InfoStride News reported that the Lagos Area Committee of the Nigerian Council of Registered Insurance Brokers is joining forces with the Insurfeel Initiative to advance insurance education by providing free policies labeled ‘School Care Cover’ to students. This collaborative effort aims to offer deserving students complimentary insurance coverage for personal accidents while at school, during vacations, and anywhere within Nigeria. Additionally, it includes provisions for the payment of school fees to the named beneficiaries of the insured parent or guardian in specific situations, such as permanent disability resulting from an accident and death, whether accidental or natural. Demola Olutusin, the…
Author: Temitope Nlewemchi
InfoStride News reports that the Chartered Institute of Loan & Risk Management of Nigeria is urging its members to adopt Artificial Intelligence (AI) as a crucial tool for addressing uncertainties in organizational and individual pursuits of objectives. Dr. Harriet Akubuiro, the President and Chairman of the institute, emphasized the need for Nigerians to recognize risks in all their endeavors and stressed that effective risk management strategies are essential to counter poor implementation. The institute’s annual conference, themed “Risk Management Compliance, Corporate Governance, and National Value Creation,” covered a wide range of risk management issues across public and private sectors. Akubuiro…
Zenith Bank kicked off the festive season by illuminating Ajose Adeogun Street and Roundabout in Victoria Island, Lagos. The Group Managing Director, Ebenezer Onyeagwu, performed the light-up ceremony on Saturday as part of the bank’s 17th annual Light Up Ceremony, a Corporate Social Responsibility initiative. During the event, Onyeagwu emphasized the importance of embracing the Christmas spirit, centered around peace, love, forgiveness, and respect for humanity. He extended prayers for peace in homes, businesses, and countries, urging everyone to absorb the message of Christmas. In his words, “Today, as we turn on the Christmas light with the wife of our…
InfoStride News reports that Lasaco Assurance Plc underscores its commitment to educational capacity building, driven by the imperative of equipping students with essential skills for life’s challenges. As part of its corporate social responsibility initiatives, the company has long been involved in supporting educational development in Nigeria. A recent manifestation of this commitment is Lasaco Assurance Plc’s support for the publication of ‘The Compass,’ a magazine by Airforce Secondary School, Shasha, Lagos. This magazine aims to showcase remarkable achievements and inspiring stories within the school community. Razzaq Abiodun, the Managing Director of Lasaco Assurance Plc, emphasized the necessity for corporate…
As InfoStride News reports, the Central Bank of Nigeria’s proposal for a new banking sector consolidation has raised concerns among industry operators. Currently, major banks with foreign subsidiaries control a capital base of N9.6 trillion, with five key banks having capital above N1 trillion each. An analysis of the capital base data of leading commercial banks in Nigeria indicates that the proposed consolidation could impact national, regional, and merchant banks. Some of these banks have not seen significant growth in their capital base compared to counterparts with foreign subsidiaries. CBN Governor Olayemi Cardoso emphasized the need to increase the bank’s…
Operators have urged the Federal Government to harness the potential of the housing sector for economic revitalization. This call was made during the Conference of Directors of Lands in the Federal and State Ministries, Departments, and Agencies held in Lagos State, with the theme “Improving Land Based Revenue of the Federating Units in Nigeria through Efficient and Effective Land Administration.” Professor Olurotimi Kemiki, the Dean of the School of Environmental Technology and Coordinator of the Institute for Land and Community Resilience, highlighted the significant role housing could play as a medium for economic investment, beyond its primary function of providing…
To address the mounting inflationary pressures in the nation, companies opted to boost their employees’ salaries by 18.35%, reaching a total of N29.45 trillion in the initial half of 2023. These figures, extracted from the National Bureau of Statistics’ ‘Nigerian Gross Domestic Product Report (Expenditure and Income Approach): Q1, Q2,’ signify a substantial increase from N24.88 trillion during the same period in 2022. This surge in employee compensation aligns with the deteriorating economic conditions in the country, where citizens grapple with escalating prices and an elevated cost of living. According to the NBS, the Compensation of Employees witnessed a real…
