The Diaspora Housing Scheme, recently launched by the federal government through the Nigerians in Diaspora Commission (NIDCOM), marks a significant stride toward enhancing the participation of Nigerians residing abroad in the National Housing Fund (NHF) Scheme. This innovative initiative provides a platform for diaspora Nigerians to access substantial mortgage funds, extending up to N50 million, with a favorable ten-year tenure and an enticing 6.9% interest rate. The official unveiling of the Diaspora Housing Scheme took place at the 6th edition of the Nigeria Diaspora Investment Summit (NDIS) in Abuja, where key stakeholders gathered to explore opportunities for collaboration and investment.…
Author: Temitope Nlewemchi
In a significant legal development, the Court of Appeal in Lagos has rendered a decisive verdict, solidifying the triumph of Governor Babajide Sanwo-Olu in the gubernatorial elections. The three-man panel, presiding over the Election Petition Appeal in Lagos, has unequivocally upheld the legitimacy of Mr. Sanwo-Olu’s reelection, along with his deputy, Kehinde Obafemi Hamzat. The court’s ruling, delivered today, serves as a resounding affirmation of the electoral process that brought Governor Sanwo-Olu and Deputy Governor Hamzat to their current positions. The decision not only reinforces the credibility of the election but also dismisses the appeal lodged by the People’s Democratic…
Infostride News, the reputable source for news updates, brings to your attention the latest weather advisory issued by the Nigerian Meteorological Agency (NiMet). In a statement released by Mr. Muntari Ibrahim, the General Manager of Public Affairs at NiMet, the agency has cautioned the public about an impending dust haze expected to be caused by strong winds in various parts of Nigeria. This weather phenomenon is particularly anticipated in the northern regions of the country within the next 24 hours. The regions likely to be affected include Katsina, Kano, Nguru, Jigawa, Bauchi, Gombe, Potiskum, and Maiduguri. Residents in these areas…
Nigerian business magnate Cletus Ibeto, Chairman of Ibeto Energy Development Company, encountered another legal setback as a nationwide strike orchestrated by labor unions disrupted his scheduled arraignment at the Lagos State High Court, Ikeja, on Wednesday. Initially set for November 15, 2023, Justice Ismail Ijelu had appointed this date for Ibeto’s arraignment following the issuance of a bench warrant on November 3. This warrant came in response to a motion moved by Rotimi Jacobs (SAN), the counsel for the Economic and Financial Crimes Commission (EFCC). The motion was prompted by Ibeto’s persistent non-appearance in court, despite receiving multiple hearing notices.…
Unity Bank, a publicly listed financial institution in Nigeria, is presently engaged in discussions with Providus Bank regarding a potential business combination, according to sources familiar with the matter who spoke to Infostride News. These discussions, ongoing for several weeks, are currently in the exploratory stages, though opinions differ on their progress, with some suggesting advanced stages, introducing an element of uncertainty. Sources within Providus Bank go as far as characterizing the talks as an “acquisition” of Unity Bank, implying a more definitive direction for the negotiations. It’s important to note that while discussions are ongoing, formal approval from the…
Infostride News reported that Nigeria’s Minister of Finance and Coordinating Minister for the Economy, Wale Edun, has outlined ambitious plans for the nation’s economic future. During a presentation at the launch of Afrinvest’s 2023 Nigerian banking sector report on November 15, 2023, in Lagos, Edun expressed confidence in the successful implementation of ongoing domestic reforms, projecting a substantial increase in Nigeria’s revenue to Gross Domestic Product (GDP) ratio over the next three years. Represented by Armstrong Takang, the Managing Director of the Ministry of Finance Incorporated, Edun revealed that the revenue-to-GDP ratio is anticipated to surge to 25% by 2026,…
Infostride News reports that the Seme Area Command of the Nigeria Customs Service, based in Lagos State, has exceeded its revenue target, raking in a total of N3.05 billion over a 10-month period, surpassing its yearly goal by an impressive 55%. This revelation came to light during a press conference held in Seme, Lagos, where Comptroller Timi Bomodi, the Controller of Customs for the command, shared the remarkable achievements and emphasized the command’s commitment to sustaining efforts in optimizing revenue streams to meet established objectives. The initial revenue target set for the command in 2023 was N1.96 billion. However, by…
