The court hearing pertaining to the lawsuit filed by Nigeria’s former Minister of Petroleum Resources, Diezani Alison-Madueke, against the Economic and Financial Crimes Commission (EFCC) for the final forfeiture of her seized assets has faced a postponement, with the new date set for December 7, 2023. Initially slated for October 23, 2023, the delay arises due to the absence of the presiding judge, Justice Inyang Ekwo. This legal case, formally identified as FHC/ABJ/CS/21/23, holds a significant role in the ongoing legal proceedings concerning Diezani Alison-Madueke’s assets. The delay comes after prior preparations in which both Alison-Madueke’s legal representative, Mr. Benson…
Author: Temitope N.
The Federal Executive Council (FEC) took a momentous step on Monday by giving its full endorsement to the establishment of a substantial $5 billion annual trust fund dedicated exclusively to humanitarian and poverty alleviation initiatives. This significant decision was announced during the weekly FEC meeting, which was presided over by President Bola Tinubu at the State House. The approval, communicated by President Tinubu to the cabinet members in attendance, signifies a resolute commitment to addressing critical social and economic issues in Nigeria. The move was received with optimism and enthusiasm, as it represents a substantial investment in the betterment of…
Seven months have passed since Azman Air suspended its flight operations, and as of today, the airline has not yet resumed its services. This unexpected suspension took place in March of this year and was attributed to a shortage of operational aircraft. The airline stated that all four of its planes were undergoing maintenance abroad, leaving them unable to continue regular flight operations. Furthermore, on August 3, 2023, Azman Air placed its staff on “leave without pay.” Despite the airline’s initial promise to return to full operations in the near future, nearly three months have elapsed, and there are still…
DLM Trust Company Takes on the Role of Escrow Trustee for Patricia Technologies Limited’s Customer Deposit Repayment Plan In a noteworthy development, Patricia Technologies Limited has appointed DLM Trust Company as the Escrow Trustee responsible for managing and disbursing customer deposit repayments. This partnership is geared towards ensuring a seamless and secure process for returning deposits to Patricia Technologies Limited’s valued customers. Commencing from November 20th, 2023, DLM Trust will initiate the first batch of repayments to Patricia Technologies Limited’s customers. This collaborative endeavor underscores the commitment of both entities to uphold trust, transparency, and financial responsibility, while safeguarding the…
The Federal Executive Council, during its recent meeting in Abuja, gave the green light for a substantial loan application of $3.45 billion. This allocation of funds will be dedicated to the advancement of the power and renewable energy sector and the extension of the Adolescent Girls Initiative for Learning and Empowerment (AGILE) project. Mr. Wale Edun, who serves as both the Minister of Finance and the Coordinating Minister of the Economy, unveiled this significant development. The financing, which spans five different projects, is characterized by a long-term commitment, with a 40-year tenure, and a generous 10-year moratorium period. These loans…
Efforts by the Nigerian cryptocurrency trading firm, Patricia Technologies, to transform its clientele’s assets into equity stakes within the organization have been met with resistance. Several customers who were contacted by Infostride News revealed that they received an offer letter, signed by Patricia’s founder, Hanu Fejiro. However, they expressed reluctance to endorse the agreement, as they perceived it as an act of relinquishing control over their funds. These customers are determined to have their converted crypto assets returned to them in the form of Patricia Coin, without the need for their explicit consent. Their stance is rooted in suspicions of…
In the October 2023 edition of the “Imperative of Cutting Methane from Fossil Fuels” report published by the International Energy Agency (IEA), it was revealed that Nigeria is taking bold steps to address the critical issues of gas flaring and methane emissions. The nation has set ambitious targets to bring about a significant reduction in these harmful environmental practices. This initiative aligns with the global transition towards cleaner energy sources and the urgent need to reduce fossil fuel consumption and associated emissions, all while ensuring the availability of consistent energy services. The IEA’s report highlights Nigeria’s commitment to mitigating the…
McKinsey and Company, a renowned global management consulting firm, has recently released its October 2023 Global Energy Perspectives report, which sheds light on significant trends and projections in the energy sector. In this report, McKinsey anticipates that the demand for fossil fuels, particularly oil and gas, will reach its peak before the year 2030. This revelation has far-reaching implications for the future of the energy industry on a global scale. The report underscores that, in all conceivable scenarios, total demand for fossil fuels is set to peak within the next decade. While the demand for coal is expected to undergo…
Johnvents Industries Limited, a homegrown agribusiness and manufacturing conglomerate, takes great pleasure in announcing the successful redemption of its obligation related to the N5.5 billion Series 1 commercial paper notes, which were originally issued in December 2022. The journey of Johnvents since its inception in 2016 has been nothing short of remarkable. It has witnessed exceptional growth, with its revenue skyrocketing from N2.8 billion in 2019 to a staggering N59 billion in 2022. This meteoric rise is not just limited to the financial aspect; the company has also significantly expanded its scope of services. It has evolved from a modest…
Lagos and Kano have emerged as the top two states with the highest number of beneficiaries slated for selection in the ongoing applications for the Federal Government’s 3 Million Technical Talent (3MTT) program. This groundbreaking initiative, designed to harness and nurture technical talent across Nigeria, has already generated substantial interest, with applications pouring in from all corners of the country. Information made available by the Minister of Communications, Innovation, and Digital Economy, Dr. Bosun Tijani, in the program’s implementation plan indicates that in the first phase aimed at training 30,000 individuals, Lagos will see 2,040 trainees selected, while Kano State…
