The recent directive by the Central Bank of Nigeria (CBN) to remove restrictions on access to 43 import items has sparked concerns among stakeholders, especially in the manufacturing sector. Mr. Lekan Adewoye, the Vice Chairman of the Basic Metal Sector of the Manufacturers Association of Nigeria (MAN), has expressed his apprehension about the potential impact of this directive on the already struggling manufacturing industry. In an exclusive interview with Infostride News, Mr. Lekan Adewoye shed light on the perspective of the manufacturing community regarding this recent policy shift initiated by the apex bank. His insights paint a vivid picture of…
Author: Temitope N.
In a recent market notice, the Central Bank of Nigeria (CBN) has unveiled a momentous alteration in the nomenclature employed within the Nigerian Foreign Exchange (FX) market. All references to the Investors’ and Exporters’ (I&E) FX Window have been officially substituted with the Nigerian Autonomous Foreign Exchange Market (NAFEM). This substantial modification finds its basis in the CBN’s press release titled “Operational Changes to the Foreign Exchange Market,” which was issued on June 14, 2023. The primary impetus behind this redefinition is the eradication of segmentation within the FX market, thereby ushering in a heightened consistency in terminology. Furthermore, this…
NNPC Retail, a subsidiary of the Nigerian National Petroleum Company Limited (NNPCL), has declared that it possesses a strategic fuel reserve of at least 30 days. The announcement was disseminated through its official Twitter account on Thursday, October 19. This statement came in response to the burgeoning fuel queues witnessed at retail stations in various parts of Lagos and across the nation. NNPC Retail promptly addressed the root cause of these queues and sought to reassure the Nigerian populace of an ample fuel supply. Their statement reads as follows: “NNPC Retail Limited acknowledges the emergence of fuel queues in select…
The 2023 Global Gas Report, recently published by the International Gas Union (IGU), has shed light on the shifting dynamics of liquefied natural gas (LNG) exports to Europe. While the United States of America remains a dominant player in this field, the report highlights that Qatar, Russia, and Nigeria are poised to become significant LNG exporters to Europe. This transition is indicative of Europe’s growing appetite for LNG, which has experienced a substantial upswing in recent years. In 2022, Europe witnessed a remarkable increase in LNG imports, soaring from 74 million tons in 2021 to 124 million tons in 2022,…
The Nigerian Federal Government has experienced a concerning fiscal shortfall during the initial seven months of 2023, as revealed in data extracted from the Medium Term Expenditure Framework for the period 2024-2026, as reported by Infostride News. This data underscores the current fiscal challenges confronting the government and raises questions about its financial stability. In accordance with the budget performance statistics disclosed in the report, the federal government succeeded in amassing a total revenue of N5.1 trillion during the first seven months of 2023. This figure falls short of its prorated target of N6.4 trillion, indicating a budget variance of…
The Federal Government has announced a 24-hour closure of the Third Mainland Bridge to vehicular traffic, scheduled to take place from Saturday, October 21, 2023, to Sunday, October 22, 2023, as part of necessary repair work. This announcement was made by the Federal Controller of Works, Lagos, Engr O. I. Kesha, in a statement issued on Thursday. This move is in response to mounting concerns raised by motorists and the general public regarding the deteriorating state of the Third Mainland Bridge, which has become increasingly burdened with potholes and significant bumps. In a concerted effort to address the pressing issues…
Chairman of United Nigeria, Prof. Obiora Okonwo, made a thought-provoking statement, suggesting that a mere two percent of flight delays and cancellations should be attributed to airline operators. He contended that the remaining 98 percent of disruptions in air travel are primarily caused by factors outside the control of these carriers, such as weather conditions, inadequate infrastructure, and VIP movements throughout Nigeria. This assertion came to light during an interaction with aviation journalists in Lagos. The occasion for this discussion was United Nigeria’s receipt of an International Air Transport Association (IATA) membership certificate. During the conversation, Okonwo expressed his regret…
The Supreme Court has scheduled a pivotal judgment day on Monday, October 23, in the much-anticipated appeal lodged by Atiku Abubakar, the Presidential Candidate of the Peoples Democratic Party (PDP). At the heart of this legal battle is the challenge to the decision of the Presidential Tribunal, which validated the electoral victory of President Bola Tinubu. The Independent National Electoral Commission (INEC) had officially declared Bola Tinubu the winner of the keenly contested February 25 election. In this complex legal maneuver, Atiku’s legal team has presented a formidable 35-ground notice of appeal to the apex court, asserting that the tribunal,…
The Nigerian currency, the naira, has experienced a historic low in its exchange rate against the US dollar, plummeting to an alarming N999 per dollar during trading on October 19, 2023. This significant devaluation of the naira was observed in the intraday trading data sourced from the Financial Markets Dealers Quotations (FMDQ), which serves as the official platform for forex trading through the Nigerian Autonomous Foreign Exchange Market (NAFEM). The revelation that the naira has reached such an abysmal level against the dollar is causing concern among financial analysts and experts, who speculate that this might not be the ultimate…
China is currently in the process of easing restrictions on foreign investment within its domestic manufacturing sector, as reported by state media. This strategic move is aimed at encouraging more international businesses to consider expanding their operations within the country. These developments come at a time when escalating geopolitical tensions and China’s assertive stance towards both domestic and foreign private sector entities have prompted many global corporations to reevaluate their investments in the Chinese market. President Xi Jinping unveiled these significant changes during his keynote speech to inaugurate the Belt and Road Forum in Beijing on October 18th. According to…
