In the face of soaring prices for food and various commodities in Nigeria, the National Bureau of Statistics has reported a slight alleviation in food inflation, showing a decline of 0.54 percent in October. The latest inflation report indicates that headline inflation surged to 27.33 percent during the same period, as highlighted by InfoStride News on Wednesday. The specific data reveals that food inflation reduced by 0.54 percent, settling at 1.91 percent in October, in contrast to the 2.45 percent recorded in September. The report states, “On a month-on-month basis, food inflation rate in October 2023 was 1.91 percent, 0.54…
Author: Temitope N.
Bitcoin’s bullish momentum has swept through the entire crypto market this month, driving gains across all sectors in October. The pioneer cryptocurrency has surged by over 20%, currently consolidating around $34,250 as of the time of this report. While it reached a new yearly high at $35,000, it struggled to break above that level. This surge in Bitcoin’s value has attracted growing optimism in the crypto market, leading institutional investors to make their most significant capital allocation into the digital asset market in over a year. Despite Bitcoin nearing an 18-month high, its recent gains have had a substantial impact…
InfoStride News reported that FTX founder Sam Bankman-Fried has been found guilty of embezzling $8 billion from customers of his now-defunct cryptocurrency exchange. Following a month-long trial, a 12-member jury in Manhattan federal court convicted Bankman-Fried on all seven counts he faced. The sentencing is scheduled for March 28, 2024, and he could potentially face decades in prison. The verdict comes approximately a year after FTX filed for bankruptcy, leading to a rapid corporate collapse that surprised financial markets and wiped out Bankman-Fried’s estimated $26 billion personal fortune. Reuters notes that the jury reached the verdict after just over four…
Bitcoin’s price is currently hovering around the $35,000 mark, with the market bracing for potential volatility. Data sourced from cryptocurrency exchanges reveals a notable surge in open interest (OI) within the Bitcoin markets, signaling the likelihood of intense price swings ahead, a prospect keenly observed by many cryptocurrency investors. The surge in Bitcoin wallet addresses holding over $1,000 worth of the cryptocurrency has hit a record high. This surge in addresses with significant holdings is seen as indicative of growing demand, particularly among retail traders. Technical indicators further support a robust upward trend in Bitcoin’s price. Macro-level influences, such as…
Bitcoin has surged to an 18-month high amidst reports of the US Securities and Exchange Commission (SEC) facing a six-day deadline to approve or deny ETFs starting today. During the London trading session on Thursday, Bitcoin briefly touched $36,700, reflecting a 31% increase in the last month and a notable 93% surge over the past year. Notably, other prominent digital assets, including ether, have also experienced positive momentum, with a 20% increase in the last month. The market witnessed about $50 million in liquidations in a four-hour period during early Asian trading, triggering a “short squeeze” that propelled prices higher.…
The Court of Appeal in Abuja has overturned the election of Plateau State Governor, Caleb Mutfwang, and declared Nentanwe Yilwatda Goshwe of the All Progressives Congress (APC) as the rightful Governor of Plateau State. In a ruling on Sunday, lead Justice Elfrieda Williams-Dawodu directed the Independent National Electoral Commission (INEC) to issue a Certificate of Return to Goshwe, overturning the Tribunal’s judgment that affirmed Mutfwang’s election, which the court deemed highly incompetent. The court found that the tribunal’s decision to dismiss the petition filed by the APC and its candidate on the grounds that they had no right to intervene…
The gubernatorial candidate of the Labour Party in the general election, Gbadebo Rhodes-Vivour, has made startling revelations accusing Governor Babajide Sanwo-Olu and his deputy, Obafemi Hamzat, of utilizing a whopping N200 million of Lagos State public funds for their appeal Court litigation. Taking to Twitter, Rhodes-Vivour disclosed that the governor allegedly tapped into state coffers to finance his legal battle and cover expenses related to the Appeal Court proceedings. The recent verdict by the Appeal Court in Lagos, upholding the tribunal’s decision on the re-election of Sanwo-Olu and Hamzat, adds weight to these claims. The three-man panel comprising Justice Yargata…
