InfoStride News reported that the Nigerian Federal Government has taken steps to withdraw a $1.1 billion lawsuit against Shell Plc and Eni SpA, marking a significant development in the prolonged legal dispute over alleged corruption in the OPL 245 oil block deal. The Ministry of Justice initiated the withdrawal in an Italian Court, putting an end to a decade-long case. In a statement to Bloomberg, Eni SpA confirmed that the government had communicated its intention to withdraw the claims unconditionally by Friday. Notably, Nigeria has also opted to “irrevocably” suspend any future legal claims in Italy against Eni, its affiliates,…
Author: Temitope N.
The Federal Government has declared that 10% of social intervention funds are specifically allocated to people living with disabilities (PwD). The announcement was made by the Minister of Humanitarian Affairs and Poverty Alleviation, Betta Edu, during the inauguration of various empowerment programs sponsored by the National Commission for Persons with Disabilities (NCPWD) in Abuja. Highlighting the government’s commitment to prioritizing the disability community, Minister Betta Edu stated that President Bola Tinubu had given a directive for 10% of all humanitarian and poverty alleviation interventions to be dedicated to persons with disabilities. This directive aims to ensure that the disability community…
A clash between officials from the Economic and Financial Crimes Commission (EFCC) and personnel from the Nigerian Air Force (NAF) unfolded at the Kaduna Zonal Command of the anti-graft agency. The dispute arose over the detention of fraud suspects and involved a dramatic attempt by NAF personnel to secure the release of their colleagues. InfoStride News reported the incident, shedding light on the situation. The NAF personnel allegedly conducted a raid on the EFCC’s office to free their colleagues, who had been apprehended by EFCC operatives for attempting to forcibly release individuals suspected of fraud. Dele Oyewale, Head of Media…
The Federal Government has initiated the disbursement of a N585 million release fine for 4,000 inmates as part of its strategy to alleviate congestion in correctional facilities across the country. The Minister of Interior, Olubunmi Tunji-Ojo, made this announcement on Saturday during the launch of the program at Kuje prison in Abuja. He emphasized that inmates with fines not exceeding N1 million would be eligible for this initiative, with the total number of qualifying inmates estimated at 4,068. Tunji-Ojo highlighted the program’s objective to facilitate the decongestion of correctional facilities and address prolonged detentions resulting from the inability to pay…
InfoStride News reported on Thursday that global debt has surged to a historic high of $307.4 trillion in the third quarter of 2023, according to the Institute of International Finance (IIF). This marks a more than 25% increase over the past five years, and the financial services trade group anticipates that global debt will exceed $310 trillion by the end of the year. The IIF highlighted the concerning debt-to-output ratio in emerging markets, which reached an unprecedented level. The institute also issued a warning that a shift towards political populism could further elevate debt levels in the coming year. Emre…
Nigeria is anticipated to grapple with economic instability throughout 2024, marked by double-digit inflation, as highlighted in a report by the Economist Intelligence Unit (EIU). This forecast extends to several other African nations, including Angola, the DRC, Egypt, Ethiopia, Ghana, Sudan, and Zimbabwe. The EIU attributes the persistence of high inflation in these countries to elevated oil prices, which is expected to have adverse effects on their economic conditions. The report emphasizes that while inflationary pressures are projected to ease from the elevated levels of 2023 in some African countries, a handful, including Angola, Seychelles, Sudan, and Tanzania, will continue…
After a prolonged bearish trend, Nigeria’s Eurobonds are signaling a potential turnaround, marked by consecutive days of declining rates and increasing prices—a clear indicator of growing investor confidence. According to information provided by the Debt Management Organization on November 14, the NOV 2025 Eurobond saw a notable increase of 28.7 cents to a dollar. This positive trend continued with a further appreciation of 22.9 cents to a dollar on November 15. Over the span of November 13 to 15, the bond’s yield rate experienced a cumulative decline of 23.6 basis points, settling at 8.897% on November 15. The NOV 2027…
The CEO of MTN Nigeria, Karl Toriola, has revealed plans for periodic reviews of the company’s tower contracts to enhance efficiency and ensure optimal vendor performance. This initiative comes in light of the recent award of tower contracts to ATC, with an additional 1,500 site contracts set for renewal in the near future. The announcement was made during MTN Nigeria’s Capital Markets Day held in Abuja, as stated by a release from the company. Toriola emphasized the importance of cost-effective strategies in driving deep broadband penetration and leading-edge technology implementation across their operations. He stated, “In our quest to achieve…
The Consul General of the United States in Nigeria, Will Stevens, has revealed that a significant portion of Nigerian startups, amounting to 80%, are incorporated in the U.S. He underscored the pivotal role played by Nigeria in Africa’s digital landscape during the Global Tech Africa Conference in Lagos. Stevens expanded on the continental impact, stating that 60% of African startups, on average, are incorporated in the U.S. This trend contributes to the rising venture capital investments witnessed across the continent’s startup ecosystem. Emphasizing the influential role of the U.S. private sector in advancing technology across various sectors in Africa, Stevens…
InfoStride News, the latest addition to the NGX, has unveiled its inaugural financial results, disclosing a pre-tax profit of N2.65 billion in compliance with the NGX’s listing requirements. The unaudited financial report spans the nine months ending September 2023. For the specified period, the pharmaceutical firm reported robust financials, with revenue reaching N21.58 billion and cost of sales amounting to N14.1 billion. This resulted in a gross profit of N7.48 billion. Other notable figures include an operating profit of N4.36 billion, a pre-tax profit of N2.65 billion, and a profit for the period standing at N1.99 billion. The company also…
