InfoStride News reported that the recent weather outlook, as released by the Nigerian Meteorological Agency (NiMet) on Thursday, predicts sunshine and dust haze across the country from Saturday to Monday. NiMet’s forecast indicates that states in the North and North Central geo-political zones should expect moderate dust haze on Friday with horizontal visibility of 2Km to 5Km. Specifically, Yobe, Borno, Jigawa, and Kano States are anticipated to experience horizontal visibility localized to less than or equal to 1,000m during the forecast period. Inland states in the South are expected to have patches of clouds with sunshine, while coastal regions will…
Author: Temitope N.
The Chairman of the Presidential Committee on Tax and Fiscal Policy Reform, Taiwo Oyedele, voiced concern about the annual loss of up to N6 trillion in tax waivers in Nigeria, equivalent to the country’s yearly revenue. Oyedele disclosed this during an appearance on the “Sunrise Daily” program on InfoStride News, dated November 24, 2023. Confirming the Senate’s recently quoted figure for tax waivers, Oyedele emphasized the lack of measurement regarding the economic impact of these substantial waivers. He expressed dismay, stating that the amount given away annually is significant compared to the country’s revenue base, which was just around N6…
A UNESCO estimate reveals the pressing need for an additional 24.4 million primary school teachers and nearly 44 million secondary school teachers in Sub-Saharan Africa to achieve universal basic education by 2030. This critical issue took center stage in a recent webinar hosted by InfoStride News, attracting over a hundred participants, including experts, education professionals, and teachers, to explore various aspects of the challenge. The webinar covered diverse topics such as teacher motivation, working conditions, governance and management, utilization of information and communication technologies, and recruitment policies. Mr. Dimitri Sanga, Director of the UNESCO Office in Dakar, commended teachers for…
InfoStride News reported that the Nigeria Police Force (NPF) has apprehended politician Ambassador Wilfred Bonse in connection with the theft of over N200 million from Patricia Technologies’ crypto wallet. According to ACP Olumuyiwa Adejobi, the Force Public Relations Officer, Bonse assisted hackers in laundering N50 million from the stolen funds. The NPF, through its National Cybercrime Center (NPF-NCCC), is actively investigating the case involving criminal conspiracy, unauthorized computer system modifications, network data breaches, and the unlawful diversion of funds, as outlined in a petition to the Inspector General of Police. Providing insights into the alleged theft, cryptocurrency wallet conversions, and…
During the bustling shopping month of Black Friday, Amazon workers have chosen to express their dissatisfaction by participating in strikes, protesting against the labor practices of the U.S. e-commerce giant. Over 1,000 employees at the Coventry warehouse have reportedly walked out, joining an international movement with strikes planned across Europe and the USA. The global “Make Amazon Pay” campaign, coordinated by the UNI Global Union, has orchestrated strikes and protests in over 30 countries during the period from Black Friday to Monday, which follows the U.S. Thanksgiving holiday and is known for retailers offering substantial discounts. While Black Friday has…
Infostride News: TCN’s MD, Sule Abdulaziz, emphasizes the agency’s commitment to tackling corruption, unveiling a preventive guide handbook during an anti-corruption awareness program in Abuja. Abdulaziz, represented by TCN’s Executive Director, Human Resources and Corporate Services, Justin Ododo, highlights the severity of corruption and the establishment of the Anti-Corruption and Transparency Unit (ACTU) as a proactive measure. He stresses the handbook’s significance in preventing corruption, urging staff to engage actively, internalize its content, and apply its principles in their daily activities. Emphasizing its role in fostering a corruption-resistant workplace culture, Abdulaziz encourages the staff to see the handbook as more…
Dele Alake, the Minister of Solid Minerals Development, has emphasized the necessity of fostering inter-agency collaboration to realize the current administration’s goal of implementing reforms in the mining sector, aiming to position solid minerals as a significant contributor to the nation’s Gross Domestic Product (GDP). Alake made this assertion during a meeting with the Minister of Information and National Orientation, Mohammed Idris, in his office on Thursday in Abuja. In a statement released by his Special Assistant (Media), Segun Tomori, the minister acknowledged the pivotal role played by his information counterpart in supporting the current administration’s rise to power. He…