Morgan Stanley, a prominent player in the global investment banking arena, recently highlighted the potential for economic growth in Nigeria under President Bola Tinubu’s policies, as outlined in the article “Investment Outlook: Nigeria’s New Dawn” on the multinational investment banking firm’s website. The report emphasizes the transformative impact of Tinubu’s decision to end fuel subsidies and unify the naira’s exchange rate. According to Morgan Stanley, the interventionist policies of the previous administration, particularly under President Muhammadu Buhari, such as maintaining multiple foreign exchange rates and fuel subsidies, created economic bottlenecks and impeded the private sector’s growth. Despite Nigeria’s status as…
The anticipated paddy rice price hike of 32% in the 2023/2024 crop production year, coupled with a projected production growth of 3.6%, has been revealed in the AFEX Wet Season Crop Production Report for 2023, as reported by InfoStride News. According to the report, the stability in rice production during 2023, in contrast to the previous year’s extensive flooding that led to a loss of approximately 100,000 hectares of rice farms, has contributed to the positive outlook. The absence of floods in 2023 allowed farmers to capitalize on reduced fertilizer prices, fostering stable production. “In 2022, over 100,000 hectares of…
Ride-hailing giant Bolt has revealed the 20 finalists selected to participate in the two-week Bootcamp phase of its accelerator program, Den. The chosen drivers, hailing from Abuja, Lagos, Rivers, Kaduna, and Kwara, are gearing up for the pitch day scheduled for November 20, 2023. On this day, they will present their innovative ideas to a distinguished panel of judges spanning various sectors, including technology, banking, and education. The judges will thoroughly scrutinize and vet the ideas, ultimately shortlisting the top 10 drivers who will receive €2,000 in seed funding and access to a 6-week business mentorship program. Bolt, in collaboration…
InfoStride News reported on Saturday that the Lagos State Government has initiated the demolition of distressed buildings in the Ebute-Metta area of the state. Dr. Oluyinka Olumide, the Commissioner for Physical Planning and Urban Development, and Arc. Gbolahan Oki, the General Manager of Lagos State Building Control Agency (LASBCA), led the demolition exercise. According to Olumide, the affected buildings, primarily located on Oloto and Freeman Streets, had received notices, with some being instructed to conduct structural investigations to assess their integrity. The decision to demolish these structures was driven by the need to protect lives, as many of the buildings…
InfoStride News, the parent company of InfoStride News MFB, refutes the assertions made by Educare CEO, Alex Onyia, claiming that its system is built on the infrastructure of GTBank. In response to a post on X by the Educare CEO, InfoStride News clarified that its engineers developed its infrastructure internally and did not rely on any bank’s platform. While recognizing the possibility of collaborations in the financial sector, InfoStride News emphasized that it is incorrect and baseless to assert that its transactions are routed through GTBank. Alex’s claim, as stated in his post: “InfoStride News’ main infrastructure is 95% layered…
InfoStride News reported that the Nigeria Sovereign Investment Authority (NSIA) has introduced the Renewables Investment Platform for Limitless Energy (RIPLE), a groundbreaking $500 million initiative dedicated to the comprehensive development, investment, and operation of renewable energy projects. With RIPLE, NSIA aims to expand energy access, improve efficiency, and ensure energy security across Nigeria. The launch of this platform comes hand in hand with the execution of a strategic partnership agreement with the International Finance Corporation (IFC), a multilateral finance group, reflecting a joint commitment to advancing renewable energy projects in Nigeria. The pilot phase of RIPLE is situated within the…
