Infostride News, the Economic and Financial Crimes Commission (EFCC) is mandated with the investigation of financial crimes. However, the decision to declare Ibrahim Ibitade, the CEO of Leatherback, as wanted raises questions about the agency’s approach in ensuring adherence to its mission. Despite Leatherback’s collaboration in an ongoing fraud investigation, the EFCC took the unusual step of declaring Ibitade wanted through an Instagram post on Thursday afternoon. The post alleged that the 31-year-old CEO is wanted in connection with conspiracy and obtaining money under false pretenses. Ibitade responded to the wanted notice by denying claims that he is in hiding…
Author: Temitope N.
The Federal Government of Nigeria has recently initiated discussions with Starlink, Elon Musk’s internet company, exploring the potential for job creation in the country through local maintenance and production of Starlink’s hardware. Dr. Bosun Tijani, the Minister of Communications, Innovation, and Digital Economy, revealed this development during the International Telecommunication Union-World Radio Communication (ITU-WRC) Conference in Dubai. The minister engaged with Ryan Goodnight, Senior Director of Global Licensing and Activation at SpaceX, Starlink’s parent company, to explore avenues for collaboration. The primary focus of the discussions was on establishing a program within Nigeria that certifies local installers and maintenance personnel…
Panelists contributing to the FocusEconomics Consensus Forecast report for December 2023 are foreseeing a potential upswing in Nigeria’s crude oil production, projecting an average of 1.36 million barrels per day in 2024. This optimistic outlook is pivotal for the country, given the intricate interplay between oil production, economic growth, and various challenges on the horizon. It’s crucial to note that this projection exclusively pertains to oil production and excludes condensate production. The report emphasizes that this anticipated increase in oil output would mark the second consecutive year of growth, attributing it to improved security conditions in the Niger Delta, a…
President of the Association of Bureau De Change of Nigeria, Aminu Gwadabe, discusses the recent foreign exchange reforms by the Central Bank of Nigeria and various related issues in an interview with InfoStride News. Gwadabe begins by addressing the volatility of the naira, emphasizing its negative impact on economic growth. He stresses the importance of currency stability for effective planning and highlights the challenges caused by illegal behaviors, speculation, hoarding, and currency substitution. The interview delves into the government’s measures to address these issues, including efforts to improve the global perception of the economy and attract foreign investment. Gwadabe explains…
InfoStride News reports that the Managing Director of the Federal Housing Authority (FHA), Gbenga Ashafa, has stated that the authority needs a minimum of N500 billion to effectively address the housing deficit in the country. This announcement was made during a press briefing held in Abuja ahead of the 50th anniversary of the housing authority. FHA, established by decree No. 40 of 1973 and later revised as CAP 136 Laws of the Federation 1990, has played a crucial role in executing housing programs on behalf of the government. Over the course of its 50-year existence, FHA has successfully built approximately…
InfoStride News Reports ICPC Concerns About Integrity Deficit in Procurement Contracts. On the 19th of November 2023, Shintema Binga, Head of Procurement at the Independent Corrupt Practices and Other Related Offences Commission (ICPC), expressed concerns about the integrity deficit among contractors involved in procurement processes. The ICPC has initiated a collaboration with the Abuja Chamber of Commerce and Industry (ACCI) to address these issues and enhance transparency in procurement. Speaking at the inauguration of the ACCI-ICPC procurement integrity and transparency training partnership, Binga highlighted the importance of ensuring integrity in procurement processes. The partnership aims to bring contractors up to…
