In a significant move towards fostering innovation and excellence, Infostride News, a prominent pan-African shares registrations, and business solutions provider, has officially launched its newly renovated and upgraded office building. This state-of-the-art facility, strategically situated in the heart of Lagos, Nigeria, signifies Infostride News’ dedication to providing its employees with an advanced workspace that encourages collaboration, creativity, and productivity. The company proudly announced that the revamped building boasts modern amenities, incorporates sustainable design elements, and features flexible workspaces tailored to meet the evolving needs of its workforce. The move aligns with Infostride News’ ongoing commitment to staying at the forefront…
Author: Temitope N.
Infostride News Reports: Jumia Food, the food delivery arm of e-commerce giant Jumia Technologies, has unveiled plans to cease operations in Nigeria and six other countries by the end of December, as part of a strategic shift to concentrate on bolstering its core online retail business. This decision was revealed in the wake of Jumia Technologies’ third-quarter results, where the company reported a noteworthy 67 percent reduction in losses compared to the previous year. The reduction was attributed to aggressive cost-saving initiatives aimed at steering the company toward profitability. In an official statement, Jumia emphasized that the move aligns with…
In the wake of widespread public criticism over the allocation of N57.6 billion for the procurement of 360 Sport Utility Vehicles (SUVs) for National Assembly members, there is a growing consensus urging the government to explore leasing as a strategic avenue to mitigate the escalating costs of governance amid the country’s revenue challenges. This discourse gains traction as concerns intensify about the judicious use of funds, particularly at a time when the nation is grappling with economic constraints. Leasing experts contend that the adoption of leasing could offer a viable solution to curbing the substantial capital expenses associated with political…
In a recent address at a digital currency conference in Seoul, the Managing Director of the International Monetary Fund (IMF), Kristalina Georgieva, emphasized the urgent need for comprehensive regulation within the cryptocurrency space. This call to action aims to protect global financial stability in the face of the potential threats posed by the widespread adoption of cryptocurrencies. During the conference, which was organized in collaboration with the South Korean government and central bank, Georgieva expressed concerns about the macro-financial stability risks associated with the growing popularity of cryptocurrencies. She underscored the importance of effective regulation to prevent disruptions in monetary…
In a recent revelation by the Comptroller General of the Nigeria Customs Service (NCS), Adewale Adeniyi, it has been disclosed that an astounding 70 percent of the service’s total revenue is generated from Lagos State. The significance of this contribution underscores the pivotal role that Lagos plays in the economic landscape of Nigeria. The announcement was made during the CGC 2023 Conference held in Lagos, themed ‘Leveraging Data Analytics for Secure and Efficient Trade Facilitation in Customs operations.’ During his address, Adeniyi highlighted the close collaboration between the Nigeria Customs Service and the Lagos State Government, emphasizing their shared commitment…
A recently released World Bank report highlights that over the past 40 years, Nigeria and other developing countries collectively spent a staggering $441 billion on debt servicing. Infostride News, through its access to the International Debt Report for 2023, revealed that Nigeria emerged as the top recipient of fresh loans from the World Bank in 2022, securing $2.9 billion, while Tanzania closely followed with $2.7 billion in new financing during the same period. The debt situation in Nigeria is further underscored by the Debt Management Office’s external debt stock report, which discloses that as of June 30, 2023, Nigeria’s outstanding…
In a significant development announced on Thursday, the Federal Government revealed that Nigeria’s power sector has experienced a substantial boost in liquidity, soaring from N282 billion in 2015 to the current figure of N900 billion. This positive shift was highlighted during the Ministerial Retreat on the Integrated National Electricity Policy and Strategic Implementation Policy, as reported by Infostride News. Liquidity, as defined in financial terms, pertains to the ease and efficiency with which an asset or security can be converted into ready cash without impacting its market price. The most liquid asset of all is cash itself. During a presentation…
In a momentous event on Thursday, the Governor of Lagos State, Babajide Sanwo-Olu, inaugurated the Leonardo AW 109 Level 5 Simulator at the Caverton Helicopters Aviation Training Centre located in Murtala Muhammed International Airport, Lagos. This significant addition to the aviation training infrastructure was met with praise from the governor, who commended Caverton’s founder and chairman, Aderemi Makanjuola, and the management for their impactful contributions to the Nigerian economy through job creation. During his address, Governor Sanwo-Olu acknowledged Makanjuola’s entrepreneurial spirit, highlighting the uncommon terrain of Caverton’s business operations and expressing admiration for the strides made by the company under…
In a groundbreaking move, the Federal Government, spearheaded by the Nigeria Data Protection Commission (NDPC), officially launched the Nigeria Data Protection Strategic Roadmap and Action Plan (NDP-SRAP 2023-2027) in the capital city, Abuja, on Wednesday. The unveiling of this strategic action plan sets the stage for a transformative journey, not only in safeguarding data but also in contributing significantly to economic growth and job creation. The NDPC, led by National Commissioner Dr. Vincent Olatunji, emphasized the pivotal role the NDP-SRAP plays in achieving the commission’s mandate of establishing a robust data protection sector. The launch event, marked by a simultaneous…
In a remarkable financial ascent, Grammy Award-winner Beyoncé Knowles is on the verge of joining the exclusive billionaire club, with Forbes currently estimating her net worth at an astounding $800 million. This recent evaluation signifies a significant leap from her position in June, when she secured the 48th spot on Forbes’ annual list of the wealthiest self-made women in America, boasting a net worth of $540 million at that time. The primary catalyst for this surge in her net worth is attributed to the phenomenal success of her Renaissance World Tour. The tour, spanning 39 cities in 17 countries from…
