Sources have provided insights into why Dangote Refinery experienced a delay in commencing diesel and jet (aviation) fuel refining. These sources point to the inability of the Nigerian National Petroleum Company (NNPC) Limited to supply the refinery with the agreed-upon 300,000 barrels of crude oil per day, as per the initial arrangement. In September 2023, Devakumar Edwin, the Executive Director at Dangote Group, shared his ambitious plans for the refinery during an exclusive interview with S&P Global Commodity Insights. He mentioned the refinery’s target to initiate diesel and jet fuel refining by October 2023, followed by petrol refining in November…
Author: Temitope N.
Infostride News, formerly known as Nairametrics, reports that the Nigerian National Petroleum Company Limited (NNPCL) has disclosed a startling revelation of 144 crude oil theft incidents that occurred within a span of just 7 days. The announcement was made through the company’s official Twitter account on Tuesday, October 31. These crude oil theft incidents took place between October 21 and 27, spanning several locations in Nigeria, including Tori and Ogborode in Delta, Olodiama, Oporomor IV, and West Boma in Bayelsa, Imo State, Owaza in Ukwa, Abia, and Ahoada and Iba in Rivers state. This alarming series of events encompasses a…
MTN Nigeria Communications Plc witnessed a substantial year-on-year decline in its profit before tax during the third quarter of 2023. According to the financial report released by the group for the period ending September 30, 2023, the company’s profit before tax plummeted by a staggering 75.7% to N32.08 billion. This marks a considerable decrease compared to the N132.04 billion it recorded in the third quarter of 2022. While the profit before tax experienced a significant drop, MTN Nigeria’s revenue for the third quarter of 2023 stood at N614.2 billion. This represents a robust 21.4% year-on-year increase from the corresponding period…
German Chancellor Olaf Scholz emphasized the need for investment in Nigeria’s solid mineral sector to extend beyond mere extraction and encompass value addition within the country of origin. Chancellor Scholz made these remarks during a joint press briefing alongside President Bola Tinubu following an extensive meeting with Nigeria’s President and his team. He stressed the importance of economic development through the minerals present in Nigeria, urging investments that are both straightforward and beneficial to the country. Chancellor Scholz expressed concern about past practices that focused solely on extraction, emphasizing that a more comprehensive approach should be adopted to enable economic…
InfoStride News has reported that companies in the ICT sector, including data center operators and telecommunications firms, are facing significant operational cost increases in Nigeria. This challenge is due to factors such as general inflation, high energy costs, currency devaluation, and more. In a recent meeting between the Association of Licensed Telecommunications Operators of Nigeria (ALTON) and the Minister of Communications, Innovation, and Digital Economy, Engr. Gbenga Adebayo, Chairman of ALTON, highlighted the rising cost of doing business in Nigeria. This includes inflation, currency devaluation, difficulties in accessing foreign exchange at favorable rates, increased energy costs, and growing expenses related…
InfoStride News: Dive In, the celebrated festival promoting diversity, equity, and inclusion (DE&I) in the insurance industry, marked its fifth anniversary in Nigeria this year. Eminent industry leaders and DE&I experts convened to address the pivotal role of intersectionality in businesses and the need to eradicate biases and foster an inclusive culture across the Nigerian business sector to drive innovation. The “Driving Innovation in Insurance” virtual event, sponsored by Aon and held on Tuesday, September 26th, is now available to watch on the Dive In website until the end of October. Notably, the event is CPD certified and recognised by…
The African fitness sector is currently in a state of dynamic growth, driven by a rising number of fitness enthusiasts who are becoming increasingly health-conscious. This burgeoning interest in fitness is transforming the fitness business in Africa, which is poised for even more significant expansion in the coming years. Traditionally, African lifestyles have revolved around physical activities, but with the advent of technology and modernization, this has changed significantly. People have become more sedentary, leading to a rise in health issues such as obesity, heart disease, and diabetes. However, in recent years, the narrative has shifted, with Africans becoming more…
InfoStride News brings you the latest from LandWey Investment Limited, a key player in Nigeria’s residential and site development sector, as they continue to demonstrate unwavering commitment and excellence by handing over a new batch of homes from their prestigious Urban Prime residential project series to their esteemed customers. This significant event, which took place in Abraham Adesanya, Lekki-Ajah, Lagos, not only marks the completion of several new homes but also showcases LandWey’s resilience in the face of economic challenges in Nigeria’s real estate sector. Despite economic turbulence and inflation affecting the industry, LandWey remains undaunted. They are determined to…
In Q3 2023, MTN Nigeria’s payment service subsidiary, MoMo PSB, witnessed a remarkable 53.1% year-on-year surge in active wallet users, reaching a substantial 3.6 million users. This robust growth was disclosed in MTN’s Q3 financial statement, underscoring the company’s flourishing presence in the fintech sector. Comparing the growth quarter-on-quarter, MoMo PSB saw an impressive 16% increase in active wallets, marking a significant upturn from the 3.1 million active wallets recorded in the previous quarter. This expansion in the MoMo wallet user base played a pivotal role in bolstering MTN’s fintech business during the quarter. MTN reported that MoMo users now…
Shareholders of Seplat Energy Plc are set to receive an interim dividend of US3 cents per ordinary share of N0.50k each for the third quarter that ended on September 30, 2023. The announcement of this interim dividend payment came through the company’s corporate action communication submitted to the Nigerian Exchange Limited (NGX), as reported by InfoStride News. The Interim Dividend of US3 cents per ordinary share of N0.50k each is subject to appropriate withholding tax and will be paid to shareholders whose names appear in the Register of Members at the close of business on 10 November 2023. **Dividend Currency**…