In the latest edition of Infostride News, the FGN Bond auction held in November 2023 took center stage, revealing intriguing shifts in investor preferences within the Nigerian financial landscape. The spotlight was on the federal government’s 30-year bonds, set to mature in 2053, as they experienced a remarkable oversubscription, showcasing a robust investor appetite for long-term securities. According to the Debt Management Office (DMO), these bonds attracted bids amounting to an impressive N330 billion, significantly surpassing the N90 billion initially offered. The oversubscription rate soared above 300%, emphasizing the strong demand for extended maturity periods among investors. Interestingly, this fervent…
Infostride News has recently reported that the World Bank has officially disbursed approximately $299.99 million to Nigeria, marking a substantial step in the implementation of the National Social Safety Net Program-Scale Up. The disbursement, as disclosed by a source within the World Bank, is part of the approved $800 million allocated for this crucial program. As of now, 37.5% of the total loan has been disbursed, leaving a pending balance of around $442.88 million. This financial injection comes at a critical time for Nigeria, with the National Social Safety Net Programme-Scale Up scheduled to run until June 30, 2024. The…
Nigeria, a country in a constant state of economic flux, grapples with the ever-escalating specter of inflation, a pivotal determinant of the cost of living nationwide. As of the latest available data from October 2023, sourced from the National Bureau of Statistics (NBS), the inflation rate has surged to an 18-year high, clocking in at a staggering 27.33%. However, the ramifications of this soaring inflationary environment are distributed unevenly across the diverse states of the nation. ### Regional Disparities in Inflation Rates #### Kwara State At the base of the list is Kwara State, exhibiting the lowest inflation rate among…
Infostride News reports that the Nigeria Customs Service (NCS) has disclosed that the waivers and concessions granted to investors during the tenure of former President Muhammadu Buhari’s administration led to a substantial financial loss amounting to N1.3 trillion. This revelation came to light during a public hearing on the 2024–2026 medium-term expenditure framework and fiscal strategy, where Deputy Comptroller General Mba Musa addressed the Senate joint committees. Representing the Comptroller General (CG), Adewale Adeniyi, DCG Musa underscored the significant impact of these concessions on the potential revenue that could have been added to Nigeria’s consolidated revenue fund in the fiscal…
An expert from the global investment bank Morgan Stanley, Steven Quattry, has asserted that the sweeping reforms implemented by Nigeria’s current president, Bola Tinubu, hold the potential to not only address economic challenges but also usher in a significant boost in annual income. These changes, though posing initial challenges to economic growth, are anticipated to create a new consumer class and attract lucrative investment opportunities, according to a post titled ‘Market Outlook: Nigeria’s New Dawn’ on the bank’s official website. The post outlines the hurdles hindering Nigeria’s growth pre-Tinubu era, identifying fuel subsidies and a complex currency regime as primary…
Infostride News reports that the Diabetes Association of Nigeria is advocating for a substantial increase in sugar tax from 10% to 20% as a strategic measure to combat the consumption of sugar, a move aimed at curbing the escalating diabetes crisis in the country. Dr. Alkali Mohammed, the president of the association, revealed that diabetic patients in Nigeria spend an average of N300,000 annually on medications and managing diabetes, contributing to an indirect annual cost to the nation of approximately $4.5 billion. This alarming revelation was made during the commemoration of the 2023 World Diabetes Day in Abuja, where Dr.…
