Infostride News has learned that a Nigerian startup utilizing a delivery app to streamline deliveries for businesses and individuals has officially ceased operations after two years in the market. The shutdown of DropX adds to the increasing number of Nigerian startups facing closure in 2023 due to the challenging economic landscape. Founded in 2021 by Praise Alli-Johnson and Oluwatope Liasu, DropX entered the market with ambitious goals, aiming to revolutionize local deliveries in Abuja by connecting businesses and individuals with efficient and reliable services. Despite an initial surge in interest, the startup faced numerous challenges that ultimately led to the…
Author: Temitope N.
The Lagos State Government is set to revolutionize its public transportation system with the introduction of 50 electric buses for passenger operations in the pilot phase scheduled for 2024. This progressive move comes on the heels of successfully completing the proof of concept, affirming the viability of non-combustible engines as a sustainable alternative to fuel-powered vehicles. Governor Babajide Sanwo-Olu announced this initiative during the commissioning of the Ikeja overpass flyover, a crucial component along the Lagos Rail Mass Transit (LRMT) Red Line corridor, on December 19, 2023. Governor Sanwo-Olu emphasized that the deployment of these electric buses aligns with Lagos…
The suggestion to impose a ban on the importation of used vehicles from the years 2000 to 2007 into Nigeria was put forward by Joseph Osanipin, the Director-General of the National Automotive Design and Development Council (NADDC). This proposal was made during a Public Sector Engagement on the Implementation of the Nigerian Automotive Industry Development Plan (NAIDP 2023-2033) that took place in Abuja on a Tuesday. Osanipin outlined the NADDC’s intent to collaborate with pertinent agencies to establish a maximum age limit of 20 years for imported used vehicles. The primary objective behind this initiative is to invigorate the local…
Infostride News has learned that President Tinubu has authorized a significant 50% discount on road transport travel throughout Nigeria, effective from December 21, 2023, to January 4, 2024. This noteworthy announcement was made by the Minister of Solid Mineral Development, Dele Alake, during a press briefing at the statehouse. Alake, who also serves as the chairman of the Inter-ministerial Committee on Presidential Intervention, provided comprehensive details about the initiative, emphasizing its role in enhancing the lives of Nigerians, especially during the festive season. The committee, comprising Alhaji Mohammed Idris (Minister of Information and National Orientation), Saidu Alkali (Minister of Transportation),…
Infostride News recently reported on the challenges faced by the Nigeria Deposit Insurance Corporation (NDIC) in ensuring the prompt and accurate reimbursement of deposit insurance payouts to failed bank depositors. In a presentation at an Editors Forum in Ikeja, Lagos, Dr. Kabir S. Katata, the Director of the Policy and International Relations Department of NDIC, shed light on the significant obstacles hindering efficient reimbursement processes. One of the primary issues identified by the corporation is the lack of early access to accurate depositor information. This limitation is exacerbated by the poor quality of depositor records maintained by banks, making it…
Adobe has decided to abandon its ambitious $20 billion acquisition of Figma, a startup that rapidly gained prominence for its design app and website interface capabilities. The tech giant made this announcement after facing significant challenges in obtaining regulatory approvals from both the European Commission and the UK’s Competition and Markets Authority (CMA), as reported by CNBC. In a joint statement issued on Monday, December 18, the two companies revealed that, in light of the regulatory roadblocks, they saw “no clear path” forward for the deal. The termination of this acquisition comes with a hefty price for Adobe, as they…
Petrol prices in Nigeria are witnessing a surge, ranging from N660 to N700 per litre across various states, as reported by Infostride News on Monday, December 18. The increase in fuel costs is attributed to multiple factors, with the yuletide season exacerbating the upward trend. A critical driver behind this surge is the removal of fuel subsidies, a move that has rendered petrol prices more responsive to market dynamics. The ongoing foreign exchange crisis in Nigeria is playing a pivotal role, posing significant challenges to independent fuel marketers attempting to import petroleum products independently. Independent fuel marketers are grappling with…
The Chairman of the National Drug Law Enforcement Agency (NDLEA), Brig. Gen. Buba (rtd), has disclosed a staggering achievement in the agency’s relentless efforts to combat illicit drugs and substances across the nation. Over the course of three years, the NDLEA has successfully seized a substantial 7,590 tons of these prohibited substances, amounting to an estimated value exceeding N800 billion. This significant milestone was revealed during a visit to the NDLEA headquarters in Abuja by the Chief of Defence Staff (CDS), Gen. Christopher Musa, on a Monday. In addition to the colossal drug seizures, the agency has been unwavering in…
A Federal Capital Territory High Court in Abuja recently issued a consequential order, directing the freezing of accounts belonging to the Oyo State Government in ten major commercial banks across the country. This development stems from an outstanding judgement debt of N3.5 billion, and the order was issued as part of a garnishee proceeding initiated by former council leaders in Oyo State who were relieved of their positions on May 29, 2019, by Governor Seyi Makinde. These dismissed Local Government Chairmen and Councillors had secured a substantial judgement in 2021, amounting to N4.9 billion against Governor Makinde and various state…
Infostride News reported that Wema Bank recently concluded a successful fund-raising venture, securing an impressive N40 billion earlier this month. This strategic move comes amidst anticipation within the banking sector of a potential recapitalization exercise. The bank, however, doesn’t plan to stop there, as it now eyes additional funds through either a share placement or a public offer. Tunde Mabawonku, the Chief Financial Officer of Wema Bank, disclosed that the ongoing share sale is scheduled to conclude on December 29. He emphasized that the outcome of this sale would be instrumental in significantly bolstering shareholder funds, projecting a remarkable increase…
