The Chief Executive Officer of C&I Leasing, Mr. Ugoji Lenin Ugoji, emphasized the significant impact the foreign exchange market will have on businesses in the coming year. Speaking during the 32nd Annual General Meeting for the financial year ending December 2022 in Lagos, Ugoji assured shareholders that the company would resume paying dividends in 2024. Notably, C&I Leasing’s board had abstained from paying dividends in both 2021 and 2022, marking a period of financial restraint. Addressing the challenges faced by Nigeria’s foreign exchange market, Ugoji pointed out the difficulties arising from the Central Bank of Nigeria’s harmonization of market segments…
Author: Temitope N.
Despite recent assurances by the Central Bank of Nigeria that there is sufficient naira in circulation, reports of scarcity have surfaced across the nation. A comprehensive survey conducted by Infostride News on Wednesday has corroborated the scarcity in various regions, including Abuja, Lagos, Kano, Kwara, Gombe, Edo, Sokoto, and Ekiti States. Bank customers and Point of Sales operators, interviewed by Infostride News, expressed their frustration, citing difficulties in accessing cash for their economic activities. This scarcity comes in the wake of the Central Bank’s affirmation that an ample supply of currency notes is present in the market, discouraging panic withdrawals…
Infostride News recently published a comprehensive study conducted by the Danne Institute for Research, revealing that Lagos, Nigeria’s bustling commercial hub, is hemorrhaging a staggering N4tn annually due to severe traffic congestion. The research, titled ‘Behavioural Causes of Traffic Congestion in Lagos,’ was generously funded by the Bank of Industry and Africa Finance Corporation, emphasizing the imperative for prompt action to alleviate the substantial economic and social toll exacted by the city’s gridlock. This insightful report was formally presented in Lagos on a Wednesday, shedding light on the critical need for immediate intervention to redirect these colossal losses toward essential…
In a noteworthy turn of events, the primary cryptocurrency, Bitcoin, surged past the $37.6K mark, marking a significant milestone despite the departure of another influential figure in the crypto realm. This surge is seen as a precursor to the much-anticipated $40K threshold. Earlier this week, the crypto market experienced a jolt with the revelation of a potential substantial settlement with Binance. Initial reactions were mixed, reflecting the dynamic nature of the digital space. However, sentiments underwent a rapid transformation as the week unfolded. Tuesday brought about a seismic shock to the markets with the confirmation of a staggering $4.03 billion…
In a strategic move reported by Bloomberg, Nigeria is setting its sights on becoming a member of the BRICS economic bloc within the next two years and is also aiming to secure a position within the G20 group of nations. This development is seen as a crucial step in Nigeria’s foreign policy, as it seeks to assert its influence on the global stage in both political and economic spheres. The Minister of Foreign Affairs, Yusuf Tuggar, emphasized that Nigeria has reached a point where it can independently decide which multilateral organizations to align itself with. According to Tuggar, being aligned…
The Federal Government is currently reviewing a total of 270 new applications for the establishment of private universities, a move that has reignited discussions about the proliferation of higher education institutions and the existing challenges within the education sector. This development, reported exclusively by Infostride News, has prompted renewed concerns among the public regarding the quality and sustainability of these institutions, given the already existing issues such as inadequate budgetary allocations for education. If these applications receive approval, it is anticipated that the total number of universities in Nigeria will surge to 528, with a significant majority—418 of them—being privately…
The Senate officially granted approval to the Medium-Term Economic Framework (MTEF) and Fiscal Strategy Paper (FSP) for the fiscal years 2024 to 2026. This milestone came following a comprehensive presentation by Senator Sani Musa, the chairman of the Joint Committee on Finance, which was tasked with overseeing the MTEF/FSP. One of the pivotal recommendations endorsed by the Senate pertains to the inflation rate projections. For the year 2024, the Senate greenlit an inflation rate of 21.4%, followed by 20.3% in 2025 and a further decrease to 18.6% in 2026. It’s noteworthy that the current inflation rate, as reported by the…
Nigeria, Ghana, South Africa, and several other nations within the United Nations have chosen to assert a more prominent role in international tax matters, challenging the traditional dominance of the Organization for Economic Cooperation and Development (OECD). The OECD, based in Paris, has historically spearheaded global tax negotiations, but developing nations, growing increasingly frustrated, are advocating for greater involvement from the United Nations. The year 2021 witnessed an unprecedented agreement among over 130 countries, a landmark deal aimed at mitigating corporate tax avoidance by multinational corporations. However, developing nations express discontent, contending that they stand to gain disproportionately less revenue…
Infostride News reports that the appointment of Haruna Musa, a former Executive Director at GT Bank, as the Managing Director/CEO of Jaiz Bank Plc has been approved by the Central Bank of Nigeria (CBN). This corporate development was disclosed through a filing on the NGX website. Musa is slated to succeed Ahmed A. Hassan, who is set to retire at the close of 2023, concluding his tenure as the current CEO of Jaiz Bank. Haruna Musa brings an extensive banking background of over 28 years to his new role, with a significant portion of his career spent at GT Bank.…
The Group Chief Executive Officer (GCEO) of the Nigeria National Petroleum Company (NNPC) Limited, Mele Kyari, recently unveiled ambitious targets for the state-owned oil giant. In a press statement by the Chief Corporate Communications Officer of NNPC, Olufemi Soneye, Kyari disclosed that the company is eyeing a significant increase in profits, aiming for N2 trillion in the upcoming audited financial statements for the year 2022. This revelation came during a courtesy visit by Kyari and a delegation from NNPC Ltd to the Senate President, Senator Godswill Akpabio, at the National Assembly in Abuja on Wednesday, November 22, 2023. Highlighting the…
