Infostride News reported that the Federation Account Allocation Committee (FAAC) has announced the disbursement of N906.96 billion among the three tiers of the government for October 2023. The disclosure was made 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. This disbursement represents a slight increase of N3.48 billion compared to the N903.48 billion shared in September 2023, indicating a recovery from the previous month’s decrease. The total amount encompasses various sources, including gross statutory revenue, Value Added Tax…
Author: Temitope N.
Infostride News reported that the Nigerian Sovereign Investment Authority (NSIA) has recently entered into a partnership with the U.S.-based private equity firm Z Capital Group (ZCG) to establish an investment infrastructure fund specifically tailored for Africa. This collaboration, as detailed by Bloomberg, outlines plans to invest in a diverse range of financial instruments across sectors such as healthcare, digital and social infrastructure, renewable energy, and climate-smart agriculture. According to the reports, ZCG and NSIA are aiming for a substantial fundraising target of $1 billion to $2 billion for this venture. The CEO of Z Capital Group, James Zenni, expressed optimism…
The November 2023 Africa Energy Review report by PricewaterhouseCoopers, as reported by Infostride News, unveils a stark reality in Nigeria’s energy landscape. The cost of running diesel generators in the country is alarmingly four times higher than the electricity tariff per kilowatt hour. Despite this significant financial disparity, businesses and affluent families often find it economically feasible to resort to their own generators. This preference is attributed to the instability and insufficient capacity of the national grid, which results in frequent power outages and system collapses throughout the year. The PwC report sheds light on the persistent challenges faced by…
The Ministry of Solid Minerals Development, under the auspices of the Federal Government, has taken decisive action by revoking 1633 mineral titles due to the non-payment of annual fees. Dr. Oladele Alake, the minister overseeing the ministry, made this announcement during a press briefing held in Abuja on Tuesday. This move follows a similar but more extensive revocation of 3,402 mineral titles late last year, signaling the government’s commitment to enforcing compliance with the Nigerian Minerals and Mining Act (NMMA) of 2007. Dr. Alake emphasized that the NMMA mandates mining operators to remit an annual service fee at a fixed…
Nigeria has recently inked a groundbreaking $500 million gas export deal with Germany, marking a significant stride in the burgeoning economic partnership between the two nations. The Minister for Industry, Trade, and Investment, Dr. Doris Uzoka-Anite, announced this development on November 21 via a statement on Twitter. The agreement involves the signing of two Memoranda of Understanding (MoUs), solidifying collaboration on gas exports and renewable energy initiatives. The first MoU was between Riverside LNG of Nigeria and Johannes Schuetze Energy Import AG of Germany, focusing on the supply of gas from Nigeria to Germany. The second pact involved Union Bank…
Infostride News has reported that Access Holdings Plc recently disclosed the vesting of 15,509,331 units of shares, valued at N267.536 million, to eight top executives within the company. This revelation came through a notification of the vesting of Access Holdings Plc’s shares submitted to the Nigerian Exchange Limited. Vesting, as explained in the statement signed by Sunday Ekwochi, the Company Secretary, is the process by which employees acquire a “vested interest” or stock option in their company. Typically, these stock options, equities, or employer-specific contributions are granted by the company after the employee has completed a specified number of years…
In an effort to elevate the global recognition and widespread domestic utilization of the Nigeria Payments System, Kashifu Inuwa Abdullahi, the Director-General of the National Information Technology Development Agency (NITDA), CCIE, has reiterated the importance of collaboration between the Central Bank of Nigeria (CBN) and financial institutions. This collaboration aims to harness emerging technologies like Artificial Intelligence (AI) and Data Analytics to enhance the depth of digital payments across the country. In a panel discussion segment during the Central Bank of Nigeria’s 2023 Payments System Management Departmental Retreat program, Inuwa, represented by Engr Ya’u Garba, the National Director of the…
The Federal Capital Territory (FCT) Minister, Mr. Nyesom Wike, recently made a significant announcement regarding the completion of the official residence of the Vice President of the Federal Republic of Nigeria. According to him, the construction, which had been abandoned, is set to be finalized by the renowned construction company, Julius Berger, before May 29, 2024. Mr. Wike shared this information following his inspection of the ongoing project, currently being handled by Julius Berger. During his inspection, he revealed that Julius Berger had initiated work on the project even before receiving the necessary mobilization from the government. This demonstrated the…
In October 2023, the average retail price of diesel in Nigeria experienced a significant surge, reaching N1004.98 per litre compared to the N890.80 recorded in September of the same year. This substantial increase represents a month-on-month escalation of 12.82%. On a year-on-year basis, the average diesel price soared by 25.45%, escalating from N801.09 to its current figure. When conducting a state-by-state comparison of diesel prices, a notable trend emerged, with the three states boasting the highest average prices all situated in the North Central zone of the country. Plateau State led the pack with an average price of N1150.00 per…
Nigeria has asserted its dominance in the global adoption of cryptocurrencies, securing the second spot in the Chainalysis global adoption index and ranking as the country with the highest Bitcoin search interest. In a recent report by Consensys, it was revealed that virtually all Nigerians are now familiar with cryptocurrencies. The period between July 2022 and June 2023 witnessed an impressive milestone, with Nigerians conducting digital asset transactions exceeding N56.5 trillion. Once again, Nigeria has demonstrated its stature as a digital asset powerhouse, showcasing robust transactions and widespread adoption. The nation’s prowess extends beyond the African continent, solidifying its position…