Infostride News’ recent coverage of NAFDAC’s decisive crackdown on counterfeit wine factories and other illicit operations in Abia State has stirred a wave of reactions across social media platforms. Nigerians are expressing their deep concerns about the apparent oversight lapses in both NAFDAC and SON, questioning how the proliferation of fake products could reach such alarming levels. Many users are actively engaging in discussions, raising important queries about the effectiveness of NAFDAC’s monitoring mechanisms and the contributing factors that allowed the problem to escalate to its current extent. This has prompted a broader dialogue on the overall regulatory framework and…
Telecommunications giants operating in Nigeria, namely MTN, Airtel, and Globacom, have received a directive from the Nigerian Communications Commission (NCC) to enforce full network barring on all phone lines lacking associated national identification numbers (NINs) by February 28, 2024. This regulatory measure, aimed at enhancing security and identity verification, is part of the ongoing efforts by the Nigerian government to streamline and fortify its National Identity Management system. In a notice submitted to the Nigeria Stock Exchange, MTN Nigeria disclosed the specific timelines and conditions for the implementation of this directive. Notably, subscribers who have submitted their NINs but await…
Infostride News has reported on a significant breakthrough by the National Agency for Food and Drug Administration and Control (NAFDAC) in Aba, Abia State. This federal agency successfully uncovered and dismantled a notorious counterfeit beverage syndicate operating within the Eziukwu Market, commonly known as Cemetery Market. This intervention by NAFDAC comes after weeks of strategic intelligence gathering and collaboration with various security agencies to address the long-standing criminal activities rampant in the market. The counterfeit beverage syndicate, operating like a well-established cartel, was involved in the production of a wide range of fake beverages, including wines, soft drinks, and various…
Infostride News reports that the Egbin Power Station, a vital component of Nigeria’s power infrastructure, has temporarily ceased operations for maintenance on a crucial gas pipeline. This development, effective from 11:13 hours on December 18, 2023, is slated to last for three days, resulting in a substantial reduction in the national power grid’s capacity. As a cornerstone in the nation’s power generation framework, Egbin Power Station typically contributes a noteworthy 676MW of bulk power to the national grid. The shutdown is imperative to facilitate essential maintenance work on the gas pipeline supplied by the Nigeria Gas Company (NGC). This maintenance…
This hiatus was triggered by an unnoticed abuse report, an issue that had flown under the radar until it resulted in a significant setback. Investigations by Infostride News unveiled that the website had been inaccessible for approximately 12 hours, displaying a “Web server is down” error message. The Founder of Infostride News, Seun Osewa, revealed through a social media platform (X) that the site’s hosting service suspended operations after discovering this unaddressed abuse report, which dated back to earlier in the month. Osewa took to Twitter to narrate the sequence of events and the challenges faced in efforts to restore…
Google has recently announced a significant settlement in the amount of $630 million to be paid to its United States consumers, concluding a dispute related to the app distribution policies of the Play Store. Additionally, the tech giant will contribute an additional $70 million to a fund designated for use by the states, resulting in a comprehensive settlement totaling $700 million. This resolution stems from a class action lawsuit filed by U.S. states and consumers in 2021, asserting Google’s monopoly over app distribution on Android through its Play Store. The company had reached a tentative settlement in September of the…
Infostride News, a prominent source of information, reports that the National Agency for Food and Drug Administration and Control (NAFDAC) has embarked on a pivotal initiative to ensure the safety of pharmaceuticals in Nigeria. This initiative involves the unveiling of a comprehensive database, aptly named the ‘NAFDAC Green Book,’ which contains detailed information on 6,432 registered pharmaceutical products. The primary objective of this database is to empower the public with easy online access, enabling them to verify the authenticity of drugs. Prof. Mojisola Adeyeye, the Director General of NAFDAC, officially launched the ‘NAFDAC Green Book’ during a media parley, underscoring…
Infostride News: The Presidential Council on Industrial Revitalization has taken a significant step forward by establishing a Technical Working Group comprising members from key entities such as the Central Bank of Nigeria (CBN), the National Identity Management Commission (NIMC), and the Federal Competition and Consumer Commission (FCCPC). The move aims to formulate a comprehensive framework that enhances consumer credit in Nigeria, addressing various challenges hindering access to credit across the nation. Alongside representatives from the National Insurance Commission (NAICOM), the National Institute of Credit Administration (NICA), the Bank of Industry (BOI), and the Federal Inland Revenue Service (FIRS), the Technical…
In a significant move towards prioritizing the well-being of senior citizens, Governor Godwin Obaseki of Edo State has given his approval for the implementation of a groundbreaking initiative – free health insurance for pensioners. With an earmarked budget of N1 billion, this initiative is poised to revolutionize healthcare accessibility for retirees in the state, embodying the government’s unwavering commitment to delivering high-quality and affordable healthcare services. Dr. Rock Amegor, the Director-General of the Edo State Health Insurance Commission, officially unveiled this transformative program during an announcement made in Benin on Tuesday. The primary objective of the initiative is to address…
Infostride News reported on Tuesday the successful conclusion of a transcontinental police operation led by INTERPOL, targeting online financial crime and resulting in almost 3,500 arrests. The operation, known as HAECHI IV, spanned six months from July to December 2023, with a focus on combating seven types of cyber-enabled scams: voice phishing, romance scams, online sextortion, investment fraud, money laundering associated with illegal online gambling, business email compromise fraud, and e-commerce fraud. Authorities from 34 countries participated in Operation HAECHI IV, including Argentina, Australia, Brunei, Cambodia, Cayman Islands, Ghana, Hong Kong (China), India, Indonesia, Ireland, Japan, Kyrgyzstan, Laos, Liechtenstein, Malaysia,…