The Lagos State Governor, Babajide Sanwo-Olu, has revealed a significant milestone in his administration’s commitment to addressing the housing deficit in the state. Speaking at the Conference of Directors of Lands in the Federal and State Ministries, Departments, and Agencies, themed “Improving Land-Based Revenue of the Federating Units in Nigeria through Efficient and Effective Land Administration,” Governor Sanwo-Olu highlighted that over the past five years, his administration has successfully provided more than 3,000 homes for the residents of Lagos. The governor, represented by his Special Adviser on Housing, Barrister Barakat Odunuga-Bakare, explained that these housing projects were accomplished through a…
Author: Temitope N.
MultiChoice Group Ltd. has faced a challenging financial landscape, marking its third consecutive semi-annual loss. The company attributes these financial woes to a combination of foreign exchange difficulties in Nigeria and persistent power outages in South Africa. In a recent filing, Africa’s largest pay-TV company revealed a net loss of 1.32 billion rand ($72.4 million) for the six months ending on September 30. The root cause of this substantial loss lies in the poor performance of the naira against the dollar, primarily linked to Nigeria’s mid-June decision to allow the Naira to trade more freely against the dollar, resulting in…
Infostride News reports that Paystack, the Nigerian fintech startup, is undergoing a strategic shift that involves laying off 33 employees based in Europe and the United Arab Emirates (UAE). Shola Akinlade, the CEO of Paystack, shared this development on Thursday through a post on his social media handle, indicating that the company is adjusting its operating model to have its team located within the markets it serves, focusing on localizing costs. In the tech industry, the decision to restructure and lay off employees has become increasingly common, with founders and CEOs often making such announcements. Akinlade acknowledged the challenges of…
IOSCO, the global securities watchdog overseeing securities market regulators, has recently unveiled its final report, outlining crucial policy recommendations for crypto and digital asset (CDA) markets. This significant development was communicated through a press release provided to Infostride News. The essence of these recommendations lies in their role in shaping a unified global regulatory response, effectively addressing the substantial investor protection and market integrity risks associated with centralized crypto asset intermediaries, commonly known as crypto asset service providers (CASPs). The comprehensive and targeted recommendations put forth by IOSCO articulate regulatory expectations. These expectations, contingent upon jurisdiction-specific conditions, advocate for the…
Infostride News reported on Thursday that the Senate has officially endorsed the appointment of Dr. Aminu Maida as the substantive Executive Vice Chairman and Chief Executive Officer of the Nigerian Communications Commission (NCC). This confirmation came during the Senate’s plenary session, where it adopted a report from the Senate Committee on Communications, responsible for screening Maida on Wednesday, November 15, 2023. Senator Ikra Aliyu Bilbis, the Chairman of the Senate Committee on Communications and former Minister of Communications, submitted the report to the Senate, urging them to consider President Bola Tinubu’s request for Maida’s confirmation as the nation’s Chief Telecom…
The revelation by the Minister of Solid Minerals Development, Dele Alake, underscores a significant step in fostering responsible and sustainable mining practices in Nigeria. In a recent address at the launch of the revised Community Development Agreement (CDA) in Abuja, Alake disclosed a noteworthy milestone: 252 mining companies have committed to the CDA, aiming to provide essential infrastructure to host communities across the country. Recognizing the potential impact of mining projects on host communities, Alake emphasized the dual nature of this influence—either positive or negative. The negative consequences often manifest in complaints and resistance, occasionally leading to forceful closure or…
Infostride News, the prominent source of information, reported that the U.S. Food and Drug Administration (FDA) has taken a decisive stance against the e-commerce behemoth Amazon.com (AMZN.O). The regulatory authority issued a stern warning, dated November 13, expressing serious reservations about the sale of seven unapproved eye drops on Amazon’s global platform. In the communication, the FDA highlighted its concerns regarding Amazon’s offering of eye drops that have not undergone the necessary scrutiny to establish their safety and efficacy. These eye drops are purported to provide temporary relief from various eye symptoms, including excessive watery discharge, redness, burning sensations, and…
