In a noteworthy development, the Chartered Institute of Bankers has thrown its weight behind the Central Bank of Nigeria (CBN) regarding the ongoing financial reforms. The institute, a leading authority in the banking sector, has expressed its support for the regulatory measures undertaken by the CBN, signaling a unified front among industry stakeholders in the pursuit of a resilient and progressive financial system. This endorsement comes at a pivotal moment when the CBN has been implementing a series of reforms aimed at fortifying the stability and integrity of the banking sector. The Chartered Institute of Bankers, renowned for its role…
Author: Temitope Nlewemchi
In a bold move that has stirred controversy and raised concerns among business owners and residents, the Department of Road Transport Services (DRTS) has initiated a series of demolitions targeting shops, eateries, and other structures located within taxi ranks in Abuja. The operation, aimed at reorganizing the city’s transport hubs, has sparked a wave of reactions, with stakeholders expressing a range of opinions on the matter. The demolition exercise, carried out by DRTS officials, has seen the removal of structures deemed to be obstructing or compromising the efficiency of taxi ranks. This action is part of the department’s broader strategy…
In a groundbreaking financial transaction, BlackRock has successfully acquired Adebayo Ogunlesi’s Global Infrastructure Partners (GIP) for an impressive $12.5 billion. The deal, sealed after extensive negotiations, marks a significant milestone in the financial landscape and underscores the growing prominence of strategic acquisitions in the global market. Adebayo Ogunlesi, a highly regarded figure in the world of finance and infrastructure development, founded GIP as a leading global infrastructure investment firm. The company has played a pivotal role in financing and overseeing major projects across various sectors, including energy, transportation, and telecommunications. The acquisition by BlackRock, one of the world’s largest and…
In a recent development, President Bola Tinubu has taken decisive action by temporarily suspending the National Social Investment Programme (NSIP) under the National Social Investment Programme Agency (NSIPA). This suspension, effective for a period of six weeks, is a response to ongoing investigations into allegations of malfeasance within the agency. Infostride News has gathered that the directive came from the office of the Secretary to the Government of the Federation, as conveyed in a statement signed by the Director of Information, Segun Imohiosen. The suspension encompasses all four key programs administered by NSIPA: N-Power, Conditional Cash Transfer, Home Grown School…
In a significant move towards fostering gender inclusivity and economic empowerment, Kashim Shettima has unveiled a groundbreaking initiative, allocating 50% of a proposed $200 million Non-Profit Organization (NPO) grant specifically to women-led Micro, Small, and Medium Enterprises (MSMEs). The announcement underscores a commitment to advancing gender equality and supporting the vital role that women play in entrepreneurship. Shettima, a champion for inclusive economic development, revealed the initiative aimed at providing substantial financial support to women entrepreneurs during the official announcement. The $200 million NPO grant is designated to bolster the growth and sustainability of MSMEs, with a keen focus on…
Infostride News: Nigeria’s Chartered Institute of Stockbrokers (CIS) and the Chartered Institute for Securities & Investment (CISI), UK, have recently reaffirmed their robust partnership through the formal signing of a renewed Memorandum of Understanding (MoU). This agreement, solidified in the United Kingdom, serves to strengthen the ongoing collaboration between these two eminent professional bodies, emphasizing various facets such as certification, Continuing Professional Development (CPD), membership drive, integrity, and the reciprocal benefits derived from multiple learning opportunities and networking. According to Infostride News, the President of CIS, Oluwole Adeosun, provided insights into the historical background that led to the Institute’s chartered…
In a significant development, President Bola Tinubu has given his nod for the establishment of a special presidential panel focused on social investment programmes. The esteemed Coordinating Minister of the Economy and Honourable Minister of Finance, Mr. Wale Edun, has been appointed as the head of this crucial panel. This pivotal announcement was made through a press release signed by the presidential spokesperson, Ajuri Ngelale, on a notable Saturday. The decision comes in the wake of Nairametrics’ earlier report on Friday, highlighting President Tinubu’s directive for a six-week suspension of four social investment programmes under the National Social Investment Programmes…
In a significant breakthrough following months of intense negotiations, the Ghanaian government has successfully reached an agreement with the official creditors committee to restructure a substantial $5.4 billion in bilateral loans. This pivotal development is poised to set the stage for a formalization of terms through a memorandum of understanding, with subsequent implementation facilitated by bilateral accords. Finance Minister Ken-Ofori Atta, in a post on X, hailed the agreement with official creditors, a coalition that includes the Paris Club and China. He emphasized that this marks a significant stride toward restoring Ghana’s long-term debt sustainability, underscoring the nation’s commitment to…
In a recent announcement, the Lagos State Internal Revenue Service (LIRS) has established January 31st as the final date for businesses and individuals to submit their annual tax returns for the year 2023. Mojisola Aboyade-Cole, the head of the Relation Management Unit at LIRS, shared this information during an interview on Arise TV. Businesses are encouraged to utilize the electronic tax platform, where tax returns have been efficiently processed for the past four years. It is emphasized that business owners are legally obligated to file tax returns on behalf of their employees. Aboyade-Cole outlined the four major returns that businesses…
In a recent revelation by the Comptroller-General of the Nigeria Customs Service (NCS), Adewale Adeniyi, it was disclosed that the NCS encountered challenges in meeting its revenue target for 2023, closing the fiscal year with a total revenue collection of N3.21 trillion. Despite a commendable 21.4% increase from the previous year’s revenue of N2.64 trillion, the NCS faced a significant shortfall of N478 billion, amounting to 87% of its targeted N3.68 trillion. Operational challenges played a pivotal role in the initial revenue shortfalls, with Adeniyi citing lower transaction volumes, compliance issues, inadequate infrastructure, capacity gaps, delays in policy implementation, and…
