The current Minister of Aviation and Aerospace Development, Festus Keyamo, has expressed strong reservations about the agreement made by the previous administration under President Muhammadu Buhari with Ethiopian Airlines regarding the proposed national carrier, Nigeria Air. In a briefing after the Federal Executive Council (FEC) meeting at the Presidential Villa in Abuja on November 27, 2023, Keyamo stated that the terms of the deal were unfavorable to Nigerian airlines, and proceeding with it would be irresponsible as it would essentially hand over the monopoly of Nigeria’s aviation industry to a foreign entity. Keyamo emphasized that the Federal Government should not…
Author: Temitope Nlewemchi
InfoStride News reports that MTN Nigeria has faced significant foreign exchange losses, primarily due to the devaluation of the naira, impacting the company’s overall profitability and returns. In the 9M 2023 period, the company witnessed a substantial 42% year-on-year drop in pre-tax profit, amounting to N233 billion compared to N401 billion in the same period the previous year. Basic earnings per share also declined by 45% year-on-year, reaching N7.06 and moderating the trailing twelve-month EPS figure to N10.81. The share price decreased from its 9M 2023 Year-to-Date (YtD) position of about 23% to approximately 11% YtD, reflecting the influence of…
The market witnessed a surge in positive sentiment today, primarily propelled by the robust performance of banking stocks, with FBNH leading the gainers chart with a notable 10.00% appreciation. Despite a decline in market capitalization by N132 billion, closing at N39.04 billion, the All-Share Index managed to appreciate by 0.17%, concluding the trading session at 71,353.81 points. Trading volume experienced an uptick, reaching 746.67 million units compared to last Friday’s 582.77 million units, accompanied by a corresponding increase in trade value to N5.945 billion from N4.27 billion last week. Market Indices Overview: – NGX All-Share Index: 71,353.81 points – %…
The Chargé d’Affaires for the U.S. Embassy in Nigeria, David Greene, emphasized the eagerness of American investors and companies to engage with Nigeria, recognizing the country’s immense economic potential. In a statement featured on the embassy’s website, Greene highlighted that Nigeria could emerge as a top foreign direct investment destination with the implementation of specific conditions. He emphasized the importance of establishing the right macroeconomic framework, adopting a sound fiscal strategy, and demonstrating a strong commitment to eradicating corruption. According to Greene, with these elements in place, Nigeria has the potential to become a preferred destination for foreign direct investment.…
For the second consecutive time, the Bank of Ghana has opted to maintain the country’s interest rate at a historic 30%, aiming to further curb the current inflation rate of 35.2%. Additionally, the apex bank has implemented an increase in the cash reserve ratio on bank deposits from 14% to 15%, effective from November 30. Over the period spanning November 2021 to July 2023, the Bank of Ghana aggressively raised the country’s benchmark rate from 13.5% to 30%. Simultaneously, the inflation rate surged from 12.2% to 35.2%, reaching a peak of 54.1% in December 2022. Ernest Addison, the Governor of…
InfoStride News has reported that the Socio-Economic Rights and Accountability Project (SERAP) revealed Nigeria’s 36 states have spent N1.71 trillion on recurrent expenditures from January to September 2023. In a letter to World Bank President Ajay Banga, signed by SERAP deputy director Kolawole Oluwadare on Saturday, Nov. 25, 2023, SERAP urged the World Bank to suspend loans to the 36 state governments due to credible allegations of mismanagement of public funds by state governors. According to SERAP, many state governors are spending public funds, including funds from the World Bank, on frivolous items that do not benefit their states’ residents.…
Shortly after one of United Nigeria Airlines’ aircraft diverted to Asaba International Airport instead of Nnamdi Azikiwe International Airport in Abuja on Sunday, the Nigeria Civil Aviation Authority (NCAA) has taken swift action by suspending all wet-leased aircraft under the airline. This decision was communicated to the Chief Operating Officer (COO) of the airline via a letter on Monday. The suspension encompasses all wet-leased aircraft in the airline’s operations, pending the outcome of an investigation into the Sunday incident involving one of the wet-leased aircraft in the airline’s fleet. The move came after the incident gained attention on social media,…
The Minister of Aviation and Aerospace Development, Festus Keyamo, has called for a meeting with heads of aviation regulatory agencies to address recurring safety issues in the industry. The summons, posted on Keyamo’s official X account on Monday, November 27, 2023, outlines a comprehensive assessment of recent incidents during the meeting. The agencies summoned include the Nigeria Airspace Management Agency (NAMA), the Federal Airport Authority Nigeria (FAAN), the Nigeria Safety Investigation Bureau (NSIB), and the Nigeria Civil Aviation Authority (NCAA). Keyamo aims to discuss recent accidents in the sector and subsequently brief the press on the outcomes to prevent future…
The Coordinating Minister of the Economy and Minister of Finance, Wale Edun, announced that the Federal Executive Council (FEC) has given its approval for a concessional budget support finance of $1 billion from the African Development Bank (AfDB). This revelation came after the 4th Federal Executive Council Meeting chaired by President Bola Ahmed Tinubu at the Presidential Villa in Abuja on Monday. Edun highlighted that the AfDB granted the $1 billion support with 25 and eight-year moratoriums, acknowledging the macroeconomic efforts made by the Tinubu-led government to achieve macro stability, restore revenue, and improve the foreign exchange situation. “The reward,…
InfoStride News reported that the Universal Basic Education Commission (UBEC) in Nigeria revealed a staggering statistic—over 45 million children are currently enrolled in primary schools across the country. Dr. Hamid Boboyyi, the Executive Secretary of the Commission, disclosed this information during a one-day meeting between UBEC and the organized private sector held in Abuja. The primary focus of the meeting, as detailed by InfoStride News, was on “Promoting partnership with the organized private sector.” During the event, Boboyyi conveyed to private sector representatives that the annual allocation of N100 billion by the Federal Government for basic education was no longer…
