In a recent release of the Stanbic IBTC Purchasing Managers Index (PMI) for Nigeria, Infostride News brings encouraging news as the private sector showcased a rebound, recording a PMI of 52.7 in December. This marks a notable improvement from the 48.0 recorded in November, signifying a return to growth for the private sector. The positive momentum is deemed particularly significant, given the challenging macroeconomic conditions prevalent in the country. The December 2023 PMI figure represents the highest level since June of the same year when the index stood at 53.2. Despite facing economic headwinds, the private sector has demonstrated resilience…
Author: Temitope Nlewemchi
In a recent development, the Federal Government, in a statement signed by Augustina Obilor-Duru on behalf of the Director of Press and Public Relations at the Federal Ministry of Education, has announced the suspension of the evaluation and accreditation process for degree certificates originating from Benin and Togo Republics. This decision, a response to the concerning issue of Nigerians resorting to deceptive means to obtain degrees, was disclosed on Tuesday. The government expressed deep concern over the exploitation of dubious methods by some Nigerians, enabling them to acquire degrees with the ultimate goal of securing job opportunities for which they…
In a monumental financial feat, Nigeria’s renowned billionaire investor, Abdul Samad Rabiu, has witnessed unprecedented success with his two flagship companies, BUA Cement and BUA Foods, boasting a remarkable net capital gain of N2.3 trillion in the fiscal year 2023. This extraordinary achievement solidifies Rabiu’s position as the billionaire with the highest capital gain among those holding controlling interests in companies listed on the Nigerian Exchange (NGX). The staggering net gains signify a remarkable 194% year-on-year increase in market valuation, particularly benefiting Samad Rabiu, who maintains majority control over the shares of both companies. Despite earlier reports from Infostride News…
In a shocking turn of events, Harvard President Claudine Gay has tendered her resignation amidst a maelstrom of controversy and scandalous issues that have rocked the esteemed university. This decision comes on the heels of renewed scrutiny into her academic work and a donor revolt over Harvard’s handling of antisemitism, further exacerbating the challenges faced by the institution. President Gay personally announced her resignation in a heartfelt letter addressed to the University community on Tuesday. Citing consultations with members of the Corporation, she expressed that stepping down is in the best interests of Harvard, allowing the community to confront the…
In a recent statement by Temi Popoola, the Chief Executive Officer of Nigerian Exchange Limited (NGX), the thriving domestic entertainment sector, Nollywood, emerges as a pivotal player capable of significantly enhancing retail investor engagement within the capital market. Popoola conveyed this insight during the Closing Gong Ceremony, an event commemorating the final trading day of the year, where the noteworthy achievements of Nollywood luminary Richard Mofe Damijo (RMD) were celebrated. Popoola underscored Nollywood’s influential role in portraying and marketing the Nigerian economy. He contended that leveraging Nollywood’s popularity could serve as a catalyst for increased retail investor participation, particularly among…
In a significant announcement, the Nigerian Exchange Group (NGX) has unveiled its decision to appoint Temi Popoola as the Group Managing Director/Chief Executive Officer-designate. This strategic move comes in anticipation of the retirement of the current GMD, Oscar Onyema, slated for March 31, 2024. The appointment of Temi Popoola is scheduled to take effect on January 1, 2024, subject to formal approval from the Securities and Exchange Commission (SEC). The announcement, disclosed in a statement signed by Obehi Ikhaghe, the Group Company Secretary, highlighted the commencement of Oscar Onyema’s terminal leave on January 1, 2024. Concurrently, Jude Chiemeka, the Executive…
The maritime sector in Nigeria, with its estimated worth of about $8 trillion, has long been touted as a potential economic powerhouse. However, a closer look reveals a complex web of challenges that have hampered its development, resulting in significant revenue losses and hindered growth. In this comprehensive analysis, we delve into the multifaceted issues plaguing the Nigerian ports, examining the impact of policies, infrastructure deficiencies, and operational setbacks on the nation’s maritime landscape. Policy Failures and Revenue Loss: In a sunlit snapshot at the Ports and Terminal Multipurpose Limited Port, the plight of clearing agents unfolds. Mr. Johnpaul Ejiogu,…
