In a pivotal development at the ongoing COP28, the Organization of Petroleum Exporting Countries (OPEC) is urging its member nations to resist the calls for a phase-out of fossil fuels. In a letter addressed to OPEC members, Haitham Al-Ghais, the Secretary General of OPEC, emphasized the need to prioritize emission reduction strategies over singling out fossil fuels, highlighting the importance of a just and fair transition for all. Expressing concerns about potentially detrimental politically-driven campaigns, Al-Ghais appealed to OPEC member countries and non-OPEC nations to proactively reject any proposed texts or formulas during discussions that specifically target energy sources like…
Author: Temitope Nlewemchi
Infostride News Reports: Aliko Dangote’s $20 Billion Refinery Paves the Way for Nigeria’s Economic Transformation and Net-Zero Emissions Goal by 2060 In a noteworthy revelation, Nigerian billionaire investor Femi Otedola recently took to social media platform X (formerly Twitter) to celebrate Aliko Dangote’s monumental $20 billion refinery, hailing it as a key driver for Nigeria’s economic metamorphosis and a vital component in achieving the country’s ambitious net-zero emissions target by 2060. Extending warm congratulations to his “bestie” Aliko Dangote, Otedola described him as the “8th wonder of the world” in a Sunday tweet. Emphasizing the refinery’s significance, Otedola referred to…
In a groundbreaking development exclusive to Infostride News, the Dangote refinery, poised to become a global energy giant with a staggering capacity of 650,000 barrels per day (bpd), is anticipated to generate a colossal annual revenue of $27 billion at its full operational capacity. This ambitious endeavor is set to revolutionize Nigeria’s economic landscape and potentially redefine its role in the global energy market. The refinery’s revenue forecast is based on its comprehensive production portfolio, which encompasses a diverse range of products, including petrol, diesel, aviation fuel, kerosene, urea, and polypropylene. The initial phase will focus on refining 350,000 barrels…
In a recent revelation by Dr. Thomas Inugonum, the head of the Transmission Company of Nigeria (TCN) in Port Harcourt, the vulnerability of transmission lines in Cross River and Rivers states has become a pressing issue, persisting for over two months. Expressing deep concern over the recurring vandalism, Dr. Inugonum emphasized the critical role of the transmission aspect in the power system, stressing the necessity of ensuring the safety of electricity-moving lines. During a press briefing after inspecting the TCN’s facilities, Dr. Inugonum shed light on the repeated instances of transmission line damage in locations such as Calabar in Cross…
In a recent development, the Corporate Affairs Commission (CAC) has made a noteworthy reversal in its stance regarding the mandatory minimum paid-up capital for companies with foreign involvement operating in Nigeria. This significant change was communicated through a circular shared on the official X account of the commission last Friday. The initial requirement, which mandated a minimum paid-up capital of N100 million for companies with foreign participation, was based on the Federal Ministry of Interior Handbook on Expatriate Quota Administration 2022 Revised Edition. However, the CAC has now disavowed its earlier notice titled “Minimum Paid-Up Capital for Companies with Foreign…
In a startling revelation, the Commissioner for Energy and Mineral Resources in Ondo State, Razaq Obe, has asserted that a forensic report has unveiled the forgery of the signature of the ailing Governor Rotimi Akeredolu on five official documents. This shocking disclosure was made in a letter addressed to the deputy governor of the state, Lucky Aiyedatiwa, and made available to the media in Akure. The unfolding saga gained momentum following recent allegations by Kayode Ajulo, a Senior Advocate of Nigeria (SAN), who claimed that certain government officials in Ondo are involved in forging Governor Rotimi Akeredolu’s signature on various…
Infostride News Reports Remarkable 115.90% Surge in Nigeria’s Company Income Tax (CIT) Collection, Reaching N1.75 Trillion in Q3 2023 In a noteworthy economic development, Nigeria has experienced an impressive 115.90% year-on-year increase in Company Income Tax (CIT) collection, soaring from N810.19 billion in Q3 2022 to a remarkable N1.75 trillion in the corresponding period of 2023, as revealed by the latest CIT collection report from the National Bureau of Statistics (NBS). Breaking down the figures on a quarter-on-quarter basis, the CIT collection witnessed a substantial 14.27% surge, climbing from N1.53 trillion in Q2 2023 to its current level in the…
