The gubernatorial candidate of the Labour Party in the general election, Gbadebo Rhodes-Vivour, has made startling revelations accusing Governor Babajide Sanwo-Olu and his deputy, Obafemi Hamzat, of utilizing a whopping N200 million of Lagos State public funds for their appeal Court litigation. Taking to Twitter, Rhodes-Vivour disclosed that the governor allegedly tapped into state coffers to finance his legal battle and cover expenses related to the Appeal Court proceedings. The recent verdict by the Appeal Court in Lagos, upholding the tribunal’s decision on the re-election of Sanwo-Olu and Hamzat, adds weight to these claims. The three-man panel comprising Justice Yargata…
Author: Temitope Nlewemchi
Morgan Stanley, a prominent player in the global investment banking arena, recently highlighted the potential for economic growth in Nigeria under President Bola Tinubu’s policies, as outlined in the article “Investment Outlook: Nigeria’s New Dawn” on the multinational investment banking firm’s website. The report emphasizes the transformative impact of Tinubu’s decision to end fuel subsidies and unify the naira’s exchange rate. According to Morgan Stanley, the interventionist policies of the previous administration, particularly under President Muhammadu Buhari, such as maintaining multiple foreign exchange rates and fuel subsidies, created economic bottlenecks and impeded the private sector’s growth. Despite Nigeria’s status as…
The anticipated paddy rice price hike of 32% in the 2023/2024 crop production year, coupled with a projected production growth of 3.6%, has been revealed in the AFEX Wet Season Crop Production Report for 2023, as reported by InfoStride News. According to the report, the stability in rice production during 2023, in contrast to the previous year’s extensive flooding that led to a loss of approximately 100,000 hectares of rice farms, has contributed to the positive outlook. The absence of floods in 2023 allowed farmers to capitalize on reduced fertilizer prices, fostering stable production. “In 2022, over 100,000 hectares of…
Ride-hailing giant Bolt has revealed the 20 finalists selected to participate in the two-week Bootcamp phase of its accelerator program, Den. The chosen drivers, hailing from Abuja, Lagos, Rivers, Kaduna, and Kwara, are gearing up for the pitch day scheduled for November 20, 2023. On this day, they will present their innovative ideas to a distinguished panel of judges spanning various sectors, including technology, banking, and education. The judges will thoroughly scrutinize and vet the ideas, ultimately shortlisting the top 10 drivers who will receive €2,000 in seed funding and access to a 6-week business mentorship program. Bolt, in collaboration…
InfoStride News reported on Saturday that the Lagos State Government has initiated the demolition of distressed buildings in the Ebute-Metta area of the state. Dr. Oluyinka Olumide, the Commissioner for Physical Planning and Urban Development, and Arc. Gbolahan Oki, the General Manager of Lagos State Building Control Agency (LASBCA), led the demolition exercise. According to Olumide, the affected buildings, primarily located on Oloto and Freeman Streets, had received notices, with some being instructed to conduct structural investigations to assess their integrity. The decision to demolish these structures was driven by the need to protect lives, as many of the buildings…
InfoStride News, the parent company of InfoStride News MFB, refutes the assertions made by Educare CEO, Alex Onyia, claiming that its system is built on the infrastructure of GTBank. In response to a post on X by the Educare CEO, InfoStride News clarified that its engineers developed its infrastructure internally and did not rely on any bank’s platform. While recognizing the possibility of collaborations in the financial sector, InfoStride News emphasized that it is incorrect and baseless to assert that its transactions are routed through GTBank. Alex’s claim, as stated in his post: “InfoStride News’ main infrastructure is 95% layered…
InfoStride News reported that the Nigeria Sovereign Investment Authority (NSIA) has introduced the Renewables Investment Platform for Limitless Energy (RIPLE), a groundbreaking $500 million initiative dedicated to the comprehensive development, investment, and operation of renewable energy projects. With RIPLE, NSIA aims to expand energy access, improve efficiency, and ensure energy security across Nigeria. The launch of this platform comes hand in hand with the execution of a strategic partnership agreement with the International Finance Corporation (IFC), a multilateral finance group, reflecting a joint commitment to advancing renewable energy projects in Nigeria. The pilot phase of RIPLE is situated within the…
