FCMB Group Plc has successfully concluded a noteworthy bond issuance, raising a substantial N26 billion in a move that reverberates across the Nigerian financial landscape. Part of the Group’s larger N300 billion Debt Issuance Programme, this Series 2 Bond is officially known as the Perpetual 16% Fixed Rate Resettable NC5.25 Additional Tier I Subordinated Bonds. The issuance garnered widespread interest from a diverse array of investors, including corporate entities, financial institutions, trustees, and high-net-worth individuals. Issued at a fixed rate of 16.0% per annum, this bond mirrors prevailing market trends and underscores the confidence investors place in the Group’s financial…
Author: Temitope N.
Infostride News reported that the Enugu Electricity Distribution Company (EEDC) has officially declared that the ongoing power outage, stemming from the aftermath of a strike action initiated by the Nigeria Labour Congress (NLC), is a circumstance beyond its control. This announcement came through a statement released by Mr. Emeka Ezeh, the Head of Corporate Communication for EEDC, based in Owerri on a Thursday. The situation unfolded when organized labor in Imo, on November 1, orchestrated the closure of the Egbu Transmission Station, a critical source supplying electricity to the state. Consequently, this action has resulted in the transmission station being…
FirstBank, the foremost financial institution and a leading advocate for financial inclusion services in Nigeria, has unveiled the Win Big promo to express gratitude to its esteemed customers. Commencing on October 23, 2023, and extending through February 23, 2023, this four-month promotional campaign aims to reward both new and existing customers with a substantial total cash prize of 170,000,000.00 naira. Over the course of the promotional period, a total of 1,240 fortunate customers, whether new or existing, will have the chance to receive N100,000.00 each. This means that each month will witness the celebration of 310 customers who will be…
In a major collaborative effort to enhance global app security, three tech giants, namely Google, Microsoft, and Meta, have united to fortify the App Defense Alliance. Originally initiated by Google in 2019, the App Defense Alliance was designed to uphold the security of the Google Play Store and the broader Android app ecosystem by concentrating on malware detection and prevention. Now, with the inclusion of Microsoft and Meta, the alliance is set to broaden its impact, aiming to implement robust security measures across all types of apps. The formation of a steering committee, comprised of representatives from Google, Microsoft, and…
The U.S. division of the Industrial & Commercial Bank of China (ICBC) encountered a significant cyberattack on Thursday, rendering it incapable of processing substantial volumes of US Treasury trades. Entities responsible for settling these transactions quickly disconnected from the affected systems, prompting ICBC to resort to unconventional means for settlement. As reported by Bloomberg, ICBC had to transmit the required settlement details to relevant parties via a messenger carrying a thumb drive, a hasty move aimed at mitigating the impact of the attack. Attributed to the notorious Lockbit criminal gang with ties to Russia, the cyberattack stirred immediate disruption in…
The Lagos State Government has officially declared a diversion of traffic at the Marine Bridge for an extended period of six weeks, commencing from Friday, November 10, 2023, through Thursday, December 21, 2023. This development is part of the ongoing repair initiatives undertaken by the Federal Ministry of Works to address the structural issues afflicting sections of the bridge. In an official statement, Oluwaseun Osiyemi, the Lagos State Commissioner for Transportation, outlined the alternative routes available for motorists during the stipulated duration of the project. The strategic redirection aims to ensure a smooth flow of traffic while facilitating the necessary…
Zenith Bank is gearing up to empower and reward Nigerian startups with a total sum of N59 million through its upcoming pitch competition, Zechathon 3.0. This initiative, carried out in collaboration with the accelerator firm Seedstars, not only promises financial incentives but also aims to provide essential business support to participating startups. The hackathon program is designed to go beyond just a competition, offering training, mentorship, and networking opportunities with potential investors. This comprehensive approach is geared towards nurturing startups and propelling them towards sustainable growth. In an official statement released on Friday, the bank expressed its commitment to shaping…
Infostride News reports that following the declaration of an interim dividend of 3 US Cents per ordinary share of N0.50 per share, Seplat, a prominent Nigerian company, is set to utilize an exchange rate of N996.75/US$ to determine the Naira amount payable to its shareholders. In practical terms, this means that Seplat will be disbursing an interim dividend of N29.9 per ordinary share of N0.50 to its Nigerian shareholders. The specifics of this announcement were outlined in a corporate filing signed by Seplat’s Chief Financial Officer, Emeka Onwuka. The calculation of Naira amounts payable was anchored on the exchange rate…
Infostride News reports that the Central Bank of Nigeria (CBN) has given its nod to the appointment of four new non-executive directors for Abbey Mortgage Bank Plc, as disclosed in the company’s notice to the Nigerian Exchange Limited and the investing public. The newly appointed directors are Mrs. Christabel Onyejekwe, who takes on the role of an independent non-executive director, Ms. Jewel Okwechime as a non-executive director, Ms. Chika Ochonogor as a non-executive director, and Mr. Obinna C. Ufudo as a non-executive director. Let’s delve into the profiles of these distinguished individuals. Mrs. Christabel Onyejekwe According to Geoff Amaghereonu, the…
Infostride News reports that PricePally, a prominent online grocery store operating in three Nigerian cities, has unveiled its inaugural Stew Index Report. This comprehensive analysis delves into the cost dynamics of stew ingredients, a staple in the Nigerian culinary landscape, in both Lagos and Abuja for the years 2022 and 2023. According to the findings, Lagosians are now grappling with escalated costs when it comes to preparing a pot of stew. In 2022, the expense for stew ingredients in Lagos stood at ₦6,902. However, in 2023, this cost surged to ₦8,060, representing a substantial 16.77% increase within a single year.…
