Mr. Ugodre Obi-Chukwu, the founder of InfoStride News, recently emphasized the pivotal role of the real estate sector in Nigeria’s economic growth during his participation as a guest speaker at the Real Estate Nexus Conference (1.0). The conference featured a discussion on the “Forecast for Real Estate Financing in Nigeria,” and Mr. Ugodre shared his insights on the importance of real estate as the foundation of economic development. In his address, Mr. Ugodre emphasized that the real estate sector should serve as the cornerstone of Nigeria’s economic growth, much like in developed economies. He pointed out that there is no…
Author: Temitope N.
The Presidential candidate of the Peoples Democratic Party (PDP) in the 2023 general election, Atiku Abubakar, is scheduled to hold a press conference on Monday, October 30, 2023, to address significant national issues. This announcement comes just 48 hours after the Supreme Court dismissed Atiku’s appeal against the Independent National Electoral Commission’s (INEC) declaration of President Bola Tinubu as the winner of the February 2023 presidential election, citing a lack of merit in the appeal. A statement issued by the PDP Publicity office on Saturday, October 28, 2023, revealed that this press briefing will focus on matters of utmost importance…
The federal government of Nigeria has devised a strategic plan to securitize approximately $7 billion in dividends stemming from the Nigerian Liquefied Natural Gas (NLNG). This initiative is aimed at bolstering the country’s foreign exchange reserves and stabilizing the national currency, the naira. The plan involves partnering with a consortium led by Standard Chartered Bank and securing an emergency loan from the African Export-Import Bank (Afreximbank). Infostride News has learned that these efforts are overseen by the Federal Ministry of Finance Incorporated, which holds shares in the NLNG. The revelation of this plan came from an official at NLNG, who…
ExxonMobil, one of the world’s largest multinational oil and gas corporations, has recently completed a monumental transaction that has reverberated throughout the energy sector. In a remarkable move, ExxonMobil secured its position as a major player in the industry by acquiring Pioneer Natural Resources for a staggering $60 billion, marking it as the most significant deal of this century. This acquisition sends shockwaves throughout the energy sector, raising questions about ExxonMobil’s future strategies, its potential for further mergers and acquisitions, and the industry’s overall direction. Despite the immense size of this deal, ExxonMobil’s financial results have left investors and industry…
Ken Aghoghovbia, the Deputy Managing Director of the African Reinsurance Corporation, emphasized the critical role of the International Trade Administration’s estimates, revealing that Nigeria heavily relies on approximately $10 billion worth of imports to bridge the gap in its food and agricultural production. This revelation was made during his address at the Africa Reinsurance Corporation Agriculture Workshop, a pivotal event that unfolded in Lagos on a Wednesday. This two-day gathering, meticulously organized as part of the International Finance Corporation Technical Assistance Provider mandate for the Nigeria Climate Insurance project, effectively brought together key stakeholders from the agricultural insurance industry in…
The Nigerian Exchange Limited experienced sustained bearish sentiments for the second consecutive day as the market reacted to the recent judgment by the Supreme Court regarding the 2023 general elections cases. This development led to a loss of N67 billion off the market capitalization, creating a significant impact on the local bourse. These events have captured the attention of investors and market analysts, highlighting the volatility of the financial market. The decline in market capitalization can be attributed to a depreciation in the share values of several key companies. Some of the notable entities that contributed to this downturn include…
Infostride News has reported that Stears, a data-driven insights provider, has issued a concerning forecast for Nigeria’s inflation rate, predicting that it may surge to 30 percent by December 2023. This alarming projection was revealed as part of Stears’ Pan-African inflation forecasts, which are based on a thorough analysis of various factors influencing inflation, both general and specific to each country. According to Stears’ Head of Insights, Fadekemi Abiru, the exchange rate premium, which represents the difference between official and parallel exchange rates, witnessed a significant increase in September, reaching 25.2 percent. This substantial rise from August indicates a growing…
The Securities and Exchange Commission (SEC) has, once again, demonstrated its unwavering commitment to a visionary goal: the achievement of 50 listings of Shari’ah-compliant products with a combined market capitalization of approximately N5 trillion by 2025. The ambition of this mission was reiterated by Mr. Lamido Yuguda, the Director-General of the SEC, during a recently held capacity-building workshop in Abuja. The event was specifically tailored to enhance the skills and expertise of local Shariah talent specializing in the non-interest capital market – level II. At the workshop, Mr. Dayo Obisan, the Executive Commissioner of Operations, represented Mr. Yuguda and underlined…
Ellah Lakes Plc has proudly announced the receipt of regulatory approval from the Securities and Exchange Commission (SEC) for a momentous financial undertaking—an additional capital infusion of N2.90 billion through a rights issue. This monumental development was shared through an official statement submitted to the Nigeria Exchange Limited (NGX), further solidifying Ellah Lakes’ commitment to its growth and expansion strategies. The official communication, signed by OAKE Legal (Company Secretary), outlines the pivotal details of this significant financial maneuver. Ellah Lakes is initiating a Rights Issue comprising 1,000,000,000 Ordinary Shares, each valued at 50 Kobo, with an offering price of N2.90…
Infostride News reported that the Debt Management Office (DMO) of Nigeria has obtained budgetary approval for external debt borrowing totaling N1.7 trillion. This significant announcement was made by Ms. Patience Oniha, the Director General of DMO, during the 2023 Annual Business Summit of the Capital Market Solicitors Association (CMSA) held in Lagos. The budgetary approval corresponds to approximately $2 billion when converted to the official exchange rate. Speaking at a fireside chat as part of the summit, which focused on “Recent Developments in Sub-Saharan African Sovereign Debt: Implications for Nigeria,” Oniha provided insights into the country’s external borrowing plans and…