InfoStride News reports that the Ogun State Government has unveiled a N1 billion grant aimed at supporting over 1,000 Small and Medium-scale Enterprises (SMEs) as part of ongoing efforts to alleviate the impact of COVID-19 on the sector. As disclosed in a recent statement, this N1 billion grant marks the second phase of disbursement for eligible applicants. The initial phase, executed under the Ogun State COVID-19 Action Recovery and Economic Stimulus Programme, saw over 1,000 SMEs benefiting from a N120 million grant distributed in July. Mr. Dapo Okubadejo, Chief Economic Adviser to Governor Dapo Abiodun and Chairman of the State…
InfoStride News reported that the Minister of Solid Minerals Development, Dele Alake, commended the decision of investors from the Republic of Mexico to explore investment opportunities in Nigeria’s solid minerals sector. In a statement released by the Special Assistant to the Minister on Media, Segun Tomori, Alake highlighted the incentives implemented by President Bola Tinubu’s administration to facilitate a conducive business environment for investors in the industry. These incentives notably include zero duty on equipment imported for solid minerals extraction, seamless repatriation of profits to the investors’ countries of origin, and the provision of tax holidays. Alake emphasized that investors…
InfoStride News reports that the cement industry, responsible for seven percent of global carbon emissions, as stated by Arvind Pathak, Group Managing Director of Dangote Cement Plc, faces significant environmental challenges. Speaking at the 12th Africa Cement Trade Summit in Abidjan, Cote d’Ivoire, Pathak highlighted the extensive carbon footprint of the cement value chain, involving energy-intensive processes from raw materials’ extraction to final product dispatch. Pathak emphasized the critical need for controlled energy usage, as each stage of cement production contributes to CO2 emissions. The firing process during clinker production in the kiln, in particular, stands out as a major…
In the past two years, the Nigerian Shippers Council, the economic regulator of the port, has been actively addressing the issue of extortion along port access, significantly impacting the high cost of haulage. This problem had plagued trailer drivers attempting to enter port complexes, particularly in Lagos, the country’s maritime hub. Despite persistent complaints from trailer operators, extortion continued even amidst escalating fuel prices. The turning point came with the appointment of Emmanuel Jime as the Executive Secretary of the Nigerian Shippers Council in 2021. Over his two-year tenure, he waged a relentless battle against extortionists, effectively bringing about positive…
The Federal Capital Territory Minister, Nyesom Wike, has urged consulting engineers to seek collaboration opportunities, promote knowledge sharing, and advance consulting engineering practices in Nigeria. This call was made during the 45th Annual Conference of the Association for Consulting Engineering in Nigeria in Abuja. Minister Wike emphasized the significance of harnessing the expertise of consulting engineers to address the challenges in Nigeria’s infrastructure development. The goal is to ensure that infrastructure adheres to the highest standards, aligns with international best practices, and positions Nigeria for effective global competition. He highlighted that Nigeria’s participation in the African Continental Free Trade Area…
Enugu State Governor, Peter Mbah, expressed optimism that the Federal Government’s economic policies would stimulate Foreign Direct Investments (FDI) in Nigeria. Speaking after meeting with President Bola Tinubu in Abuja, Mbah acknowledged that certain measures, such as the removal of the fuel subsidy, might pose immediate challenges for citizens but deemed them necessary for the nation’s economic revival. The governor commended President Tinubu for initiatives like unifying the foreign exchange rate, anticipating a surge in FDI. He highlighted the positive impact on Enugu State, emphasizing that the ease of investors bringing in and repatriating funds would significantly benefit the state.…