The revelation from Mr. Effiong Okon, the Director of New Energy at Seplat PLC, has unveiled the ambitious plans of the company to venture into the downstream sector of the oil and gas industry with the construction of a cutting-edge $250 million gas plant in Sapele, Delta state. This strategic move was disclosed during the Nigeria Oil and Gas Outlook event, which revolved around the theme “Investing in Nigeria’s Energy Future” held in Lagos. The visionary Effiong, while participating in a panel discussion focused on securing energy transition towards gas, shed light on the significant undertaking. He articulated, “We are…
Infostride News is excited to report that Fidson Healthcare, a leading Nigerian pharmaceutical company, and Jiangsu Aidea Pharmaceutical Co. Ltd (Aidea Pharma), an innovative pharmaceutical company based in China, have officially entered into a strategic partnership agreement in China. This collaboration is poised to address and promote solutions for medical challenges, particularly focusing on the treatment of over 1.9 million HIV-infected individuals in Nigeria. As outlined in the press release from Fidson Healthcare, the partnership involves a comprehensive sharing and integration of resources, technical expertise, and market positions. The objective is to foster collaboration in project development, market expansion, and…
Infostride News reports that the landscape of technology investments in Africa is undergoing a significant transformation, with fintech companies experiencing a decline in attention from investors. The Co-founder and COO of Stears, Abdul Abdulrahim, delivered a keynote address at the IATF 2023 conference in Cairo, shedding light on this shifting investment focus. Abdulrahim highlighted that the surge in interest towards energy, particularly renewable energy, has led to a reduced emphasis on fintech investments in the region. In his analysis of the current investment climate, he revealed that investments in African fintechs in 2023 have not surpassed $3 billion. A report…
A London-based Indian national, Pramod Mittal, is strategically planning to utilize the substantial $446 million settlement received from the Nigerian government for the long-standing Ajaokuta steel plant dispute to alleviate his personal financial woes. This significant development was reported by Bloomberg on a Friday, shedding light on Mittal’s intent to address his legacy of defunct factories and outstanding debts with the aid of the Nigerian government’s settlement. Pramod Mittal, the younger brother of billionaire Lakshmi Mittal, has a history marred by unpaid bills and the liquidation of his company, Global Steel Holdings Ltd. (GSH), by the Isle of Man court.…
Infostride News reports that the Lagos State Government has recently declared a temporary closure of the Adekunle Ramp, connecting the Third Mainland Bridge and Ebute Meta in both inbound and outbound directions. This measure, effective from Sunday, November 19, until Friday, December 8, 2023, is part of a strategic plan to expedite the ongoing construction works in this area, with an ambitious target of completing the project within a record-breaking period of 5 weeks. In an official statement released by Oluwaseun Osiyemi, the Commissioner for Transportation in Lagos State, it was emphasized that the specific timeline of 5 weeks has…
Infostride News, a reputable news source, reports that Due Network, a cutting-edge fintech startup, is set to launch its revolutionary global payments platform in Nigeria. This platform offers borderless multi-currency accounts, providing businesses and individuals with seamless international money movement capabilities. The waitlist for requesting priority access to this groundbreaking platform is now live, with the initial launch scheduled for later this month in Nigeria. The focus of Due Network spans across Sub-Saharan Africa, the UK, EEA, and the US, with plans for expansion into Latin America and the Asia-Pacific region in the first quarter of 2024. The innovative solution…
