In a recent circular issued by the Central Bank of Nigeria (CBN), a sweeping mandate has been put forth, compelling all financial institutions within its regulatory purview, encompassing banks, other financial entities, payment services providers, and international money transfer operators, to prominently showcase their corporate names on all online business platforms. This directive includes websites, portals, and mobile applications. The circular, signed by Haruna Mustafa, the CBN’s Director of Financial Policy and Regulation, emphasizes the necessity for every registered financial institution in Nigeria to legibly exhibit its legal name across all online interfaces. The move comes as a response to…
Author: Temitope Nlewemchi
In a groundbreaking development, the Revenue Mobilisation and Fiscal Commission (RMAFC) is set to usher in a new era of fiscal policies with the implementation of a revised revenue-sharing formula for Nigeria, expected to kick off in the first quarter of 2024. This significant revelation was made by Mr. Muhammed Bello Shehu, the Chairman of RMAFC, during his appearance before the House Committee on Finance in Abuja. Mr. Shehu underscored the gravity of the impending changes by revealing that President Tinubu has already been briefed on the proposed adjustments to the nation’s revenue-sharing formula. However, he emphasized that the process…
Infostride News, the leading source of information, is proud to report on the momentous announcement made by the International Billionaire Christian Conference (IBCC) regarding the launch of a groundbreaking startup fund aimed at empowering Christian youths with innovative business ideas. This revelation came to light during the announcement of the second edition of the IBCC meeting, themed “Power, Wealth, and Technology,” scheduled to take place next month at the Redemption Camp in Ogun State. In a press statement issued on Monday, IBCC shared insights into the upcoming event, promising a transformative experience that transcends conventional boundaries, focusing on the intersection…
In a recent development, the National Bureau of Statistics, as reported by Infostride News, unveiled the latest figures on Value Added Tax (VAT) for the third quarter of 2023, standing at a substantial N948.07b. The VAT Q3 2023 Report, released in Abuja on a Monday, revealed a noteworthy growth rate of 21.34% on a quarter-on-quarter basis, showcasing a surge from N781.35b in Q2 2023. Breaking down the contributions, the report outlined local payments at N522.08b, while foreign VAT payments and import VAT played significant roles, contributing N204.58b and N221.41b, respectively, in Q3 2023. Analyzing specific sectors, the quarter-on-quarter growth rates…
In a significant development, approximately 20 German companies have signaled their keen interest in investing resources and technical expertise to bolster local production and enhance the export capabilities of Nigeria. This promising prospect materialized during a dialogue between officials from the Nigeria Investment Promotion Commission and a delegation representing 22 companies from Germany and Europe. The private sector delegation embarked on an exploratory mission to uncover potential investment opportunities in Nigeria. The dialogue, which took place in Abuja, aimed to strengthen bilateral ties between the nations and implement agreements forged during a prior visit by the German Chancellor, Olaf Scholz.…
In a recent announcement made by Richard Olatunde, Chief Press Secretary to Ondo State Governor Rotimi Akeredolu, it has been revealed that the governor is set to embark on another medical leave starting December 13, 2023. This development comes as part of the ongoing medical treatment that has kept Governor Akeredolu away from Ondo State since June 2023. Deputy Governor Lucky Aiyedatiwa is slated to assume the role of acting governor in Akeredolu’s absence, a move that follows recent tensions between the governor’s loyalists and the deputy. The discord arose due to Governor Akeredolu’s prolonged absence and the ensuing power…
In an in-depth analysis conducted by Infostride News on the economic landscape of Africa and the Middle East (MEA), Nigeria has emerged as the leading hub for self-made billionaires in 2023, according to the Billionaire Ambitions Report. Despite economic challenges, Nigeria has secured the top position with an impressive 66.6% of self-made billionaires, outpacing South Africa (60%) and Egypt (50%) in the MEA region. The report zooms in on specific details, spotlighting three influential Nigerian billionaires—Aliko Dangote, AbdulRabiu Samad, and Mike Adenuga—whose combined wealth has seen a substantial increase of nearly 20%, reaching an impressive $28.5 billion. This surge in…
In a recent development, the National Population Commission (NPC) has presented a budget proposal of N693.3 million for the year 2024, specifically earmarked for the long-awaited national population and housing census. This budget request marks a significant increase from the N10.52 million allocated for the same purpose in the approved 2023 budget. However, a detailed examination of the proposed budget reveals not only the substantial increment for the upcoming census but also other allocations related to census activities. Notably, the approved budget for the current year includes a separate allocation of N30 billion for outstanding activities related to the postponed…
In a recent announcement, the Bureau of Public Enterprises (BPE) has revealed its strategic plan to divest the remaining 40% shares owned by the Federal Government in electricity distribution companies (discos) and other prominent assets by the year 2024. This announcement was made by the Director-General of the BPE, Mr. Alex Okoh, during a media chat held in Abuja on Tuesday. The assets earmarked for divestment through Public Offerings (IPO) at the capital market in 2024 include Eleme Petrochemicals Company Limited (EPCL), Nigeria Re-Insurance, Nicon Insurance, and the Nigeria Machine Tools in Osogbo. This move is part of the government’s…
In a recent statement, the Trade Union Congress (TUC) has passionately called upon the federal government to honor its commitment to workers by resuming the payment of the N35,000 wage award, a promise made by President Tinubu during his Independence Day address to the nation. The call comes as an outcome of the National Executive Council meeting held on Tuesday in Abuja, where Mr. Festus Osifo, the President of TUC, highlighted the disconcerting lapse in implementing the promised wage increase. Osifo, addressing reporters, underscored that while President Tinubu had announced the N35,000 wage award as a six-month palliative for workers…
