Author: Temitope N.

In a recent development, the Corporate Affairs Commission (CAC) has made a noteworthy reversal in its stance regarding the mandatory minimum paid-up capital for companies with foreign involvement operating in Nigeria. This significant change was communicated through a circular shared on the official X account of the commission last Friday. The initial requirement, which mandated a minimum paid-up capital of N100 million for companies with foreign participation, was based on the Federal Ministry of Interior Handbook on Expatriate Quota Administration 2022 Revised Edition. However, the CAC has now disavowed its earlier notice titled “Minimum Paid-Up Capital for Companies with Foreign…

In a startling revelation, the Commissioner for Energy and Mineral Resources in Ondo State, Razaq Obe, has asserted that a forensic report has unveiled the forgery of the signature of the ailing Governor Rotimi Akeredolu on five official documents. This shocking disclosure was made in a letter addressed to the deputy governor of the state, Lucky Aiyedatiwa, and made available to the media in Akure. The unfolding saga gained momentum following recent allegations by Kayode Ajulo, a Senior Advocate of Nigeria (SAN), who claimed that certain government officials in Ondo are involved in forging Governor Rotimi Akeredolu’s signature on various…

Infostride News Reports Remarkable 115.90% Surge in Nigeria’s Company Income Tax (CIT) Collection, Reaching N1.75 Trillion in Q3 2023 In a noteworthy economic development, Nigeria has experienced an impressive 115.90% year-on-year increase in Company Income Tax (CIT) collection, soaring from N810.19 billion in Q3 2022 to a remarkable N1.75 trillion in the corresponding period of 2023, as revealed by the latest CIT collection report from the National Bureau of Statistics (NBS). Breaking down the figures on a quarter-on-quarter basis, the CIT collection witnessed a substantial 14.27% surge, climbing from N1.53 trillion in Q2 2023 to its current level in the…

In a recent announcement, the Nigeria Deposit Insurance Corporation (NDIC) has expressed its preparedness to initiate full liquidation dividend payments amounting to N16.18 billion for depositors affected by the closure of 20 failed banks. This disclosure was made by Mr. Bello Hassan, the Managing Director of NDIC, during the NDIC Day at the 44th Kano International Trade Fair. Depositors are urged to present themselves for verification to facilitate the disbursement of deposits exceeding the guaranteed sums, commonly known as “liquidation dividends.” The ongoing process involves recovering debts and selling the physical assets of the closed banks. Mr. Hassan highlighted that…

Germany, a country renowned for its rich cultural heritage, economic prowess, and academic excellence, beckons individuals from around the world to explore its diverse pathways for work, study, family reunification, or leisure visits. In this exclusive guide by Infostride News, we delve into the intricacies of the 21 pathways that open doors to the unique opportunities Germany has to offer. **1. Tourist Visa: Unlocking Short-Term Adventures** Ideal for those seeking short-term experiences, the Tourist Visa under the Schengen framework allows visits for tourism, business, or family reunions, granting access for up to 90 days within a 180-day period. **2. Student…

In a bid to enhance transparency and public accountability, the Socio-Economic Rights and Accountability Project (SERAP) has directed its attention to Mr. Mele Kolo Kyari, the Group Chief Executive Officer of the Nigerian National Petroleum Company (NNPC) Limited. In a letter dated December 9, 2023, signed by SERAP Deputy Director Kolawole Oluwadare, the organization calls on Kyari to promptly publish comprehensive details regarding Nigeria’s daily oil production and exports, as well as the total revenues generated since the removal of petrol subsidy in May 2023. The advocacy group goes further to insist on disclosure of the proportion of oil revenues…

Infostride News has reported that Canada’s Immigration, Refugees, and Citizenship Canada (IRCC) have recently extended a policy that allows certain international students to work beyond the standard 20-hour-per-week limit for off-campus employment. This extension, initially implemented in 2022 to address labor shortages, permits full-time (40 hours per week) off-campus employment and was set to expire on December 31, 2022. However, a recent announcement has extended the policy until April 30, 2024. Prior to this policy change in late 2022, IRCC had restricted international students to a maximum of 20 hours per week for off-campus work during the school year. Nevertheless,…

Infostride News has reported that Lagos State has successfully secured funding amounting to €410 million for the Omi Eko project during the ongoing 28th Conference of the Parties on Climate Change (COP28) in Dubai, UAE. This substantial investment for the inland waterways transportation initiative is set to be provided through various sources, including an AFD loan of €130 million, an EIB loan of €170 million, a €60 million grant from the European Union, and the remaining portion covered by the Lagos State government. This critical development was gleaned from a publication available on the website of the Embassy of France…

In a compassionate move, the leadership of the 10th Senate, represented by Deputy Senate President Senator Barau Jibrin, has pledged a significant donation of N109 million to the victims of the Kaduna airstrike in Tudun Biri village, located in the Igabi Local Government Area of Kaduna State. This announcement came during Senator Jibrin’s condolence visit to Governor Uba Sani at the Sir Kashim Ibrahim Government House, as reported by Infostride News. The allocated funds, specifically drawn from the Senate’s December salaries, are earmarked for the welfare and support of those affected by the tragic incident. Senator Jibrin conveyed the Senate’s…

In a recently released report on Monday, the United Nations (UN) painted a stark picture of the world’s future, predicting that by 2024, a staggering 300 million people across 72 countries will find themselves in need of urgent humanitarian assistance. The root causes identified by the UN include the devastating impacts of climate change, displacement due to various factors, and escalating conflicts that are pushing vulnerable populations to the brink of famine. The UN’s call for immediate action is articulated in its Global Humanitarian Overview for 2024. The organization urgently appeals for a substantial funding injection of $46 billion to…

