Author: Temitope Nlewemchi

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…

In a recent development surrounding the ongoing scandal involving the suspended Minister of Humanitarian Affairs, Betta Edu, the Minister of Interior, Olubunmi Tunji-Ojo, finds himself refuting claims of his alleged connection to a company implicated in N438 million contract allegations linked to Edu. This revelation comes as a leaked memo circulates online, suggesting that a company reportedly owned by Tunji-Ojo received the said amount labeled as ‘consultancy fees’ from Edu. Speaking out against these accusations during an interview on Channels TV on Monday, Tunji-Ojo vehemently denied any current involvement in the company, asserting, “I am not a signatory to the…

In a startling turn of events, Mrs. Chioma Edoka Okoli, a female customer who previously provided a review of a tomato paste brand manufactured by Erisco Foods Limited, has once again found herself in custody, defying court orders. This recent arrest, which occurred around 7:00 am on Tuesday, adds a perplexing layer to an already complex legal battle. Human Rights Lawyer Inibehe Effiong, who serves as Mrs. Okoli’s counsel, shared the disconcerting update in a detailed post on X. Effiong revealed that a contingent of police officers from Abuja, allegedly acting on the instructions of the Inspector General of Police…

In a momentous event at the Presidential Villa in Abuja, President Bola Tinubu officially signed the 2024 appropriation bill into law, marking a significant milestone in Nigeria’s fiscal landscape. The ceremony, which took place on Monday, was attended by eminent figures including the President of the Senate, Senator Godswill Akpabio, and the Speaker of the House of Representatives, Hon Tajudeen Abbas. The presence of key figures such as Chief of Staff Femi Gbajabiamila, APC National Chairman Abdullahi Ganduje, and Senate Appropriation Committee Chairman Senator Olamilekan Adeola underscored the importance of this legislative approval. The collaborative effort between the executive and…

In a dazzling finale to 2023, Nigeria’s box office experienced a triumphant surge, raking in an impressive N1.65 billion in December alone. Infostride News, in collaboration with X, proudly announces that the blockbuster “A Tribe Called Judah,” spearheaded by the talented Funke Akindele, played a pivotal role in this achievement. The combined contributions of this film and three other titles—Aquaman, Malaika, and Ada Omo Daddy—accounted for a staggering 79% of the total box office revenue. This exciting revelation came to light on Monday when the Nigerian box office, through X, disclosed the phenomenal success. The cumulative earnings from the four…

In a recent update, the Chairman of the Presidential Committee overseeing the implementation of President Bola Ahmed Tinubu’s End of Year Transportation Subsidy Programme, Mr. Dele Alake, announced that the initiative has been a remarkable success, benefiting over 160,000 passengers nationwide. This transformative program is set to conclude on January 4, 2024. Mr. Dele Alake, who also serves as the Minister of Solid Mineral Development, shared this significant achievement through a post on his official social media handle, highlighting the positive impact the subsidy program has had on commuters across the country. “The Committee on the Implementation of the End…

In a significant development, the Minister of Interior, Olubunmi Tunji-Ojo, has officially announced that the long-anticipated passport application automation process will kick off on January 8, 2024. This groundbreaking initiative is set to revolutionize the way Nigerians apply for passports, offering a seamless online experience without the need for direct human contact. The minister shared this exciting news during an inspection of Nigeria Immigration Service (NIS) facilities in Abuja, where he highlighted the commencement of training sessions leading up to the live launch of the automation system. Tunji-Ojo expressed confidence in the readiness of the ministry, stating, “We are good…

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…

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…