The Nigerian Safety Investigation Bureau (NSIB) has initiated a comprehensive investigation into a significant aviation incident involving a Boeing 733 registered as 5N-BYQ and operated by Aero Contractors Airlines. The incident occurred upon the aircraft’s arrival at Nnamdi Azikiwe International Airport (NAIA) in Abuja, following its journey from Lagos at approximately 10:47 a.m. yesterday. James Odaudu, the Director of Public Affairs and Consumer Protection at NSIB, officially communicated this development through a statement. According to Odaudu, the aircraft, while attempting to vacate the runway via A4, encountered an issue where its nose wheel became lodged in the grass verge, resulting…
Author: Temitope N.
Diplomats representing the European Union and the UK are facing allegations of actively impeding proposals aimed at amplifying the voices of developing nations like Nigeria, Ghana, Brazil, and India in global tax negotiations. The ongoing discussions at the United Nations (UN) center around plans to augment the UN’s role in international tax deliberations, a move strongly advocated by low- and middle-income countries. Traditionally, the Organization for Economic Cooperation and Development (OECD) has been the primary convener of countries on matters of international taxation. However, criticism has arisen from officials in several developing economies who argue that the existing framework does…
The Federal Capital Territory Administration, in collaboration with the Ministerial Enforcement Task Force Team, has successfully generated a substantial sum of N2.5 billion within a ten-month period spanning from January to October. This financial boost primarily emanated from building plan approvals, land use contraventions, and the demolition of 11,705 shanty colonies across various locations in the Federal Capital Territory (FCT). This noteworthy initiative, led by the Department of Development Control, aimed to address illegal developments and shanties, with a particular focus on areas like Kabusa, Kasuwan Dare, Galadimawa junction, Mabushi scavenger colony, and Gudu District along Oladipo Diya Way. Mukhtar…
The African Development Bank (AfDB) has successfully concluded negotiations for the allocation of a substantial $618 million to Nigeria under the Investment in Digital and Creative Enterprise (i-DICE) initiative. This noteworthy development was disclosed by Mr. Lamin Barrow, the Country Director-General for Nigeria at the AfDB, during discussions with the News Agency of Nigeria (NAN) in Marrakesh, Morocco. Barrow revealed that the Nigerian government is currently in the process of selecting a fund manager to oversee the implementation of the i-DICE project. This financial injection comes in the wake of Nigeria’s launch of a $618 million technology fund specifically designed…
Depositors, creditors, and shareholders of 20 liquidated banks are on the verge of receiving a substantial windfall, with a projected total of approximately N61.63 billion earmarked as paid liquidation dividends. As of July 2023, the Nigeria Deposit Insurance Corporation (NDIC), according to a statement obtained by Infostride News, has disbursed about N45.45 billion, leaving an additional N16.18 billion slated for distribution among the stakeholders. Bashir Nuhu, the Director of Communication and Public Affairs at NDIC, underscored these developments in the released statement. It was highlighted that the closure of these banks was instigated by the Central Bank of Nigeria (CBN)…
Six years have passed since the Federal Government, under the leadership of the Ministry of Aviation, undertook the extensive reconstruction of the runway at the Nnamdi Azikiwe International Airport (NAIA) in Abuja. This significant endeavor, led by then Minister of Aviation, Sen. Hadi Sirika, involved a six-week shutdown of the airport to facilitate the total overhaul of the runway. The government invested a substantial sum of approximately N5.8 billion in these crucial repairs, emphasizing the critical nature of the airport’s infrastructure. Fast forward to the present, and Nairametrics can now confirm that the taxiway at NAIA is plagued with cracks,…
Professor Kingsley Moghalu, the Chairman of the Board of Directors and Advisory Board at the Africa Private Sector Summit, recently articulated a vision for the African Continental Free Trade Area (AfCFTA) that could potentially uplift 30 million Africans, including Nigerians, out of poverty by 2035. Speaking at the AfCFTA Joint Private Sector Session during the 2023 Afreximbank Intra-African Trade Fair in Cairo, Egypt, Moghalu outlined the transformative potential of the AfCFTA and emphasized the crucial role of the Private Sector Bill of Rights (PSBoR) in achieving these ambitious goals. In a statement reported by Infostride News, Moghalu stressed the need…