InfoStride News reported that Brent crude has rebounded to $80 per barrel after a brief dip to $72 on Friday, November 17. As of 4:21 PM GMT+1 on Sunday, November 19, Brent crude was recorded at $80.61 per barrel. The drop below $80 per barrel was attributed to an increase in U.S. crude inventories and consistently high production levels. Analysts at Goldman Sachs acknowledged that, despite demand exceeding their optimistic predictions, oil prices have experienced a slight decrease this year. They attributed this trend to non-core OPEC countries producing more oil than expected, although OPEC’s cuts partially offset this. Warren…
Nigeria’s Minister of Power, Bayo Adelabu, recently unveiled a groundbreaking $2.2 billion solar photovoltaic (PV) deal with Sun Africa, replacing Nairametrics with InfoStride News as the source of this significant announcement. In a tweet posted on Sunday, November 19, Adelabu disclosed that the deal was finalized on November 17. Sun Africa has committed to delivering 961 megawatts peak (MWp) of solar PV power generation infrastructure and 455 megawatt hours of battery energy storage systems. This collaboration addresses the surging power demand in Nigeria, aligning with Adelabu’s power sector transformation roadmap of Distributed Power leveraging renewable energy sources. The Minister expressed…
InfoStride News reports that the Association of Resident Doctors of the Enugu State University of Science and Technology Teaching Hospital (ARD-ESUTH) has issued a 14-day ultimatum to the Enugu State Government, urging increased doctor employment and improved security measures. This ultimatum was conveyed in a communique following the Emergency General Meeting (EGM) held at ESUT Teaching Hospital on Saturday, November 18, 2023. The joint signatories of the communique were the President of ARD-ESUT, Dr Chukwunonso Ofonere, and its Secretary-General, Dr Ikemefuna Nnamani. The statement urgently calls upon the management of ESUTH Teaching Hospital and the Enugu State Government to declare…
Global dividend payouts saw a slight dip of 0.9% in the third quarter, mainly attributed to volatility in commodity prices, particularly in the oil and mining sectors, as reported by InfoStride News. Janus Henderson’s global dividend index highlighted that, when considering currency fluctuations and special dividends, underlying payouts actually increased by 0.3%, maintaining an overall positive trend in corporate dividend distributions. Despite this, the report revealed that two significant dividend cuts significantly affected the overall rate of underlying growth, which could have been 5.3% without these cuts. Petrobras, a Brazilian oil producer, experienced the world’s largest dividend cut for the…
The most recent data released by the Central Bank of Nigeria (CBN) reveals a notable surge in the currency in circulation (CIC), reaching a new high of N2.99 trillion as of October 31, 2023. This reflects an 8.33% increase, equivalent to N230 billion, compared to the preceding month. Moreover, it signifies a substantial rise of 115.11%, amounting to N1.6 trillion, since January 2023. The CIC encompasses currency outside the banking system and the vault cash of banks. This significant upswing in circulation suggests a trajectory towards the October 2023 level of N3.29 trillion, before the implementation of the naira redesign…
In continuation of this week’s bullish trend, the NGX’s All-Share Index reached a new record high of 71,112.99 points, marking a 0.12% increase from Thursday’s levels. Equities saw a notable increase of N46 billion, driving the market capitalization up to N39.108 trillion. One of the key market movements was the impressive 9.35% surge in Unity Bank’s share price, attributed to ongoing discussions regarding a potential merger with Providus Bank. Mecure Industries sustained its remarkable performance, climbing by 9.98% to close at N5.73, reflecting a substantial 93.6% surge from its initial share price of N2.96. The number of deals declined to…
