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,…
Author: Temitope Nlewemchi
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:…
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…