After a prolonged bearish trend, Nigeria’s Eurobonds are signaling a potential turnaround, marked by consecutive days of declining rates and increasing prices—a clear indicator of growing investor confidence. According to information provided by the Debt Management Organization on November 14, the NOV 2025 Eurobond saw a notable increase of 28.7 cents to a dollar. This positive trend continued with a further appreciation of 22.9 cents to a dollar on November 15. Over the span of November 13 to 15, the bond’s yield rate experienced a cumulative decline of 23.6 basis points, settling at 8.897% on November 15. The NOV 2027…
Author: Temitope Nlewemchi
The CEO of MTN Nigeria, Karl Toriola, has revealed plans for periodic reviews of the company’s tower contracts to enhance efficiency and ensure optimal vendor performance. This initiative comes in light of the recent award of tower contracts to ATC, with an additional 1,500 site contracts set for renewal in the near future. The announcement was made during MTN Nigeria’s Capital Markets Day held in Abuja, as stated by a release from the company. Toriola emphasized the importance of cost-effective strategies in driving deep broadband penetration and leading-edge technology implementation across their operations. He stated, “In our quest to achieve…
The Consul General of the United States in Nigeria, Will Stevens, has revealed that a significant portion of Nigerian startups, amounting to 80%, are incorporated in the U.S. He underscored the pivotal role played by Nigeria in Africa’s digital landscape during the Global Tech Africa Conference in Lagos. Stevens expanded on the continental impact, stating that 60% of African startups, on average, are incorporated in the U.S. This trend contributes to the rising venture capital investments witnessed across the continent’s startup ecosystem. Emphasizing the influential role of the U.S. private sector in advancing technology across various sectors in Africa, Stevens…
InfoStride News, the latest addition to the NGX, has unveiled its inaugural financial results, disclosing a pre-tax profit of N2.65 billion in compliance with the NGX’s listing requirements. The unaudited financial report spans the nine months ending September 2023. For the specified period, the pharmaceutical firm reported robust financials, with revenue reaching N21.58 billion and cost of sales amounting to N14.1 billion. This resulted in a gross profit of N7.48 billion. Other notable figures include an operating profit of N4.36 billion, a pre-tax profit of N2.65 billion, and a profit for the period standing at N1.99 billion. The company also…
InfoStride News reported that Lagos Governor Babajide Sanwo-Olu highlighted President Bola Tinubu’s bold move to eliminate fuel subsidies, estimating it could save Nigeria approximately $2.5 billion in budgetary expenses. Sanwo-Olu commended the President’s political will, emphasizing the potential redirection of these funds towards critical sectors like education, health, and poverty reduction. In an interview with Sky News, UK, Sanwo-Olu urged patience from the Nigerian public, assuring that the positive impacts of subsidy removal would become evident within a year. He underscored Tinubu’s unprecedented audacity, stating, “What Tinubu has done, no President in Nigeria has been able to take that audacity…
As part of its commitment to bolstering food production, the Federal Government has revealed its ambitious target of achieving local production of 2,000 tractors annually. The announcement was made by Sen. Abubakar Kyari, the Minister of Agriculture and Food Security, during a courtesy visit by Mr. Jason Brantley, the Vice-President of John Deere Ltd., a prominent tractor manufacturing company, to Abuja last Friday. This information was shared in a statement by Mr. Ezeaja Ikemefuna, Assistant Director of Information in the ministry. Kyari emphasized that the initiative to localize tractor production aims not only to enhance food security but also to…
Following the recent announcement of GlaxoSmithKline’s (GSK) withdrawal from the Nigerian pharmaceutical market, there has been a substantial surge in the prices of GSK medications, with reports indicating increases as high as 1000%. The abrupt rise in costs has triggered widespread concern among Nigerians, who have taken to social media to express their frustrations. The soaring prices can be attributed to a combination of factors: GSK’s departure, a major player in the pharmaceutical industry, and the escalating rate of inflation in Nigeria. As of October 2023, the country’s inflation rate reached 27.33%, the highest recorded since August 2005. This persistent…
InfoStride News reported that Nigerian Breweries Plc has unveiled plans to hold an Extraordinary General Meeting (EGM) for the proposed 80% acquisition of Distell Wines & Spirits Nigeria Limited. This information was disclosed in a notice to the Nigerian Exchange Limited and the investing public. The Company Secretary, Uaboi G. Agbebaku, signed the statement, revealing that the Board’s decision came after a comprehensive review of the offer. In a resolution made at a special meeting on November 16, 2023, the Board recommended the acquisition of 80% economic interest, voting rights, and other privileges currently held by Heineken Beverages (Holdings) Limited…
The Coordinating Minister of Health and Social Welfare, Dr. Muhammad Ali Pate, recently engaged with representatives and CEOs of pharmaceutical companies in Nigeria to address the alarming surge in medicine prices. This discussion took place during the 64th National Council for Health, #NCH64, in Ekiti, aiming to gather insights from the pharmaceutical sector to formulate effective solutions in the national public interest. The National Council of Health serves as the apex policy-making body in Nigeria’s healthcare sector. Dr. Pate emphasized that the federal Ministry of Health and Social Welfare is actively pursuing policy actions to tackle the issue of high…
InfoStride News has reported on the recent developments surrounding the departure of OpenAI’s CEO, Sam Altman, and its co-founder and Chairman, Greg Brockman. The exit was the result of a deliberative review process by the board, which concluded that Altman’s lack of consistent candor in communications hindered the board’s ability to fulfill its responsibilities, leading to a loss of confidence in his leadership. Altman announced his resignation via a post on X, lacking specific details. However, ousted Chairman Greg Brockman provided a detailed account of the events leading to their exit in a post on X, which was also reposted…
