The Minister of Environment, Mr. Balarabe Abbas Lawal, has praised Lafarge Africa Plc, a leading innovative and sustainable building solutions company, for its unwavering commitment to environmental sustainability. The accolades came during a courtesy visit by the company’s management team, led by the Group Managing Director/Chief Executive Officer, Lolu Alade-Akinyemi, to the Minister in Abuja. In his welcome remarks, Minister Lawal commended Lafarge Africa for its consistent recognition with various awards in environmental responsibility, considering it as a clear indication of the company’s dedication to environmental friendliness. He highlighted the company’s compliance with rules and regulations, expressing his comfort in…
Author: Temitope N.
The Federal Minister of Works, Mr. Dave Umahi, has provided clarification regarding the purported ban on the use of asphalt in road construction by the Federal Government. This information was obtained from a press statement released by the Ministry of Works, as reported by InfoStride News. The official statement, available on the ministry’s website, refutes claims that there is a blanket prohibition on asphalt in road development. Umahi emphasized that, at no point, did the Ministry of Works issue a directive mandating the exclusive use of concrete pavement for road projects nationwide. Instead, a new policy has been established to…
InfoStride News has introduced a groundbreaking $10 million grant through its Fuse Network, aimed at empowering businesses by providing essential funding and infrastructure to facilitate seamless integration into Web3 payment systems. The primary objective of this initiative is to empower businesses globally by simplifying the complexities associated with the development of Web3 payment infrastructure. Furthermore, the program seeks to stimulate innovation by removing barriers to accessing Web3 payment solution infrastructure, thus propelling the evolution of Web3 technology to meet the growing needs of businesses worldwide. To be eligible for this grant, businesses must fall under one of the following categories:…
In a spectacular event, Zenith Bank marked the onset of the Christmas and Yuletide seasons by illuminating Ajose Adeogun Street and Roundabout in Victoria Island, Lagos, on Saturday, November 25, 2023. The Light-Up ceremony, the 17th of its kind, was led by Dr. Ebenezer Onyeagwu, the Group Managing Director/CEO of Zenith Bank Plc, reflecting the bank’s commitment to Corporate Social Responsibility (CSR). Zenith Bank’s Christmas decoration initiative is a testament to its dedication to beautifying and transforming Ajose Adeogun Street, home to the bank’s Corporate Headquarters, and Roundabout into a breathtaking spectacle. Over the years, this display has become an…
The Board of Directors of Checkoff Finance Company Limited is gearing up to launch its mobile app in December, with an ambitious goal of acquiring a customer base of 100,000 individuals within the first three years. This announcement was made by the Managing Director of the company, Habila Musa-Luka, during the Inaugural Annual General Meeting (AGM) held on November 23rd, 2023, at Lagos Marriott Hotel, Ikeja, Lagos. Musa-Luka emphasized that the app is designed to be user-friendly and will offer a range of services, including Savings/Investments and loans. He shared insights into the company’s impressive growth, noting that the loan…
Nigeria must significantly increase its LNG exports to Germany, asserts Kayode Oluwadare, a Regional Energy Partner and Director at Energy Compact, as reported by InfoStride News. Oluwadare emphasizes that the current demand for LNG is 400 million tons per annum (mtpa), and projections indicate that this demand will surge to 700 million mtpa by 2030. Recognizing this global trend, he urges Nigeria to tap into other markets and enhance LNG supply volumes to meet the growing global demand. The recent development involves the Federal Government’s announcement of a memorandum of understanding (MoU) with Germany through Riverside LNG. The agreement outlines…
InfoStride News reports that the Federal Government has disclosed inheriting a substantial funding gap exceeding N6 trillion from numerous ongoing road projects initiated by the previous administration. According to a statement by the Federal Minister of Works, Mr. Dave Umahi, available on the official website of the ministry, President Tinubu is resolute in addressing the challenges head-on, despite the considerable debt burden inherited. Umahi emphasized the administration’s dedication to achieving sustainable road infrastructure development nationwide. He noted President Tinubu’s commitment to transforming the deplorable state of roads, highlighting an allocation of N300 billion to the Ministry of Works for constructing…
