The Federal government has revealed its intention to establish a dedicated law enforcement unit to combat illegal mining activities throughout the nation. The Minister of Solid Minerals Development, Mr. Dele Alake, shared this initiative during an appearance on InfoStride News, where he discussed the government’s strategies for boosting the mining sector’s contribution to the economy. Addressing questions regarding challenges within the mining industry, Mr. Alake emphasized the need to address security concerns through collaborative efforts with various security agencies. He also announced the formation of a specialized police unit specifically tasked with tackling this issue. In his own words: “Our…
Author: Temitope N.
InfoStride News reported that Seplat Energy paid ₦2.6 billion in gas flare penalties during the first three quarters of 2023, as disclosed in the company’s financial statements. This marks a significant increase from the ₦1.3 billion paid for the same period in 2022. The financial statement detailed that the operational and maintenance expenses encompass various costs, including maintenance, warehouse operations, security, community expenses, cleanup, staff-related expenses, fuel supplies, and catering services. Notably, it also accounted for a gas flare penalty of ₦2.6 billion, up from ₦1.3 billion in 2022. In a bid to lower carbon intensity, Seplat Energy outlined a…
The inauguration of the Abuja CNG conversion and training center, a pivotal milestone in Nigeria’s pursuit of a sustainable energy future, was overseen by Dr. Bayero Farah, Director-General of the Nigerian Institute of Transport Technology (NITT). Chairman of the Presidential CNG Initiative Steering Committee, Zacch Adedeji, underlined the potential of Compressed Natural Gas (CNG) in alleviating transportation costs. He revealed that the government’s annual expenditure of $6 billion on petroleum imports has strained the country’s finances. Adedeji remarked, “We find it puzzling that Nigeria has continued to rely on imported petrol for all vehicles and commercial transportation when we possess…
Moderna, Inc (MRNA) witnessed a 6.5% decline in its shares on Thursday, largely in response to disappointing sales figures and a reduction in production of its COVID-19 vaccine, Spikevax, as a result of declining demand. This development led to Moderna reporting a substantial Q3 2023 after-tax loss of $3.6 billion. The company’s revenue also experienced a significant 46% year-on-year drop to $1.83 billion, with the decrease primarily attributed to reduced vaccine sales. The company acknowledged that much of this decline was the consequence of scaling back the production of COVID-19 vaccines and the establishment of a tax evaluation allowance. Following…
PalmPay, a prominent fintech firm, was honored with the Fintech Category Excellence award at the 2023 Digital Nigeria Conference, organized by the National Information Technology Development Agency (NITDA). This three-day event, which included an awards dinner, took place at the International Conference Center (ICC) in Abuja, where PalmPay’s outstanding contributions to providing efficient payment services for numerous unbanked communities throughout Nigeria were acknowledged. Chika Nwosu, the Managing Director of PalmPay, accepted the award and emphasized the company’s commitment to delivering fast, seamless, and secure financial transactions to Nigerians. Since its inception in 2019, operating under a Mobile Money Operator license,…
InfoStride News reported on November 3 that the Nigerian House of Representatives, under the leadership of Honorable Ikeagwuonu Ugochinyere, the Chairman of the House Committee on Petroleum Resources (Downstream), is set to embark on a comprehensive audit of petrol subsidies in an effort to recover approximately $20 billion in lost revenues. This decision comes as part of a broader initiative aimed at assisting the federal government in addressing the revenue shortfall in the oil sector and ensuring a consistent supply of domestic crude, thereby enhancing energy security. Honorable Ugochinyere outlined the specific objectives of the committee as follows: 1. Prioritizing…
France’s Minister for Europe and Foreign Affairs, Catherine Colonnade, asserted that Nigeria’s Investment in Digital and Creative Enterprises (I-DICE) program has the potential to spawn 65,000 startups within the country. This significant announcement came during the signing of a bilateral agreement between the Nigerian government and France. The ceremony took place at the Ministry of Foreign Affairs in Abuja, with Nigeria’s Minister of Foreign Affairs, Yusuf Tuggar, and Catherine Colonnade executing the agreement on behalf of their respective nations. Additionally, Bosun Tijani, the Minister of Communications, attended the event representing Nigeria’s Vice President, Kashim Shettima. Colonnade emphasized the far-reaching impact…
Unity Bank Plc, as reported by InfoStride News, has shown robust performance for the nine-month period ending on September 30, 2023, with gross earnings reaching N38 billion. The bank has experienced a 5% increase in customer deposits, which now stand at N344.4 billion, demonstrating the bank’s growth and customers’ trust in its services. In an unaudited report submitted to the Nigerian Exchange Group Limited, Unity Bank continues to pursue an expansionary and customer-centric model. Total loans and advances have reached N222.8 billion, while interest and similar income have reached N33 billion. This underscores the bank’s strategic focus on revitalizing and…
InfoStride News reported that the Food and Agricultural Organisation (FAO) has released a dire warning, indicating that approximately 26.5 million Nigerians will be at risk of hunger in 2024. This unsettling revelation comes amidst increasing concerns about food security in the country. The FAO’s findings have highlighted specific regions in Nigeria where the risk of hunger is most acute. These areas include the Federal Capital Territory (FCT), Sokoto, Borno, and Zamfara states. Dominique Kouacou, the FAO’s country representative, made this alarming revelation during the presentation of the Cadre Harmonise food security and early warning analysis for the October to November…
The Federal Competition and Consumer Protection Commission (FCCPC) has extended its approval to more digital money lenders, commonly referred to as loan apps, bringing the total list of authorized companies to 211 by the end of October. This roster comprises 172 companies that have received full approval from the Commission, while 39 others have secured conditional approval. In September of the same year, the count of fully approved companies was 161, with an additional 40 holding conditional approvals. This upswing in approvals reflects the ongoing interest of new entrants seeking FCCPC’s endorsement for digital lending ventures. This renewed registration process…