In a momentous announcement on Tuesday, Governor Babajide Sanwo-Olu revealed that his administration has successfully empowered over 11,885 start-up businesses in the last four years, marking a significant milestone in the strategic focus on micro-enterprises to drive economic progress in Lagos State. The Governor’s deputy, Obafemi Hamzat, represented him during the Year 2024 Lagos State Micro-Enterprise Support Initiative (MESI) event, which was organized by the Lagos State Ministry of Women Affairs and Poverty Alleviation (WAPA), underscoring the commitment to fostering economic growth and poverty alleviation. The impetus behind these empowerment programs is multifaceted, aiming not only to diminish poverty but…
In a significant move, the Central Bank of Nigeria (CBN) has formally dissolved the Board and Management of three major banks—Union Bank, Keystone Bank, and Polaris Bank. This decisive action, announced in a press release dated January 10, 2024, stems from the banks’ failure to adhere to crucial regulatory provisions. The regulatory provisions implicated in this dissolution, specifically Section 12(c), (f), (g), (h) of the Banks and Other Financial Institutions Act, 2020, encompass a spectrum of regulatory and governance expectations. The CBN, in justifying its decision, pointed to a range of concerns, including regulatory non-compliance, lapses in corporate governance, and…
In a recent development at the Ogun State Area Command II of the Nigeria Customs Service (NCS), a bullion van that gained notoriety in 2022 for its involvement in smuggling activities has now been officially released. This revelation was made during a press briefing on Friday by Customs Area Controller Olusola Alade, who disclosed that the van, initially apprehended in April 2022 with 12 bags of 50kg smuggled foreign parboiled rice and a substantial sum of N24 million, has been returned to its rightful owners. Formerly impounded for transporting the illicit rice, the bullion van, bearing the registration number FKJ…
In a recent development, Infostride News has uncovered a potential financial discrepancy involving the alleged transfer of a N585 million grant intended for vulnerable groups in Akwa Ibom, Cross River, Ogun, and Lagos states into a private account. The Minister of Information and National Orientation, Mohammed Idris, announced on Sunday that the federal government is actively investigating this matter and urged the public to await the results of a thorough inquiry before drawing conclusions. According to a viral document circulating online, purportedly signed by Betta Edu, the Minister of Humanitarian Affairs and Poverty Alleviation, the funds were directed to be…
In a significant development, Sadiya Umar Farouk, the former minister of social development, disaster management, and humanitarian affairs, has made her way to the headquarters of the Economic and Financial Crimes Commission (EFCC) to respond to allegations of fraud. This move is part of an ongoing investigation into the purported laundering of N37.10 billion during her tenure in office, with the funds alleged to have been routed through a contractor named James Okwete. Umar-Farouk, who held office during the administration of the immediate past President Muhammadu Buhari, arrived at the EFCC headquarters at approximately 10 am on Monday, January 8.…
In a surprising turn of events, President Bola Tinubu has taken decisive action by suspending the Minister of Humanitarian Affairs and Poverty Alleviation, Betta Edu, amidst allegations of misappropriation involving a staggering N585 million in palliative funds. This revelation has stirred public outcry and raised serious questions about the financial management within Edu’s ministry. The controversy emerged following the leak of a memo, addressed to Oluwatoyin Madein, the Accountant-General of the Federation, directing the transfer of N585 million to a private account. The leaked document implicated Edu in the disbursement of funds, leading to widespread criticism and calls for accountability.…
In a cinematic triumph, Nigeria’s box office has witnessed a cumulative revenue surge, reaching an impressive N19 billion over the past three years. This remarkable achievement can be attributed to a combination of prolific film releases and a notable increase in ticket sales nationwide, particularly between 2021 and 2023. The box office revenue reflects the gross earnings from ticket sales of Nollywood titles over the last three years. In 2023 alone, the Nigerian box office amassed a staggering N7.24 billion, following a trajectory of N6.94 billion in 2022 and N4.74 billion in 2021, aggregating approximately N19 billion. Despite a slight…
In a recent report titled “In Pursuit of Value,” KPMG, in collaboration with Infostride News, has uncovered a significant transformation in the banking landscape in Nigeria and Ghana. The study, which delves into the experiences of customers throughout 2023, reveals a noteworthy decline in weekly ATM usage among Nigerians, dropping from a substantial 70% in previous years to a mere 40% in the current year. One of the primary factors contributing to this decline is the recurrent unavailability of cash in many ATM stations across Nigeria. The report highlights that the medium of digital transactions, once at the forefront, has…
In a significant move to curb criminal activities and uphold security in the Niger Delta region, the 6 Division of the Nigerian Army, based in Port Harcourt, revealed that it successfully destroyed 233 illegal refineries during its “Operation Still Waters 3” in 2023. The operation spanned across Akwa Ibom, Cross River, Delta, and Rivers States. The disclosure came from Maj.-Gen. Jamal Abdulsalam, the General Officer Commanding (GOC) of the 6 Division, during the sidelines of the 2023 West African Social Activities celebration in Port Harcourt on Monday. Maj.-Gen. Abdulsalam shared that the division achieved notable milestones during the scheduled exercises…
In a significant move aimed at reshaping critical agencies within the federal government, President Bola Tinubu announced the dismissal of Mr. Babatunde Irukera, the Executive Vice Chairman/Chief Executive Officer of the Federal Competition and Consumer Protection Commission (FCCPC), and Mr. Alexander Ayoola Okoh, the Director-General/Chief Executive Officer of the Bureau of Public Enterprises (BPE). This decisive action, revealed through a statement by presidential spokesperson Ajuri Ngelale on Monday, underscores the administration’s commitment to revamping and realigning key institutions. The dismissal comes as part of a broader initiative to restructure and reposition federal agencies, aligning them with the government’s priorities of…