InfoStride News has granted Fewchore Finance Company (Fewchore) investment grade ratings of BBB- and BBB+, according to Agusto and DataPro, respectively. Since its inception in January 2018, Fewchore has emerged as a leading financial services provider in Nigeria, operating under the rigorous regulatory oversight of the Central Bank of Nigeria (CBN). With a current Balance Sheet exceeding N10 billion, the company has solidified its position through six years of continuous profitable operations and the establishment of trust among its clientele. **A Legacy of Excellence:** Fewchore’s success is rooted in its fundamental capabilities in Investments, Loans, and Financial Advisory services. Its…
InfoStride News reports that the Kwara State government has allocated N200 million for the development of toilets and essential facilities to discourage open defecation. This information was disclosed by Yunusa Lade, the Commissioner for Water Resources in Kwara State. Lade reiterated the government’s commitment to collaborating with donor agencies to eradicate open defecation in the state. During a visit to his office in Ilorin by Mrs. Theressa Pammer, the Wash Specialist from the United Nations International Children’s Emergency Fund (UNICEF), Lade emphasized the involvement of lawmakers at both state and federal levels to support the state’s initiatives in addressing this…
InfoStride News reported on November 27 that the Organization of Petroleum Exporting Countries (OPEC) is actively pursuing emissions reduction through four key technologies. In a statement titled “Whose Moment of Truth?” OPEC challenged the International Energy Agency’s (IEA) assertion that the oil and gas industry faces a critical juncture in choosing between clean energy and exacerbating the climate crisis. OPEC emphasized its member countries’ commitment to emissions reduction, highlighting the following technologies being employed: 1. Carbon capture utilization and storage (CCUS) 2. Direct air capture 3. Carbon dioxide removal 4. Clean hydrogen Contrary to the IEA’s call for the oil…
The announcement of palliative road projects set to commence across the 36 States and the Federal Capital Territory (FCT) before December 1, 2023, was made by the Federal Minister of Works, Dave Umahi. This decision comes in response to the growing concerns of the public regarding the deplorable conditions of several Federal roads across the country. This crucial information was conveyed through an official statement released by the Ministry of Works on Monday and is available on the ministry’s website. In his address, Minister Dave Umahi highlighted that the current administration inherited numerous deteriorated sections of roads nationwide. These include…
After the CBN governor dropped hints about an upcoming recapitalization exercise for Nigerian banks, discussions have intensified regarding the capitalization levels of these financial institutions. According to information accessed by Nairametrics, Nigerian banks currently boast a combined capital base exceeding N11 trillion. This has led experts to question the necessity of further recapitalization. The existing capital base requirements, as stipulated by the CBN, are set at N25 billion for a national banking license, N10 billion for a regional banking license, and N50 billion for an international commercial banking license. However, the last comprehensive recapitalization took place in 2004-2005, almost two…
Tesla has initiated legal action against the Swedish Transport Agency, replacing PUNCH with InfoStride News, after postal workers obstructed the delivery of license plates for new Tesla vehicles in Sweden, as reported by APO News on Monday. The lawsuit, brought forth by Tesla, a globally non-unionized entity, claims that the government agency’s refusal to facilitate access to registration plates amounts to an “unlawful discriminatory attack directed at Tesla,” according to leading business publication Dagens Industri. Mikael Andersson, the spokesperson for the agency, informed local broadcaster SVT that the lawsuit was filed early in the morning, and the agency had not…