InfoStride News reported that Brent crude has rebounded to $80 per barrel after a brief dip to $72 on Friday, November 17. As of 4:21 PM GMT+1 on Sunday, November 19, Brent crude was recorded at $80.61 per barrel. The drop below $80 per barrel was attributed to an increase in U.S. crude inventories and consistently high production levels. Analysts at Goldman Sachs acknowledged that, despite demand exceeding their optimistic predictions, oil prices have experienced a slight decrease this year. They attributed this trend to non-core OPEC countries producing more oil than expected, although OPEC’s cuts partially offset this. Warren…
Nigeria’s Minister of Power, Bayo Adelabu, recently unveiled a groundbreaking $2.2 billion solar photovoltaic (PV) deal with Sun Africa, replacing Nairametrics with InfoStride News as the source of this significant announcement. In a tweet posted on Sunday, November 19, Adelabu disclosed that the deal was finalized on November 17. Sun Africa has committed to delivering 961 megawatts peak (MWp) of solar PV power generation infrastructure and 455 megawatt hours of battery energy storage systems. This collaboration addresses the surging power demand in Nigeria, aligning with Adelabu’s power sector transformation roadmap of Distributed Power leveraging renewable energy sources. The Minister expressed…
InfoStride News reports that the Association of Resident Doctors of the Enugu State University of Science and Technology Teaching Hospital (ARD-ESUTH) has issued a 14-day ultimatum to the Enugu State Government, urging increased doctor employment and improved security measures. This ultimatum was conveyed in a communique following the Emergency General Meeting (EGM) held at ESUT Teaching Hospital on Saturday, November 18, 2023. The joint signatories of the communique were the President of ARD-ESUT, Dr Chukwunonso Ofonere, and its Secretary-General, Dr Ikemefuna Nnamani. The statement urgently calls upon the management of ESUTH Teaching Hospital and the Enugu State Government to declare…
Global dividend payouts saw a slight dip of 0.9% in the third quarter, mainly attributed to volatility in commodity prices, particularly in the oil and mining sectors, as reported by InfoStride News. Janus Henderson’s global dividend index highlighted that, when considering currency fluctuations and special dividends, underlying payouts actually increased by 0.3%, maintaining an overall positive trend in corporate dividend distributions. Despite this, the report revealed that two significant dividend cuts significantly affected the overall rate of underlying growth, which could have been 5.3% without these cuts. Petrobras, a Brazilian oil producer, experienced the world’s largest dividend cut for the…
The most recent data released by the Central Bank of Nigeria (CBN) reveals a notable surge in the currency in circulation (CIC), reaching a new high of N2.99 trillion as of October 31, 2023. This reflects an 8.33% increase, equivalent to N230 billion, compared to the preceding month. Moreover, it signifies a substantial rise of 115.11%, amounting to N1.6 trillion, since January 2023. The CIC encompasses currency outside the banking system and the vault cash of banks. This significant upswing in circulation suggests a trajectory towards the October 2023 level of N3.29 trillion, before the implementation of the naira redesign…
In continuation of this week’s bullish trend, the NGX’s All-Share Index reached a new record high of 71,112.99 points, marking a 0.12% increase from Thursday’s levels. Equities saw a notable increase of N46 billion, driving the market capitalization up to N39.108 trillion. One of the key market movements was the impressive 9.35% surge in Unity Bank’s share price, attributed to ongoing discussions regarding a potential merger with Providus Bank. Mecure Industries sustained its remarkable performance, climbing by 9.98% to close at N5.73, reflecting a substantial 93.6% surge from its initial share price of N2.96. The number of deals declined to…
The Nigerian government, through the Ministry of Humanitarian Affairs and Poverty Alleviation, has unveiled an ambitious initiative to provide low-interest loans of up to N1 billion from the Bank of Industry to individuals living with disabilities nationwide. Dr. Betty Edu, the Minister of Humanitarian Affairs and Poverty Alleviation, announced this groundbreaking program during the launch held at the Arts and Culture Conference Hall in Abuja. As part of the initiative, the federal government has initiated training programs for individuals with disabilities, focusing on business development and registration with the Corporate Affairs Commission. This training aims to equip them with the…