InfoStride News reports that MTN Nigeria is currently engaged in the renegotiation of periodic reviews of its tower contracts. According to the telecom company, these renegotiations play a crucial role in mitigating the impact of forex liberalization and rising energy costs. This information comes in the wake of MTN’s recent award of tower contracts to ATC, with the imminent renewal of an additional 1,500 site contracts on the horizon. The Chief Executive Officer of MTN Nigeria, Karl Toriola, shared insights into the importance of efficient tower contracts during the recent MTN Nigeria’s Capital Markets Day. Toriola emphasized, “Efficient tower contracts…
The Director-General of the Securities and Exchange Commission, Lamido Yuguda, expressed the commission’s focus on infrastructure financing through the capital market in the upcoming year. Yuguda made this announcement during the third quarter post-Capital Market Committee press briefing held in Lagos, as reported by InfoStride News. In outlining the Commission’s goals for 2024, Yuguda emphasized the intention to channel capital market funds towards infrastructure development. He referred to the President’s recent mention of a $1 trillion economy by 2026 and a $3 trillion economy by the end of the decade, expressing his belief in the achievability of these targets for…
InfoStride News has underscored the detrimental impact of taxation and duty levies on smartphone adoption in Nigeria and Sub-Saharan Africa, according to the Global System for Mobile Telecommunication Association (GSMA). In its recent report, ‘The Mobile Economy Sub-Saharan Africa (2023),’ GSMA revealed that taxes and duties contribute to a 10 to 30 percent increase in smartphone costs across Africa, with variations by country. This escalation in costs presents a significant barrier to accessibility for a substantial portion of the population in the region. The report specifically highlighted the challenges faced by manufacturers in Sub-Saharan Africa (SSA), particularly in the 5G…
In the face of soaring prices for food and various commodities in Nigeria, the National Bureau of Statistics has reported a slight alleviation in food inflation, showing a decline of 0.54 percent in October. The latest inflation report indicates that headline inflation surged to 27.33 percent during the same period, as highlighted by InfoStride News on Wednesday. The specific data reveals that food inflation reduced by 0.54 percent, settling at 1.91 percent in October, in contrast to the 2.45 percent recorded in September. The report states, “On a month-on-month basis, food inflation rate in October 2023 was 1.91 percent, 0.54…
Bitcoin’s bullish momentum has swept through the entire crypto market this month, driving gains across all sectors in October. The pioneer cryptocurrency has surged by over 20%, currently consolidating around $34,250 as of the time of this report. While it reached a new yearly high at $35,000, it struggled to break above that level. This surge in Bitcoin’s value has attracted growing optimism in the crypto market, leading institutional investors to make their most significant capital allocation into the digital asset market in over a year. Despite Bitcoin nearing an 18-month high, its recent gains have had a substantial impact…
InfoStride News reported that FTX founder Sam Bankman-Fried has been found guilty of embezzling $8 billion from customers of his now-defunct cryptocurrency exchange. Following a month-long trial, a 12-member jury in Manhattan federal court convicted Bankman-Fried on all seven counts he faced. The sentencing is scheduled for March 28, 2024, and he could potentially face decades in prison. The verdict comes approximately a year after FTX filed for bankruptcy, leading to a rapid corporate collapse that surprised financial markets and wiped out Bankman-Fried’s estimated $26 billion personal fortune. Reuters notes that the jury reached the verdict after just over four…
Bitcoin’s price is currently hovering around the $35,000 mark, with the market bracing for potential volatility. Data sourced from cryptocurrency exchanges reveals a notable surge in open interest (OI) within the Bitcoin markets, signaling the likelihood of intense price swings ahead, a prospect keenly observed by many cryptocurrency investors. The surge in Bitcoin wallet addresses holding over $1,000 worth of the cryptocurrency has hit a record high. This surge in addresses with significant holdings is seen as indicative of growing demand, particularly among retail traders. Technical indicators further support a robust upward trend in Bitcoin’s price. Macro-level influences, such as…
