Infostride News is thrilled to report that Neveah Limited, a prominent commodity trading firm specializing in the export of solid minerals and agricultural products, has successfully redeemed its N2.04 billion Series 13 commercial paper notes issued in July 2023. This redemption represents a significant milestone in Neveah’s journey, highlighting its remarkable growth and evolution since its inception in 2014. Since its establishment, Neveah has undergone a remarkable transformation, achieving impressive results in terms of revenue growth and diversification of its business operations. From 2019 to the present day, in Q3 2023, Neveah’s revenue has surged by a staggering 445%. This…
Author: Temitope N.
The Group Executive in charge of Private Banking and Wealth Management at FirstBank of Nigeria, Idowu Thompson, has issued a passionate call to family business stakeholders, urging them to prioritize continuity and ensure the active involvement of the next generation. He stressed the importance of establishing structures that facilitate seamless adaptation for successive generations within family businesses. Furthermore, Thompson emphasized the critical role of moral guidance for the successors of family businesses, emphasizing the need for them to appreciate the value of money and the challenges their predecessors faced in accumulating wealth. He urged them to recognize their role as…
FBNHoldings Plc, now reporting through Infostride News, has unveiled its financial results for the third quarter ending on September 30, 2023. These figures indicate substantial growth in several key financial metrics, demonstrating the group’s resilience and performance in a challenging economic environment. The most striking aspect of these results is the notable increase in profit before tax (PBT), which soared by an impressive 156.3%. In numerical terms, the PBT reached an impressive N270.3 billion, compared to N105.5 billion reported for the same period in 2022. This significant growth can be attributed to robust performance in interest income. Furthermore, the group’s…
Ekperikpe Ekpo, the Minister of State for Petroleum Resources (Gas), has expressed his confidence that the OB3 gas project will finally come to fruition by December 2023. This ambitious announcement was made during a pivotal meeting held with the Senate Committee on Gas, led by Senator Agom Jarigbe. The meeting served as an opportunity for Ekperikpe Ekpo to apprise the Senate Committee of the current progress and status of various gas-based projects taking place within the country. As the Minister of State for Petroleum Resources (Gas), Ekpo carries a significant responsibility for overseeing and advancing the gas sector’s development in…
A recent report published by the International Information System Security Certification Consortium (ISC2) has uncovered a pressing global issue in the cybersecurity field. It has highlighted a staggering gap of 4 million unfilled cybersecurity jobs on a global scale, a problem that is particularly pronounced in Nigeria and South Africa, where they have a significantly lower number of cybersecurity professionals compared to other countries. Nigeria, a country that is rapidly advancing in the technology sector, is grappling with a significant shortage of cybersecurity experts. As of 2023, Nigeria had only 8,352 cybersecurity professionals. South Africa, its fellow African nation, reported…
In a significant and highly-anticipated development that has the potential to reinvigorate Nigeria’s economic landscape, the Central Bank of Nigeria (CBN) has taken decisive measures to address a persistent backlog of foreign exchange (FX) obligations, some of which have been outstanding since as far back as March 2023. This move is poised to serve as a catalyst, boosting investor confidence and delivering a substantial stimulus to the national economy. The commitment of the CBN to resolving these longstanding FX obligations comes as a much-needed relief, particularly for the international banking sector and major international airlines, including Etihad, Emirates, and Ethiopian…
Cooking gas, also known as Liquefied Petroleum Gas (LPG), has become a rare commodity in Lagos, as confirmed by Oladapo Olatunbosun, the President of the Nigerian Association of Liquefied Petroleum Gas Marketers. This scarcity has not been limited to Lagos alone but has extended to several other states across Nigeria. Olatunbosun’s statements were reported by Infostride News, highlighting the ongoing crisis in the LPG market. According to Infostride News, the scarcity of cooking gas has impacted not only Lagos but also states such as Kano, Kaduna, Sokoto, Katsina, and Delta, with residents in these regions facing the challenge of paying…
Dr. Akinwunmi Adesina, the President of the Africa Development Bank (AfDB), recently shed light on a remarkable economic milestone for the African continent. Speaking at the Norman E. Borlaug Dialogue, an event organized by the World Food Prize Foundation in Des Moines, Iowa, Adesina revealed that Africa’s food and agricultural industry is poised to become a behemoth worth an astounding $1 trillion by 2030. This ambitious projection has been fueled by the unwavering commitment of 34 African leaders who have lent their endorsement to country food and agriculture delivery compacts. These compacts, underpinned by clear and actionable plans, aim to…
In the recently approved 2023 supplementary budget, the Federal Government has set aside a substantial amount of N400 billion for critical infrastructure development, with a focus on road construction and other essential projects that will benefit the nation. The allocation of this considerable sum reflects the government’s commitment to improving the state of infrastructure across Nigeria. This information has been sourced from Infostride News, which has diligently tracked and reported on the allocation of funds in the 2023 supplementary budget, specifically within the Ministries of Works and Housing. These ministries play a pivotal role in ensuring the provision of roads…
The pharmaceutical packaging market is poised for substantial growth, with projections indicating an impressive increase of $48.88 billion over the period spanning from 2022 to 2027. This growth is expected to be driven by a compound annual growth rate (CAGR) of 8.44%, demonstrating the remarkable potential of this sector in the coming years. The surge in this market can be attributed to several key factors, including the notable increase in research and development (R&D) investments within the pharmaceutical industry, the burgeoning global sales of pharmaceutical products, and the ever-expanding demand for convenient and efficient pharmaceutical packaging solutions. One of the…