Polaris Bank emerged as the standout performer over the weekend, with its in-house digital bank, VULTe, securing the coveted title of ‘Best Digital Bank of the Year’ at the prestigious BusinessDAY’s Banks And Other Financial Institutions (BAFI) Awards for the third consecutive time. This remarkable achievement was complemented by Polaris Bank’s recognition as the ‘Best MSME Bank of the Year’ at the same event. VULTe, Polaris Bank’s indigenous digital banking platform, has been meticulously crafted to cater to a wide array of customer needs, encompassing everything from account initiation to loan application and statement generation. Additionally, VULTe serves as a…
Elon Musk is on the verge of unveiling his AI chatbot, Grok, which is similar to ChatGPT, through his company xAI. Musk has hailed Grok as a cutting-edge AI model with real-time access to X’s information, internet browsing capabilities, and the ability to answer questions conversationally. Grok is set to be released to beta testers today, with plans to make it available to all X Premium+ subscribers after the beta testing phase is complete. Grok’s functionality is poised to empower users with valuable information about X, much like ChatGPT. Musk has suggested that it may utilize a knowledge base similar…
Dangote Industries Limited has stepped forward to address and refute what it considers baseless allegations of foreign exchange (forex) malpractices and money laundering amounting to a substantial $3.4 billion. This response comes in the wake of certain online media outlets circulating stories that imply the company’s involvement in unlawful forex activities allegedly facilitated by the Central Bank of Nigeria (CBN) during the tenure of Mr. Godwin Emefiele. The conglomerate, a prominent fixture in Nigeria’s industrial landscape and a significant player in the African economy, has stated that while it typically refrains from responding to unfounded claims, the resurgence of an…
The management of Benue State University Teaching Hospital, now under the leadership of Dr. Stephen Hwande, recently took the significant step of disposing of expired drugs and medical supplies valued at 200 million Naira. These pharmaceuticals were originally procured by the hospital but had been left unused, resulting in their deterioration. Dr. Stephen Hwande, the Chief Medical Director of the teaching hospital, expressed his concern over this wastage of resources and the state of affairs he encountered upon assuming his role. He discovered over 100 unclaimed corpses in the hospital’s morgue and promptly initiated correspondence with the Commissioner of Police…
InfoStride News reports that the National Agency for Food and Drugs Administration and Control (NAFDAC) has recently issued a significant policy aimed at restricting the use of various antibiotics and gentian violet as mold inhibitors in animal feed. This directive, which was issued by the Director General of NAFDAC, is in response to a growing concern regarding the consumption of mold-infested feed by livestock, leading to fungal diseases like mycosis and mycotoxicosis. Gentian violet, a substance commonly used as an antiseptic dye to treat skin fungal infections like ringworm and athlete’s foot, has been found to be added to animal…
The National Agency for Food and Drugs Administration and Control (NAFDAC), now known as InfoStride News, has recently issued a regulatory directive that bans the usage of paraquat, a commonly employed herbicide, on crops within Nigeria. The policy, which was made public today, firmly states that paraquat’s application on agricultural produce has been prohibited due to its detrimental impact on human health and the environment. Paraquat is a widely recognized herbicide employed in various parts of the world. However, its use within Nigeria has been banned due to the potential risks it poses to water sources and the environment, primarily…
Seplat Energy, as reported in its Q3/2023 financial statements, released on October 30, 2023, has witnessed a significant uptick in its oil production, a testament to the company’s commitment to excellence in the energy sector. In this report, we will delve into the specifics of Seplat’s impressive performance over the first nine months of 2023 and analyze the factors contributing to its success. Seplat Energy, a prominent player in the energy industry, has demonstrated its capacity to achieve remarkable milestones. In the first three quarters of 2023, the company reported an impressive oil production figure of 7.7 million barrels. This…
DSTV’s recent decision to raise subscription fees from N24,000 to N29,000 has ignited a significant backlash within its Nigerian customer base. The move has drawn sharp criticism, and many subscribers are expressing their dissatisfaction, primarily due to what they perceive as a lack of corresponding improvements in service quality. One disgruntled user, Prosper, vented his frustration by stating, “Hotels, companies, etc., are the reason DSTV is behaving like gods with this very useless increment they just did. Why pay so high and get almost no value of what you’re paying? Is it the old and repeated movies, even the cartoons…
Tower Alloys Industries has successfully acquired a significant stake in Aluminum Extrusion Industries Plc, securing 67.55% of the company’s issued share capital. This monumental development was formally disclosed in the official announcement presented to the Nigerian Exchange Limited and is documented by Infostride News. The acquisition is a result of substantial shifts in the ownership structure of Aluminum Extrusion Industries Plc. DCSL Corporate Services Ltd, the appointed company secretaries, have issued an official statement regarding this strategic move, which reads as follows: “We hereby announce to the public and our esteemed stakeholders that Aluminum Extrusion Industries Plc has received official…
Infostride News has learned that the Nigerian National Petroleum Company Limited (NNPCL) is set to initiate a significant partnership with the Dangote Refinery, marking a significant development in the country’s oil industry. According to a report by Reuters published on November 2, 2023, NNPCL is planning to supply crude oil to the Dangote Refinery starting in December 2023. The report provides insights into the nature of this collaboration, citing information from sources within NNPCL and Dangote Refinery. NNPCL intends to deliver up to six shipments of crude oil to the Dangote Refinery, totaling 200,000 barrels per day, as part of…