The Federal Government has filed a revised six-count charge against Mr. Godwin Emefiele, the former Governor of the Central Bank of Nigeria (CBN), in connection to alleged irregularities in procurement. Originally facing 20 counts amounting to N6.5 billion, the charges have been reduced to six, totaling N1.6 billion. Emefiele now stands as the sole defendant in this amended charge. In a recent court appearance on Friday, Emefiele sought bail and asserted his innocence to the revised six-count charge. His lead counsel, Matthew Burkaa, a Senior Advocate of Nigeria (SAN), brought him to court in compliance with a court order. Emefiele…
The federal government has recently unveiled its ambitious plan to modernize and streamline the passport application process in Nigeria, aiming to implement a fully biometric system by February 2024. This significant announcement was made by the Minister of Interior, Olubunmi Tunji-Ojo, during the sixth edition of the Nigeria Diaspora Investment Summit, a platform organized by Nigeria in Diaspora (NIDCOM) with the theme “New Vistas, New Aspirations, New Opportunities: The Diaspora and National Development.” In his address, Minister Tunji-Ojo shed light on the current challenges associated with passport processing in the country and highlighted the government’s commitment to enhancing efficiency and…
President Bola Tinubu is scheduled to depart from Abuja this Saturday for Berlin, Germany, where he will actively participate in the G20 Compact with Africa (CwA) Conference on November 20, 2023. The announcement was made by the President’s spokesperson on Media and Publicity, Ajuri Ngelale. The conference, hosted by German Chancellor Olaf Scholz, is expected to bring together President Tinubu and other Heads of State and Governments from CwA member countries, bilateral partners, and Heads of International Organizations. Their discussions will revolve around the immediate enhancement of economic and business cooperation, with a focus on identifying concrete measures to foster…
Infostride News reported on the Central Bank of Nigeria’s (CBN) detailed analysis of the current inflationary pressures in the country, as outlined in its second-quarter economic outlook. The CBN attributes the persistent inflationary trends to various factors, shedding light on the potential challenges facing Nigeria’s economic landscape. According to the CBN’s report, the removal of fuel subsidies, the depreciation of the naira, expected upward adjustments in wages and electricity tariffs, and the adverse impacts of climate change on agricultural activities are key contributors to the ongoing inflationary pressures. The rise in prices of premium motor spirit following the subsidy removal…
In a significant move, Russia’s Minister of Agriculture, Dmitry Patrushev, announced on Friday the initiation of free grain shipments to six African nations, thus fulfilling a commitment made by President Vladimir Putin back in July. This noteworthy development, reported on Telegram and covered by Reuters, highlights Russia’s dedication to supporting these nations in the face of agricultural challenges. As per Patrushev’s statement, ships en route to Burkina Faso and Somalia have already set sail from Russian ports, marking the tangible realization of Putin’s promise. Additionally, he affirmed that further shipments to Eritrea, Zimbabwe, Mali, and the Central African Republic are…
C & I Leasing Plc has put forward a proposal for a bonus issue, suggesting the issuance of two (2) ordinary shares for every three (3) ordinary shares held, with the entitlement credited to shareholders listed in the Register of Members by the close of business on Thursday, 4 January 2024. This announcement, detailed in the company’s notice to the Nigerian Exchange Limited (NGX) and the investment community, was retrieved from Infostride News. In adherence to the proposed bonus issue, the register of shareholders is scheduled to be closed from Friday, 5 January 2024, with the qualification date set for…
After a remarkable 52-year presence on the Nigerian Stock Exchange, Union Bank of Nigeria Plc has made a significant announcement regarding its departure from the NGX. The decision, as revealed in a corporate filing on the NGX website, suggests a pivotal shift in the bank’s strategic direction. In the documentation signed by Somuyiwa Sonubi, the Company Secretary of Union Bank, it is outlined that the bank is contemplating a payout of N7.70 per share to its shareholders as part of its scheme of consideration. This proposed scheme will be implemented once a decision is reached during the Court-Ordered Meeting and…
Achieving the highest profits doesn’t necessarily translate to being the most profitable. Profitability extends beyond mere financial gains and serves as a barometer for how efficiently a company operates. Several metrics, such as Return on Assets (RoA), Return on Equity (RoE), Net Income, and Profit Margin, among others, are employed to gauge profitability. In this analysis conducted by Infostride News, we delve into the most profitable companies in Nigeria, focusing on Return on Equity as the primary indicator. The Return on Equity will be evaluated based on the financial performances of these companies during the nine months ending September 2023.…
Mexico is facing a unique economic challenge as the strength of the Peso continues to rise, presenting both opportunities and obstacles for the country. According to a report from the Los Angeles Times, the Mexican Peso has surged by 18% against the dollar over the 12 months ending September 2023. This surge in the Peso poses a particular dilemma for Mexico, as the country is the second-highest recipient of dollar remittances globally, following closely behind India. According to data from the World Bank, remittances to Mexico have doubled, reaching a record high of $58.5 billion, constituting a substantial 4.32% of…
Airtel Africa has officially verified that the default currency and currency election options for the proposed interim dividend, as recommended by the Board, stand at 2.38 cents per ordinary share. This dividend is scheduled for payment on December 15, 2023, as detailed in a notice submitted to the Nigerian Exchange Limited and the investment public, as acquired by Infostride News. As outlined in the statement, the dividend will be disbursed to shareholders on the register at the close of business on November 10, 2023. The applicable currency exchange rates will be utilized in determining the interim dividend payment for qualifying…