Bitcoin has surged to an 18-month high amidst reports of the US Securities and Exchange Commission (SEC) facing a six-day deadline to approve or deny ETFs starting today. During the London trading session on Thursday, Bitcoin briefly touched $36,700, reflecting a 31% increase in the last month and a notable 93% surge over the past year. Notably, other prominent digital assets, including ether, have also experienced positive momentum, with a 20% increase in the last month. The market witnessed about $50 million in liquidations in a four-hour period during early Asian trading, triggering a “short squeeze” that propelled prices higher.…
The Court of Appeal in Abuja has overturned the election of Plateau State Governor, Caleb Mutfwang, and declared Nentanwe Yilwatda Goshwe of the All Progressives Congress (APC) as the rightful Governor of Plateau State. In a ruling on Sunday, lead Justice Elfrieda Williams-Dawodu directed the Independent National Electoral Commission (INEC) to issue a Certificate of Return to Goshwe, overturning the Tribunal’s judgment that affirmed Mutfwang’s election, which the court deemed highly incompetent. The court found that the tribunal’s decision to dismiss the petition filed by the APC and its candidate on the grounds that they had no right to intervene…
The gubernatorial candidate of the Labour Party in the general election, Gbadebo Rhodes-Vivour, has made startling revelations accusing Governor Babajide Sanwo-Olu and his deputy, Obafemi Hamzat, of utilizing a whopping N200 million of Lagos State public funds for their appeal Court litigation. Taking to Twitter, Rhodes-Vivour disclosed that the governor allegedly tapped into state coffers to finance his legal battle and cover expenses related to the Appeal Court proceedings. The recent verdict by the Appeal Court in Lagos, upholding the tribunal’s decision on the re-election of Sanwo-Olu and Hamzat, adds weight to these claims. The three-man panel comprising Justice Yargata…
Morgan Stanley, a prominent player in the global investment banking arena, recently highlighted the potential for economic growth in Nigeria under President Bola Tinubu’s policies, as outlined in the article “Investment Outlook: Nigeria’s New Dawn” on the multinational investment banking firm’s website. The report emphasizes the transformative impact of Tinubu’s decision to end fuel subsidies and unify the naira’s exchange rate. According to Morgan Stanley, the interventionist policies of the previous administration, particularly under President Muhammadu Buhari, such as maintaining multiple foreign exchange rates and fuel subsidies, created economic bottlenecks and impeded the private sector’s growth. Despite Nigeria’s status as…
The anticipated paddy rice price hike of 32% in the 2023/2024 crop production year, coupled with a projected production growth of 3.6%, has been revealed in the AFEX Wet Season Crop Production Report for 2023, as reported by InfoStride News. According to the report, the stability in rice production during 2023, in contrast to the previous year’s extensive flooding that led to a loss of approximately 100,000 hectares of rice farms, has contributed to the positive outlook. The absence of floods in 2023 allowed farmers to capitalize on reduced fertilizer prices, fostering stable production. “In 2022, over 100,000 hectares of…
Ride-hailing giant Bolt has revealed the 20 finalists selected to participate in the two-week Bootcamp phase of its accelerator program, Den. The chosen drivers, hailing from Abuja, Lagos, Rivers, Kaduna, and Kwara, are gearing up for the pitch day scheduled for November 20, 2023. On this day, they will present their innovative ideas to a distinguished panel of judges spanning various sectors, including technology, banking, and education. The judges will thoroughly scrutinize and vet the ideas, ultimately shortlisting the top 10 drivers who will receive €2,000 in seed funding and access to a 6-week business mentorship program. Bolt, in collaboration…
InfoStride News reported on Saturday that the Lagos State Government has initiated the demolition of distressed buildings in the Ebute-Metta area of the state. Dr. Oluyinka Olumide, the Commissioner for Physical Planning and Urban Development, and Arc. Gbolahan Oki, the General Manager of Lagos State Building Control Agency (LASBCA), led the demolition exercise. According to Olumide, the affected buildings, primarily located on Oloto and Freeman Streets, had received notices, with some being instructed to conduct structural investigations to assess their integrity. The decision to demolish these structures was driven by the need to protect lives, as many of the buildings…