InfoStride News reported that Patricia Technologies Limited has pledged to enhance its system security in the wake of a technical breach that resulted in illicit fund diversions from its account. The company had previously filed a petition with the Inspector General of Police, reporting a breach of its cryptocurrency trading platform, Patricia, in 2022. This incident led to the loss of funds from depositors and prompted Patricia Technologies to suspend the platform to prevent further compromise of depositors’ funds. According to the Force Public Relations Officer, Olumuyiwa Adejobi, the Nigeria Police revealed a criminal conspiracy involving the unauthorized modification of…
Author: Temitope Nlewemchi
The Ultimate Destiny Uplifters Foundation Africa, a non-governmental organization, has successfully empowered 20 entrepreneurs aged 18 to 45 with essential resources such as seed capital, mentoring, and logistical support for their business growth. Notably, Chiamaka Amubi-Onusonye, Amarachi Okpala-Onwuamaegbu, and Ebenebe Bethel Christian received grants of N1 million each following weeks of participation in a mentoring summit in Onitsha, Anambra State. During the grand finale of the event in Onitsha on Tuesday, Mr. Smart Ezuma, the founding president of the foundation, emphasized the organization’s commitment to addressing leadership disparities in Africa. The summit’s theme, “Creating a sustainable Africa through active leadership,”…
A recent report by Nanyang Technology University’s Centre for African Studies, presented by Director Amit Jain, underscores poor governance as the central issue plaguing Nigeria’s troubled economy. The 150-page document titled “Back to Growth: Priority Agenda for the Economic Revival of Nigeria” delves into the nation’s economic crisis, attributing it to a range of challenges, including fiscal recklessness. Jain emphasized the urgency of addressing Nigeria’s economic woes, citing factors such as bad governance, dependence on oil and gas, a high debt profile, infrastructure deficits, and a lack of fiscal prudence contributing to multidimensional poverty. The report, initiated in June the…
The Vice President, Kashim Shettima, has expressed confidence in the current administration’s economic policies, emphasizing their potential to revive economic activities in the manufacturing and engineering sectors. At the opening ceremony of the 2023 National Engineering Conference, Exhibition, and Annual General Meeting in Abuja, Shettima pledged a commitment to unlocking the country’s full economic potential through policies targeting job creation, capital accessibility for businesses, inclusiveness, and upholding the rule of law. The conference, themed “Re-engineering the Manufacturing Sector for Competitiveness and Enhanced Economic Growth,” addressed the decline in the manufacturing sector’s contribution to the nation’s Gross Domestic Product (GDP). Acknowledging…
InfoStride News reported that the Nigerian government’s inclination towards purchasing imported vehicles is attributed to the perceived inadequacies of local manufacturers in providing after-sale services. Dr. Doris Uzoka-Anite, the Minister of Industry, Trade, and Investment, clarified this position during a stakeholders’ engagement forum organized by the National Automotive Design and Development Council in Lagos. The gathering brought together industry participants to deliberate on the effective implementation of the Nigerian Automotive Industry Development Plan. Minister Uzoka-Anite emphasized that the government’s emphasis on after-sale service aligns with its dedication to operational efficiency, reliability, and fiscal responsibility in managing its vehicle fleet. During…
Stakeholders within the automotive industry are intensifying their efforts to facilitate the swift passage of the National Automotive Industry Development Plan (NAIDP) into law. This revelation comes from Joseph Osanipin, the Director General of the National Automotive Design and Development Council (NADDC), during a recent stakeholders’ engagement focused on ensuring the effective implementation of the NAIDP. Emphasizing the significance of providing legal backing to the plan, Osanipin highlighted the crucial role of the automobile policy in driving the growth of Nigeria’s automotive sector. He stated, “The auto policy is key to the growth and development of the automotive industry. We…
