Infostride News reports that the Nigerian Exchange Limited (NGX) has disclosed that the addition of new listings on the NGX has significantly contributed to over 10% of the market capitalization over the last two years. The Chief Executive Officer of NGX, Temi Popoola, shared this insight during the MTN Capital Markets Day held in Abuja. Popoola highlighted the global challenge faced by exchanges, particularly the increasing trend of delistings. In contrast to the prevalent delisting trend, Popoola emphasized the noteworthy surge in NGX’s market capitalization, attributing more than 10% of this growth to new listings. This statistic underscores NGX’s growing…
Author: Temitope Nlewemchi
Infostride News reported a subdued trading day at the NGX, with the market exhibiting low volume trading that led to a flat closure. Despite the overall market closing slightly positive, the All-Share Index gained a modest 0.02% to reach 71,025.16 points. The market capitalization saw a marginal increase of N7.8 billion, closing at N39.062 trillion. However, the market breadth was negative, with 22 stocks closing in the positive and 31 in the negative. Compared to the previous day, there was a slight uptick in the number of deals, reaching 6,545 from the previous day’s 6,172. The trading volume experienced a…
Lt.-Gen. Taoreed Lagbaja, the Chief of Army Staff (COAS), delivered promising news regarding the long-awaited disbursement of the overdue N18.4 billion Group Life Assurance claims for the families of deceased Nigerian Army personnel. This announcement took place at the culmination of the Second Regimental Sergeant Majors (RSMs) 2023 Convention, a significant event held in Ibadan on Thursday. The convention, which spanned from Monday to Thursday, revolved around the theme “Leveraging Sound Administration for Highly Motivated Force and Operational Efficiency in the Nigerian Army.” It served as a platform for strategic discussions and insights into bolstering the effectiveness and motivation of…
The African entertainment industry is on the brink of a monumental growth phase, as indicated by PwC’s Entertainment and Media Outlook, which predicts a remarkable 200% increase in revenue by 2026. This surge is anticipated to be fueled by various factors, including the ascendancy of digital platforms, heightened investments in local content, and the expanding middle class equipped with disposable income earmarked for entertainment. Leading the charge in this transformative revolution is Entertainment Week Lagos (EWL), an industry-redefining platform meticulously organized by the Livespot Foundation and executed by Livespot360. EWL aims to bring together the crème de la crème of…
The commitment to the swift completion of the Lagos-Abidjan Highway by the Federal Government was formally announced by the Minister of Works, Senator David Umahi. This announcement came during a meeting in the minister’s office on Thursday, where he received a comprehensive briefing from an ECOWAS delegation led by Mr. Sediko Douka, the ECOWAS Commissioner for Infrastructure, Energy, and Digitalization. Senator Umahi, recognizing the significance of the Lagos-Abidjan Highway project, emphasized its potential to bring about rapid integration and development in West Africa. However, he underscored the necessity of segmenting the project to facilitate efficient work processes and ensure a…
The Lagos State Governor, Babajide Sanwo-Olu, has revealed a significant milestone in his administration’s commitment to addressing the housing deficit in the state. Speaking at the Conference of Directors of Lands in the Federal and State Ministries, Departments, and Agencies, themed “Improving Land-Based Revenue of the Federating Units in Nigeria through Efficient and Effective Land Administration,” Governor Sanwo-Olu highlighted that over the past five years, his administration has successfully provided more than 3,000 homes for the residents of Lagos. The governor, represented by his Special Adviser on Housing, Barrister Barakat Odunuga-Bakare, explained that these housing projects were accomplished through a…
MultiChoice Group Ltd. has faced a challenging financial landscape, marking its third consecutive semi-annual loss. The company attributes these financial woes to a combination of foreign exchange difficulties in Nigeria and persistent power outages in South Africa. In a recent filing, Africa’s largest pay-TV company revealed a net loss of 1.32 billion rand ($72.4 million) for the six months ending on September 30. The root cause of this substantial loss lies in the poor performance of the naira against the dollar, primarily linked to Nigeria’s mid-June decision to allow the Naira to trade more freely against the dollar, resulting in…
Infostride News reports that Paystack, the Nigerian fintech startup, is undergoing a strategic shift that involves laying off 33 employees based in Europe and the United Arab Emirates (UAE). Shola Akinlade, the CEO of Paystack, shared this development on Thursday through a post on his social media handle, indicating that the company is adjusting its operating model to have its team located within the markets it serves, focusing on localizing costs. In the tech industry, the decision to restructure and lay off employees has become increasingly common, with founders and CEOs often making such announcements. Akinlade acknowledged the challenges of…
IOSCO, the global securities watchdog overseeing securities market regulators, has recently unveiled its final report, outlining crucial policy recommendations for crypto and digital asset (CDA) markets. This significant development was communicated through a press release provided to Infostride News. The essence of these recommendations lies in their role in shaping a unified global regulatory response, effectively addressing the substantial investor protection and market integrity risks associated with centralized crypto asset intermediaries, commonly known as crypto asset service providers (CASPs). The comprehensive and targeted recommendations put forth by IOSCO articulate regulatory expectations. These expectations, contingent upon jurisdiction-specific conditions, advocate for the…
Infostride News reported on Thursday that the Senate has officially endorsed the appointment of Dr. Aminu Maida as the substantive Executive Vice Chairman and Chief Executive Officer of the Nigerian Communications Commission (NCC). This confirmation came during the Senate’s plenary session, where it adopted a report from the Senate Committee on Communications, responsible for screening Maida on Wednesday, November 15, 2023. Senator Ikra Aliyu Bilbis, the Chairman of the Senate Committee on Communications and former Minister of Communications, submitted the report to the Senate, urging them to consider President Bola Tinubu’s request for Maida’s confirmation as the nation’s Chief Telecom…