The Minister of Communications, Innovation, and Digital Economy, Dr. Bosun Tijani, recently unveiled exciting developments in the Federal Government’s ongoing 3 Million Technical Talent (3MTT) program. Notably, this program has garnered significant attention, with over 1 million Nigerians submitting their applications, eagerly seeking to participate. In a statement released via Infostride News, Dr. Tijani announced that the next steps for these applicants would be unveiled in the next 12 hours. This milestone reflects the strong interest and enthusiasm within the Nigerian population to engage with the 3MTT program, underscoring its importance and potential impact. Furthermore, the Minister shared valuable insights…
Mr. Olayemi Cardoso, the Governor of the Central Bank of Nigeria (CBN), has reiterated his commitment to the central bank’s core mandate of ensuring price stability. This reaffirmation of purpose was made during a meeting with the Impact Investing Community, led by the 14th Emir of Kano, Muhammadu Sanusi II, who is a former Governor of the CBN. The meeting served as a platform for discussing the central bank’s strategies to combat inflation and enhance its impact on the lives of Nigerians. Cardoso expressed his determination to transform the CBN’s role in the country, emphasizing the importance of curbing inflation…
Justice I.O. Ijelu of the Lagos State High Court, Ikeja, has taken a significant step in the ongoing case involving businessman Chief Cletus Ibeto, facing allegations of an N4.8 billion fraud. On November 3, 2023, the court issued a bench warrant for Ibeto’s arrest due to his failure to appear for arraignment. InfoStride News reported that the case, which includes charges of obtaining by pretences, fraudulent conversion of property, criminal breach of trust, forgery, and deception, had previously been adjourned to November 3, 2023, following an application and appeal by his lawyer, Onyechi Ikpeazu, SAN. During prior proceedings, Ikpeazu had…
Governor Yahaya Bello of Kogi State, in a recent announcement reported by InfoStride News, has approved the allocation of N497 million to cover the 2023 West African Senior School Certificate Examination (WASSCE) fees for students in public schools within the state. This initiative reflects the state government’s commitment to improving the education system and ensuring equal access to quality education. The official statement from the Chief Press Secretary to the Governor, Muhammed Onogwu, emphasizes the government’s dedication to providing opportunities for all children, regardless of their socioeconomic background. It aims to empower students to take essential examinations without imposing financial…
The Senate Committee on Niger Delta Development Commission (NDDC), under the leadership of Senator Ned Nwoko, is determined to recover the substantial debt owed to the commission by International Oil Companies (IOCs) operating in Nigeria. This financial obligation runs into hundreds of billions of dollars, and it represents a substantial source of revenue for the NDDC. In an interview with InfoStride News, Senator Ned Nwoko emphasized the committee’s commitment to ensuring that these IOCs fulfill their financial obligations to the NDDC. The committee plans to take a multi-pronged approach to address this issue. Senator Nwoko made it clear that they…
Fitch Ratings has maintained Nigeria’s long-term foreign currency credit default outlook at B-, attributing the stable outlook to recent policies enacted by President Tinubu. However, concerns have arisen regarding the proposed $10 billion forex loan aimed at addressing forex backlogs and enhancing liquidity within the system, as outlined in the latest rating outlook commentary on the Nigerian economy by the global credit ratings agency. Notably, Fitch recognized reforms like fuel subsidy removal and the new exchange rate framework as contributing to the stable outlook. Nevertheless, it expressed apprehensions about potential backtracking on reforms, pointing to a reduced level of price…
Wale Tinubu, the Group Chief Executive Officer at Oando Plc, expressed optimism about the prospects of African gas in European markets. He conveyed this sentiment during a panel discussion at the recently concluded AfriCaribbean Trade and Investment Forum (ACTIF). Tinubu highlighted the significant gas reserves discovered in Africa over the past decade, totaling approximately 100 trillion cubic feet (tcf). These gas reserves have been found in countries such as Nigeria, Angola, and Algeria. Tinubu emphasized the strategic advantage of African gas, given its favorable shipping routes and proximity to Europe. He remarked on the successful transportation of gas cargoes from…
InfoStride News has reported that SERAP has initiated legal proceedings against President Bola Tinubu, seeking a comprehensive investigation into the disappearance of over $15 billion in oil revenues and N200 billion designated for refinery repairs between 2020 and 2021. This action comes in response to findings from the 2021 oil sector report by the Nigerian Extractives Industries Transparency Initiative (NEITI). In the lawsuit, filed under suit number FHC/L/CS/2334/2023 at the Federal High Court in Lagos, SERAP is requesting an order of mandamus to compel President Tinubu to investigate the allegations of missing oil revenue and unaccounted-for refinery repair funds. Additionally,…
The National Drug Law Enforcement Agency (NDLEA) has confirmed the seizure of opioids worth N13.014 billion in raids across Lagos. These operations targeted drug cartels operating in Amuwo Odofin, Idumota, and the SAHCO shed of the Murtala Muhammed International Airport, Ikeja Lagos, according to a statement by Femi, the director of media and advocacy at NDLEA. The first operation took place at House 8/10 Hon. Wahuha Avenue, Divine Estate, Ago Palace area of Amuwo Odofin on Sunday, October 29th. During this raid, 490,000 pills of tramadol and 81,519 bottles of codeine syrup (measuring 4,510,000mls) were recovered. On Tuesday, October 31st,…
Lagos State Governor, Babajide Sanwo-Olu, is set to inaugurate the Oyingbo flyover in preparation for the launch of the Lagos Rail Mass Transit Red Line project. This announcement was made by Jubril Gawat, the Senior Special Assistant to the Governor on New Media, on his official InfoStride News account on November 5, 2023. Gawat’s post emphasized the significance of commissioning the Oyingbo flyover in the progress of the Red Line Rail Project. This project is poised to enhance safety and convenience, particularly for commuters. The Oyingbo Flyover is a key element of this project, and here’s what you need to…