Author: Temitope Nlewemchi

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…

In a significant stride towards fostering the manufacturing and adoption of electric vehicles (EVs) in Nigeria, the Federal Government is set to collaborate with Possible EVs, an electric vehicle manufacturing company, to deploy 100 vehicles by the second quarter of 2024. This announcement was made by Mosope Olaosebikan, the Founder and Chief Executive Officer of Possible EVs, during a visit by Mr. Joseph Osanipin, the Director General of the National Automotive Design and Development Council (NADDC), to the Possible EVs Experience Centre in Abuja. Olaosebikan highlighted the primary objective of the collaboration, emphasizing the commitment to ensuring a cleaner environment…

The commitment of Nigeria to the Organization of the Petroleum Exporting Countries (OPEC) remains steadfast, as reiterated by the Minister of State for Petroleum, Heineken Lokpobiri. This affirmation comes in the wake of Angola, the second-largest oil producer in Africa, deciding to exit the cartel. In a statement issued on Thursday, Lokpobiri emphasized that Nigeria will maintain its engagement with OPEC to address the country’s concerns and contribute to the stability and sustainability of the oil market. Lokpobiri stated, “Our collaboration within the organization remains pivotal in fostering stability and sustainability in the oil market. We are resolute in our…

The Lagos State government has initiated the dismantling of unauthorized gates permanently locked around the Lekki Phase 1 axis, aiming to address the recent surge in traffic congestion. Tokunbo Wahab, the Commissioner of Environment and Water Resources, revealed this development via his social media platform earlier today. The commissioner emphasized that the persistent traffic issues in the area were largely attributed to these permanently locked illegal gates. He pointed out that not only do these gates impede access to connecting roads, but they also mar the environmental aesthetics of the region. Elaborating on the rationale behind removing these gates, Wahab…

Kingsley Moghalu, the former deputy governor of the Central Bank of Nigeria (CBN), has expressed strong disapproval of what he deems a “media trial” targeting the former CBN chief, Godwin Emefiele. Emefiele, who was dismissed by President Tinubu in June, is currently facing multiple charges of procurement fraud totaling over $1.2 billion. Furthermore, a leaked report from a special investigator has recently accused the former CBN governor of various fraudulent misconducts, including abuse of power, violation of the CBN Act of 2007, and alleged theft of billions of dollars stashed in foreign banks in Europe and America. Despite the seriousness…

Infostride News has reported that the Lagos State Government has taken a significant step to address traffic congestion by releasing trucks impounded by the Lagos Traffic Management Authority (LASTMA). The impoundment occurred during a special operation on December 22, 2023, targeting trucks that were causing disruptions in traffic flow along the Cele-Apapa/Tincan axis. This swift action by the government comes on the heels of a midnight operation conducted by the state’s enforcement team, which resulted in the impounding of over 60 illegally parked containerized trucks along Cele, Mile-2, Apapa Oshodi Expressway, inward port access road. In a statement signed by…

Amidst the festive season’s joyous celebrations, the National Drug Law Enforcement Agency (NDLEA) played a crucial role in safeguarding Nigerian communities from the insidious influx of illicit drugs, particularly in anticipation of Christmas festivities. The agency’s intervention proved highly successful as they managed to intercept shipments containing an alarming 7.5 million tramadol and codeine pills. This significant seizure included millions of tramadol 225mg pills, thousands of codeine syrup bottles, and bags of Canadian Loud. Notably, these substances arrived via Turkish Airlines, lacking a clear country of manufacture or origin. The initial report, disclosed by Femi Babafemi, the Media and Advocacy…

The Lagos State Government has taken decisive action by closing down the renowned Quilox Restaurant Bar Night Club, situated in Victoria Island, citing concerns over safety and environmental infractions. This development was announced by officials from the Lagos State Environmental Protection Agency (LASEPA) and the Lagos State Safety Commission (LSC) through their official communication channels on Sunday. Expressing their stance on the matter, LASEPA and LSC emphasized the need for social centers to operate in a manner that does not compromise the safety and well-being of citizens. The regulatory bodies declared their commitment to imposing sanctions on establishments found in…

For over six decades, since the establishment of the Central Motor Registry by the Nigeria Police Force, the compulsory registration of vehicle information has been a manual process, fraught with numerous challenges. In an effort to combat the increasing sophistication of vehicular crime in the country, the Nigeria Police Force introduced the digitalized Central Motor Registry Information System (e-CMR) in April 2023, aiming for the seamless management of motor vehicles and their ownership details. With the advent of the e-CMR, vehicle owners now have the capability to provide information about their vehicles and ownership remotely, using any internet-enabled device. However,…