The head of the United States Securities and Exchange Commission (SEC), Gary Gensler, has issued a stark warning about the urgent need for financial regulators to address the potential risks associated with the concentration of power in artificial intelligence (AI) platforms. Gensler’s apprehension stems from his belief that, without prompt intervention, the widespread adoption and application of AI could potentially trigger a financial crisis within the next decade. In his recent statements reported by Infostride News, Gensler emphasized the critical importance of shaping AI regulations to mitigate these risks. He acknowledged that crafting suitable regulations for AI represents a formidable…
Transnational Corporation Plc (Transcorp) has reported its financial performance for the third quarter of 2023, showcasing both positive and challenging aspects. This renowned conglomerate, as disclosed in its financial statements for the period ending September 30, 2023, demonstrated resilience in the face of economic fluctuations and operational dynamics. In Q3 2023, Transcorp achieved a profit before tax (PBT) of N7.64 billion, representing a modest 1.8% year-on-year growth when compared to the same quarter in 2022. This positive result speaks to the group’s ability to navigate the complexities of the business environment and generate profits even in the face of challenges.…
Infostride News witnessed a decline in the exchange rate in Nigeria, affecting both the official and parallel markets on the day the Supreme Court upheld Bola Ahmed Tinubu’s victory in the presidential election. This event triggered various reactions in the financial and political landscape of the country. In the parallel market, where traders provide unofficial exchange rates, the value of the naira against the dollar took a significant hit, plummeting to an unprecedented low of N1,300 to the dollar. This sharp decline raised concerns about the stability of Nigeria’s unofficial foreign exchange market. On the other hand, the official NAFEX…
Shareholders of Nigerian companies holding foreign loans have voiced their deep concerns over the adverse impact of the escalating exchange rate on their anticipated dividends. The ongoing depreciation of the naira is resulting in elevated costs for businesses involved in importing essential raw materials and equipment, ultimately burdening consumers who are forced to bear the brunt of increased prices for imported goods and services. In light of this, shareholders are strongly advocating for the government to institute effective measures that can stabilize the exchange rate, foster export growth, and clamp down on illicit foreign exchange trading activities to ameliorate the…
Infostride News has recently released its coverage of Total Energies’ 2023 third-quarter financial results, which indicates a 48.02% year-on-year decline in pre-tax profits, bringing the total to N3.145 billion. This decline has subsequently impacted the nine-month pre-tax profit for 2023, which stands at N16.621 billion, down from N18.783 billion in the same period last year. Examining the key highlights for the third quarter of 2023 in comparison to the same period in 2022, the following data is available: – Revenue: N147.974 billion, representing a significant growth of 15.45% year-on-year. – Cost of sales: N126.889 billion, reflecting an 11.98% increase year-on-year.…
Heineken, the global beer maker, has reported a decline in its beer volumes in Nigeria and South Africa in its third-quarter report, alongside its projections for the year 2024. The company disclosed that it managed to increase its revenue in the third quarter, thanks to higher prices, even though demand slowed down in several markets due to rising inflation. Dolf van den Brink, the CEO of Heineken, explained in a statement that the volume decline in Nigeria and South Africa had a notable impact on the company’s overall performance in the Africa, Middle East, and Europe regions. He stated, “We…
The Delta State Executive Council has put forth a comprehensive budget proposal for the fiscal year 2024, amounting to a substantial N714.4 billion. This announcement was made by Mr. Sunny Edekeyan, the state’s Commissioner of Economic Planning, following a session of the Executive Council. The budget is a testament to the government’s commitment to fostering economic growth and development within the state. Breaking down the budget, it is evident that a significant portion, specifically N397 billion, has been allocated to capital expenditure. This allocation represents a substantial 56% of the total budget, highlighting the state’s dedication to investing in infrastructure…
The Labour Party (LP) has expressed strong reservations about the recent Supreme Court ruling that upheld the victory of President Bola Tinubu in the February 2023 presidential election. The party has voiced concerns about the perceived influence of the executive branch over the judiciary and legislature. During a press conference held after the Supreme Court’s dismissal of appeals by the presidential candidate of the Peoples Democratic Party (PDP), Atiku Abubakar, and the LP’s candidate, LP Chairman Julius Abure conveyed the party’s disappointment while emphasizing their determination to remain optimistic about the nation’s future. Abure asserted that the events that have…
In an extraordinary display of philanthropy, Femi Otedola, the Nigerian billionaire investor, major shareholder, Chairman of Geregu Power, and director of FBN Holdings Plc, has extended a generous hand by offering a remarkable N1 million scholarship to each of the 750 students at Augustine University. Taking on his role as the newly inaugurated Chancellor of Augustine University, Femi Otedola, in an acceptance speech filled with compassion and commitment, announced this scholarship program for students enrolled in the institution during the 2023/2024 academic session, which includes both fresh and returning students. This extraordinary gesture translates into a total scholarship donation of…
Dr. Oladele Alake, the Minister of Solid Minerals Development, has revealed that forthcoming reforms within the mining sector are geared towards separating genuine, long-term, and value-driven investors from those who aim to exploit the sector by extracting raw minerals for short-term gains. This transformative vision for the mining sector was highlighted by Mr. Alaba Balogun, the Ministry’s Head of Press and Public Relations, during the Mining Ministers Forum at the 2023 China Mining Week in Tianji, China. The Minister underscored the importance of these reforms, emphasizing that the new mineral development roadmap crafted by the government will effectively address the…