As part of its commitment to bolstering food production, the Federal Government has revealed its ambitious target of achieving local production of 2,000 tractors annually. The announcement was made by Sen. Abubakar Kyari, the Minister of Agriculture and Food Security, during a courtesy visit by Mr. Jason Brantley, the Vice-President of John Deere Ltd., a prominent tractor manufacturing company, to Abuja last Friday. This information was shared in a statement by Mr. Ezeaja Ikemefuna, Assistant Director of Information in the ministry. Kyari emphasized that the initiative to localize tractor production aims not only to enhance food security but also to…
Author: Temitope N.
Following the recent announcement of GlaxoSmithKline’s (GSK) withdrawal from the Nigerian pharmaceutical market, there has been a substantial surge in the prices of GSK medications, with reports indicating increases as high as 1000%. The abrupt rise in costs has triggered widespread concern among Nigerians, who have taken to social media to express their frustrations. The soaring prices can be attributed to a combination of factors: GSK’s departure, a major player in the pharmaceutical industry, and the escalating rate of inflation in Nigeria. As of October 2023, the country’s inflation rate reached 27.33%, the highest recorded since August 2005. This persistent…
InfoStride News reported that Nigerian Breweries Plc has unveiled plans to hold an Extraordinary General Meeting (EGM) for the proposed 80% acquisition of Distell Wines & Spirits Nigeria Limited. This information was disclosed in a notice to the Nigerian Exchange Limited and the investing public. The Company Secretary, Uaboi G. Agbebaku, signed the statement, revealing that the Board’s decision came after a comprehensive review of the offer. In a resolution made at a special meeting on November 16, 2023, the Board recommended the acquisition of 80% economic interest, voting rights, and other privileges currently held by Heineken Beverages (Holdings) Limited…
The Coordinating Minister of Health and Social Welfare, Dr. Muhammad Ali Pate, recently engaged with representatives and CEOs of pharmaceutical companies in Nigeria to address the alarming surge in medicine prices. This discussion took place during the 64th National Council for Health, #NCH64, in Ekiti, aiming to gather insights from the pharmaceutical sector to formulate effective solutions in the national public interest. The National Council of Health serves as the apex policy-making body in Nigeria’s healthcare sector. Dr. Pate emphasized that the federal Ministry of Health and Social Welfare is actively pursuing policy actions to tackle the issue of high…
InfoStride News has reported on the recent developments surrounding the departure of OpenAI’s CEO, Sam Altman, and its co-founder and Chairman, Greg Brockman. The exit was the result of a deliberative review process by the board, which concluded that Altman’s lack of consistent candor in communications hindered the board’s ability to fulfill its responsibilities, leading to a loss of confidence in his leadership. Altman announced his resignation via a post on X, lacking specific details. However, ousted Chairman Greg Brockman provided a detailed account of the events leading to their exit in a post on X, which was also reposted…
The Federal Government has filed a revised six-count charge against Mr. Godwin Emefiele, the former Governor of the Central Bank of Nigeria (CBN), in connection to alleged irregularities in procurement. Originally facing 20 counts amounting to N6.5 billion, the charges have been reduced to six, totaling N1.6 billion. Emefiele now stands as the sole defendant in this amended charge. In a recent court appearance on Friday, Emefiele sought bail and asserted his innocence to the revised six-count charge. His lead counsel, Matthew Burkaa, a Senior Advocate of Nigeria (SAN), brought him to court in compliance with a court order. Emefiele…
The federal government has recently unveiled its ambitious plan to modernize and streamline the passport application process in Nigeria, aiming to implement a fully biometric system by February 2024. This significant announcement was made by the Minister of Interior, Olubunmi Tunji-Ojo, during the sixth edition of the Nigeria Diaspora Investment Summit, a platform organized by Nigeria in Diaspora (NIDCOM) with the theme “New Vistas, New Aspirations, New Opportunities: The Diaspora and National Development.” In his address, Minister Tunji-Ojo shed light on the current challenges associated with passport processing in the country and highlighted the government’s commitment to enhancing efficiency and…
President Bola Tinubu is scheduled to depart from Abuja this Saturday for Berlin, Germany, where he will actively participate in the G20 Compact with Africa (CwA) Conference on November 20, 2023. The announcement was made by the President’s spokesperson on Media and Publicity, Ajuri Ngelale. The conference, hosted by German Chancellor Olaf Scholz, is expected to bring together President Tinubu and other Heads of State and Governments from CwA member countries, bilateral partners, and Heads of International Organizations. Their discussions will revolve around the immediate enhancement of economic and business cooperation, with a focus on identifying concrete measures to foster…
Infostride News reported on the Central Bank of Nigeria’s (CBN) detailed analysis of the current inflationary pressures in the country, as outlined in its second-quarter economic outlook. The CBN attributes the persistent inflationary trends to various factors, shedding light on the potential challenges facing Nigeria’s economic landscape. According to the CBN’s report, the removal of fuel subsidies, the depreciation of the naira, expected upward adjustments in wages and electricity tariffs, and the adverse impacts of climate change on agricultural activities are key contributors to the ongoing inflationary pressures. The rise in prices of premium motor spirit following the subsidy removal…
In a significant move, Russia’s Minister of Agriculture, Dmitry Patrushev, announced on Friday the initiation of free grain shipments to six African nations, thus fulfilling a commitment made by President Vladimir Putin back in July. This noteworthy development, reported on Telegram and covered by Reuters, highlights Russia’s dedication to supporting these nations in the face of agricultural challenges. As per Patrushev’s statement, ships en route to Burkina Faso and Somalia have already set sail from Russian ports, marking the tangible realization of Putin’s promise. Additionally, he affirmed that further shipments to Eritrea, Zimbabwe, Mali, and the Central African Republic are…