In a significant development for Nigerians living abroad, the Minister of Housing and Urban Development, Arch. Ahmed Dangiwa, has unveiled plans for the introduction of the Diaspora Mortgage Housing Scheme in February 2024. This initiative is specifically designed for Nigerians residing in the United Kingdom, United States of America, and Canada. The announcement came during a meeting in the minister’s office in Abuja, where he received Hon. Abike Dabiri-Erewa, the Chairman of Nigerians in Diaspora Commission (NiDCOM), and other members of the management staff. The proposed launch of the Diaspora Mortgage Housing Scheme in the UK, USA, and Canada aims…
In a groundbreaking revelation during the presentation of the 2024 budget to the Borno State House of Assembly in Maiduguri, Governor Babagana Zulum of Borno State shared the remarkable success of his administration in facilitating the resettlement of over one million displaced persons affected by the insurgency crisis. This massive initiative has seen the establishment of more than 20,000 newly constructed homes across the ancestral communities of the affected individuals. Governor Zulum attributed the success of the resettlement and the subsequent closure of many Internally Displaced Persons (IDP) camps in the state to the improved peace that has prevailed. He…
In a significant move to address the ongoing challenges posed by the COVID-19 pandemic, Governor Dikko Radda of Katsina State officially initiated the second tranche disbursement of a substantial N1.7 billion COVID-19 relief package. The aim is to provide crucial support to vulnerable individuals and communities grappling with the economic fallout of the pandemic across the state. The inauguration ceremony, held in Katsina, underscored the strategic importance of this initiative within the broader framework of the region’s COVID-19 Action Recovery and Economic Stimulus Plan. Governor Radda, in his address to the gathering, highlighted the multifaceted nature of the program, specifically…
In a significant stride toward fortifying national security, the Nigeria Customs Service (NCS) has unveiled its strategic plan to implement a groundbreaking Radiological and Nuclear Detection Program. The announcement was made by the Comptroller-General of Customs, Bashir Adewale Adeniyi, during the inauguration of a 4-Day Capacity Building Workshop organized by the World Customs Organization (WCO). This transformative initiative is geared towards bolstering the country’s defenses against the smuggling of nuclear materials. Representing the CGC at the workshop, Assistant Comptroller General Malanta Yusuf underscored the importance of the program, emphasizing its role in equipping participants with the technical expertise necessary to…
The simmering political turmoil in Rivers State has taken a dramatic turn with the voluntary resignation of four additional commissioners, further deepening the crisis within the state executive council. The latest to tender their resignations are George-Kelly Alabo, the Commissioner for Works, and Inime Chinwenwo-Aguma, who held the portfolio for the Ministry of Social Welfare and Rehabilitation. Their decision to step down was officially communicated through resignation letters dated December 14, addressed to the state governor, Siminalayi Fubara, and submitted via the Secretary to the State Government. This latest development follows the recent resignation of Prof Zacchaeus Adangor, the Commissioner…
In a recent announcement, the Ogun State Government has disclosed that the newly approved Kajola Dry Port holds the promise of generating a minimum of 40,000 jobs once it becomes operational. The revelation was made by the Commissioner for Transportation in the state, Olugbenga Dairo, through an official statement issued in Abeokuta on Thursday. Commissioner Dairo emphasized that the impact of the Kajola Dry Port goes beyond job creation. It is expected to contribute significantly to reducing transport and transaction costs, attracting investments in infrastructure and regional development projects, and enhancing internal revenue generation for the state, among other positive…
In a significant development, the Federal Capital Territory Water Board has witnessed a remarkable revenue growth, with reported earnings reaching N3.1 billion from January to November 2023. The acting Managing Director of the Board, Mr. Daniel Salka, made this announcement during a comprehensive end-of-the-year media briefing held in Abuja on Thursday. Highlighting the positive trend, Salka emphasized that the reported figure exceeded the N2.5 billion generated in the corresponding period of 2022. He went on to shed light on the Board’s monthly Internally Generated Revenue (IGR), revealing a substantial increase from approximately N200 million to surpassing N300 million. Salka positioned…
In a recent plenary session on Thursday, the Imo State House of Assembly approved the state’s N592 billion Appropriation Bill for the 2024 fiscal year. This development, reported by the News Agency of Nigeria (NAN), marks a significant step forward in the state’s financial planning. Named the “Budget of Renewed Economic Growth,” the approved budget delineates N101.99 billion, constituting 17%, for recurrent expenditure, while N491.200 billion, representing 83%, is allocated for capital expenditure. The budget’s structure reflects a strategic allocation of resources to fuel developmental projects that aim to benefit the state’s populace. During deliberations on the bill, Majority Leader…
In a recent disclosure before the House Committee on Finance in Abuja, Mr. Muhammed Bello Shehu, the Chairman of the Revenue Mobilisation and Fiscal Commission (RMAFC), revealed that the commission is set to implement a new revenue-sharing formula for Nigeria in the first quarter of 2024. This significant development comes as the nation grapples with financial challenges and seeks to address the burgeoning debt crisis. During the hearing, Chairman Shehu affirmed that President Tinubu had been briefed about the impending changes in the revenue-sharing formula. He emphasized that the proposed formula would undergo a rigorous legislative process, requiring approval from…
In a significant development, the federal government, under the leadership of President Bola Tinubu, has unveiled plans to establish a dedicated committee tasked with the comprehensive review of existing tax waivers granted to individuals and organizations nationwide. The crucial announcement was made by the Minister of Information and National Orientation, Mohammed Idris, following a pivotal Federal Executive Council meeting. The primary motivation behind this strategic move is the government’s urgent need for additional revenue to bolster development projects aimed at enhancing the quality of life for all Nigerians. Minister Idris underscored the importance of scrutinizing the current system of tax…