In a recent announcement, the Nigeria Deposit Insurance Corporation (NDIC) has expressed its preparedness to initiate full liquidation dividend payments amounting to N16.18 billion for depositors affected by the closure of 20 failed banks. This disclosure was made by Mr. Bello Hassan, the Managing Director of NDIC, during the NDIC Day at the 44th Kano International Trade Fair. Depositors are urged to present themselves for verification to facilitate the disbursement of deposits exceeding the guaranteed sums, commonly known as “liquidation dividends.” The ongoing process involves recovering debts and selling the physical assets of the closed banks. Mr. Hassan highlighted that…
Germany, a country renowned for its rich cultural heritage, economic prowess, and academic excellence, beckons individuals from around the world to explore its diverse pathways for work, study, family reunification, or leisure visits. In this exclusive guide by Infostride News, we delve into the intricacies of the 21 pathways that open doors to the unique opportunities Germany has to offer. **1. Tourist Visa: Unlocking Short-Term Adventures** Ideal for those seeking short-term experiences, the Tourist Visa under the Schengen framework allows visits for tourism, business, or family reunions, granting access for up to 90 days within a 180-day period. **2. Student…
In a bid to enhance transparency and public accountability, the Socio-Economic Rights and Accountability Project (SERAP) has directed its attention to Mr. Mele Kolo Kyari, the Group Chief Executive Officer of the Nigerian National Petroleum Company (NNPC) Limited. In a letter dated December 9, 2023, signed by SERAP Deputy Director Kolawole Oluwadare, the organization calls on Kyari to promptly publish comprehensive details regarding Nigeria’s daily oil production and exports, as well as the total revenues generated since the removal of petrol subsidy in May 2023. The advocacy group goes further to insist on disclosure of the proportion of oil revenues…
Infostride News has reported that Canada’s Immigration, Refugees, and Citizenship Canada (IRCC) have recently extended a policy that allows certain international students to work beyond the standard 20-hour-per-week limit for off-campus employment. This extension, initially implemented in 2022 to address labor shortages, permits full-time (40 hours per week) off-campus employment and was set to expire on December 31, 2022. However, a recent announcement has extended the policy until April 30, 2024. Prior to this policy change in late 2022, IRCC had restricted international students to a maximum of 20 hours per week for off-campus work during the school year. Nevertheless,…
Infostride News has reported that Lagos State has successfully secured funding amounting to €410 million for the Omi Eko project during the ongoing 28th Conference of the Parties on Climate Change (COP28) in Dubai, UAE. This substantial investment for the inland waterways transportation initiative is set to be provided through various sources, including an AFD loan of €130 million, an EIB loan of €170 million, a €60 million grant from the European Union, and the remaining portion covered by the Lagos State government. This critical development was gleaned from a publication available on the website of the Embassy of France…
In a compassionate move, the leadership of the 10th Senate, represented by Deputy Senate President Senator Barau Jibrin, has pledged a significant donation of N109 million to the victims of the Kaduna airstrike in Tudun Biri village, located in the Igabi Local Government Area of Kaduna State. This announcement came during Senator Jibrin’s condolence visit to Governor Uba Sani at the Sir Kashim Ibrahim Government House, as reported by Infostride News. The allocated funds, specifically drawn from the Senate’s December salaries, are earmarked for the welfare and support of those affected by the tragic incident. Senator Jibrin conveyed the Senate’s…