Dangote Industries Limited (DIL) and its subsidiaries are gearing up for a significant event, the Sustainability Week, set to take place from Monday, October 23rd, to Friday, October 27th, 2023. The theme for this year’s Sustainability Week is “Sustainable Production and Consumption – The Dangote Way.” The Sustainability Week is a meticulously planned, week-long event aimed at providing DIL and its subsidiaries’ employees with the opportunity to volunteer their skills and competencies for community impact initiatives. What makes this initiative unique is that the employees will be volunteering their time, which will be paid for by the organization, emphasizing the…
Ms. Olu Verheijen, the Special Adviser on Energy to President Bola Ahed Tinubu, has underscored the administration’s commitment to prioritizing security and Niger Delta development investments in its efforts to enhance oil production within the country. These critical insights were shared during her recent interview with CNBC Africa, conducted on the sidelines of the Africa Oil Week conference, held earlier this month. In the course of the interview, Ms. Verheijen emphasized that the government is keenly aware of the imperative to address security concerns, particularly the rampant issue of crude oil theft, in the Niger Delta region. Simultaneously, it recognizes…
Unilever Nigeria Plc, a renowned multinational consumer goods corporation, has reported impressive financial results for the nine-month period ending on September 30, 2023. According to the latest financial report submitted to the Nigeria Exchange Limited, Unilever Nigeria achieved a remarkable revenue of N81.57 billion. This figure signifies a substantial increase of 25.95% when compared to the N64.76 billion it generated in the corresponding period of the previous year. These financial indicators paint a promising picture of the company’s performance and financial health. Profit Resurgence One of the most striking aspects of Unilever Nigeria’s financial performance during this period is its…
United Capital Plc has recently released its third-quarter results for the year 2023, demonstrating a noteworthy performance in various key financial indicators. These results underscore the company’s strong position and resilience in the market. In the third quarter of 2023, United Capital reported a pre-tax profit of N4.175 billion, representing a substantial year-on-year growth of 7.57%. This impressive performance has propelled the company’s nine-month pre-tax profits to N9.718 billion, compared to N9.124 billion during the same period the previous year. Let’s delve into the key highlights of United Capital’s Q3 2023 performance compared to the same quarter in 2022: **Gross…
Africa’s Global Bank, United Bank for Africa (UBA) Plc, has achieved a significant milestone by becoming a member of the prestigious Partnership for Carbon Accounting Financials (PCAF). This recognition places UBA as the sole financial institution representing West Africa among the 14 members of the global core team, which encompasses various regions. The selection process for this coveted position was highly competitive, drawing the participation of more than 50 well-qualified candidates from the PCAF signatory community. UBA’s successful admission underscores the bank’s unwavering commitment to sustainable finance. As a core team member, UBA will actively contribute to the development of…
United Bank for Africa (UBA) Plc, widely regarded as Africa’s Global Bank, has achieved a significant milestone by securing membership in the esteemed Partnership for Carbon Accounting Financials (PCAF). This recognition marks UBA as the exclusive financial institution from West Africa to join the ranks of the 14 global core team members representing various regions. The selection process for this prestigious membership was highly competitive, attracting applications from over 50 distinguished candidates within the PCAF signatory community. UBA’s exceptional commitment and leadership in sustainable finance made it stand out, and as a core team member, the bank will actively contribute…
Elon Musk, the owner of X, has revealed plans to introduce two new subscription tiers on the platform, as part of a strategic move to boost profitability. One of these tiers will be offered at a lower cost compared to the existing $8 per month X Premium subscription, while the other will come at a higher price point, offering an ad-free experience. Musk made the announcement on a recent Friday, explaining that the more expensive subscription tier would eliminate advertisements for subscribers, whereas the lower-cost tier would continue to display ads. This development is seen as a proactive step by…
Trading activities on the Nigerian equities market wrapped up the week on a bearish note, with the NGX All-Share Index falling by 0.42% Week-on-Week (WoW) to conclude at 66,915.41 points. This decline comes on the heels of a less-than-stellar performance compared to the previous week when the index closed at 67,200.69 points. The market capitalization, too, followed this downward trend, settling at N36.76 trillion. A closer look at the sectoral indices reveals that all other indices, except for NGX CG, NGX Premium, NGX Banking, NGX AFR Bank Value, NGX AFR Div. Yield, NGX MERI Value, and NGX Sovereign Bond, experienced…
The Association of Bureau De Change Operators of Nigeria (ABCON) has urged the Central Bank of Nigeria (CBN) to permit BDCs to conduct online dollar transactions and offer Point of Sale (POS) agency services. These measures, according to ABCON, would enhance liquidity in the forex market and contribute to exchange rate stability. ABCON also called on the CBN to grant regulatory approvals that allow BDCs to access diaspora remittances, such as receiving International Money Transfer Operators (IMTOs) proceeds. Aminu Gwadebe, the President of ABCON, emphasized that BDCs’ full participation in the retail segment of the foreign exchange market is essential…
New policies in Nigeria, Kenya, and Egypt are having a substantial impact on businesses across these countries, with changes including the removal of fuel subsidies and tax increases. Elevated benchmark interest rates in Kenya, Nigeria, Ghana, and Egypt are increasing the cost of capital, which is affecting the real estate markets. The removal of fuel subsidies in Nigeria, the introduction of Kenya’s finance tax, and Egypt’s new tax initiatives have disrupted the status quo in business operations. Moreover, benchmark interest rates in these countries are notably high, further increasing capital costs. In Kenya, the benchmark interest rate is at 10.5%,…