The Minister of the Federal Capital Territory (FCT), Nyesom Wike, recently unveiled a significant development in land administration policies during a meeting with estate developers on November 21, 2023, in Abuja. This groundbreaking announcement concerns the cost of issuance of Certificates of Occupancy (C-of-O), which has been set at N5 million by the FCT Administration. The minister emphasized the importance of this policy change in bringing orderliness and sanity to the land administration system in the FCT. Wike outlined the payment process, indicating that the N5 million fee for the C-of-O could be settled within four months of land allocation.…
Ambassador Maitama Tuggar, the Minister of Foreign Affairs, has disclosed that the Siemens gas deal between Nigeria and Germany is set to usher in a new era of improved power supply for Nigerians, with significant changes expected by the first half of 2024. This optimistic revelation was shared during Tuggar’s appearance on the Politics Today program on Channels Television, dated Tuesday, November 21, 2023. Tuggar, a key member of President Bola Tinubu’s delegation at the G20 Compact with Africa Economic Conference in Germany, emphasized the full backing of the Siemens deal, heralding a promising outlook for Nigeria’s electricity landscape. Anticipating…
Five months into President Asiwaju Bola Ahmed Tinubu’s tenure, Nigeria has witnessed a modest increase of 131,926 barrels per day in crude oil production, according to data sourced from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), as analyzed by Infostride News. When President Tinubu assumed office in May 2023, the daily crude oil production, including condensates, stood at 1,430,146 barrels. Subsequently, in June 2023, the output rose to 1,499,416 barrels per day. However, a slight dip occurred in July 2023, with production recorded at 1,303,428 barrels daily. August 2023 witnessed an increase, reaching 1,414,664 barrels per day. September 2023 marked…
Richard Teng has been unveiled as the newly appointed Chief Executive Officer (CEO) of Binance, a trailblazing cryptocurrency company boasting a staggering valuation of $60 billion. This transition of leadership comes in the wake of the unexpected departure of the company’s founder, Changpeng Zhao, amidst legal uncertainties. The official announcement of Richard Teng’s elevation to the role of CEO was made public through Changpeng Zhao’s Twitter account. Prior to this promotion, Teng had served as the Global Head of Regional Markets within the organization, demonstrating his prowess in overseeing diverse markets on a global scale. Expressing his gratitude and acknowledging…
The Minister of Works, Sen. Dave Umahi, recently underscored the need for a substantial financial injection of $35 billion from the Federal Government to kickstart an ambitious concrete road construction project spanning the entire nation. This revelation came to light during a collaborative meeting with the Minister of Steel Development, Shuaib Audu, held at the Ministry of Works headquarters in Abuja. The primary focus of the meeting was to engage in a comprehensive brainstorming session on leveraging the immense opportunities presented by the Ajaokuta Steel Plant for the development of concrete road infrastructure in Nigeria. Umahi emphasized the pivotal role…
**Infostride News Report: Surge in Crude Oil Theft Incidents Raises Concerns** In the period spanning from November 11 to November 17, Nigeria witnessed a troubling surge in crude oil theft incidents, with a staggering total of 172 recorded cases. This revelation comes from a comprehensive report by the Nigerian National Petroleum Corporation Limited (NNPCL), presented in its weekly series “Energy and You” aired on the NTA network. The report sheds light on the alarming state of affairs in various regions across the country. Notably, 67 illegal refineries were discovered in key locations, including Oowodokpokpo and Obodo-Omadino in Delta state, Ekeremor…
The federal government has taken a significant step towards implementing the Nigeria Startup Act by launching an engagement portal dedicated to registering startups in the country. Dr. Bosun Tijani, the Minister of Communications, Innovation, and Digital Economy, made the announcement on a Tuesday night, highlighting the portal’s broader purpose in facilitating connections with venture capital companies, hubs, and innovation centers. This milestone comes a year after the Nigeria Startup Act was officially signed into law by the former President, Muhammadu Buhari. The minister shared this news through his social media handle, emphasizing the portal’s vital role in driving the identification…
Sam Altman, the visionary mind behind ChatGPT and former CEO of OpenAI, is poised to make a triumphant return to the company he co-founded, marking the end of a dramatic chapter that saw his unexpected departure. The announcement of Altman’s planned comeback unfolded on a Wednesday morning, following intense negotiations with the OpenAI board. Altman revealed that his return has received support from Satya Nadella, the CEO of Microsoft. This endorsement is noteworthy as, just a day prior, Nadella had declared that Altman and his fellow OpenAI collaborators would be joining Microsoft. Altman emphasized that the decision to align with…
In an exciting development for the Nigerian oil sector, Abdulrazaq Isa, the Chief Executive Officer of Waltersmith Petroman Oil Limited, has announced the projected completion of the Waltersmith Modular Refinery expansion by the second quarter of 2025 (Q2/2025). This revelation was made during a press briefing on Tuesday, November 21, as Isa provided insights into the company’s progress and future plans. The occasion saw Waltersmith Petroman Oil Limited playing host to Nigeria’s Minister of State for Petroleum Resources, Heineken Lokpobiri, who toured the 5,000 barrels per day Waltersmith Modular Refinery located in Ohaji-Egbema, Imo state. Isa took the opportunity to…
In an electrifying climax to the 2023 UBA Foundation National Essay Competition, the resounding victory of 15-year-old Onaro Adaeze Chukwuzolem, a student of Fountain Heights Secondary School in Surulere, Lagos, reverberated through the Tony Elumelu Amphitheatre at UBA House during the Grand Finale. Adaeze emerged as the overall winner, triumphing over 11 other finalists in a competition that drew nearly 12,000 entries from Senior Secondary School students across Nigeria. As the first of three girls to clinch the top prizes, Adaeze’s exuberant declaration, “Yes!!! I won!! I did it!!!,” encapsulated the historic moment that unfolded in the prestigious venue. The…