InfoStride News reported on Tuesday that FirstBank UK, the United Kingdom subsidiary of First Bank Nigeria Limited, has successfully integrated with Bloomberg’s Trade Order Management System (TOMS) to enhance its Fixed Income workflow. This integration equips FirstBank UK with a comprehensive suite of tools, including data and analytics, communications, and order and execution management solutions, streamlining its fixed-income bonds business. As a niche market-maker for its customers in Africa, FirstBank UK plays a crucial role in providing market liquidity in cash bonds, particularly in Nigerian, Angolan, Egyptian, and Ghanaian Eurobonds. This strategic move allows the bank to effectively manage risk…
In a strategic move to broaden its operational scope, Fatgbems Group, a prominent player in Nigeria’s downstream sector, has unveiled plans to venture into agriculture and other diversified enterprises. The announcement was made during an event in Lagos where Mr. Ayodele Odulaja was introduced as the new Chief Operating Officer of Fatgbems Group. Addressing the audience, Odulaja emphasized the company’s commitment to restructuring, stating, “Fatgbems has undergone a significant transformation. Today, we aim to redefine our identity beyond the tire and downstream oil and gas businesses. We are diversifying into agro-allied ventures.” The decision to expand into agriculture was influenced…
InfoStride News, in collaboration with the Pan African University, Global Entrepreneurship Network Nigeria, and the Enterprise Development Centre, has forged a strategic partnership with Providus Bank to catalyze growth in Nigeria’s creative industry. Nneka Okekearu, the Director at EDC PAN-Atlantic University, shared this collaborative initiative during the 2023 Creative Nigeria Summit held in Lagos. The summit, themed ‘Investing in Nigeria’s Creative Ecosystem: Unlocking Jobs and Economic Growth,’ aimed to enhance awareness and highlight the immense opportunities within the creative sector. Okekearu emphasized the pivotal role of the creative industry in wealth creation, job generation, and its substantial contribution to the…
Nigeria and Angola have resisted a proposed reduction in their crude oil production quotas by the Organization of the Petroleum Exporting Countries (OPEC), as reported by InfoStride News. The ongoing deadlock has led to a delay in a critical meeting scheduled for November 30, 2023, where OPEC and its partners need to finalize production policy for 2024. According to Bloomberg, the Saudi-led alliance has been unable to reach an agreement with Angola and Nigeria, both of which oppose lower quota limits for 2024 that reflect their reduced production capabilities. The disagreement centers on changes to the oil production targets agreed…
The Institute of Chartered Accountants of Nigeria has emphatically declared that its members, spanning across Nigeria and beyond, are committed to upholding the highest standards of integrity and professionalism. Dr. Innocent Okwuosa, the 59th President of ICAN, delivered this assertion during the annual dinner and awards ceremony organized by the Ikorodu chapter of ICAN. Represented by Mr. Mbang Esu, the Coordinator of ICAN, Ikorodu District, Dr. Okwuosa emphasized that ICAN members are under constant scrutiny. The institute’s governing council remains vigilant and is prepared to take decisive action against any member found lacking in the discharge of their professional duties…
InfoStride News reported that the Sagamu Unit Command of the Federal Roads Safety Corps recently hosted a one-day workshop aimed at raising awareness about road safety measures among drivers. The workshop, titled “Speed Thrills, But Kills,” unfolded at Awolowo Motor Park in Sagamu, Ogun State. Chief Route Commander Sule Okloho (Unit Commander Rs2.25) underscored the FRSC’s commitment to promoting awareness, particularly during the ember months, regarding the inherent dangers on roads. Okloho urged drivers to exercise caution, adhere to speed limits, ensure they possess valid driver’s licenses, and steer clear of route violations. The emphasis on responsible driving aligns with…
The immediate focus of the Federal Government in the power sector is centered on prioritizing metering, electricity distribution, and transmission to enhance nationwide power supply, as stated by the Minister of Power, Chief Adebayo Adelabu. This information was conveyed during the 3rd Roundtable on Enforcement of Technical Standards, Regulations, and Mandate of the Nigerian Electricity Management Services Agency, according to a press release from the power ministry, now reported by InfoStride News. Adelabu underscored the forthcoming power sector strategy roadmap, advocating for a bottom-up approach that prioritizes impact over the preceding top-down strategies. In his words, “We will focus on…