The recent strategic moves by the newly appointed management of the Nigerian Communications Satellite company, under the leadership of Jane Nkechi Egerton-Idehen, signal a renewed effort to maximize the potential of the country’s satellite infrastructure. Despite these endeavors, the clock is ticking, with only three years left for the NigComSat-1R satellite to complete its 15-year lifespan. Launched in 2011, the NigComSat-1R satellite was envisioned as a cost-saving solution for Nigerian telecom operators and broadcast stations, aiming to reduce the need for sourcing satellite services abroad. Additionally, it was anticipated to enhance the country’s broadband penetration and contribute to economic growth.…
The Federal Government of Nigeria is actively seeking the collaboration of the private sector to spearhead an ambitious Artificial Intelligence (AI) fund. The goal is to elevate the country’s technological prowess and position it as a global leader in AI within the next four years. Dr. Bosun Tijani, the Minister of Communications, Innovation, and Digital Economy, shared this vision during the inaugural session of the Zenith Bank Tech Fair 2023 in Lagos, highlighting the crucial role of private sector involvement. Tijani expressed concern about Nigeria’s lag in AI development, attributing it to the absence of substantial recent investments in the…
The unveiling of two pivotal policy documents and the inauguration of a National Mental Health Technical Working Group mark a significant stride by the Federal Government in combating the rising prevalence of suicide and mental health conditions in Nigeria. In an effort to address this pressing issue, Prof. Ali Pate, the Minister of Health and Social Welfare, formally introduced the National Suicide Prevention Strategic Framework (NSPSF) for the period 2023-2030 and the National Mental Health Policy spanning from 2022 to 2027 during a ministerial roundtable on mental health in Abuja. Prof. Pate emphasized that these documents are designed not only…
The Bauchi State Government has recently unveiled ambitious plans for infrastructural development, earmarking a substantial N100 billion for the construction and rehabilitation of a vast network of roads spanning 200 kilometers across the state. This significant announcement came to light during a press briefing by the Bauchi State Commissioner for Information and Communication, Mr. Usman Garba, who shared the outcomes of the State Executive Council meeting held on Thursday. Governor Bala Mohammed has given the green light for the commencement of these crucial projects, with a keen focus on 16 strategically selected roads. Among the noteworthy additions are two flyovers…
Soap manufacturer PZ Cussons has initiated the process of repatriating funds to its holding company in the United Kingdom in recent weeks, as disclosed in a trading statement leading up to its Annual General Meeting (AGM) scheduled for today. The FMCG giant has indicated that this repatriation, coupled with robust underlying free cash flow, is anticipated to lead to a reduction of approximately £20 million in Group gross debt since May 31, 2023. According to the company, its current naira cash balance stands at an estimated £80-100 million, and it foresees returning £30-50 million before the conclusion of the 2024…
Infostride News has proudly reported that Google’s Hustle Academy has allocated a collective sum of N75 million to support 15 small and medium-sized businesses (SMBs) in Nigeria. This financial injection is coupled with an invaluable offering of mentorship and ongoing assistance through Google’s initiative. In an official statement released on Thursday, Infostride News highlighted Google’s commitment to fostering the growth of Nigerian SMBs. The statement declared, “Alongside the graduation, 15 SMBs have been chosen to receive support from the 75 Million Naira Hustle Academy Fund. This initiative aims to provide a combination of financial assistance, mentorship, and business tool access…
The Defense headquarters has announced a remarkable feat in its operations, stating that over 500,000 liters of stolen crude oil were recovered within the span of just one week. Maj.-Gen. Edward Buba, the Director of Defense Media Operations, disclosed these significant developments on Thursday, November 23, during a press briefing in Abuja, providing insights into the military’s actions as reported by Infostride News. In the preceding week, the troops of Operation Delta Safe demonstrated commendable efficiency, reclaiming a substantial amount of stolen crude oil, specifically totaling 578,900 liters. Additionally, they seized 454,330 liters of illegally refined diesel, commonly referred to…
The 2024-2026 Medium Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP) received the nod from the House of Representatives on Tuesday, marking a significant step in shaping Nigeria’s economic trajectory. In this pivotal document, a borrowing plan of N7.8 trillion for 2024 emerged as a cornerstone of the nation’s financial strategy. Delving into the specifics, the House set benchmark oil prices for the years 2024, 2025, and 2026 at $73.96, $73.76, and $69.90 per barrel, respectively. This deliberate calibration is indicative of a meticulous approach to forecasting in the volatile global oil market. Correspondingly, daily crude oil production levels were…
Infostride News reports that Ghana’s cocoa marketing board, COCOBOD, has recently entered into its annual loan agreement with international banks, securing funds for cocoa purchases at a record-high interest rate of 8%, as disclosed by Bloomberg. This development follows Ghana’s debt restructuring earlier in the year, which had a negative impact on its appeal to investors. This particular loan agreement is noted to be the most expensive the board has agreed upon since the initiation of such arrangements in 1992-93. The timing of the signing is also noteworthy, as it is the first instance where the agreement has been finalized…
The Federal Government has recently unveiled plans to revive the National Shipping Line, anticipating a substantial boost of $10 billion to Nigeria’s economy annually. This announcement came from Adegboyega Oyetola, the Minister of Marine and Blue Economy, during a Stakeholders’ Roundtable discussion on ‘Advancing Sustainable Development in Nigeria’s Marine and Blue Economy’ held at the Continental Hotel in Lagos. Oyetola emphasized the government’s intention to operate the Ministry of Marine and Blue Economy under a Public-Private Partnership (PPP) arrangement. This strategic move aims to formulate and implement policies that will drive significant developments in the maritime sector, fostering job creation…