InfoStride News reports that the Nasarawa Geographic Information Service (NAGIS) has achieved an impressive 91.2% of its N1 billion revenue target within 11 months, contributing over N912.3 million to the state government’s treasury from January to November. Sonny Agassi, the Director-General of NAGIS, shared this accomplishment during his presentation to the Nasarawa State House of Assembly Committee on Lands and Survey on the agency’s 2023 budget performance in Lafia on Monday. Agassi highlighted that this substantial revenue was generated through various channels, including the issuance of Certificates of Occupancy (C of O), Rights of Occupancy (R of O), rents, and…
President Bola Tinubu has made a significant decision by reappointing Mallam Mele Kolo Kyari as the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), ensuring continuity in the nation’s oil sector. This move is part of a broader reshuffle, introducing a new board and management team for the NNPCL effective December 1, 2023. Kyari’s unexpected reappointment, after serving approximately four years under the Buhari Administration, signals the current administration’s confidence in his ability to navigate the NNPCL through the challenges of the global oil economy. President Tinubu has also appointed a diverse and experienced group to…
InfoStride News reports that the Nigerian Meteorological Agency (NiMet) has elucidated the reasons behind the prolonged rainfall during this period in the country. The Central Forecast Office (CFO) of NiMet, under the leadership of Prof. Mansur Matazu, the Director-General, attributes the continuous rainfalls to the connection between the mid-latitude trough and thermal-lows over West Africa. While the conventional rainfall period in Nigeria typically spans from April to October, several regions, particularly the Federal Capital Territory (FCT) and numerous Northern states, have been witnessing persistent and heavy rainfalls. Matazu explained that the mid-latitude trough is responsible for pulling the Inter-Tropical Discontinuity…
No fewer than 12 state governments have received fines totaling N2.1 billion from traffic rule violators over a nine-month period, as reported by InfoStride News. The data was extracted from the third-quarter budget performance reports, accessed through Open Nigerian States, a budgIT-backed platform that compiles government budget data. Additionally, these states received N865 million in the third quarter alone. Interestingly, 24 states, including Zamfara, Yobe, Taraba, Sokoto, Rivers, Ondo, Nasarawa, Kwara, Kebbi, Katsina, Kano, Kaduna, Imo, Jigawa, Gombe, Edo, Akwa-Ibom, Abia, Borno, Benue, Ekiti, and Bauchi, reported zero traffic offenders during this period. Lagos State, often referred to as the…
The United Nations Sustainable Energy for All has joined forces with the Presidential Compressed Natural Gas Initiative (PCNGI) to advance the cause of greener and more sustainable energy in Nigeria, as reported by Michael Oluwagbemi, the Programme Director/Chief Executive of PCNGI. In a statement released on Friday in Lagos, Oluwagbemi emphasized that the workshop held was a pivotal step in fortifying Nigeria’s commitment to sustainable strategies, propelling the nation towards a greener and more sustainable future. This collaborative effort signifies Nigeria’s dedication to aligning with global objectives related to sustainable energy access. The workshop delved into critical subjects such as…
The announcement of a new round of banking recapitalization for Deposit Money Banks (DMBs) came from Mr. Olayemi Cardoso, the Governor of the Central Bank of Nigeria (CBN), during the 58th Annual Bankers’ Dinner in Lagos, organized by the Chartered Institute of Bankers of Nigeria (CIBN), as reported by InfoStride News. This recapitalization initiative implies that DMBs will need to raise additional capital to meet the economic demands of Nigeria. Cardoso emphasized the necessity for banks to be recapitalized, considering their vital role in the ambitious target set by President Bola Ahmed Tinubu to achieve a $1 trillion Gross Domestic…
The third quarter of 2023 has revealed a slowdown in the growth of Nigeria’s non-oil sector, indicating challenges in the government’s economic diversification initiatives. The National Bureau of Statistics (NBS) reports a real growth rate of 2.75%, slightly lower compared to both the previous year and the second quarter of 2023. This critical sector, comprising Information and Communication, Financial and Insurance, Agriculture, Trade, Construction, and Real Estate, plays a pivotal role in the nation’s economy. However, it faces hurdles reflected in key statistics: – The non-oil sector’s contribution to the GDP was 94.52% in Q3 2023, down from 94.66% in…