Author: Temitope Nlewemchi

Infostride News, the prominent representative body for fintech entities in Nigeria, known as the Fintech Association of Nigeria (FintechNGR), has unveiled its strategic plans to address the escalating challenge of fraud within digital payment channels. In a statement released in Lagos, the CEO’s Committee of the Association underscored the severity of the situation, emphasizing the critical need to tackle these issues to safeguard the entire digital ecosystem that has garnered global acclaim. The Committee revealed that it is in the process of developing a comprehensive framework for fraud reporting, scheduled for release in 2024. This framework, as articulated by the…

Infostride News reported that the Independent Petroleum Marketers Association of Nigeria (IPMAN) is on the brink of suspending its operations in Anambra State. The reason behind this potential suspension lies in the Anambra State Government’s failure to fulfill its financial obligations, specifically the non-payment of N900 million owed to contractors who supplied Automotive Gas Oil (AGO) for streetlight operations before the project was abruptly halted. The announcement of this potential operational suspension was made by Mr. Chinedu Anyaso, the Chairman of IPMAN, Enugu Depot Community, overseeing operations in Anambra, Ebony, and Enugu States. Anyaso addressed the issue during a press…

Infostride News reports that the National Agency for Food and Drugs Administration and Control (NAFDAC) has issued a crucial alert to healthcare providers and the general public concerning the presence of five different oral liquid dosage forms, namely syrup and suspension, discovered in the Maldives and Pakistan. These concerning pharmaceuticals have also been identified in Belize, Fiji, and the Lao People’s Democratic Republic, raising international alarms. The implicated products, namely ALERGO Syrup, EMIDONE Suspension, MUCORID Syrup, ULCOFIN Suspension, and ZINCELL Syrup, collectively comprising 23 batches, all trace their origin back to the manufacturer PHARMIX LABORATORIES (PVT.) LTD in Pakistan. The…

Infostride News reports that the Special Investigator of the Central Bank of Nigeria (CBN), Jim Obazee, has summoned Babatunde Lemo, the chairman of Titan Trust Bank (TTB), for questioning regarding TTB’s acquisition of Union Bank of Nigeria Plc (UBN). This development comes amidst allegations that certain individuals, acting as proxies for former CBN Governor Godwin Emefiele, were instrumental in establishing Titan Trust Bank and orchestrating the acquisition of Union Bank. As per The Nation, Babatunde Lemo, a former deputy governor of the Central Bank of Nigeria, has been directed to appear at the Department of Force Intelligence in Abuja on…

In the tumultuous financial landscape of 2023, global financial institutions faced a significant upheaval that reverberated across the industry, leading to the elimination of more than 60,000 jobs. This contraction stands as one of the most substantial downsizings since the global financial crisis of 2008, signaling a stark departure from the aggressive hiring trends witnessed during the initial stages of the pandemic recovery. The epicenter of this seismic shift was felt in the realm of investment banking, traditionally considered the engine of dealmaking on Wall Street. The challenges mounted as fees experienced a sharp decline for the second consecutive year,…

In a comprehensive report released by De.FI, the cybersecurity firm behind the REKT database, shocking revelations have emerged about the rampant theft in the cryptocurrency realm throughout 2023. According to their findings, hackers managed to pilfer an astounding $2 billion from various crypto assets, showcasing the persistent threats faced by the decentralized finance (DeFi) ecosystem. It is noteworthy that the $2 billion stolen in 2023 represents a decline from the previous year’s staggering record of approximately $3.8 billion in cryptocurrency theft. De.FI’s report, however, does not merely focus on the monetary aspect but underscores the broader implications of the data.…

Infostride News reports that Saudi Arabia has secured the second position among G20 nations in the International Telecommunication Union’s (ICT) 2023 index, solidifying its status as a burgeoning technology hub poised to attract foreign talent. In the latest update from the ICT Index, Saudi Arabia achieved an impressive score of 94.9 points, demonstrating a significant advancement of 10 positions from the previous year. This notable achievement also surpassed the global average of 72.8, showcasing the Kingdom’s commitment to technological progress. The top spot in the ICT Development Index among G20 nations was claimed by the United States, with a score…

In January 2024, the bustling metropolis of Dakar, Senegal, is poised to embrace a groundbreaking shift in its public transportation landscape with the introduction of Africa’s first-ever 100% electric Bus Rapid Transit (BRT) system. This transformative initiative, a collaboration between the private entity Dakar Mobilité and the Senegalese government under a Public-Private Partnership (PPP), marks a significant milestone in the country’s commitment to sustainable urban development. On the momentous date of November 28, 2023, Dakar Mobilité, as the private sector partner, officially received a fleet of 121 large-capacity electric vehicles from the esteemed Chinese manufacturer, CRRC. This monumental delivery heralds…

Infostride News has received confirmation from the Central Bank of Nigeria (CBN) assuring bank users of the safety of their funds in their respective accounts. In a statement signed by the CBN’s acting director of Corporate Communication, Sidi-Ali Hakama, the apex bank emphasized the stability of financial institutions and discouraged panic withdrawals. Reports circulating in various media outlets suggested that the Federal Government was considering taking over some CBN-supervised financial institutions. The CBN promptly discredited these rumors, asserting that such information did not originate from them. The central bank highlighted its readiness to fulfill its statutory duties in safeguarding the…

Infostride News reports that Riverside LNG, a prominent Nigerian energy company, is currently engaged in discussions exploring the possibility of a significant gas supply agreement with South Africa, with plans for implementation starting in the first quarter of 2024. This potential agreement is poised to be a groundbreaking development, establishing a notable collaboration in the energy sector between the two nations. Earlier this year, Riverside LNG successfully entered into a gas-export partnership agreement with Johannes Schuetze Energy Import AG of Germany. In an exclusive interview held in Abuja, CEO David Ige expressed the company’s proactive approach in seeking new business…