In a recent legal development reported by Infostride News, a Kano High Court granted bail to the former Managing Director of Kano Agricultural Supply Company, Bala Muhammad, and his son, Bala Jnr., who are facing charges related to the alleged diversion of N4 billion in state funds. The case, which has been a subject of investigation by the Kano State Public Complaints and Anti-Corruption Commission, involves accusations of criminal breach of trust, making false statements or returns, and official corruption. The legal proceedings began with the arraignment of Bala Muhammad before Justice Hafsat Sani. On November 2, 2023, he was…
Infostride News has reported that the Nigerian Exchange Limited (NGX) is urging the Federal Government and the Central Bank of Nigeria to give priority to listed corporates in their procurement processes and foreign exchange access. Temi Popoola, the CEO of NGX, emphasized that such an approach could incentivize more companies to list on the Exchange, offering a potential solution to the prevailing foreign exchange challenges in the country. Speaking at the recent MTN Capital Markets Day, Popoola expressed enthusiasm about President Bola Tinubu’s administration and its renewed hope agenda. He sees this as an opportunity to collaborate with market stakeholders…
Infostride News reported that the National Bureau of Statistics (NBS) released its Petrol Price Watch for October 2023, revealing a significant surge in the average retail price of a liter of petrol. According to the report, the average price skyrocketed from N195.29 in October 2022 to a staggering N630.63 in October 2023. This alarming increase of 222.92% raised concerns and drew attention to the economic implications of such a surge. The NBS, in its detailed analysis, highlighted that the average retail price experienced a 0.71% increase from N626.21 in September 2023. The state-wise breakdown indicated that Zamfara had the highest…
The anticipated ministerial meeting of the OPEC+ alliance, initially scheduled for November 25 and 26, 2023, in Vienna, has encountered a shift in dates, as disclosed by the Vienna-based agency of the Petroleum Exporting Countries on its official website. According to the announcement, the 187th Meeting of the OPEC Conference, the 51st Meeting of the Joint Ministerial Monitoring Committee (JMMC), and the 36th OPEC and non-OPEC Ministerial Meeting (ONOMM) are now rescheduled to take place on Thursday, November 30, 2023. This decision marks a strategic adjustment in the timeline for crucial discussions among the member nations of OPEC+, reflecting the…
Infostride News reports that the Nigeria Employers’ Consultative Association (NECA) has strongly criticized the recurring strikes orchestrated by organized labor in the country, asserting that these constant disruptions are detrimentally impacting the business environment. NECA firmly asserted its refusal to allow either the Federal Government, entangled in persistent legal disputes, or organized labor, engaging in recurrent strikes, to continue jeopardizing legitimate businesses. Speaking at a press conference in Lagos State while announcing the third edition of the NECA Annual Employers’ Excellence Awards, themed ‘Against All Odds,’ the Director-General of NECA, Adewale-Smatt Oyerinde, expressed profound disappointment in the government’s perceived recklessness,…
Infostride News reported that the Federation Account Allocation Committee (FAAC) disbursed a total of N906.96 billion among the three tiers of government for the month of October 2023. This information was disclosed in a communiqué issued at the conclusion of the latest FAAC meeting, as stated by the Director (Press and Public Relations) of the Ministry of Finance, Stephen Kilebi, on Wednesday. The total amount shared for October marks a noteworthy increase of N3.48 billion compared to the N903.48 billion distributed in September 2023, indicating a recovery from the decrease observed in the previous month. The allocation comprises various components…