The Federal Minister of Aviation and Aerospace, Festus Keyamo, announced on Monday that the Federal Executive Council had approved a sum of N3.2 billion for the acquisition of state-of-the-art scanners for deployment in five key international airports across Nigeria. This significant development aims to enhance airport security measures and streamline the screening process for passengers. Speaking after the FEC meeting presided over by President Bola Tinubu, Keyamo highlighted the key benefits of the proposed procurement. He emphasized that the new airport scanners would eliminate the need for physical searches of passengers’ bags by airport officials, addressing a longstanding concern among…
Nigerian tycoon Aliko Dangote has revealed plans to list his $20 billion oil refinery on the Nigerian Exchange Limited (NGX), a significant development for Dangote Industries, the largest conglomerate in Africa. In a recent interview with the Financial Times, Dangote shared that the company has successfully addressed challenges related to crude oil supply, clearing the path for the refinery’s listing. This strategic move is anticipated to instill confidence among investors and open up new avenues for growth for Dangote Industries. “We have resolved all the issues with crude oil supply,” Dangote affirmed. “We are now ready to move forward with…
As we approach the concluding month of 2023, heightened activity is anticipated on the Nigerian Exchange (NGX) this week, marked by portfolio managers initiating assessments and adjustments. This week, keep an eye on five noteworthy stocks in the Nigerian Stock Market. Please note that these stocks are listed without any specific order, as this is not a ranked compilation. InfoStride News brings you insights into the market movers: 1. **Mecure Industries (MECURE):** Mecure has surged to prominence on the NGX since its listing by introduction on November 9, 2023. Demonstrating an impressive growth of 211%, its share price soared to…
The Federal Government is taking proactive measures to address the escalating price of Liquefied Petroleum Gas (LPG), commonly known as cooking gas. Initiated by the Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, this intervention aims to tackle challenges related to the supply and pricing of LPG in the country. Ekpo’s involvement was prompted by the surge in the price of LPG per kilogram from around N700 to over N1,100 in certain regions. The minister convened a crucial meeting at the NNPC Towers in Abuja, bringing together key officials from Chevron Nigeria Limited, led by Sansay Narasimi, the Nigerian…
InfoStride News reported that the National Oil Spills Detection and Response Agency (NOSDRA) attributed the loss of 3000 barrels of oil at Egina FPSO to an export hose failure. In an update provided by Mr. Idris Musa, the Director-General/Chief Executive Officer of NOSDRA, on Sunday, November 26, it was revealed that the agency responded promptly to the incident by deploying dispersants, chemicals used to clean up crude oil spills. Musa highlighted the swift deployment of personnel to the spill site, located at the Egina Floating Production Storage and Offloading (FPSO) vessel in the Atlantic Ocean, approximately 130 kilometers off the…
An analysis conducted by InfoStride News has unveiled that twelve publicly listed commercial banks disbursed over N87.1 billion to audit, consulting, and various professional service firms between January and September 2023. This figure represents a notable 44.9% increase compared to the N60.1 billion spent during the same period last year. Breaking down the data, audit costs accounted for N5.87 billion, while professional and contract expenses totaled N81.2 billion. In the banking industry, the engagement of accounting firms as auditors is a mandatory practice aimed at verifying the accuracy of financial records. This statutory requirement ensures that a company’s accounts provide…
Africa’s most populous country is poised for a showdown with OPEC+ and its allies, as the largest oil producer on the continent seeks higher oil output. Despite a recent drop in crude prices and ongoing uncertainties surrounding OPEC+ decisions, Nigeria is pushing for increased production. In the early hours of Monday, Brent crude prices dipped to $80 a barrel, with U.S. West Texas Intermediate crude futures down 0.5% at $75 a barrel. The anticipation of additional supply cuts by OPEC+ was offset by a delay in their meeting, contributing to the decline in crude prices. Last week, there was a…
The Minister of Environment, Mr. Balarabe Abbas Lawal, has praised Lafarge Africa Plc, a leading innovative and sustainable building solutions company, for its unwavering commitment to environmental sustainability. The accolades came during a courtesy visit by the company’s management team, led by the Group Managing Director/Chief Executive Officer, Lolu Alade-Akinyemi, to the Minister in Abuja. In his welcome remarks, Minister Lawal commended Lafarge Africa for its consistent recognition with various awards in environmental responsibility, considering it as a clear indication of the company’s dedication to environmental friendliness. He highlighted the company’s compliance with rules and regulations, expressing his comfort in…
The Federal Minister of Works, Mr. Dave Umahi, has provided clarification regarding the purported ban on the use of asphalt in road construction by the Federal Government. This information was obtained from a press statement released by the Ministry of Works, as reported by InfoStride News. The official statement, available on the ministry’s website, refutes claims that there is a blanket prohibition on asphalt in road development. Umahi emphasized that, at no point, did the Ministry of Works issue a directive mandating the exclusive use of concrete pavement for road projects nationwide. Instead, a new policy has been established to…
InfoStride News has introduced a groundbreaking $10 million grant through its Fuse Network, aimed at empowering businesses by providing essential funding and infrastructure to facilitate seamless integration into Web3 payment systems. The primary objective of this initiative is to empower businesses globally by simplifying the complexities associated with the development of Web3 payment infrastructure. Furthermore, the program seeks to stimulate innovation by removing barriers to accessing Web3 payment solution infrastructure, thus propelling the evolution of Web3 technology to meet the growing needs of businesses worldwide. To be eligible for this grant, businesses must fall under one of the following categories:…