The support for the banking sector’s consolidation initiative by the Central Bank of Nigeria (CBN) has been emphasized by the Presidency, asserting its significance in propelling the country’s economy to unprecedented heights. This endorsement follows the recent CBN announcement that banks will be required to raise new capital, a move aimed at strengthening the financial industry. The importance of assessing the capital adequacy of Nigerian banks is underscored by the ambitious goal of achieving a $1 trillion economy within the next eight years. Representing President Bola Tinubu at The Guardian Newspapers’ 40th Anniversary Celebration in Lagos, the President’s Special Adviser…
InfoStride News reports that, according to the International Air Transport Association (IATA), the global aviation sector is still grappling with the aftermath of the COVID-19 pandemic, which severely impacted flight operations across the world. In 2020, Africa experienced substantial losses in the aviation sector, amounting to an estimated $7.7 billion. Governments implemented strict restrictions to curb the spread of the virus, resulting in a significant decline in air traffic. IATA specifically estimated that Nigeria faced a monthly loss of about N21 billion during the pandemic. Analysts predict that it will take until 2024 for the aviation sector to fully recover…
Experts have emphasized the urgent need for the Federal Government to prioritize Nigeria’s overlooked logistics, courier, and transport sector, which is valued at over N3tn. This call to action was made during the Courier and Logistics Management Institute (CLMI) conference and investiture in Lagos, with the theme, “Logistics Solutions and National Infrastructure Development.” At the conference, the Executive Chairman of CLMI, Prof. Simon Emeje, highlighted the lack of attention the courier, logistics, and transport management sector has received from the Nigerian government, stressing that it remains relatively untapped on a global scale. According to him, any country neglecting this sector…
InfoStride News reports that the Nigeria Deposit Insurance Corporation (NDIC) is actively pursuing the recovery of over N400 billion from debtors of liquidated banks who are reluctant to repay their debts. In his opening remarks at the 2023 NDIC Workshop for Finance Correspondents in Owerri, Imo State, Mr. Bello Hassan, the Managing Director and Chief Executive Officer of the Corporation, emphasized the significant challenge of debt recovery. Highlighting the issue, Hassan stated, “One of the greatest challenges the NDIC is facing is debt recovery. A lot of customers of banks in liquidation that borrowed are not willing to repay those…
InfoStride News reports that Nigeria’s power sector challenges are not rooted in engineering but rather in leadership, as stated by Adebayo Adelabu, the Minister for Power. This revelation came during the 3rd Roundtable on the Enforcement of Technical Standards and Regulations in the Multi-tier Nigerian Electricity Supply Industry (NESI), organized by the Nigerian Electricity Management Services Agency (NEMSA). Addressing the issues plaguing the power sector, Adelabu emphasized the critical role of leadership, focus, and commitment in overcoming obstacles. While acknowledging the use of imported technology that has proven effective elsewhere, he underscored the need for political will, a factor he…
Diesel prices in Nigeria have surged to N978 per litre as of November 28, as reported by HydroCarbon Information Services (HydroCIS) Limited. This marks a slight increase from the N974 per litre recorded on November 23 and a notable decline from the N993 per litre reported on November 20. The fluctuation in diesel prices is influenced by various factors, including global market dynamics. Notably, Russia’s decision on September 21 to halt diesel exports to most countries contributed to a global shortage, prompting a spike in prices. However, by September 25, Russia partially eased restrictions, allowing the export of bunkering fuel…
InfoStride News reports that Nigerian Breweries has entered into an agreement with Daystar Power for the establishment of a 4.3-megawatt peak solar plant at its Lagos brewery, as disclosed in a statement on November 28 by Daystar. Under the terms of the agreement, Daystar Power will be responsible for the installation and management of a solar plant with a 4.2-megawatt peak (MWp) capacity, coupled with a 2-megawatt-hour (MWh) battery storage system. This venture represents a notable milestone as one of the largest solar and battery storage projects specifically designed for an industrial manufacturer within Nigeria. The hybrid solar system is…