In a significant legal development, the Maitama High Court in Abuja took decisive action on Tuesday by rescinding the previously granted bail to Geoffrey Olusegun Akindele, a key figure in the ongoing trial involving the former Accountant-General of the Federation, Ahmed Idris. The charges leveled against the defendants in this high-profile case pertain to an alleged fraudulent diversion of public funds amounting to a staggering N109.5 million, as reported by the News Agency of Nigeria. The court’s decision was triggered by Akindele’s failure to appear for the continuation of the trial. Justice Yusuf Halilu, presiding over the court in the…
Infostride News reported that Shekel Mobility, a Nigerian startup backed by Y Combinator (YC), has successfully raised $7 million in a seed funding round. This funding comprises $3.2 million in equity and over $4 million in debt. The startup plans to utilize the funds to fuel growth in its Annual Recurring Revenue (ARR) as it prepares for its upcoming priced round. Earlier in the year, Shekel Mobility had announced a pre-seed investment of $1.95 million in January, with Ventures Platform leading the round. Other participants in the pre-seed round included Y Combinator, Voltron Capital, and Zedcrest. The recent seed round…
In an official announcement, the National Agency for Food and Drugs Administration and Control (NAFDAC) has issued a public advisory regarding a safety recall initiated by the Ministry of Health and Prevention (MOHAP) in Abu Dhabi, United Arab Emirates. The recall pertains to Growlyn Drops 50ml, a dietary supplement manufactured by Aeon Formulations Pvt. Ltd. in India. According to the MOHAP Quality Control Laboratory’s analysis, the levels of Ethylene Glycol (EG) and Diethylene Glycol (DEG) in Growlyn Drops exceeded the prescribed limits. These substances, known for their toxic nature, pose a severe risk to consumers, particularly infants for whom the…
Infostride News reports that Nigeria has maintained its position as Africa’s leading crude oil producer for October 2023, according to the monthly oil market report released by the Organization of Petroleum Exporting Countries (OPEC) on November 13, 2023. The report highlights the oil production figures, excluding condensate production, from the top four oil producers in Africa: – Nigeria: 1.35 million barrels per day – Libya: 1.18 million barrels per day – Angola: 1.14 million barrels per day – Algeria: 961,000 barrels per day As per secondary sources, the total OPEC-13 crude oil production averaged 27.90 million barrels per day in…
Infostride News, a prominent Nigerian fintech company, PalmPay, recently clinched multiple accolades at the prestigious Nigerian Marketing Awards held at Eko Hotel and Suites, Victoria Island. The esteemed awards ceremony, endorsed by key industry bodies such as the Advertising Regulatory Council of Nigeria (ARCON), Association of Advertising Agencies of Nigeria (AAAN), National Institute of Marketing of Nigeria (NIMN), Outdoor Advertising Association of Nigeria (OAAN), and Experiential Marketers Association of Nigeria (EXMAN), serves as a platform to acknowledge and celebrate excellence in the Nigerian marketing industry. PalmPay emerged victorious in three categories, securing the titles of Financial Institution of the Year,…
The Federal Government of Nigeria and the Kingdom of Denmark have entered into a strategic collaboration aimed at advancing the success of Nigeria’s green energy transition. Mr. Dan Jorgensen, Denmark’s Minister for Development Cooperation and Global Climate Policy, unveiled this collaboration during a post-meeting interview with journalists following discussions with Vice President Kashim Shettima. The meeting transpired at the Presidential Villa, Abuja, marking a pivotal moment in fostering international cooperation for sustainable energy initiatives. As conveyed by Jorgensen, Nigeria possesses immense potential in solar energy, offering a cost-effective and reliable solution to power needs. He emphasized the importance of transitioning…