Infostride News reports that the Nigerian Exchange has imposed a substantial fine of N453.6 million on Guinea Insurance Plc due to post-listing violations. This punitive action, as detailed in the X-Compliance Report of the Exchange, underscores the regulatory body’s commitment to upholding the integrity of the market and safeguarding the interests of investors. In accordance with the X-Compliance Report obtained by Infostride News, Guinea Insurance Plc was found to have contravened the Issuers’ Portal Rules, specifically Rules 18.2(c) and 18.2(d). These rules mandate that listed companies must utilize the Issuers Portal to file sensitive information, and the company’s failure to…
Morgan Stanley recently released its third-quarter financial report, revealing a decline in profits and sluggish growth within its wealth management unit. This development sent shockwaves through the financial markets, resulting in a significant drop in the bank’s shares, marking the most substantial decrease in over three years. During the third quarter, the bank reported net income of $2.4 billion, reflecting a 9% decrease compared to the same period in the previous year. While this figure slightly exceeded analysts’ expectations, which had estimated $2.3 billion, it signifies a challenging period for the bank. One of the most significant areas of concern…
Nigeria has made a fervent call for the support of Member States in endorsing a comprehensive UN Tax Convention, with the aim of establishing a more equitable global taxation system. The Permanent Mission of Nigeria to the United Nations released a statement, which was made available to the News Agency of Nigeria (NAN) in New York, emphasizing the need for continued backing of this initiative. This call for global tax reform comes on the heels of a pivotal resolution introduced by Nigeria during the 77th session of the United Nations General Assembly (UNGA). The resolution, titled “Promotion of Inclusive and…
Qore, a prominent Banking-as-a-Service (BaaS) solution provider, is excited to announce its highly anticipated Customer Experience Event – NEXUS 2023, scheduled to be held at the prestigious Oriental Hotel in Lagos, Nigeria on November 7, 2023. Qore has consistently played a pivotal role in spearheading digital transformation within the African financial service sector, with a specific focus on delivering next-generation experiences that empower the operations of financial institutions across the continent. NEXUS 2023 promises to be an exceptional occasion for both existing and prospective clients, offering a glimpse into the future of financial services delivery while providing valuable insights into…
The Federal Capital Territory Administration (FCTA) has unveiled an ambitious plan to construct a network of 30 kilometers of roads spanning six Area Councils within the nation’s capital. This development was officially announced by the Minister of FCT, Nyesom Wike, during a visit by Sen. Philip Aduda and Mr. Zakari Dobi in Abuja. Sen. Philip Aduda, who represented the Federal Capital Territory (FCT) in the 9th Assembly, joined Mr. Zakari Dobi in this courtesy visit to discuss and support the FCT’s developmental initiatives. The minister has given a firm commitment that these 30 kilometers of roads, divided into five kilometers…
Ian Thom, the Upstream Research Director at Wood Mackenzie, recently spoke at the African Energy Week event in Cape Town, South Africa. He discussed the potential challenges facing major oil producers in Africa, including Nigeria, Angola, and Egypt, as the decade progresses. Thom highlighted the fact that traditional oil production hubs across the continent are likely to struggle to offset declining production at mature assets. He also emphasized a global trend that prioritizes advantaged resources, which could impact higher-cost and higher-emitting assets in Africa, underlining the importance of strategic planning and sustainable development in the African oil and gas sector.…
The Board of Directors of Flour Mills of Nigeria Plc has put forward a proposal for a final dividend amounting to N9.225 billion for the financial year ending on March 31, 2023. This proposal equates to a dividend of N2.25 for each unit of 50 Kobo ordinary shares held by the company’s shareholders for the aforementioned financial year. The corporate action announcement containing this information was submitted to the Nigerian Exchange Limited (NGX) and was obtained by Infostride News. It is essential to note that this proposed dividend is subject to approval by the company’s shareholders. Moreover, appropriate withholding tax…
The exchange rate between the Nigerian Naira and the US Dollar experienced a significant decline, reaching as low as N1,100 on the black market, as reported by select forex traders specializing in inflow transactions. Infostride News obtained quotes from these traders, confirming that exchange rates were hovering between N1,100 to N1,110 for inflow transactions. Inflows in this context refer to forex transactions conducted over the internet or through electronic means. Furthermore, the exchange rate was also quoted at N1,100 on various peer-to-peer platforms, where exchange rates are facilitated through cryptocurrencies. This decline in exchange rate represents a concerning development, as…
Bank of America, as reported by Infostride News, recently unveiled its financial results for the third quarter of 2023, revealing a pre-tax profit decline of 2.48% compared to the previous year. The bank’s pre-tax profits for Q3 2023 amounted to $8.095 billion, down from the previous year’s figures. For the first nine months of 2023, the bank reported pre-tax profits of $25.218 billion, reflecting a growth from the $23.072 billion recorded during the same period in the previous year. These figures provide insight into the bank’s financial performance and signal certain trends in the banking industry. Here are the key…
The exchange rate between the Nigerian naira and the United States dollar demonstrated some signs of strength as it closed at N790.68 at the end of trading on Wednesday, October 18, 2023. This significant development comes as a result of data sourced from FMDQ, which is a prominent platform for foreign exchange trading and the publication of official exchange rates. The dollar, at the close of trading, was valued at N790.8 against the naira, marking a notable improvement compared to the previous day when it had reached the staggering rate of N848/$1. This shift implies that the central bank might…