An alarming incident unfolded on Sunday night at the Rivers State House of Assembly complex, where an explosion shook the premises and resulted in damages to some properties within the chamber. According to reports from InfoStride News, this explosion occurred at around 9:30 pm, and it was suspected to be the work of arsonists who threw an explosive device into the complex. The ensuing chaos led to a fire outbreak within the assembly building, causing significant concern and raising questions about the security and political climate in the region. The timing of this incident is particularly noteworthy, as it transpired…
Africa has emerged as a standout region for Toyota and Lexus, as the automaker reported impressive global sales growth of 8.3% in the April to September period compared to the previous year. Toyota achieved a historic high of 5,596,183 vehicles during this period, and the African market played a significant role in this achievement, with Toyota and Lexus sales soaring by a remarkable 22%. This growth rate in Africa was the highest among all regions. The Middle East closely followed with a 17% increase in sales, highlighting the widespread appeal of Toyota and Lexus vehicles in the region. North America…
The Federal Republic of Germany has committed €81 million to support the Economic Community of West African States (ECOWAS) in addressing various challenges, including insecurity, infrastructure gaps, and climate change. This significant financial contribution was announced by Omar Touray, the President of the ECOWAS Commission, during a press conference held in Abuja, where he welcomed Olaf Scholz, the Chancellor of the Federal Republic of Germany. Chancellor Scholz emphasized that the key areas of partnership with ECOWAS would focus on electricity, healthcare, peace, and security. He highlighted the importance of the collaboration in improving the well-being of ECOWAS member countries and…
The Obama Foundation Scholars Program at Columbia University extends a prestigious opportunity to emerging leaders from across the world, as well as the United States, granting them a fully funded 9-month residency at Columbia. The program aims to empower individuals who have demonstrated a strong commitment to addressing challenges in their respective communities and nations. This transformative residency offers participants a chance to enhance their knowledge and skills while fostering new capacities and networks that will enable them to accelerate their impact on a global scale. The program is rooted in the framework of Columbia World Projects, conducted on the…
Some members of the Organized Private Sector (OPS) have revealed a concerning statistic: out of the 73 million Nigerian workers, only 10 million have enrolled in the Contributory Pension Scheme (CPS). This revelation was made during an interactive session on the Contributory Pension Scheme for the OPS, which was organized by the National Pension Commission in collaboration with the Nigeria Employers Consultative Association (NECA) in Enugu. Dr. Onyeka, the Enugu State Chairman of the Chartered Institute of Personnel, expressed deep concern about the low enrollment of workers in the CPS, describing it as unfortunate. He pointed out that while federal…
In a significant development with potentially far-reaching implications for Nigeria’s economic landscape and investment climate, MSCI, a renowned provider of essential tools and services for the global investment community, has officially announced a significant reclassification of the MSCI Nigeria indexes. This reclassification involves a shift from Frontier Markets to Standalone Markets for the country. This announcement follows closely on the heels of another pivotal move by FTSE Russell, a global index provider, which downgraded Nigeria from a Frontier Market to an Unclassified Market status in September 2023. The core issue driving this significant reclassification is Nigeria’s ongoing struggle with foreign…
The governor of Ogun State, Dapo Abiodun, has announced that the state will introduce Compressed Natural Gas (CNG) mass transit buses on Monday, October 30th, as part of measures to ease the impact of subsidy removal on residents. Governor Abiodun made this declaration during the 2023 “Odun Omo Owu” celebration, themed “A New Dawn,” at Oba Adeleye Park in Sokori, Abeokuta North Local Government Area. He emphasized that converting the mass transit buses to CNG was a proactive move to alleviate the challenges posed by subsidy removal, ensuring affordable and eco-friendly transportation for the people of Ogun State. The governor…
Efemena Ogie, the Head of Partnership at Moniepoint Inc., believes that Nigeria’s National Identification Number (NIN) database, with 102.39 million entries, holds the potential to significantly expand the number of Bank Verification Numbers (BVNs) in the country, thereby increasing financial inclusion. Ogie made these remarks during a Fintech Forum organized by the Nigeria Information Technology Reporters Association (NITRA) in Lagos. He pointed out that as of October 9, 2023, only 58.9 million Nigerians have BVNs, indicating that a substantial portion of the population remains financially excluded. With Nigeria’s population estimated at around 230 million, the current BVN figures imply that…
The Presidential CNG Initiative (P-CNGi) has taken a significant step towards diversifying the transportation sector in Nigeria, with the official launch of a pilot conversion center for Compressed Natural Gas (CNG) vehicles in Lagos State. This initiative aligns with the federal government’s efforts to mitigate the effects of subsidy removal on fuel prices and contribute to a more ecologically sustainable and economically prosperous future for the country. Mr. Michael Oluwagbemi, the Chief Executive Officer of P-CNGi, emphasized the importance of this development during the inauguration of the FEMADAC Station. He highlighted that the CNG center marks a transition from fuel…
GSM Association (GSMA), the global organization representing mobile network operators, has highlighted the significant potential benefits of 5G technology for the manufacturing sector in Sub-Saharan Africa. According to GSMA’s latest report, titled ‘Mobile Economy Sub-Saharan Africa,’ while 5G is expected to have a positive impact on various sectors in the region, the manufacturing sector is projected to receive over 32% of the benefits. This anticipated growth in the manufacturing sector is primarily attributed to the deployment of 5G technology, which is expected to enable various applications such as smart factories, smart cities, and smart grids, revolutionizing the way businesses operate…