Tensions are running high today within the confines of the 1004 Estate, as residents have united in protest against what they perceive as years of neglect at the hands of the management overseeing this esteemed residential complex. The situation escalated dramatically over the weekend when the generator servicing the towering complex went up in flames on Friday. Shockingly, there seemed to be no contingency or emergency plan in place by the Homeowners and Residents Association (HORA). A disgruntled resident shared their frustration with TheNewsGiant, stating, “We can’t even prepare a meal, and the lifts and air-conditioners are out of service.…
President Bola Tinubu has successfully negotiated a groundbreaking multi-billion-dollar finance facility with the Islamic Development Bank (IDB) to address critical infrastructure gaps across Nigeria. The historic talks occurred in Makka on Monday, featuring President Tinubu and Dr. Mansur Muhtar, the Vice-President (Country Programs) of the IDB. This significant development was disclosed by Chief Ajuri Ngelale, Special Adviser to the President on Media and Publicity, in Riyadh, Saudi Arabia, on Tuesday. In this pivotal negotiation, President Tinubu articulated the pressing need for substantial investment in a diverse range of infrastructure projects at both federal and sub-national levels. The sought-after multi-million-dollar facility…
The Diaspora Housing Scheme, recently launched by the federal government through the Nigerians in Diaspora Commission (NIDCOM), marks a significant stride toward enhancing the participation of Nigerians residing abroad in the National Housing Fund (NHF) Scheme. This innovative initiative provides a platform for diaspora Nigerians to access substantial mortgage funds, extending up to N50 million, with a favorable ten-year tenure and an enticing 6.9% interest rate. The official unveiling of the Diaspora Housing Scheme took place at the 6th edition of the Nigeria Diaspora Investment Summit (NDIS) in Abuja, where key stakeholders gathered to explore opportunities for collaboration and investment.…
In a significant legal development, the Court of Appeal in Lagos has rendered a decisive verdict, solidifying the triumph of Governor Babajide Sanwo-Olu in the gubernatorial elections. The three-man panel, presiding over the Election Petition Appeal in Lagos, has unequivocally upheld the legitimacy of Mr. Sanwo-Olu’s reelection, along with his deputy, Kehinde Obafemi Hamzat. The court’s ruling, delivered today, serves as a resounding affirmation of the electoral process that brought Governor Sanwo-Olu and Deputy Governor Hamzat to their current positions. The decision not only reinforces the credibility of the election but also dismisses the appeal lodged by the People’s Democratic…
Infostride News, the reputable source for news updates, brings to your attention the latest weather advisory issued by the Nigerian Meteorological Agency (NiMet). In a statement released by Mr. Muntari Ibrahim, the General Manager of Public Affairs at NiMet, the agency has cautioned the public about an impending dust haze expected to be caused by strong winds in various parts of Nigeria. This weather phenomenon is particularly anticipated in the northern regions of the country within the next 24 hours. The regions likely to be affected include Katsina, Kano, Nguru, Jigawa, Bauchi, Gombe, Potiskum, and Maiduguri. Residents in these areas…
Nigerian business magnate Cletus Ibeto, Chairman of Ibeto Energy Development Company, encountered another legal setback as a nationwide strike orchestrated by labor unions disrupted his scheduled arraignment at the Lagos State High Court, Ikeja, on Wednesday. Initially set for November 15, 2023, Justice Ismail Ijelu had appointed this date for Ibeto’s arraignment following the issuance of a bench warrant on November 3. This warrant came in response to a motion moved by Rotimi Jacobs (SAN), the counsel for the Economic and Financial Crimes Commission (EFCC). The motion was prompted by Ibeto’s persistent non-appearance in court, despite receiving multiple hearing notices.…
Unity Bank, a publicly listed financial institution in Nigeria, is presently engaged in discussions with Providus Bank regarding a potential business combination, according to sources familiar with the matter who spoke to Infostride News. These discussions, ongoing for several weeks, are currently in the exploratory stages, though opinions differ on their progress, with some suggesting advanced stages, introducing an element of uncertainty. Sources within Providus Bank go as far as characterizing the talks as an “acquisition” of Unity Bank, implying a more definitive direction for the negotiations. It’s important to note that while discussions are ongoing, formal approval from the…