The Nigerian government, through the Ministry of Humanitarian Affairs and Poverty Alleviation, has unveiled an ambitious initiative to provide low-interest loans of up to N1 billion from the Bank of Industry to individuals living with disabilities nationwide. Dr. Betty Edu, the Minister of Humanitarian Affairs and Poverty Alleviation, announced this groundbreaking program during the launch held at the Arts and Culture Conference Hall in Abuja. As part of the initiative, the federal government has initiated training programs for individuals with disabilities, focusing on business development and registration with the Corporate Affairs Commission. This training aims to equip them with the…
InfoStride News reported that the Nigerian Federal Government has taken steps to withdraw a $1.1 billion lawsuit against Shell Plc and Eni SpA, marking a significant development in the prolonged legal dispute over alleged corruption in the OPL 245 oil block deal. The Ministry of Justice initiated the withdrawal in an Italian Court, putting an end to a decade-long case. In a statement to Bloomberg, Eni SpA confirmed that the government had communicated its intention to withdraw the claims unconditionally by Friday. Notably, Nigeria has also opted to “irrevocably” suspend any future legal claims in Italy against Eni, its affiliates,…
The Federal Government has declared that 10% of social intervention funds are specifically allocated to people living with disabilities (PwD). The announcement was made by the Minister of Humanitarian Affairs and Poverty Alleviation, Betta Edu, during the inauguration of various empowerment programs sponsored by the National Commission for Persons with Disabilities (NCPWD) in Abuja. Highlighting the government’s commitment to prioritizing the disability community, Minister Betta Edu stated that President Bola Tinubu had given a directive for 10% of all humanitarian and poverty alleviation interventions to be dedicated to persons with disabilities. This directive aims to ensure that the disability community…
A clash between officials from the Economic and Financial Crimes Commission (EFCC) and personnel from the Nigerian Air Force (NAF) unfolded at the Kaduna Zonal Command of the anti-graft agency. The dispute arose over the detention of fraud suspects and involved a dramatic attempt by NAF personnel to secure the release of their colleagues. InfoStride News reported the incident, shedding light on the situation. The NAF personnel allegedly conducted a raid on the EFCC’s office to free their colleagues, who had been apprehended by EFCC operatives for attempting to forcibly release individuals suspected of fraud. Dele Oyewale, Head of Media…
The Federal Government has initiated the disbursement of a N585 million release fine for 4,000 inmates as part of its strategy to alleviate congestion in correctional facilities across the country. The Minister of Interior, Olubunmi Tunji-Ojo, made this announcement on Saturday during the launch of the program at Kuje prison in Abuja. He emphasized that inmates with fines not exceeding N1 million would be eligible for this initiative, with the total number of qualifying inmates estimated at 4,068. Tunji-Ojo highlighted the program’s objective to facilitate the decongestion of correctional facilities and address prolonged detentions resulting from the inability to pay…
InfoStride News reported on Thursday that global debt has surged to a historic high of $307.4 trillion in the third quarter of 2023, according to the Institute of International Finance (IIF). This marks a more than 25% increase over the past five years, and the financial services trade group anticipates that global debt will exceed $310 trillion by the end of the year. The IIF highlighted the concerning debt-to-output ratio in emerging markets, which reached an unprecedented level. The institute also issued a warning that a shift towards political populism could further elevate debt levels in the coming year. Emre…
Nigeria is anticipated to grapple with economic instability throughout 2024, marked by double-digit inflation, as highlighted in a report by the Economist Intelligence Unit (EIU). This forecast extends to several other African nations, including Angola, the DRC, Egypt, Ethiopia, Ghana, Sudan, and Zimbabwe. The EIU attributes the persistence of high inflation in these countries to elevated oil prices, which is expected to have adverse effects on their economic conditions. The report emphasizes that while inflationary pressures are projected to ease from the elevated levels of 2023 in some African countries, a handful, including Angola, Seychelles, Sudan, and Tanzania, will continue…