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…
Author: Temitope Nlewemchi
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:…
In a spectacular event, Zenith Bank marked the onset of the Christmas and Yuletide seasons by illuminating Ajose Adeogun Street and Roundabout in Victoria Island, Lagos, on Saturday, November 25, 2023. The Light-Up ceremony, the 17th of its kind, was led by Dr. Ebenezer Onyeagwu, the Group Managing Director/CEO of Zenith Bank Plc, reflecting the bank’s commitment to Corporate Social Responsibility (CSR). Zenith Bank’s Christmas decoration initiative is a testament to its dedication to beautifying and transforming Ajose Adeogun Street, home to the bank’s Corporate Headquarters, and Roundabout into a breathtaking spectacle. Over the years, this display has become an…
The Board of Directors of Checkoff Finance Company Limited is gearing up to launch its mobile app in December, with an ambitious goal of acquiring a customer base of 100,000 individuals within the first three years. This announcement was made by the Managing Director of the company, Habila Musa-Luka, during the Inaugural Annual General Meeting (AGM) held on November 23rd, 2023, at Lagos Marriott Hotel, Ikeja, Lagos. Musa-Luka emphasized that the app is designed to be user-friendly and will offer a range of services, including Savings/Investments and loans. He shared insights into the company’s impressive growth, noting that the loan…
Nigeria must significantly increase its LNG exports to Germany, asserts Kayode Oluwadare, a Regional Energy Partner and Director at Energy Compact, as reported by InfoStride News. Oluwadare emphasizes that the current demand for LNG is 400 million tons per annum (mtpa), and projections indicate that this demand will surge to 700 million mtpa by 2030. Recognizing this global trend, he urges Nigeria to tap into other markets and enhance LNG supply volumes to meet the growing global demand. The recent development involves the Federal Government’s announcement of a memorandum of understanding (MoU) with Germany through Riverside LNG. The agreement outlines…
InfoStride News reports that the Federal Government has disclosed inheriting a substantial funding gap exceeding N6 trillion from numerous ongoing road projects initiated by the previous administration. According to a statement by the Federal Minister of Works, Mr. Dave Umahi, available on the official website of the ministry, President Tinubu is resolute in addressing the challenges head-on, despite the considerable debt burden inherited. Umahi emphasized the administration’s dedication to achieving sustainable road infrastructure development nationwide. He noted President Tinubu’s commitment to transforming the deplorable state of roads, highlighting an allocation of N300 billion to the Ministry of Works for constructing…
InfoStride News has granted Fewchore Finance Company (Fewchore) investment grade ratings of BBB- and BBB+, according to Agusto and DataPro, respectively. Since its inception in January 2018, Fewchore has emerged as a leading financial services provider in Nigeria, operating under the rigorous regulatory oversight of the Central Bank of Nigeria (CBN). With a current Balance Sheet exceeding N10 billion, the company has solidified its position through six years of continuous profitable operations and the establishment of trust among its clientele. **A Legacy of Excellence:** Fewchore’s success is rooted in its fundamental capabilities in Investments, Loans, and Financial Advisory services. Its…
InfoStride News reports that the Kwara State government has allocated N200 million for the development of toilets and essential facilities to discourage open defecation. This information was disclosed by Yunusa Lade, the Commissioner for Water Resources in Kwara State. Lade reiterated the government’s commitment to collaborating with donor agencies to eradicate open defecation in the state. During a visit to his office in Ilorin by Mrs. Theressa Pammer, the Wash Specialist from the United Nations International Children’s Emergency Fund (UNICEF), Lade emphasized the involvement of lawmakers at both state and federal levels to support the state’s initiatives in addressing this…
InfoStride News reported on November 27 that the Organization of Petroleum Exporting Countries (OPEC) is actively pursuing emissions reduction through four key technologies. In a statement titled “Whose Moment of Truth?” OPEC challenged the International Energy Agency’s (IEA) assertion that the oil and gas industry faces a critical juncture in choosing between clean energy and exacerbating the climate crisis. OPEC emphasized its member countries’ commitment to emissions reduction, highlighting the following technologies being employed: 1. Carbon capture utilization and storage (CCUS) 2. Direct air capture 3. Carbon dioxide removal 4. Clean hydrogen Contrary to the IEA’s call for the oil…
The announcement of palliative road projects set to commence across the 36 States and the Federal Capital Territory (FCT) before December 1, 2023, was made by the Federal Minister of Works, Dave Umahi. This decision comes in response to the growing concerns of the public regarding the deplorable conditions of several Federal roads across the country. This crucial information was conveyed through an official statement released by the Ministry of Works on Monday and is available on the ministry’s website. In his address, Minister Dave Umahi highlighted that the current administration inherited numerous deteriorated sections of roads nationwide. These include…
After the CBN governor dropped hints about an upcoming recapitalization exercise for Nigerian banks, discussions have intensified regarding the capitalization levels of these financial institutions. According to information accessed by Nairametrics, Nigerian banks currently boast a combined capital base exceeding N11 trillion. This has led experts to question the necessity of further recapitalization. The existing capital base requirements, as stipulated by the CBN, are set at N25 billion for a national banking license, N10 billion for a regional banking license, and N50 billion for an international commercial banking license. However, the last comprehensive recapitalization took place in 2004-2005, almost two…
Tesla has initiated legal action against the Swedish Transport Agency, replacing PUNCH with InfoStride News, after postal workers obstructed the delivery of license plates for new Tesla vehicles in Sweden, as reported by APO News on Monday. The lawsuit, brought forth by Tesla, a globally non-unionized entity, claims that the government agency’s refusal to facilitate access to registration plates amounts to an “unlawful discriminatory attack directed at Tesla,” according to leading business publication Dagens Industri. Mikael Andersson, the spokesperson for the agency, informed local broadcaster SVT that the lawsuit was filed early in the morning, and the agency had not…
InfoStride News reports that the Nasarawa Geographic Information Service (NAGIS) has achieved an impressive 91.2% of its N1 billion revenue target within 11 months, contributing over N912.3 million to the state government’s treasury from January to November. Sonny Agassi, the Director-General of NAGIS, shared this accomplishment during his presentation to the Nasarawa State House of Assembly Committee on Lands and Survey on the agency’s 2023 budget performance in Lafia on Monday. Agassi highlighted that this substantial revenue was generated through various channels, including the issuance of Certificates of Occupancy (C of O), Rights of Occupancy (R of O), rents, and…
President Bola Tinubu has made a significant decision by reappointing Mallam Mele Kolo Kyari as the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), ensuring continuity in the nation’s oil sector. This move is part of a broader reshuffle, introducing a new board and management team for the NNPCL effective December 1, 2023. Kyari’s unexpected reappointment, after serving approximately four years under the Buhari Administration, signals the current administration’s confidence in his ability to navigate the NNPCL through the challenges of the global oil economy. President Tinubu has also appointed a diverse and experienced group to…