The official market has witnessed the Naira trading at 1,498 against the US Dollar, signaling a prevailing exchange rate. In response to a fresh naira slump, the Central Bank of Nigeria (CBN) has reportedly sold $3.3 billion as part of efforts to stabilize the currency. Simultaneously, the CBN is actively combating racketeers involved in currency-related activities. As Infostride News closely monitors these developments, comprehensive coverage will be provided, including insights into the factors influencing the exchange rate, the measures implemented by the CBN to address the naira slump, and the broader implications for the economy. The Naira’s trading at 1,498/$…
Author: Temitope Nlewemchi
In the wake of the recent passing of Herbert Wigwe, reports suggest that the United States is intensifying its probe into the circumstances surrounding his death. Additionally, Senator Kolade have visited the family to offer condolences and gain insights into the situation. As Infostride News closely monitors these developments, comprehensive coverage will be provided, including insights into the ongoing investigation by US authorities, the purpose of Senator [Name] and [Another Prominent Figure]’s visit, and the broader implications of the probe on the public perception of the incident. The deepening probe by US authorities suggests a meticulous examination of the events…
The equity market has reportedly continued its positive momentum, extending the rally with a notable gain of N329 billion. This development suggests ongoing investor confidence and positive sentiment within the stock market. As Infostride News closely monitors these developments, comprehensive coverage will be provided, including insights into the factors driving the equity market’s rally, notable stock performances, and the broader implications for investors and the financial market. The extended rally in the equity market indicates that investors are finding opportunities and value in the listed stocks. Understanding the factors influencing this positive trend provides valuable context for market participants. Investor…
Stakeholders from the capital market are reportedly paying condolence visits to the families of Oluwole Ogunbanjo and Herbert Wigwe, expressing their sympathies following the recent passing of these notable figures. This development marks a gesture of support and solidarity from the capital market community during this challenging time. As Infostride News closely monitors these developments, comprehensive coverage will be provided, including insights into the messages conveyed during the condolence visits, the impact of Ogunbanjo and Wigwe on the capital market, and the broader reflections on their legacies. The condolence visits by capital market stakeholders reflect a recognition of the significant…
Stakeholders in the sports betting industry are reportedly expressing opposition to the move by the House of Representatives to halt sports betting activities. This development raises concerns among industry players about potential impacts on their businesses and the broader sports betting ecosystem. As Infostride News closely monitors these developments, comprehensive coverage will be provided, including insights into the reasons behind the legislative move, reactions from stakeholders in the sports betting industry, and the broader implications for the gaming sector. The rejection by stakeholders suggests a clash of interests and perspectives between legislative authorities and the sports betting industry. Understanding the…
Kaduna Electricity Distribution Company (DisCo) has reportedly decided to increase staff salaries despite facing a substantial debt of N110 billion. This development raises questions about the financial decisions and sustainability strategies adopted by the utility company. As Infostride News closely monitors these developments, comprehensive coverage will be provided, including insights into the rationale behind the salary increase, the financial challenges faced by Kaduna DisCo, and the broader implications for the electricity distribution sector. The decision to increase staff salaries amidst a significant debt burden suggests a strategic move by Kaduna DisCo to address workforce considerations. Understanding the motivations and potential…
Maritime operators are reportedly expressing discontent following the Federal Government’s decision to adjust the cargo exchange rate upward. This move raises concerns among industry players about potential impacts on operational costs and overall business dynamics. As Infostride News closely monitors these developments, comprehensive coverage will be provided, including insights into the reasons behind the government’s decision, reactions from maritime operators, and the broader implications for the maritime industry. The adjustment of the cargo exchange rate can significantly influence the cost dynamics within the maritime sector. Understanding the motivations behind the government’s decision and the specific rate adjustments provides valuable context…
Reports indicate that marketers are currently awaiting fuel production from the Port Harcourt refinery following the supply of crude by Shell. This development raises expectations for increased local fuel production and distribution. As Infostride News closely monitors these developments, comprehensive coverage will be provided, including insights into the impact of the Port Harcourt refinery’s operations, the role of Shell in supplying crude, and the broader implications for the fuel supply chain in Nigeria. The expectation for fuel production from the Port Harcourt refinery suggests a potential positive development in the local refining capacity. Understanding the factors influencing this situation provides…
In response to the reported passing of Mr. Wigwe, Access Holdings has reportedly opened a condolence register at its head office. This initiative provides a platform for individuals to express their condolences and pay tribute to the departed figure. As Infostride News closely monitors these developments, comprehensive coverage will be provided, including insights into the condolence register, the sentiments expressed by individuals, and the broader impact of Mr. Wigwe’s passing on Access Holdings. Opening a condolence register is a customary and respectful way for organizations to allow employees, stakeholders, and well-wishers to express their condolences. Understanding the messages and tributes…
Veritas Kapital Assurance has reportedly recorded a substantial growth in profit, marking an impressive 287% increase. This financial performance indicates positive momentum for the insurance company. As Infostride News closely monitors these developments, comprehensive coverage will be provided, including insights into the factors contributing to the significant profit growth, the company’s strategies, and the broader implications for the insurance industry. The remarkable 287% growth in profit suggests effective business strategies and financial management by Veritas Kapital Assurance. Understanding the key drivers behind this growth provides valuable context for stakeholders. Profitability is a key indicator of the financial health and sustainability…