Infostride News reports that the Nigerian National Petroleum Company Limited (NNPCL) has unveiled the anticipated inauguration date for the Ajaokuta–Kaduna–Kano (AKK) gas pipeline project, a monumental venture valued at $2.8 billion and spearheaded by Oilserve Limited. According to the Executive Vice President, Upstream, NNPC Limited, Oritsemiyiwa Eyesan, this grand unveiling is set to take place in December 2023. Eyesan, standing in for the Group Chief Executive Officer (GCEO) of NNPC, Mele Kyari, conveyed this significant update during an industry address at the 41st Nigeria Association of Petroleum Explorationists (NAPE) 2023 expo held on Tuesday in Lagos. The expo, a prominent…
YouTube has recently announced a significant policy update set to be implemented in the coming months, aiming to address the growing concern of AI-generated video content mimicking identifiable individuals. The decision reflects the company’s commitment to protecting creators, particularly music artists whose work is being replicated using artificial intelligence. In a policy update released on Tuesday, YouTube revealed that it will initiate the removal of AI-generated or other synthetic content that simulates an identifiable individual, encompassing both their face and voice. While the platform did not specify the exact date of implementation, it is expected to take effect in the…
Infostride News reported that the Nigeria Liquefied Natural Gas (NLNG) Limited recently attributed the surge in liquefied petroleum gas (LPG), commonly known as cooking gas, to vessel scarcity resulting from restrictions at the Panama Canal. The company highlighted that this, coupled with factors such as oil prices and foreign exchange crises, has led to an escalation in the cost of LPG. According to Infostride News, the Panama Canal is grappling with an unprecedented drought, potentially intensified by El Nino and climate change. Gatun Lake, a crucial water source for the canal, is experiencing record-low water levels, leading to progressively stricter…
Infostride News reports that the International Energy Agency (IEA) has unveiled optimistic projections for the global oil market, anticipating a robust growth in demand and an exceeding of initial supply expectations. According to the IEA’s latest oil market report, released on November 14, 2023, a substantial increase in oil demand is anticipated for both 2023 and 2024, with figures reaching 102 million barrels per day (mb/d) and 102.9 mb/d, respectively. The revised forecast for 2023 reflects a growth of 2.4 mb/d, driven by the resilience demonstrated in U.S. oil deliveries, which surpassed earlier predictions. Notably, Chinese oil demand experienced a…
Infostride News reported a 1.22% dip in pre-tax profit for Total Energies Marketing Plc in 2022, marking a stark contrast to its impressive 5-year Compound Annual Growth Rate (CAGR) of +15.15%. The company’s share price, reflecting a -13.02% year-to-date (YtD) return, failed to keep pace with the NGX All-Share Index (NGXASI), which saw a robust 19.98% growth during the same period. However, a noteworthy shift occurred in 2023, as Total’s share price experienced a remarkable surge of 99.5% YtD, propelling it to the 43rd position among the best-performing stocks on the NGX in terms of YtD share price appreciation. This…
The dedication to optimizing cost efficiency within the Nigerian capital market is a paramount focus for Mr. Temi Popoola, the Chief Executive Officer of the Nigerian Exchange Limited (NGX). In a recent presentation at the 2023 MTN Capital Markets Day, centered around the theme “Executing for Sustainable Growth,” Popoola underscored NGX’s commitment to collaboratively drive improvements with intermediaries. The goal is to create a more cost-effective and efficient investment environment that benefits both issuers and investors. According to Popoola, the total cost incurred by an investor throughout the investment process, from initiation to exit, can amount to as much as…
OpenAI, the pioneering force behind the widely acclaimed AI chatbot, ChatGPT, has made a significant announcement concerning the suspension of new sign-ups for the premium version, ChatGPT Plus. CEO Sam Altman relayed this information on a Wednesday morning, citing the reason as the platform surpassing its current capacity, consequently impacting the quality of user experience. The surge in ChatGPT Plus usage became evident following OpenAI’s devday, an event held approximately a week ago, during which the company introduced several new APIs. The heightened demand prompted the decision to temporarily halt new subscriptions, ensuring a seamless experience for existing users. Altman…