InfoStride News reported that Lagos Governor Babajide Sanwo-Olu highlighted President Bola Tinubu’s bold move to eliminate fuel subsidies, estimating it could save Nigeria approximately $2.5 billion in budgetary expenses. Sanwo-Olu commended the President’s political will, emphasizing the potential redirection of these funds towards critical sectors like education, health, and poverty reduction. In an interview with Sky News, UK, Sanwo-Olu urged patience from the Nigerian public, assuring that the positive impacts of subsidy removal would become evident within a year. He underscored Tinubu’s unprecedented audacity, stating, “What Tinubu has done, no President in Nigeria has been able to take that audacity…
As part of its commitment to bolstering food production, the Federal Government has revealed its ambitious target of achieving local production of 2,000 tractors annually. The announcement was made by Sen. Abubakar Kyari, the Minister of Agriculture and Food Security, during a courtesy visit by Mr. Jason Brantley, the Vice-President of John Deere Ltd., a prominent tractor manufacturing company, to Abuja last Friday. This information was shared in a statement by Mr. Ezeaja Ikemefuna, Assistant Director of Information in the ministry. Kyari emphasized that the initiative to localize tractor production aims not only to enhance food security but also to…
Following the recent announcement of GlaxoSmithKline’s (GSK) withdrawal from the Nigerian pharmaceutical market, there has been a substantial surge in the prices of GSK medications, with reports indicating increases as high as 1000%. The abrupt rise in costs has triggered widespread concern among Nigerians, who have taken to social media to express their frustrations. The soaring prices can be attributed to a combination of factors: GSK’s departure, a major player in the pharmaceutical industry, and the escalating rate of inflation in Nigeria. As of October 2023, the country’s inflation rate reached 27.33%, the highest recorded since August 2005. This persistent…
InfoStride News reported that Nigerian Breweries Plc has unveiled plans to hold an Extraordinary General Meeting (EGM) for the proposed 80% acquisition of Distell Wines & Spirits Nigeria Limited. This information was disclosed in a notice to the Nigerian Exchange Limited and the investing public. The Company Secretary, Uaboi G. Agbebaku, signed the statement, revealing that the Board’s decision came after a comprehensive review of the offer. In a resolution made at a special meeting on November 16, 2023, the Board recommended the acquisition of 80% economic interest, voting rights, and other privileges currently held by Heineken Beverages (Holdings) Limited…
The Coordinating Minister of Health and Social Welfare, Dr. Muhammad Ali Pate, recently engaged with representatives and CEOs of pharmaceutical companies in Nigeria to address the alarming surge in medicine prices. This discussion took place during the 64th National Council for Health, #NCH64, in Ekiti, aiming to gather insights from the pharmaceutical sector to formulate effective solutions in the national public interest. The National Council of Health serves as the apex policy-making body in Nigeria’s healthcare sector. Dr. Pate emphasized that the federal Ministry of Health and Social Welfare is actively pursuing policy actions to tackle the issue of high…
InfoStride News has reported on the recent developments surrounding the departure of OpenAI’s CEO, Sam Altman, and its co-founder and Chairman, Greg Brockman. The exit was the result of a deliberative review process by the board, which concluded that Altman’s lack of consistent candor in communications hindered the board’s ability to fulfill its responsibilities, leading to a loss of confidence in his leadership. Altman announced his resignation via a post on X, lacking specific details. However, ousted Chairman Greg Brockman provided a detailed account of the events leading to their exit in a post on X, which was also reposted…
The Federal Government has filed a revised six-count charge against Mr. Godwin Emefiele, the former Governor of the Central Bank of Nigeria (CBN), in connection to alleged irregularities in procurement. Originally facing 20 counts amounting to N6.5 billion, the charges have been reduced to six, totaling N1.6 billion. Emefiele now stands as the sole defendant in this amended charge. In a recent court appearance on Friday, Emefiele sought bail and asserted his innocence to the revised six-count charge. His lead counsel, Matthew Burkaa, a Senior Advocate of Nigeria (SAN), brought him to court in compliance with a court order. Emefiele…
The federal government has recently unveiled its ambitious plan to modernize and streamline the passport application process in Nigeria, aiming to implement a fully biometric system by February 2024. This significant announcement was made by the Minister of Interior, Olubunmi Tunji-Ojo, during the sixth edition of the Nigeria Diaspora Investment Summit, a platform organized by Nigeria in Diaspora (NIDCOM) with the theme “New Vistas, New Aspirations, New Opportunities: The Diaspora and National Development.” In his address, Minister Tunji-Ojo shed light on the current challenges associated with passport processing in the country and highlighted the government’s commitment to enhancing efficiency and…
President Bola Tinubu is scheduled to depart from Abuja this Saturday for Berlin, Germany, where he will actively participate in the G20 Compact with Africa (CwA) Conference on November 20, 2023. The announcement was made by the President’s spokesperson on Media and Publicity, Ajuri Ngelale. The conference, hosted by German Chancellor Olaf Scholz, is expected to bring together President Tinubu and other Heads of State and Governments from CwA member countries, bilateral partners, and Heads of International Organizations. Their discussions will revolve around the immediate enhancement of economic and business cooperation, with a focus on identifying concrete measures to foster…
Infostride News reported on the Central Bank of Nigeria’s (CBN) detailed analysis of the current inflationary pressures in the country, as outlined in its second-quarter economic outlook. The CBN attributes the persistent inflationary trends to various factors, shedding light on the potential challenges facing Nigeria’s economic landscape. According to the CBN’s report, the removal of fuel subsidies, the depreciation of the naira, expected upward adjustments in wages and electricity tariffs, and the adverse impacts of climate change on agricultural activities are key contributors to the ongoing inflationary pressures. The rise in prices of premium motor spirit following the subsidy removal…