Infostride News reported that the Federal Competition and Consumer Protection Commission (FCCPC) declared a substantial achievement, revealing an Internally Generated Revenue (IGR) of N56 billion in 2023. Notably, an overwhelming 90% of this revenue was sourced from penalties imposed on various companies and businesses. This revelation came to light during a strategic media engagement in Abuja, led by Mr. Babatunde Irukera, the Executive Vice Chairman of FCCPC. Mr. Irukera underscored the pivotal role of accountability in maintaining market stability. He emphasized that the commission’s approach is not aimed at shutting down businesses but rather at instilling a sense of responsibility.…
Author: Temitope Nlewemchi
In the second quarter of 2023, approximately 88% of working-age Nigerians found themselves without traditional salaried employment, instead opting for self-employment, a marginal increase from the 86% recorded in the preceding quarter. This shift underscores the resilience of ordinary Nigerians in the face of mounting economic challenges, as individuals increasingly turned to entrepreneurial endeavors to navigate the evolving economic landscape. Contrary to the prevalent narrative of wage employment, only about 12% of working-age Nigerians were involved in formal employment during this period, representing a slight uptick from 11.8% in the previous quarter. The asksource.info platform defines wage employment as any…
The extension of the implementation of the supplementary appropriation bill from December 31, 2023, to March 31, 2024, has received approval from the Senate. This decision was prompted by an amendment presented by the Leader of the Senate, Senator Opeyemi Bamidele, who sought to extend the lifespan of the bill beyond the originally stipulated date. Senator Bamidele clarified that the 2023 Appropriation Act had initially set the budget duration for 12 months, running from January 1 to December 31, 2023. However, he emphasized that the effective utilization of funds allocated in the 2023 supplementary appropriation bill would be hindered if…
Infostride News reports that the Anambra State House of Assembly has given its nod to the state’s 2024 Appropriation Bill, a financial plan amounting to N410 billion. This approval comes a month after Governor Chukwuma Soludo submitted the bill to the House, with the green light finally given during a plenary session in Awka. The green light for the budget was granted following the acceptance of the comprehensive report presented by Mr. Ejike Okechukwu, the Chairman of the House Committee on Finance and Appropriation. Okechukwu confirmed that the budget size would remain as initially presented by the Governor, signifying a…
Infostride News has learned that President Tinubu has greenlit a substantial 50% discount on road transport fares nationwide, effective from December 21, 2023, to January 4, 2024. The announcement came through the Minister of Solid Mineral Development, Dele Alake, during a press briefing at the state house. According to Alake, this decision aligns with President Tinubu’s commitment to improving the lives of Nigerians, especially during the festive season. Alake, who also chairs the Inter-ministerial Committee on Presidential Intervention, shared the details of the initiative alongside three other committee members: Alhaji Mohammed Idris (Minister of Information and National Orientation), Saidu Alkali…
The Lagos State Government has taken a decisive step to alleviate traffic congestion and enhance the overall mobility experience for residents and commuters along the Apapa-Oshodi expressway. In a statement issued on December 20, 2023, by Sola Giwa, the Special Adviser on Transportation to the Lagos State Governor, the directive mandates all tankers and trailers to immediately vacate the Cele Bus Stop Inward Tin Can Port axis and cease indiscriminate parking along the specified corridor. The recurring issue of heavy articulated vehicles parking haphazardly on this route has been a persistent source of gridlock, obstructing the free flow of traffic…
Infostride News reports that Saudi Arabia has recently unveiled a groundbreaking initiative aimed at streamlining visa applications and enticing foreign visitors through the introduction of a unified online platform, ksavisa.sa. This announcement was made by Abdulhadi Almansouri, Assistant Minister for Executive Affairs at the Ministry of Foreign Affairs, during the Digital Government Forum in Riyadh. The introduction of ksavisa.sa marks a significant stride towards achieving the Kingdom’s ambitious tourism goals. This innovative platform promises a simplified visa application process for a diverse range of travelers, encompassing those embarking on Hajj and Umrah pilgrimages, individuals seeking tourism adventures, and those exploring…
Infostride News reported that Olu Agunloye, the former Minister of State for Power, was granted bail by the Economic and Financial Crimes Commission (EFCC) just one week after his initial detention. The release, as confirmed by Dele Oyewale, the spokesman for EFCC, took place on a Wednesday. Agunloye had been declared wanted by the EFCC in connection to an alleged $6 billion fraud linked to the Mambilla hydropower project, a project that has been marred by controversy. The anti-corruption agency had urged individuals with information about his whereabouts to come forward. This development came after the former minister had been…
The philanthropic spirit of Nigeria’s First Lady, Mrs. Oluremi Bola Ahmed Tinubu, shines brightly as she pledges a substantial sum of N950 million to bolster the well-being of police, military retirees, and senior citizens across the nation. This remarkable initiative, part of the Renewed Hope Initiative Elderly Support Scheme, aims to provide financial assistance to at least 250 individuals aged 65 and above who have devoted their lives to public service. In a momentous inaugural event held in Abuja on a Thursday, Mrs. Tinubu underscored the profound importance of this economic empowerment program. Rooted in a deep-seated commitment to the…
President Bola Tinubu has granted approval for the revival and implementation of school feeding programs across basic educational levels as a strategic move to address the challenges faced by out-of-school children. This decision marks a significant shift as the initiative is reinstated several years after the discontinuation during the administration of former President Muhammadu Buhari. The announcement was made by the Minister of Education, Professor Tahir Mamman, during a One-Day Retreat on Quick Wins in the Ministerial Deliverables (2023-2027) held on Thursday, December 21, 2023, in Abuja. Professor Mamman highlighted that President Tinubu has directed the reinstatement of the school…