During the Annual General Meeting of the Independent Petroleum Marketers Association of Nigeria (IPMAN) in Warri, Delta State, the Chairman of the Electoral Committee, Ben Odjugo, raised concerns about the alleged diversion of petroleum products meant for depots to private individuals. Speaking on behalf of IPMAN Mid West Zone, Odjugo appealed to the Federal Government to address the issue and ensure the availability of petroleum products at Warri Depot while also emphasizing the need to fix the Warri Refinery without further delay. In his statement, Odjugo criticized previous administrations for claiming to undertake Turn Around Maintenance without tangible results. He…
In 2020, Nigeria enthusiastically embraced its membership in the African Continental Free Trade Area (AfCFTA), envisioning a future filled with economic benefits. However, as macroeconomic challenges loom, the nation faces potential setbacks in leveraging AfCFTA, as reported by Infostride News. The Guided Trade Initiative (GTI) of AfCFTA, launched in Accra, Ghana on October 7, 2022, aims to facilitate meaningful trading among participating countries and evaluate the operational, institutional, legal, and trade policy environment under the AfCFTA. Notably, Nigeria is absent from the eight countries engaged in the GTI, raising concerns about the nation’s preparedness to capitalize on the massive opportunities…
In a groundbreaking move, the Association of Professional Women Engineers of Nigeria (APWEN) is rallying for widespread support to propel Mrs. Margret Oguntala into history as the first female president of the Nigerian Society of Engineers (NSE) in its illustrious 65-year history. Dr. Elizabeth Eterigho, President of APWEN, issued a statement emphasizing the significance of this milestone and the need for the engineering community to unite in backing Oguntala’s candidacy. Mrs. Oguntala secured her position as deputy president of the NSE in 2021, a noteworthy achievement that was duly ratified during the society’s annual general meeting later that year. The…
In a significant move aimed at alleviating the persistent cash scarcity issues plaguing different regions of Nigeria, the Central Bank of Nigeria (CBN) announced on Monday the immediate suspension of the processing fees previously levied on cash deposits exceeding N500,000 for individuals and N3 million for corporates. This development, disclosed in a letter signed by Dr. Adetona Adedeji, the acting Director of Banking Supervision, underscores the CBN’s commitment to addressing the ongoing challenges in the country’s financial landscape. Cash shortages have been a cause for concern, particularly in the Federal Capital Territory, Abuja, where residents have been grappling with limited…
In a surprising turn of events on Monday, the Nigerian naira experienced a notable appreciation, marking a 27.16% gain to close at N864.29/$ on the official Investors and Exporter window. The substantial increase was accompanied by a significant uptick in the daily turnover of the dollar, soaring by 86.83% to reach $132.46 million at the close of trading, up from $70.90 million the previous Friday. This positive movement indicates a noteworthy N234.76 gain from the alarming all-time low of N1099.05/$ recorded in the preceding week, as revealed by data from the FMDQ Securities Exchange. The day’s trading activity began at…
In November 2023, Nigeria experienced a significant decline in crude oil production, dropping to 1.4 million barrels per day, according to data released by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), as reported by Infostride News. The detailed breakdown of the data indicates that the total production for the highlighted month, including condensate production, amounted to 1,466,185 barrels per day. However, when condensates are excluded, the breakdown is as follows: – Crude oil: 1,250,299 barrels per day – Blended condensate: 49,457 barrels per day – Unblended condensate: 166,429 barrels per day It’s noteworthy that in September and October, Nigeria achieved…
In a recent meeting with a joint committee of the Senate and House of Representatives Committee on Power, chaired by Senator Enyinnaya Abaribe, Nigeria’s Minister for Power, Adebayo Adelabu, delivered a promising update on the status of the Zungeru hydropower plant. Adelabu announced that the 700-megawatt (MW) Zungeru hydropower plant is 99.8% ready for operations, marking a significant milestone in the country’s efforts to enhance its power generation capacity. During the session, as reported by Punch, Minister Adelabu outlined the progress of the Zungeru project, emphasizing that it is on the verge of completion. He revealed plans to commence operations…
In a surprising turn of events, 27 Members of the Rivers State House of Assembly have formally announced their defection from the People’s Democratic Party (PDP) to the All-Progressives Congress (APC), marking a significant shift in the political landscape of the state. The lawmakers, including the factional Speaker, Rt. Hon. Matthew Amaewhule, made their announcement through a letter read on the Assembly floor on Monday. It is widely believed that these legislators are aligned with the former governor of the state and the current Minister of the Federal Capital Territory, Nyesom Wike. Confirming the mass defection, Enemi George, a member…
In recent developments surrounding the construction of the Port Harcourt-Aba Road in Abia State, Infostride News has come forward to challenge reports claiming that Governor Alex Otti detained several youths and elders who were invited for a peace dialogue regarding the ongoing project. The controversy stems from social media reports highlighting the actions of youth and elders from a specific clan in the state. According to these reports, the group barricaded a construction site in pursuit of a settlement related to the road construction. It was alleged that the governor had invited them for peace talks but instead arrested them,…
In a significant move, the Australian government has officially declared its intention to reduce the country’s migration intake by half over the next two years, according to information obtained by Infostride News. The decision aims to address perceived issues within the immigration system, with a target to limit the annual intake to 250,000 by June 2025—bringing it back in line with pre-pandemic levels. The newly introduced measures encompass a range of changes, including heightened minimum English-language proficiency requirements for international students and increased scrutiny for individuals seeking a second visa. As part of the reforms, applicants must now demonstrate that…