In a recent development, the Nigeria Customs Service (NCS) has implemented a significant adjustment in the exchange rate for cargo clearance, escalating from N783/$ to N952/$, denoting a noteworthy 22.8% increase. A thorough examination on the federal government’s single-window trade portal of the customs service, as scrutinized by Infostride News, reveals the modification of the previous exchange rate of N783.17 to the USD to a revised rate of N951.94. The Nigeria Customs Service is renowned for imposing duties on imported cargoes before their clearance from the ports. These duties vary from 5% to 35%, in accordance with the harmonized commodity…

In a recent report titled “African Regional Overview of Food Security and Nutrition 2023,” jointly published by the Food and Agriculture Organization of the United Nations (FAO), the African Union Commission (AUC), the UN Economic Commission for Africa (ECA), and the World Food Programme (WFP), the United Nations has highlighted a disconcerting reality: 78% of Africans, equivalent to over 1 billion people, are unable to afford a healthy diet in the aftermath of the COVID-19 pandemic. The report’s estimates underscore a stark truth – three out of every four individuals on the continent grapple with the challenge of accessing nutritious…

In an exclusive interview with Infostride News on Thursday, Dr. Oluwarotimi Fashola, the Special Adviser to the Governor of Lagos State on Agriculture, shed light on critical factors contributing to the escalating costs in local rice production. Fashola underscored the significant impact of erratic rainfall patterns and the recent surge in diesel prices as primary catalysts driving the surge in production expenses. Diving into the myriad challenges faced by the local rice production sector, Fashola highlighted a range of issues affecting farmers. These encompassed intermittent drought, escalating fertilizer costs, recurring flooding, heightened security concerns, diminished land cultivation, suboptimal irrigation systems,…

In a recent exclusive interview with Infostride News, Olu Falae, a distinguished economist and former Minister of Finance, Budget, and National Planning, articulated a compelling solution to Nigeria’s longstanding energy challenges. Falae urged the government to take decisive action by repairing and subsequently selling its underperforming refineries to private enterprises capable of efficient management. During the interview on Thursday with Infostride News on Channels TV, Falae expressed skepticism about the government’s ability to run the refineries effectively. He emphasized the need to avoid political interference in the operation of these critical facilities. Falae suggested that offloading the refineries to private…

In a recent revelation by Akin Akinrinade, Chairman of the Independent Petroleum Marketers Association of Nigeria in the Satellite Depot branch, the cost of petrol trucks has surged from N7 million in May to an alarming N25 million. This exponential increase, as reported by Infostride News, is attributed to inflation induced by poorly managed foreign exchange rates, significantly impacting the downstream oil sector’s operational landscape. Akinrinade pointed out that the mismanagement of foreign exchange rates has adversely affected the landing cost of Premium Motor Spirit (PMS), commonly known as petrol, thereby influencing the pump price. The Chairman emphasized the unpredictability…

In a stern cautionary statement at the Sustainable Trade Africa Conference during Cop28 in Dubai, Akinwumi Adesina, the President of the African Development Bank (AfDB), highlighted the potential dire consequences of the European Union’s Carbon Border Adjustment Mechanism (CBAM), colloquially known as the EU’s carbon tax. In a notable deviation from the status quo, Adesina warned that this mechanism could impose an exorbitant additional cost of $25 billion on Africa’s value-added products, posing a significant threat to the continent’s trade and industrialization aspirations. In his address, Adesina underscored the risk of penalizing value-added exports, including steel, cement, iron, aluminum, and…

In a significant economic turnaround, Nigeria has reported a foreign trade surplus of N1.89 trillion for the third quarter of 2023, marking the fourth consecutive quarter of positive international trade balance. This impressive surplus, compared to the N708.9 billion in Q2 2023 and a deficit of N409.4 billion in the same period last year, has been revealed in the recent foreign trade report by the National Bureau of Statistics (NBS), as reported by Infostride News. Analysts have lauded this positive trend, attributing it to the increased revenue from crude oil exports. The surge is expected to have a constructive impact…

Infostride News Uncovers Alarming $7 Trillion Annual Investments in Nature-Damaging Activities, says UNEP In a groundbreaking report released by the United Nations Environmental Program (UNEP), it has been revealed that a staggering $7 trillion is funneled annually by both public and private institutions into activities that bear detrimental consequences for the environment. The report, titled “State of Finance for Nature 2023,” sheds light on the fact that these investments constitute approximately 7% of the world’s Gross Domestic Product (GDP). Despite this, the document points out that nature-based solutions continue to be globally underfunded, with current annual public and private investments…

The 2024 proposed budget for the Ministry of Defense includes a request for N49.57 million to establish a databank for veterans, a development that comes approximately 15 years after the late President Umaru Yar’Adua urged the ministry to create such a database. Nairametrics, in its findings, reported on this initiative. In 2008, during the launch of the Armed Forces Remembrance Day Emblem in Abuja, President Yar’Adua emphasized the need for the Ministry of Defense to expedite the completion of a Data Bank for all retired and retiring military personnel. He underscored that the welfare of ex-servicemen and women was a…

Theoretically, governments can finance their spending in three ways: through taxes (such as personal and corporate income taxes), borrowing from the public, or printing money. The revenue generated from printing money is known as seigniorage, representing the difference between the cost of printing money and its value in the financial system. In the case of Nigeria, it faces challenges in all three financing methods. Tax collection is notably low, accounting for around 10.8 percent of GDP, one of the lowest rates globally. Former President Muhammadu Buhari left a considerable debt of 77 trillion naira ($167 billion) to local and foreign…