Infostride News reports a significant uptick in revenue collection by the Nigerian Customs Service (NCS) over a four-month period, spanning from July to October 2023. The revelation comes from Mr. Adewale Adeniyi, the Comptroller-General of the NCS, who shared the impressive statistics during a national workshop on legislative compliance in Abuja. The figures showcase a remarkable 66.5% surge in revenue during this period. Adeniyi disclosed that while the service collected an average revenue of N202 billion in the first half of the year, the monthly revenue reached a noteworthy N333.9 billion by October, reflecting a substantial 65.5% increase. The chief…
In a scathing critique of the recently passed N2.17 trillion 2023 supplementary budget, former Anambra state governor and Labour Party’s presidential candidate, Mr. Peter Obi, lambasted the administration led by President Bola Tinubu for what he termed as “lavish indulgence.” The budget, which has now become a subject of national debate, was signed into law by President Tinubu, triggering Obi’s outspoken disapproval. Expressing his discontent on his X account, Obi singled out specific items in the budget that he deemed extravagant, including the allocation for a “Presidential Yacht, Presidential Jets, the furnishing of already lavishly furnished presidential quarters and offices,…
Ralph Mupita, the Chief Executive Officer of MTN, has expressed his optimistic outlook for Nigeria’s economic recovery under the influence of Tinubunomics. According to him, the country is poised for a significant resurgence, and he anticipates witnessing substantial progress by the middle of 2024. Mupita’s confidence in Nigeria’s economic rebound stems from his analysis of the Tinubunomics framework, a term coined to describe the economic policies and strategies associated with influential Nigerian politician Bola Tinubu. Tinubu, a former Governor of Lagos State and a key figure in the country’s political landscape, has been an advocate for economic reforms and development…
In October, the Nigeria Customs Service made a significant announcement confirming the seizure of a considerable haul comprising 13 trailer loads of foreign parboiled rice, along with 17 vehicles and various other items, all totaling an estimated value of N1,241,777,700. This revelation came through an official statement disseminated via the Nigerian Customs Service’s official X (formerly Twitter) account on a Wednesday. The Acting Comptroller of the Unit, Hussein Ejibunu, conveyed this information during a press briefing conducted at the Unit’s Headquarters in Lagos. Ejibunu, while showcasing the seized items, highlighted that the 17 vehicles were intercepted from smugglers attempting to…
In the bustling legal arena of Abuja, the High Court at Maitama witnessed a pivotal moment on a Wednesday when Godwin Emefiele, the former governor of the Central Bank of Nigeria (CBN), stood before it. The orchestrator of this legal encounter was none other than the Economic Financial Crime Commission (EFCC). Within the hallowed chambers, Justice Olukayode Adeniyi, a figure of legal authority, rendered a consequential ruling. In a gesture that balanced the scales of justice, Emefiele was granted bail. The legal saga would not conclude here; the former CBN governor would need to reappear in court on November 15.…
Infostride News has reported that the Central Bank of Nigeria (CBN) has issued a directive to all its branches nationwide, urging them to continue providing various denominations of both the old and redesigned banknotes in substantial quantities to deposit money banks. In a public statement released on Wednesday, November 8, 2023, and posted on its official X (formerly Twitter) account, the apex bank emphasized that all banknotes it has issued remain legal tender and should be accepted without rejection. This announcement comes in response to the growing concerns about a shortage of cash in some major cities across the country,…
Infostride News reported that Innoson Vehicle Manufacturing (IVM), Nigeria’s indigenous vehicle manufacturing company, is set to establish an electric vehicle factory within the country. This development was disclosed by Cornel Osigwe, the Head of Corporate Communications at Innoson, during an interview with the Global Business Report on Arise Television. Osigwe highlighted the importance of promoting made-in-Nigeria vehicles and emphasized the company’s commitment to contributing to the growth of the automotive industry in the country. According to Osigwe, Innocent Ifediaso Chukwuma, the Chairman of Innoson, has finalized plans to establish the electric vehicle manufacturing plant. The decision is based on the…
A recent investigation conducted by Surfshark has brought to light significant breaches of the European Union General Data Protection Regulation (GDPR) by some of the most widely used social media platforms. Notably, Meta’s major apps, TikTok, and X (formerly Twitter) have collectively faced fines exceeding €2.9 billion over the past five years. This revelation stems from the GDPR Enforcement Tracker, which outlines the regulatory actions taken against various platforms for data protection violations. Astonishingly, a substantial portion of the fines, amounting to over €765 million, was attributed to the mishandling of children’s data. Unsurprisingly, Meta-owned social media products, including Facebook,…
The force majeure declared at NLNG in October 2022 continues to exert its impact, as confirmed in a recent report by S&P Global Commodity Insights. According to a spokesperson at the Nigeria Liquefied Natural Gas (NLNG) Limited on November 8, the force majeure remains in effect due to the Bonny plant’s operation below 50%. The spokesperson elaborated on the ongoing challenges, stating, “Supply of gas to the Bonny plant still faces major constraints and is keeping production at the plant well below capacity. The force majeure remains in place.” Persisting attacks on pipelines and diminished output from aging wells contribute…
Infostride News sheds light on the impact of the Russia-Ukraine conflict on Nigeria’s crude oil inflow in the international market, a story articulated by NNPC Limited’s Chief Corporate Communications Officer, Femi Soneye. During a panel presentation at the Argus European Crude Conference in London, Executive Director Maryamu Idris of NNPC Trading Limited explained that the war has led to a decrease in demand for Nigerian crude in the once-reliable Asian market, particularly in India. Idris elaborated on the significant shift in India’s preferences, highlighting the reduction in Nigeria’s crude exports to India from around 250,000 barrels per day (bpd) in…