filed with the Nigerian Exchange Limited, the financial institution revealed that it also appointed three new directors for the board of its banking subsidiary, FirstBank. This marks the first set of changes on the board as billionaire businessman, Femi Otedola, took over the reins as chairman of the HoldCo in January. The company also announced Remilekan Odunlami as non-executive director for…
The Association of Chief Audit Executives of Banks in Nigeria has called for cooperation among lenders in the country to boost cybersecurity in the sector. This recommendation was contained in the communiqué issued at the end of the association’s annual general meeting and retreat held in Abuja recently. The association advocated the establishment of an assurance community of information security, internal audit, internal control/systems control, compliance, and risk management departments by banks to collaborate regularly, share insights and monitor cybersecurity-related initiatives and projects. The week-long event with the theme ‘The Role of the Internal Auditor in Promoting Stability in the…
After three days of bearish trading, the Nigerian Exchange gained N74bn on Thursday. The equity market had lost N469bn in three days on the back of sell-offs. The All-Share Index climbed by 0.13 per cent to 104,387.47 points, while market capitalisation rose to N59.02tn, improving the bourse’s year-to-date return to 39.6 per cent. Market activity surged, as volume rose by 12.78 per cent to 336.82 billion units and the value of transactions appreciated by 35.74 per cent to N9.29bn, while total deals were up by 6.57 per cent to 8,790. The exchange recorded more losers (29) than gainers (22), though…
The Governor of Cross River State, Bassey Otu on Thursday commissioned a 20-kilometre road constructed by Lafarge Africa Plc. According to a statement, the cement manufacturing company started the road construction in 2010 as an evacuation corridor that spans from Mfamosing, its operational base through Abiati, Etamkpini, and terminates at Odukpani junction by the Ayade’s Flyover. During the commissioning, Otu commended Lafarge for living up to its Corporate Social Responsibility. He expressed optimism that the 20-kilometre evacuation road would reduce traffic from the town for Lafarge trucks and other commuters. He said, “Development comes with implications. When you have a…
The Minister of Communications and Digital Economy, Bosun Tijani, has announced plans to spearhead a global collaboration aimed at enhancing the protection of undersea cables. The minister made this disclosure on social media platform, X (formerly Twitter) on Sunday. This comments came against the backdrop of undersea cable cut that has affected Ghana, Togo, Senegal, among others. Recognising the critical role these cables play in the digital economy, Tijani emphasised the need to review international laws and foster partnerships with regional and global bodies to accelerate efforts to safeguard this vital infrastructure. Assuring those affected by the disruptions, Tijani stated…
The National Institute for Pharmaceutical Research and Development is partnering with the African Pharmaceutical Technology Foundation to address technology gaps in Nigeria’s pharmaceutical and vaccine sectors. A statement by the group said this was in line with the Presidential initiative to unlock the health sector value chain of the Federal Ministry of Health. It revealed that further to approval by the Coordinating Minister of Health and Social Welfare, Prof. Muhammad Ali Pate, the first day of the high-level dialogue on 18 March 2024, was targeted at identifying and addressing sector-wide contextual technology gaps in pharma, vaccines, and related industries. It…
Some radio broadcasters in Nigeria have benefitted from data journalism training to improve their productivity on the job. The training organised by the Broadcast Radio Master Class with support from the Centre for Journalism Innovation and Development was aimed at harnessing the potential of data-driven storytelling to revolutionise radio broadcasting in Nigeria. According to a release, throughout the programme, Nigerian radio professionals, including presenters, content producers, news editors, and reporters, were immersed in a comprehensive curriculum designed to enhance their storytelling capabilities through the integration of data journalism. BRMC stated that the training underscored the importance of data in crafting…
Life insurer, African Alliance, has disbursed over N1.1bn in claims within the first 58 days of the year. The Managing Director of the insurance firm, Joyce Ojemudia, disclosed this in a statement made available to The Infostride News on Sunday. She expressed the firm’s commitment to swiftly settling the claims of its policyholders. “African Alliance remains committed to swiftly and professionally settling all valid claims, ensuring enduring happiness and satisfaction for our valued customers. “From 2019 to 2023, the African Alliance exemplified this commitment by disbursing an impressive sum of over N40bn. This substantial payment spanned diverse business units, as…
Coronation Group has said that the private sector is critical in the development of infrastructure in the country and globally. This was stated in the maiden infrastructure report released by the firm recently. The report said that with the dwindling public resources, private sector investment would be a solution for bridging funding gaps and unlocking infrastructure projects, leading to innovation, job creation, and stimulating economic activity. The Managing Director of Coronation Asset Management, Aigbovbioise Aig-Imoukhuede, captured the significance of the maiden Coronation Infrastructure Report, saying it would foster dialogue on infrastructure financing across Africa. “With infrastructure playing a critical role…