In the realm of economic collaboration, the African Export-Import Bank (Afreximbank) and United Bank for Africa (UBA) PLC have recently forged a significant trade finance agreement. This landmark deal, valued at $150 million, falls under the Ukraine Crisis Adjustment Trade Financing Programme for Africa, aiming to alleviate the repercussions of the Russia-Ukraine crisis. The agreement was consummated during the ongoing Third Intra-Africa Trade Fair (IATF) 2023 in Cairo, Egypt, underscoring the importance of fostering economic ties on the continent. Infostride News, your source for insightful updates, has learned that the pact was formally sealed on Monday, with key representatives from…
Infostride News reports that Nigeria is grappling with substantial financial gaps in the gas sector, as disclosed by the Nigerian Extractives Industries Transparency Initiative (NEITI). Dr. Orji Ogbonnaya Orji, the Executive Secretary of NEITI, unveiled these staggering figures during the 2nd German-Nigerian Symposium on Green Hydrogen in Abuja on November 13. Despite Nigeria’s status as a significant global gas producer, the persistent issue of gas flaring poses a threat to the nation’s ambitious Decade of Gas agenda. According to the 2021 NEITI report, an alarming $559.8 million in unpaid gas royalties and an additional $828.8 million related to outstanding gas…
The Federal Government has officially unveiled its commitment to aiding the vulnerable population in the country to attain homeownership. Mahmuda Mamman, the Permanent Secretary of the Federal Ministry of Works and Housing, revealed this initiative during the 12th meeting of the National Council on Housing and Urban Development held in Kaduna on Monday. This move is part of the government’s broader strategy to address housing challenges and bridge the gaps within the housing sector. “The National Housing Scheme Programme by the ministry would assist the vulnerable population of the country to afford a roof over their heads, and this would,…
In the initial nine months of 2023, Nigerian banks continued to harness the power of fintech, reporting a substantial total revenue of N265.269 billion from their electronic businesses. This marked a significant uptick of 24.42% compared to the N213.204 billion recorded in the corresponding period of 2022. This financial surge underscores the evolving landscape of the Nigerian financial sector, with leading institutions embracing digital transformation to enhance their service offerings. The standout performers in terms of e-business income during this period were Access Holdings Plc and United Bank for Africa Plc (UBA), contributing N70.350 billion and N61.161 billion, respectively. FBNH,…
Infostride News, a prominent media and communication agency network, and a vital component of the Omnicom Media Group, has unveiled a groundbreaking proprietary cloud-based media data tool named Ocular. This innovative tool addresses longstanding queries regarding the timeliness of data used in the industry, marking a significant leap in the realm of media analytics. The culmination of two years of meticulous research, Ocular aims to bridge existing gaps within the industry by introducing unparalleled features that surpass current standards. The official launch took place at a well-attended stakeholder event held at the Lagos Marriott Hotel, Ikeja, Lagos, on Tuesday, November…
The Federal Government has disclosed that the anticipated cost for Nigerians to convert their petrol vehicles to run on Compressed Natural Gas (CNG) falls within the range of N300,000 to N600,000. Engr. Michael Oluwagbemi, the Chief Executive Officer of the Presidential Compressed Natural Gas Initiative (P-CNGi) Steering Committee, shared this information in an interview with Daily Trust. This revelation comes on the heels of the official commissioning of CNG conversion centers and a practical demonstration of converted CNG vehicles in collaboration with the private sector at the head office of Femadec Group, a key partner located in Lagos. In an…
The House of Representatives has mandated the Industrial Training Fund (ITF) to provide clarification regarding a significant variance of over N12 billion in their budget actuals as of December 31, 2022. This directive was issued by Rep. James Falake, the Chairman of the House Committee on Finance, during an interactive session held in Abuja where the ITF management presented the 2024-2026 Medium Term Expenditure Framework and Fiscal Strategy Paper. Expressing profound concern, Rep. Faleke highlighted the failure of the ITF management to actively pursue revenue generation from the extensive pool of over 128,000 private and public quoted companies in Nigeria.…