The Chief Executive Officer of Infostride News, Charles Odii, expressed on Wednesday that the inadequate dissemination of information about government intervention programs poses a significant hurdle for small enterprises seeking financial support. During the signing of a Memorandum of Understanding between the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) and Sterling Bank, Odii highlighted the crucial role of effectively informing businesses about available funds. Odii pointed out a case where approximately N500 million lay unutilized in a bank, but only six individuals accessed the funds. He conducted an evaluation of the information dissemination carried out by the agency…
Access Bank Plc, in collaboration with ASolar Systems Nigeria, has recently introduced a range of green energy products aimed at supporting small-scale businesses grappling with power supply challenges throughout Nigeria. The launch event, named “Light Up Your Community,” took place on Tuesday at the Garki branch of Access Bank in Abuja, showcasing innovations such as solar-powered TV sets, air conditioners, PoS machines, and more. Victor Etuokwu, the Deputy Managing Director of Access Bank, emphasized the substantial challenges faced by small and medium enterprises (SMEs) due to unreliable power supply. Speaking through Neka Aduogu, the Director of Regional Services, Etuokwu highlighted…
Eight key members of the leadership team at Access Holdings Plc and Access Bank have recently been granted ownership of a significant number of shares in the financial institution. This development, disclosed in a corporate notice submitted to the Nigerian Exchange Limited on a Wednesday, stems from the terms outlined in their employment agreements with the financial entities. The substantial vesting occurred on a Monday, with a grand total of 13,535,997.31 units of Access Holdings shares being allocated to the deserving beneficiaries. Valued at the prevailing share price of N17.25 per unit as of Wednesday, the vested shares collectively amount…
Infostride News reports that private financing flows involving African entities have surged to an impressive $19.2 billion, poised to surpass the 2022 record of $19.8 billion. This data, extracted from the Ecofin Pro Transaction Journal, showcases a remarkable uptick in private financing in Africa, excluding bank credit and financial markets, since the journal began tracking such transactions in 2017. As of November 10, 2023, the accumulated private financing flows of $19.2 billion not only represent a significant milestone but also mark a new record for the continent since the journal’s inception. The increasing trend is further substantiated by the journal’s…
On Wednesday, the Nigerian Exchange Limited witnessed a dip in market capitalization, with a notable N35bn decline. Key contributors to this downturn were MTN Nigeria (-0.63 per cent), Dangote Sugar (-1.64 per cent), Lafarge Africa Plc (-1.34 per cent), United Bank for Africa (-0.24 per cent), and FBN Holdings (-4 per cent), all experiencing reductions in their share values by the close of the trading day. The All-Share Index and Market Capitalization both depreciated by 0.09 per cent, settling at 71,003.98 points and N39.047tn, respectively. This contrasted with the figures recorded at the close of the market on Tuesday, which…
In a significant move impacting Nigeria’s energy sector, Amperion Power Distribution Company Limited, the majority shareholder in Geregu Power Plc, recently executed a strategic offloading of one million units of its holdings in a cross-deal stock sale. This substantial development, disclosed in a corporate notice filed with the Nigerian Exchange Limited on Wednesday, adds another layer of intrigue to the dynamics of Geregu Power’s ownership landscape. The transaction, which unfolded on Monday, involved the exchange of one million units of Geregu Power shares at a rate of N399 per unit, totaling an approximate sum of N399 million. This event marks…
Infostride News reported on Wednesday that the Ministry of Humanitarian Affairs and Poverty Alleviation announced a groundbreaking initiative aimed at raising $5 billion annually for Nigeria’s Humanitarian and Poverty Alleviation Trust Fund. The Federal Government, in collaboration with the United Nations, various development partners, and other stakeholders, is set to embark on a coordinated effort to address humanitarian challenges and provide durable solutions in Nigeria. The decision was made during a pivotal humanitarian coordination meeting held at the United Nations House in Abuja. Minister Betta Edu, who spearheaded the meeting, engaged with ambassadors, UN agencies, non-governmental organizations (NGOs), and other…