The revelation by the Minister of Solid Minerals Development, Dele Alake, underscores a significant step in fostering responsible and sustainable mining practices in Nigeria. In a recent address at the launch of the revised Community Development Agreement (CDA) in Abuja, Alake disclosed a noteworthy milestone: 252 mining companies have committed to the CDA, aiming to provide essential infrastructure to host communities across the country. Recognizing the potential impact of mining projects on host communities, Alake emphasized the dual nature of this influence—either positive or negative. The negative consequences often manifest in complaints and resistance, occasionally leading to forceful closure or…
Infostride News, the prominent source of information, reported that the U.S. Food and Drug Administration (FDA) has taken a decisive stance against the e-commerce behemoth Amazon.com (AMZN.O). The regulatory authority issued a stern warning, dated November 13, expressing serious reservations about the sale of seven unapproved eye drops on Amazon’s global platform. In the communication, the FDA highlighted its concerns regarding Amazon’s offering of eye drops that have not undergone the necessary scrutiny to establish their safety and efficacy. These eye drops are purported to provide temporary relief from various eye symptoms, including excessive watery discharge, redness, burning sensations, and…
The revelation from Mr. Effiong Okon, the Director of New Energy at Seplat PLC, has unveiled the ambitious plans of the company to venture into the downstream sector of the oil and gas industry with the construction of a cutting-edge $250 million gas plant in Sapele, Delta state. This strategic move was disclosed during the Nigeria Oil and Gas Outlook event, which revolved around the theme “Investing in Nigeria’s Energy Future” held in Lagos. The visionary Effiong, while participating in a panel discussion focused on securing energy transition towards gas, shed light on the significant undertaking. He articulated, “We are…
Infostride News is excited to report that Fidson Healthcare, a leading Nigerian pharmaceutical company, and Jiangsu Aidea Pharmaceutical Co. Ltd (Aidea Pharma), an innovative pharmaceutical company based in China, have officially entered into a strategic partnership agreement in China. This collaboration is poised to address and promote solutions for medical challenges, particularly focusing on the treatment of over 1.9 million HIV-infected individuals in Nigeria. As outlined in the press release from Fidson Healthcare, the partnership involves a comprehensive sharing and integration of resources, technical expertise, and market positions. The objective is to foster collaboration in project development, market expansion, and…
Infostride News reports that the landscape of technology investments in Africa is undergoing a significant transformation, with fintech companies experiencing a decline in attention from investors. The Co-founder and COO of Stears, Abdul Abdulrahim, delivered a keynote address at the IATF 2023 conference in Cairo, shedding light on this shifting investment focus. Abdulrahim highlighted that the surge in interest towards energy, particularly renewable energy, has led to a reduced emphasis on fintech investments in the region. In his analysis of the current investment climate, he revealed that investments in African fintechs in 2023 have not surpassed $3 billion. A report…
A London-based Indian national, Pramod Mittal, is strategically planning to utilize the substantial $446 million settlement received from the Nigerian government for the long-standing Ajaokuta steel plant dispute to alleviate his personal financial woes. This significant development was reported by Bloomberg on a Friday, shedding light on Mittal’s intent to address his legacy of defunct factories and outstanding debts with the aid of the Nigerian government’s settlement. Pramod Mittal, the younger brother of billionaire Lakshmi Mittal, has a history marred by unpaid bills and the liquidation of his company, Global Steel Holdings Ltd. (GSH), by the Isle of Man court.…
Infostride News reports that the Lagos State Government has recently declared a temporary closure of the Adekunle Ramp, connecting the Third Mainland Bridge and Ebute Meta in both inbound and outbound directions. This measure, effective from Sunday, November 19, until Friday, December 8, 2023, is part of a strategic plan to expedite the ongoing construction works in this area, with an ambitious target of completing the project within a record-breaking period of 5 weeks. In an official statement released by Oluwaseun Osiyemi, the Commissioner for Transportation in Lagos State, it was emphasized that the specific timeline of 5 weeks has…
Infostride News, a reputable news source, reports that Due Network, a cutting-edge fintech startup, is set to launch its revolutionary global payments platform in Nigeria. This platform offers borderless multi-currency accounts, providing businesses and individuals with seamless international money movement capabilities. The waitlist for requesting priority access to this groundbreaking platform is now live, with the initial launch scheduled for later this month in Nigeria. The focus of Due Network spans across Sub-Saharan Africa, the UK, EEA, and the US, with plans for expansion into Latin America and the Asia-Pacific region in the first quarter of 2024. The innovative solution…
Tensions are running high today within the confines of the 1004 Estate, as residents have united in protest against what they perceive as years of neglect at the hands of the management overseeing this esteemed residential complex. The situation escalated dramatically over the weekend when the generator servicing the towering complex went up in flames on Friday. Shockingly, there seemed to be no contingency or emergency plan in place by the Homeowners and Residents Association (HORA). A disgruntled resident shared their frustration with TheNewsGiant, stating, “We can’t even prepare a meal, and the lifts and air-conditioners are out of service.…
President Bola Tinubu has successfully negotiated a groundbreaking multi-billion-dollar finance facility with the Islamic Development Bank (IDB) to address critical infrastructure gaps across Nigeria. The historic talks occurred in Makka on Monday, featuring President Tinubu and Dr. Mansur Muhtar, the Vice-President (Country Programs) of the IDB. This significant development was disclosed by Chief Ajuri Ngelale, Special Adviser to the President on Media and Publicity, in Riyadh, Saudi Arabia, on Tuesday. In this pivotal negotiation, President Tinubu articulated the pressing need for substantial investment in a diverse range of infrastructure projects at both federal and sub-national levels. The sought-after multi-million-dollar facility…