In a recently released report on Monday, the United Nations (UN) painted a stark picture of the world’s future, predicting that by 2024, a staggering 300 million people across 72 countries will find themselves in need of urgent humanitarian assistance. The root causes identified by the UN include the devastating impacts of climate change, displacement due to various factors, and escalating conflicts that are pushing vulnerable populations to the brink of famine. The UN’s call for immediate action is articulated in its Global Humanitarian Overview for 2024. The organization urgently appeals for a substantial funding injection of $46 billion to…
In a recent development, the Nigeria Customs Service (NCS) has implemented a significant adjustment in the exchange rate for cargo clearance, escalating from N783/$ to N952/$, denoting a noteworthy 22.8% increase. A thorough examination on the federal government’s single-window trade portal of the customs service, as scrutinized by Infostride News, reveals the modification of the previous exchange rate of N783.17 to the USD to a revised rate of N951.94. The Nigeria Customs Service is renowned for imposing duties on imported cargoes before their clearance from the ports. These duties vary from 5% to 35%, in accordance with the harmonized commodity…
In a recent report titled “African Regional Overview of Food Security and Nutrition 2023,” jointly published by the Food and Agriculture Organization of the United Nations (FAO), the African Union Commission (AUC), the UN Economic Commission for Africa (ECA), and the World Food Programme (WFP), the United Nations has highlighted a disconcerting reality: 78% of Africans, equivalent to over 1 billion people, are unable to afford a healthy diet in the aftermath of the COVID-19 pandemic. The report’s estimates underscore a stark truth – three out of every four individuals on the continent grapple with the challenge of accessing nutritious…
In an exclusive interview with Infostride News on Thursday, Dr. Oluwarotimi Fashola, the Special Adviser to the Governor of Lagos State on Agriculture, shed light on critical factors contributing to the escalating costs in local rice production. Fashola underscored the significant impact of erratic rainfall patterns and the recent surge in diesel prices as primary catalysts driving the surge in production expenses. Diving into the myriad challenges faced by the local rice production sector, Fashola highlighted a range of issues affecting farmers. These encompassed intermittent drought, escalating fertilizer costs, recurring flooding, heightened security concerns, diminished land cultivation, suboptimal irrigation systems,…
In a recent exclusive interview with Infostride News, Olu Falae, a distinguished economist and former Minister of Finance, Budget, and National Planning, articulated a compelling solution to Nigeria’s longstanding energy challenges. Falae urged the government to take decisive action by repairing and subsequently selling its underperforming refineries to private enterprises capable of efficient management. During the interview on Thursday with Infostride News on Channels TV, Falae expressed skepticism about the government’s ability to run the refineries effectively. He emphasized the need to avoid political interference in the operation of these critical facilities. Falae suggested that offloading the refineries to private…
In a recent revelation by Akin Akinrinade, Chairman of the Independent Petroleum Marketers Association of Nigeria in the Satellite Depot branch, the cost of petrol trucks has surged from N7 million in May to an alarming N25 million. This exponential increase, as reported by Infostride News, is attributed to inflation induced by poorly managed foreign exchange rates, significantly impacting the downstream oil sector’s operational landscape. Akinrinade pointed out that the mismanagement of foreign exchange rates has adversely affected the landing cost of Premium Motor Spirit (PMS), commonly known as petrol, thereby influencing the pump price. The Chairman emphasized the unpredictability…
In a stern cautionary statement at the Sustainable Trade Africa Conference during Cop28 in Dubai, Akinwumi Adesina, the President of the African Development Bank (AfDB), highlighted the potential dire consequences of the European Union’s Carbon Border Adjustment Mechanism (CBAM), colloquially known as the EU’s carbon tax. In a notable deviation from the status quo, Adesina warned that this mechanism could impose an exorbitant additional cost of $25 billion on Africa’s value-added products, posing a significant threat to the continent’s trade and industrialization aspirations. In his address, Adesina underscored the risk of penalizing value-added exports, including steel, cement, iron, aluminum, and…