Infostride News reported that the BRICS group of emerging-market nations is on the verge of experiencing a significant expansion, with Saudi Arabia, Iran, the United Arab Emirates, Ethiopia, and Egypt poised to join its ranks on January 1, as revealed by South Africa’s envoy to the bloc. This move comes after the current members—Brazil, Russia, India, China, and South Africa—extended invitations in August to six other nations to join their influential coalition, establishing a formidable alliance comprising major energy producers and substantial consumers in developing countries. Notably, Argentina stands as the sole nation that declined the invitation, a decision influenced…
Author: Temitope Nlewemchi
The Federal Government has recently expanded the list of motor parks eligible for the 50% rebate on transport fares for Nigerians traveling between states. This move aims to provide more accessible options for citizens to benefit from the ongoing transport fare reduction initiative. The additional motor parks are strategically located in various states across the country, including Lagos, Abuja, Onitsha, Abia, Kano, Jos, Enugu, Uyo, Gombe, Port Harcourt, Sokoto, and Owerri. This significant update was disseminated through an official statement posted on the Office of Special Adviser on Social Media to President Bola Tinubu’s handle on X (formerly Twitter). The…
Abdul-Samad Rabiu, the Chairman of BUA Group, reiterated the company’s unwavering commitment to offer cement at the affordable rate of N3,500 starting from January 2024. This commitment was emphasized during his discussion with State House Correspondents after a meeting with President Bola Tinubu in Lagos on a Thursday. Assuring the public of BUA Group’s dedication to ensuring accessibility and affordability of their cement products, Rabiu acknowledged the challenges faced by the company but emphasized their determination to meet the promised pricing structure. He detailed the pricing dynamics, highlighting that the base cost would be N3,500 per bag ex-factory, to which…
Infostride News, in collaboration with the Raspberry Pi Foundation, is excited to announce the commencement of applications for teaching positions as part of the innovative Build-A-Thon initiative program. The Ministry of Communications, Innovation, and Digital Economy is spearheading this initiative, aiming to tap into the potential of visionary educators, teachers, and technology enthusiasts who can guide the next generation of tech innovators in secondary schools. These teaching positions will be based in the capitals of three strategically selected states, contributing to the educational landscape in Maiduguri, Owerri, and Abeokuta. The Ministry encourages qualified individuals to apply through the program’s official…
Tech behemoth Google has recently agreed to a substantial $5 billion settlement in a legal battle centered around allegations that it clandestinely tracked the internet activities of millions of users who believed their online browsing was conducted privately. The development unfolded as U.S. District Judge Yvonne Gonzalez Rogers in Oakland, California, decided to pause a scheduled trial set for February 5, 2024, in the proposed class action lawsuit. This decision followed an announcement by legal representatives of both Google and the consumers, indicating that a preliminary settlement had been reached. While the specific terms of the settlement remain undisclosed, attorneys…
The escalating cost of living has propelled Nigerians to seek financial relief, resulting in a substantial borrowing trend that saw approximately N740 billion being borrowed from banks between January and September of the current year. This revelation emerges from a meticulous examination of the quarterly economic reports provided by the Central Bank of Nigeria (CBN). The data elucidates a discernible surge in consumer credit, which catapulted from N2.31 trillion at the close of the fourth quarter of 2022 to an elevated N3.05 trillion by the conclusion of the third quarter of 2023. This translates to a notable escalation of 32%,…
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…