C & I Leasing Plc has put forward a proposal for a bonus issue, suggesting the issuance of two (2) ordinary shares for every three (3) ordinary shares held, with the entitlement credited to shareholders listed in the Register of Members by the close of business on Thursday, 4 January 2024. This announcement, detailed in the company’s notice to the Nigerian Exchange Limited (NGX) and the investment community, was retrieved from Infostride News. In adherence to the proposed bonus issue, the register of shareholders is scheduled to be closed from Friday, 5 January 2024, with the qualification date set for…
After a remarkable 52-year presence on the Nigerian Stock Exchange, Union Bank of Nigeria Plc has made a significant announcement regarding its departure from the NGX. The decision, as revealed in a corporate filing on the NGX website, suggests a pivotal shift in the bank’s strategic direction. In the documentation signed by Somuyiwa Sonubi, the Company Secretary of Union Bank, it is outlined that the bank is contemplating a payout of N7.70 per share to its shareholders as part of its scheme of consideration. This proposed scheme will be implemented once a decision is reached during the Court-Ordered Meeting and…
Achieving the highest profits doesn’t necessarily translate to being the most profitable. Profitability extends beyond mere financial gains and serves as a barometer for how efficiently a company operates. Several metrics, such as Return on Assets (RoA), Return on Equity (RoE), Net Income, and Profit Margin, among others, are employed to gauge profitability. In this analysis conducted by Infostride News, we delve into the most profitable companies in Nigeria, focusing on Return on Equity as the primary indicator. The Return on Equity will be evaluated based on the financial performances of these companies during the nine months ending September 2023.…
Mexico is facing a unique economic challenge as the strength of the Peso continues to rise, presenting both opportunities and obstacles for the country. According to a report from the Los Angeles Times, the Mexican Peso has surged by 18% against the dollar over the 12 months ending September 2023. This surge in the Peso poses a particular dilemma for Mexico, as the country is the second-highest recipient of dollar remittances globally, following closely behind India. According to data from the World Bank, remittances to Mexico have doubled, reaching a record high of $58.5 billion, constituting a substantial 4.32% of…
Airtel Africa has officially verified that the default currency and currency election options for the proposed interim dividend, as recommended by the Board, stand at 2.38 cents per ordinary share. This dividend is scheduled for payment on December 15, 2023, as detailed in a notice submitted to the Nigerian Exchange Limited and the investment public, as acquired by Infostride News. As outlined in the statement, the dividend will be disbursed to shareholders on the register at the close of business on November 10, 2023. The applicable currency exchange rates will be utilized in determining the interim dividend payment for qualifying…
Infostride News reports that the Nigerian Exchange Limited (NGX) has disclosed that the addition of new listings on the NGX has significantly contributed to over 10% of the market capitalization over the last two years. The Chief Executive Officer of NGX, Temi Popoola, shared this insight during the MTN Capital Markets Day held in Abuja. Popoola highlighted the global challenge faced by exchanges, particularly the increasing trend of delistings. In contrast to the prevalent delisting trend, Popoola emphasized the noteworthy surge in NGX’s market capitalization, attributing more than 10% of this growth to new listings. This statistic underscores NGX’s growing…
Infostride News reported a subdued trading day at the NGX, with the market exhibiting low volume trading that led to a flat closure. Despite the overall market closing slightly positive, the All-Share Index gained a modest 0.02% to reach 71,025.16 points. The market capitalization saw a marginal increase of N7.8 billion, closing at N39.062 trillion. However, the market breadth was negative, with 22 stocks closing in the positive and 31 in the negative. Compared to the previous day, there was a slight uptick in the number of deals, reaching 6,545 from the previous day’s 6,172. The trading volume experienced a…
Lt.-Gen. Taoreed Lagbaja, the Chief of Army Staff (COAS), delivered promising news regarding the long-awaited disbursement of the overdue N18.4 billion Group Life Assurance claims for the families of deceased Nigerian Army personnel. This announcement took place at the culmination of the Second Regimental Sergeant Majors (RSMs) 2023 Convention, a significant event held in Ibadan on Thursday. The convention, which spanned from Monday to Thursday, revolved around the theme “Leveraging Sound Administration for Highly Motivated Force and Operational Efficiency in the Nigerian Army.” It served as a platform for strategic discussions and insights into bolstering the effectiveness and motivation of…
The African entertainment industry is on the brink of a monumental growth phase, as indicated by PwC’s Entertainment and Media Outlook, which predicts a remarkable 200% increase in revenue by 2026. This surge is anticipated to be fueled by various factors, including the ascendancy of digital platforms, heightened investments in local content, and the expanding middle class equipped with disposable income earmarked for entertainment. Leading the charge in this transformative revolution is Entertainment Week Lagos (EWL), an industry-redefining platform meticulously organized by the Livespot Foundation and executed by Livespot360. EWL aims to bring together the crème de la crème of…
The commitment to the swift completion of the Lagos-Abidjan Highway by the Federal Government was formally announced by the Minister of Works, Senator David Umahi. This announcement came during a meeting in the minister’s office on Thursday, where he received a comprehensive briefing from an ECOWAS delegation led by Mr. Sediko Douka, the ECOWAS Commissioner for Infrastructure, Energy, and Digitalization. Senator Umahi, recognizing the significance of the Lagos-Abidjan Highway project, emphasized its potential to bring about rapid integration and development in West Africa. However, he underscored the necessity of segmenting the project to facilitate efficient work processes and ensure a…