InfoStride News reported that the Ogun State Government, in collaboration with the Organised Private Sector (OPS), is set to finalize plans for the construction of the Olokola Deep Seaport in the Ogun Waterside Local Government Area of the state. Governor Dapo Abiodun revealed this development during a breakfast meeting with chief executive officers of the OPS in Abeokuta, the state capital. Governor Abiodun emphasized that the Olokola seaport’s construction would open up new avenues for companies in the state to transport their goods and equipment. This initiative adds to the ongoing projects in the state, such as the nearly completed…
The recently appointed Executive Secretary/Chief Executive Officer of the Financial Reporting Council (FRC), Dr. Rabiu Olowo, is committed to ensuring stricter enforcement of standards and leveraging technology to enhance operations under his leadership. The pledge was made during a Media Roundtable event in Lagos, themed “FRC & The Renewed Hope Agenda For A Stronger Nigerian Economy,” hosted by InfoStride News. Olowo emphasized the transformation agenda of the FRC, aiming to establish a new, robust, independent, and high-performing regulator on a global scale. The core focus of this transformation is to maximize compliance with the FRC Act 2011 (as amended) and…
InfoStride News reported a resurgence in the Nigerian Exchange Limited on Wednesday, with the market capitalization witnessing a notable uptick of N132bn. This surge was fueled by the appreciating share values of Seplat Energy (+10%), Meyer Plc (+9.79%), Sunu Assurance (+9.56%), Nestle (+9.52%), and Consolidated Hallmark Holdings Plc (+9.24%). The All-Share Index concluded with a 0.34% gain, reaching 71,283.34 points. Simultaneously, the market capitalization elevated to N39.007tn, reflecting investors’ optimistic sentiments, particularly in select medium and large-cap stocks with robust fundamentals. While trading activity moderated, with total deals and volume experiencing declines of 19.14% and 32.55%, totaling 6,579 deals and…
Production of natural gas experienced a decline last year, despite the injection of a N250 billion intervention fund into fifteen companies, as revealed by findings from InfoStride News. The Energy Institute, in collaboration with KPMG, reported a decrease of 4 billion cubic meters in Nigeria’s natural gas production from 2021 to 2022. In 2012, the country’s gas production stood at 39 billion cubic meters, steadily increasing to 49 billion cubic meters by 2020. However, there was a sudden drop to 45 billion cubic meters in 2021, followed by a further decline to 40 billion cubic meters in the subsequent year.…
InfoStride News reports that retail investors in Nigeria are projected to contribute $94 billion towards climate change financing by 2030, according to the latest Sustainable Banking Report 2023 by Standard Chartered. The report highlights that 95% of investors in Nigeria express interest in climate investing, with 91% aiming to increase capital flows towards climate-related initiatives. This statistic places Nigeria at the forefront among surveyed markets, with a focus on improving returns and making a positive impact driving investor decisions. Based on a survey of 1,800 respondents in 10 growth markets across Asia, Africa, and the Middle East, the research indicates…
InfoStride News reported that the FirstBank Group has named Olukorede Adenewo as the Managing Director/Chief Executive Officer of its UK subsidiary, FirstBank UK. The appointment, effective from November 16, 2023, is pending regulatory approvals, as stated in a release on Wednesday. The statement highlighted Adenewo’s outstanding leadership, strategic vision, and extensive knowledge of the global financial landscape. His wealth of experience and successful track record in the banking industry across multiple countries contributed to his selection for the role. Before joining FirstBank UK, Adenewo served as the Chief Executive Officer of Standard Chartered Bank Nigeria. He entered the Corporate Banking…
InfoStride News reports that following the delisting of Consolidated Hallmark Insurance shares, more than 10.84 billion units of the newly established entity, Consolidated Hallmark Holdings Plc, have been listed on the Nigerian Exchange Limited (NGX). In a market bulletin released by Godstime Iwenekhai, the Head of Listings Regulation Department at NGX Regulation, it was announced that the entire 10,840,000,000 issued shares of Consolidated Hallmark had been delisted from the Daily Official List of the Nigerian Exchange Limited on Monday. The bulletin stated, “Consolidated Hallmark HoldCo’s entire issued share capital of 10,840,000,000 ordinary shares of 50 Kobo each were also today,…