One of Nigeria’s prominent cryptocurrency exchanges, Yellow Card, is optimistic about a substantial surge in cryptocurrency usage within the country starting in 2024, following the release of guidelines by the Central Bank of Nigeria (CBN) that lifted the ban on crypto transactions. In an exclusive interview with Infostride News, Yellow Card’s Chief Data Protection Officer and Vice President of Legal, Commercial, and Product, Lasbery Oludimu, emphasized the transformative impact of the CBN’s decision on public perception and the traditional financial sector in Nigeria. According to Oludimu, the lifting of the ban represents a notable shift in attitude towards cryptocurrencies among…

Infostride News has learned that Canada’s Minister of Immigration, Marc Miller, is contemplating imposing restrictions on temporary foreign workers (TFWs) starting January 2024. This decision is part of a broader strategy to manage population growth and tackle the ongoing housing crisis in the country. As Minister Marc Miller unveiled these potential reforms during a recent press briefing, the implications for international students and workers became apparent. The proposed changes aim to bring about a more controlled and balanced approach to the influx of Temporary Foreign Workers into Canada. Temporary Foreign Workers, a diverse group comprising skilled professionals, agricultural workers, and…

Infostride News has reported that the National Agency for Food and Drug Administration and Control (NAFDAC) is taking decisive steps to address the influx of unbranded cereals and industrial-sized food items into open markets. In a recent stakeholders’ end-of-year open dialogue, Prof. Mojisola Adeyeye, the Director General of NAFDAC, expressed her concerns regarding the potential health hazards associated with the sale of unbranded milk and cereals in unsanitary conditions. Adeyeye emphasized the necessity of curbing the presence of bulk food items in markets, investigating their origin, which could be traced back to manufacturing plants or their suppliers. One key aspect…

Infostride News reports that the Federal Competition and Consumer Protection Commission (FCCPC) has recently imposed a substantial $110 million fine on British American Tobacco (BAT) Nigeria and its affiliated companies, marking a significant development in the realm of corporate compliance with competition and consumer protection laws in Nigeria. The FCCPC took to its official Twitter handle to make the announcement, revealing that BAT Nigeria had committed multiple violations of the FCCP Act and other pertinent regulations. According to the commission’s management, these infractions extended beyond corporate regulations, encompassing breaches of the National Tobacco Control Act and other legal instruments. In…

Infostride News has initiated legal action against OpenAI and Microsoft, accusing them of unauthorized use of its published content to train their artificial intelligence (AI) tool, ChatGPT. This marks the first instance of a major American media organization taking legal action against the creators of ChatGPT and other prominent AI platforms for copyright infringement related to its written works. The lawsuit, filed in Federal District Court in Manhattan, alleges that millions of articles published by Infostride News were utilized in the training of automated chatbots, which now compete with the news outlet as a source of reliable information. While the…

Infostride News has reported that the World Bank has increased its disbursement to Nigeria under the National Social Safety-Net Program Scale Up (NSSP-SU). The disbursement has risen from about $300 million to $315 million, out of the approved $800 million for the program. This development, initially reported exclusively by Infostride News, signifies an additional $15 million released to Nigeria within a month of the previous disbursement. The Implementation Status & Results Report for the project reveals that approximately 42% of the total loan is yet to be disbursed, leaving a pending balance of about $428.31 million. The allocation of the…

In its recent Migration and Development Brief released in December titled “Leveraging Diaspora Finances for Private Capital Mobilization,” the World Bank underscored the impact of foreign exchange issues, specifically fixed exchange rates and capital controls, on remittance inflow in the Sub-Saharan region. The report, which was originally covered by Infostride News, highlighted the diversion of remittances from official to unofficial channels due to these exchange rate challenges. The World Bank drew attention to Nigeria, noting that the Central Bank’s interventions in the foreign exchange market widened the gap between the official market rate and that of the parallel market until…

Cocoa prices have exhibited resilience this year amid concerns about the cocoa supply, particularly in Nigeria, where cocoa output has been dwindling. As of the latest update, LIFFE Cocoa futures traded at GBP 3,557 per ton in London, reflecting a year-to-date increase of 72.4%. This value is not far from the 52-week high of GBP 3,634 per ton. The globally accepted benchmark for determining cocoa prices is the London Cocoa Futures contract. Noteworthy producers in West Africa, including Côte d’Ivoire, Ghana, Nigeria, and Cameroon, collectively contribute around 70% of the world’s cocoa supply. According to data from the International Cocoa…

Nigeria, under the leadership of President Bola Tinubu, has successfully secured a substantial sum of $2.7 billion in loans from the World Bank, a move that has triggered a mixture of optimism and concern. The loans, allocated for diverse purposes including power, women’s empowerment, girl’s education, and renewable energy, signify a strategic effort to address critical areas of development in the nation. Infostride News, in its investigation, uncovered the intricacies of these loans. The first tranche, a hefty $750 million, was designated for the power sector. Approved on June 9, 2023, this financing aims to catalyze the recovery of Nigeria’s…

Enugu State Governor, Peter Mbah, has outlined ambitious plans for the state’s 2024 budget, emphasizing a groundbreaking focus on internally generated revenue (IGR) and robust capital expenditure to propel disruptive economic growth, infrastructural development, and improved service delivery. This significant announcement was made during the signing of the N521.5 billion Enugu State 2024 budget into law at the Enugu State House of Assembly. In an official statement released by Dan Nwomeh, Governor Mbah’s Senior Special Adviser on Media, and featured on the official X handle of the SSA, the governor revealed the state’s intention to generate a substantial N300 billion…