In the latest development on the economic front, the Federal Government has reported a remarkable 67% increase in its non-oil revenue, reaching an approximate sum of N4 trillion quarter-on-quarter, as highlighted in the Central Bank of Nigeria’s (CBN) third-quarter report. This substantial growth is part of the government’s ongoing efforts to diversify its revenue streams away from oil-dependent sources. According to the CBN’s economic report for the third quarter, the Federal Government’s overall collected revenue witnessed a significant surge of 50.1%. The total revenue amounted to N4.79 trillion during this period, attributed to a boost in non-oil receipts. However, it…
In a recent corporate disclosure on insider dealing, Geregu Power Plc, as reported by Infostride News, has experienced a robust trading period marked by significant share sales. The company, demonstrating market confidence, unveiled that a majority shareholder successfully concluded a series of share sales, totaling 40 million units and amounting to a substantial N14.5 billion. This noteworthy activity transpired between December 21st and 27th, capturing the attention of institutional investors who eagerly participated in acquiring the shares. The insider dealing press release from the company provides detailed information on the transactions, indicating that 5 million units, 18,222,500 units, and 16,777,500…
In a move to enhance the government’s revenue generation efforts, Governor Umo Eno of Akwa Ibom has officially assented to the 2024 appropriation estimate of N849.97 billion. The approval came during an extended Executive Council meeting convened at the Government House in Uyo on Thursday. The budget, initially proposed at N845.63 billion, witnessed a slight increase of N4.3 billion, subsequently gaining approval from the Akwa Ibom House of Assembly on December 21. Governor Eno, in his remarks during the signing ceremony, underscored the importance of prioritizing revenue generation over expenditures in the upcoming fiscal year. Expressing his commitment to effective…
In a recent market analysis, the US-based media giant Bloomberg L.P has predicted an enduring depreciation of the Naira throughout 2024, marking a notable downturn that is expected to be the most severe since 1999. According to Bloomberg’s comprehensive market evaluation, the Naira has witnessed a staggering 55% decline over the course of the year, settling at approximately 1,043 per dollar as of the latest Thursday update. This places the Naira at the bottom among 151 global currencies tracked by Bloomberg, trailing only the Lebanese pound and the Argentine peso in terms of poor performance. Infostride News has further gathered…
In a remarkable turn of events, the Federal Government of Nigeria has successfully raised approximately N6.658 trillion through the issuance of Nigerian Treasury Bills (NT-Bills) in the year 2023. This staggering figure signifies a momentous 40.4% surge compared to the N4.74 trillion accumulated through NT-Bills in the preceding year of 2022. **Monthly Breakdown of NT-Bills Issuance** Breaking down the data, as meticulously tracked by Infostride News based on Central Bank of Nigeria (CBN) data, the total NT-bills subscription for the year 2023 amounted to a substantial N23.507 trillion. The monthly breakdown illustrates the financial dynamics at play: – **January:** N277.468…
In a significant move aimed at alleviating congestion within correctional facilities and promoting justice sector reforms, Governor Babajide Sanwo-Olu of Lagos State has granted clemency to 246 inmates. This momentous decision, endorsed by the Advisory Council on the Prerogative of Mercy, underscores the governor’s commitment to ushering in the New Year with compassion and addressing the overcrowded conditions in correctional facilities across Lagos State. The official announcement, available on the Lagos State Government’s official social media handle, details that Governor Sanwo-Olu exercised his prerogative on December 20, 2023, in accordance with the provisions of Section 212 (1) (2) of the…