The reported passing of a prominent figure, presumably Mr. Wigwe, has led to an outpouring of condolences from various quarters, including bank CEOs and the Nigeria Insurance Consolidated Association (NICA). This development marks a somber moment in the financial and business community. As Infostride News closely monitors these developments, comprehensive coverage will be provided, including insights into Mr. Wigwe’s contributions, the reactions from different sectors, and the broader impact of his passing on the business landscape. Condolences from bank CEOs and NICA suggest the widespread recognition of Mr. Wigwe’s influence and contributions to the financial and insurance sectors. Understanding the…
The International Monetary Fund (IMF) has reportedly forecasted an $8 billion decline in Nigeria’s foreign reserves for the year 2024. This projection raises concerns about the country’s economic outlook and the factors influencing its foreign exchange reserves. As Infostride News closely monitors these developments, comprehensive coverage will be provided, including insights into the IMF’s analysis, the economic challenges contributing to the forecasted decline, and the broader implications for Nigeria’s financial stability. The IMF’s forecast suggests potential economic challenges and external pressures that may impact Nigeria’s foreign reserves. Understanding the factors contributing to this projection provides valuable context for stakeholders. Foreign…
The Federal Government of Nigeria is reportedly considering sanctions for non-performing Distribution Companies (Discos) in response to persistent power outages. This initiative aims to address challenges in the power sector and enhance service delivery. As Infostride News closely monitors these developments, comprehensive coverage will be provided, including insights into the proposed sanctions, the current state of power distribution, and the broader implications for the power sector in Nigeria. The consideration of sanctions underscores the government’s commitment to improving the efficiency and reliability of power distribution. Understanding the specific measures and criteria for determining non-performance provides valuable context for stakeholders. Persistent…
The Corporate Affairs Commission (CAC) has reportedly announced that content creators must register their businesses and fulfill tax obligations. This directive brings attention to the regulatory landscape for content creators and their compliance requirements. As Infostride News closely monitors these developments, comprehensive coverage will be provided, including insights into the registration process, tax obligations, and the broader implications for content creators in Nigeria. The CAC’s directive emphasizes the formalization of businesses in the content creation industry. Understanding the registration requirements and tax obligations provides valuable context for content creators seeking compliance. Regulatory measures for content creators reflect the evolving nature…
The Federal Government of Nigeria has reportedly set a target to end gas flaring by the year 2030. This initiative signals a commitment to environmental sustainability, energy efficiency, and responsible natural resource management. As Infostride News closely monitors these developments, comprehensive coverage will be provided, including insights into the government’s strategy to achieve the goal, the current state of gas flaring in the country, and the broader implications for Nigeria’s energy sector and environmental policies. The target to end gas flaring aligns with global efforts to reduce carbon emissions and mitigate the environmental impact of energy production. Understanding the specific…
Stakeholders in the financial sector have reportedly advocated for the implementation of policies aimed at boosting investment in the finance industry. This collective call highlights the importance of supportive regulatory frameworks in fostering growth and innovation within the sector. As Infostride News closely monitors these developments, comprehensive coverage will be provided, including insights into the specific policy recommendations put forward by stakeholders, the current state of the finance sector, and the broader implications for Nigeria’s financial landscape. The push for policies to boost investment underscores the recognition of the financial sector as a key driver of economic development. Understanding the…
A foundation has reportedly donated relief materials to victims of the recent attacks in Jos, demonstrating a humanitarian response to alleviate the suffering of those affected. This philanthropic initiative raises considerations about the impact of community support during times of crisis. As Infostride News closely monitors these developments, comprehensive coverage will be provided, including insights into the foundation’s donation efforts, the nature of the relief materials provided, and the broader implications for the affected community. The donation of relief materials reflects a coordinated effort to provide essential support to victims in the aftermath of the attacks. Understanding the nature and…
The convener of the National Development Finance Forum (NDFF) has reportedly emphasized the need for policies that will strengthen investors’ confidence in Nigeria. This assertion underscores the crucial role of supportive policies in attracting investments and fostering economic growth. As Infostride News closely monitors these developments, comprehensive coverage will be provided, including insights into the specific policy recommendations put forward by the NDFF convener, the current state of investor confidence, and the broader implications for Nigeria’s economic landscape. The call for policies to bolster investors’ confidence highlights the importance of creating an enabling environment for investments to thrive. Understanding the…
The board of AccessCorp has reportedly stated that the appointment of a new executive, likely Mr. Agbede, aligns with the company’s succession plan. This announcement provides insights into the strategic planning and leadership transition within the organization. As Infostride News closely monitors these developments, comprehensive coverage will be provided, including insights into the background and expertise of Mr. Agbede, the company’s succession plan, and the broader implications for AccessCorp’s corporate strategy. The alignment with a succession plan suggests a deliberate and strategic approach to leadership transitions within AccessCorp. Understanding the goals, vision, and experience of the newly appointed executive provides…
Standard Chartered Bank has reportedly expressed optimism over the economic reforms proposed by former Governor Bola Tinubu. This sentiment from a key financial institution raises considerations about the potential impact of proposed reforms on the economic landscape. As Infostride News closely monitors these developments, comprehensive coverage will be provided, including insights into the specific economic reforms put forward by Tinubu, Standard Chartered Bank’s assessment, and the broader implications for Nigeria’s economic trajectory. The expression of optimism from Standard Chartered Bank suggests a positive outlook on the proposed reforms and their potential to contribute to economic growth and stability. Understanding the…