The activities of investors positioning themselves ahead of the dividend-paying season led to another positive week as the Nigerian Exchange gained N2.12tn in the past week. The All-Share Index appreciated by 3.71 per cent week-on-week, reaching 105,085.25 index points. In tune with the movement of the ASI, the total market capitalisation of listed equities rose by 3.71 per cent to close the week at N59.42tn, indicating a 45.21 per cent year-to-date returns for investors. The surge was propelled by renewed bullish sentiment in financial stocks on the back of expected corporate releases. Despite the overall bullish sentiment and the upward…
The National Institute of Credit Administration has said the availability of loans with low interest rates and flexible repayment terms will boost the profitability of Small and Medium scale Enterprises. In a statement made available to our correspondent on Sunday, the Chief Executive Officer of NICA, Prof. Chris Onalo, said a business-friendly loan would encourage intending and existing entrepreneurs to borrow to start new businesses and expand existing ones. He stated, “It is difficult for businesses to break even with high-interest rate loans because the SMEs have other high operating costs, which will make repayment a challenge to them. To…
The Senate has warned the executive against increasing the budget size through a supplementary budget, advising the government to use the excess savings that are expected to be made from the recent depreciation of the naira to fund deficit. This came against the backdrop of the depreciation of the local currency against the United States dollar from N900/$r to over 1,500/$, following a series of moves by the Central Bank of Nigeria to unify the parallel and official market exchange rates of the naira. The National Assembly had in December moved the 2024 budget benchmark exchange rate from N750/dollar sent…
Stakeholders in the housing sector have called for a review of the 2024 housing budget to meet up with current realities. In an exclusive interview with The Infostride News, the Executive Secretary of the Association of Housing Corporation of Nigeria said the review of the 2024 budget projection was inevitable. He said, “Between January and now, so many things have changed in the economy. The exchange rate has gone up beyond every projection initiated at the beginning of the year as a parameter for budget preparation. With a sudden rise in the exchange rate, which has surpassed the initial figure used…
Environment experts have recommended the restoration of forest habitats to mitigate the current heat wave emanating from climate change. The experts spoke on the back of the current heat wave that has added credence to the fight against global warming and climate change. The Executive Director of the Global Initiative for Food Security and Ecosystem Preservation, Michael David, said the heat wave is a function of the drying up of streams and rivers. He urged Nigerians to plant more trees and restore forest habitats in homes to mitigate climate change. “To address the impact of heat wave and the drying…
Notore Chemical Industries has announced the appointment of Femi Agbaje as the new chairman of its board of directors. The appointment comes more than three years after former Nigerian Head of State, Yakubu Gowon, retired from the company’s board on January 28, 2021. According to a statement filed with the Nigerian Exchange Limited, the Group Chief Legal Officer/Company Secretary, Otivbo Saleh, said that the appointment will be until the completion of the company’s private placement transaction. Part of the statement read, Notore Chemical Industries Plc (“Notore” or “the Company”) hereby notifies the Nigerian Exchange Limited and the investing public of…
Peter Obi, the Labour Party’s Presidential Candidate in the 2023 general election, has criticized the Accountant General of the Federation for conducting a workshop for State Commissioners of Finance in London while Nigerians face economic hardship. In a statement on Saturday, Obi noted that the Accountant General of the Federation’s office demonstrates a lack of sensitivity to the country’s troubling situation through this action. The past governor of Anambra State asserted that Nigerians should come together to disavow and decry such wasteful activities. Writing on his X handle Obi said “Nigerians must vehemently denounce and condemn the decision of Nigeria’s Accountant-General’s…
Ned Nwoko, the senator for Delta North senatorial district, has disclosed that he receives more than N1 billion for constituency projects. Nwoko, during a recent interview, mentioned that the allocation of resources to senators often varies based on the magnitude of their constituency projects, indicating that it’s not uncommon for some, including himself, to receive larger amounts. This revelation is coming amid the recent controversy of budget padding alleged by Senator Abdul Ningi of the 2024 budget with an extra N3.7 trillion, a fund not tied to any extra project. While the Red Chamber has denied any wrongdoing, some senators have come…
Niger’s junta has with immediate effect revoked all military agreements that facilitated the stationing of U.S. Department of Defense’s military and civilian staff on its territory. This was shared in a statement by Colonel Amadou Abdramane, the spokesperson for the junta in a broadcast on Saturday. This decision comes after a recent visit from U.S. officials, headed by Assistant Secretary of State for African Affairs Molly Phee and General Michael Langley, the commander of U.S. Africa Command, earlier this week. Abdramane, addressing the nation on television, criticized the U.S. delegation for not adhering to diplomatic protocol, noting that Niger was…