Infostride News has reported on a significant development in the legislative landscape, as the House of Representatives unveils a groundbreaking proposal aimed at safeguarding the financial interests of employees across the nation. This pioneering initiative, known as the Employees Remuneration Protection Bill, 2023, is championed by Wale Hammed, a distinguished member of the House representing the Agege federal constituency in Lagos State. The essence of this proposed legislation revolves around making it unlawful for employers or corporate entities to either delay or neglect the payment of their employees’ salaries. A careful examination of the bill reveals its comprehensive provisions designed…
As Nigeria grapples with the uncertainties of 2024, the economic landscape under President Tinubu’s seven-month-old administration has witnessed a significant surge in the Misery Index, posing a formidable challenge for economists attempting to forecast the nation’s economic trajectory amid persistent challenges. While the official release of the 2023 Hanke’s Misery Index is awaited, the tangible effects of Nigerians slipping into poverty are palpable on the streets and within households, exacerbated by the ongoing rise in inflation. Commencing at around 73.05 in 2023, Nigeria’s misery index has experienced a noticeable escalation. Esteemed economists, such as Dr. Ikchukwu Okafor and Dr. Gbenga…
Infostride News reports that Nigeria’s capital importation has experienced a significant decline of 43.55% in the third quarter of 2023, despite the earnest efforts of the current administration led by President Bola Tinubu to attract investments into the country. The figures reveal a stark contrast, with only $654.65 million recorded in Q3 2023 compared to the robust $1.16 billion reported in the same quarter of the previous year. Breaking down the data further, there was a quarterly decrease of 36.45%, with capital importation standing at $1.03 billion in the preceding quarter of the same year. This revelation comes from the…
Infostride News reported that the Lagos State Government took decisive action by sealing Carizma Hotel and Luxury Suites on 10/12 Ishola Lemomu Street, New Oko-Oba, Abule Egba, in response to persistent noise pollution complaints. The Lagos State Environmental Protection Agency (LASEPA) executed the closure on December 27, 2023, after the hotel repeatedly failed to comply with the specified guidelines outlined in a Memorandum of Understanding (MoU) signed during earlier engagements with the regulatory agency. This development was unveiled through an official statement from LASEPA, available on the agency’s official communication platform. According to the statement, Carizma Hotel had committed to…
The 20th edition of the Calabar Carnival is poised to captivate an expansive global audience of approximately 15 million viewers as it unfolds today, with the main event set to be broadcast live on DSTV. This grand cultural spectacle, as reported by Infostride News, has created a buzz of anticipation, evident in the complete booking of hotels in Calabar since Tuesday. Erasmus Ekpang, Cross River’s Commissioner for Information, shared valuable insights into the resounding success of the carnival. He emphasized the overwhelming demand for accommodation, stating that only those who foresaw the influx of visitors and secured hotel bookings in…
Infostride News reported that the Corporate Affairs Commission (CAC) has approved an extension for companies to submit their annual returns, extending the deadline from January 1 to April 1, 2024. The announcement, made on December 28, 2023, revealed that the extension was necessitated by glitches on the Company’s Registration Portal (CRP) and in consideration of the challenges faced by Micro, Small, and Medium Scale Enterprises (MSMEs). In a circular released by Infostride News, it was mentioned that the CAC had initially expressed its intention to delist a significant number of companies – precisely 91,843 – by the end of the…
The Managing Director of Infostride News, Mr. Fidet Okhiria, has shared significant developments regarding the Nigerian Railway Corporation’s (NRC) free train rides initiative, revealing that over 63,000 passengers have been transported nationwide between December 21 and December 26. The disclosure occurred during an end-of-the-year media interactive session held in Lagos. Previously reported by Infostride News on December 20, 2023, the presidency had announced a 50% reduction in transport fares for interstate travels and complimentary commuter rides on all rail lines from December 20, 2023, to January 4, 2024. Okhiria expressed his appreciation for the Federal Government’s initiative and encouraged the…