Infostride News has learned that a Nigerian startup utilizing a delivery app to streamline deliveries for businesses and individuals has officially ceased operations after two years in the market. The shutdown of DropX adds to the increasing number of Nigerian startups facing closure in 2023 due to the challenging economic landscape. Founded in 2021 by Praise Alli-Johnson and Oluwatope Liasu, DropX entered the market with ambitious goals, aiming to revolutionize local deliveries in Abuja by connecting businesses and individuals with efficient and reliable services. Despite an initial surge in interest, the startup faced numerous challenges that ultimately led to the…
The Lagos State Government is set to revolutionize its public transportation system with the introduction of 50 electric buses for passenger operations in the pilot phase scheduled for 2024. This progressive move comes on the heels of successfully completing the proof of concept, affirming the viability of non-combustible engines as a sustainable alternative to fuel-powered vehicles. Governor Babajide Sanwo-Olu announced this initiative during the commissioning of the Ikeja overpass flyover, a crucial component along the Lagos Rail Mass Transit (LRMT) Red Line corridor, on December 19, 2023. Governor Sanwo-Olu emphasized that the deployment of these electric buses aligns with Lagos…
The suggestion to impose a ban on the importation of used vehicles from the years 2000 to 2007 into Nigeria was put forward by Joseph Osanipin, the Director-General of the National Automotive Design and Development Council (NADDC). This proposal was made during a Public Sector Engagement on the Implementation of the Nigerian Automotive Industry Development Plan (NAIDP 2023-2033) that took place in Abuja on a Tuesday. Osanipin outlined the NADDC’s intent to collaborate with pertinent agencies to establish a maximum age limit of 20 years for imported used vehicles. The primary objective behind this initiative is to invigorate the local…
Infostride News has learned that President Tinubu has authorized a significant 50% discount on road transport travel throughout Nigeria, effective from December 21, 2023, to January 4, 2024. This noteworthy announcement was made by the Minister of Solid Mineral Development, Dele Alake, during a press briefing at the statehouse. Alake, who also serves as the chairman of the Inter-ministerial Committee on Presidential Intervention, provided comprehensive details about the initiative, emphasizing its role in enhancing the lives of Nigerians, especially during the festive season. The committee, comprising Alhaji Mohammed Idris (Minister of Information and National Orientation), Saidu Alkali (Minister of Transportation),…
Infostride News recently reported on the challenges faced by the Nigeria Deposit Insurance Corporation (NDIC) in ensuring the prompt and accurate reimbursement of deposit insurance payouts to failed bank depositors. In a presentation at an Editors Forum in Ikeja, Lagos, Dr. Kabir S. Katata, the Director of the Policy and International Relations Department of NDIC, shed light on the significant obstacles hindering efficient reimbursement processes. One of the primary issues identified by the corporation is the lack of early access to accurate depositor information. This limitation is exacerbated by the poor quality of depositor records maintained by banks, making it…
Adobe has decided to abandon its ambitious $20 billion acquisition of Figma, a startup that rapidly gained prominence for its design app and website interface capabilities. The tech giant made this announcement after facing significant challenges in obtaining regulatory approvals from both the European Commission and the UK’s Competition and Markets Authority (CMA), as reported by CNBC. In a joint statement issued on Monday, December 18, the two companies revealed that, in light of the regulatory roadblocks, they saw “no clear path” forward for the deal. The termination of this acquisition comes with a hefty price for Adobe, as they…
Petrol prices in Nigeria are witnessing a surge, ranging from N660 to N700 per litre across various states, as reported by Infostride News on Monday, December 18. The increase in fuel costs is attributed to multiple factors, with the yuletide season exacerbating the upward trend. A critical driver behind this surge is the removal of fuel subsidies, a move that has rendered petrol prices more responsive to market dynamics. The ongoing foreign exchange crisis in Nigeria is playing a pivotal role, posing significant challenges to independent fuel marketers attempting to import petroleum products independently. Independent fuel marketers are grappling with…
The Chairman of the National Drug Law Enforcement Agency (NDLEA), Brig. Gen. Buba (rtd), has disclosed a staggering achievement in the agency’s relentless efforts to combat illicit drugs and substances across the nation. Over the course of three years, the NDLEA has successfully seized a substantial 7,590 tons of these prohibited substances, amounting to an estimated value exceeding N800 billion. This significant milestone was revealed during a visit to the NDLEA headquarters in Abuja by the Chief of Defence Staff (CDS), Gen. Christopher Musa, on a Monday. In addition to the colossal drug seizures, the agency has been unwavering in…
A Federal Capital Territory High Court in Abuja recently issued a consequential order, directing the freezing of accounts belonging to the Oyo State Government in ten major commercial banks across the country. This development stems from an outstanding judgement debt of N3.5 billion, and the order was issued as part of a garnishee proceeding initiated by former council leaders in Oyo State who were relieved of their positions on May 29, 2019, by Governor Seyi Makinde. These dismissed Local Government Chairmen and Councillors had secured a substantial judgement in 2021, amounting to N4.9 billion against Governor Makinde and various state…
Infostride News reported that Wema Bank recently concluded a successful fund-raising venture, securing an impressive N40 billion earlier this month. This strategic move comes amidst anticipation within the banking sector of a potential recapitalization exercise. The bank, however, doesn’t plan to stop there, as it now eyes additional funds through either a share placement or a public offer. Tunde Mabawonku, the Chief Financial Officer of Wema Bank, disclosed that the ongoing share sale is scheduled to conclude on December 29. He emphasized that the outcome of this sale would be instrumental in significantly bolstering shareholder funds, projecting a remarkable increase…