Professor Kingsley Moghalu, the Chairman of the Board of Directors and Advisory Board at the Africa Private Sector Summit, recently articulated a vision for the African Continental Free Trade Area (AfCFTA) that could potentially uplift 30 million Africans, including Nigerians, out of poverty by 2035. Speaking at the AfCFTA Joint Private Sector Session during the 2023 Afreximbank Intra-African Trade Fair in Cairo, Egypt, Moghalu outlined the transformative potential of the AfCFTA and emphasized the crucial role of the Private Sector Bill of Rights (PSBoR) in achieving these ambitious goals. In a statement reported by Infostride News, Moghalu stressed the need…
Author: Temitope Nlewemchi
In a significant legal development, the Maitama High Court in Abuja took decisive action on Tuesday by rescinding the previously granted bail to Geoffrey Olusegun Akindele, a key figure in the ongoing trial involving the former Accountant-General of the Federation, Ahmed Idris. The charges leveled against the defendants in this high-profile case pertain to an alleged fraudulent diversion of public funds amounting to a staggering N109.5 million, as reported by the News Agency of Nigeria. The court’s decision was triggered by Akindele’s failure to appear for the continuation of the trial. Justice Yusuf Halilu, presiding over the court in the…
Infostride News reported that Shekel Mobility, a Nigerian startup backed by Y Combinator (YC), has successfully raised $7 million in a seed funding round. This funding comprises $3.2 million in equity and over $4 million in debt. The startup plans to utilize the funds to fuel growth in its Annual Recurring Revenue (ARR) as it prepares for its upcoming priced round. Earlier in the year, Shekel Mobility had announced a pre-seed investment of $1.95 million in January, with Ventures Platform leading the round. Other participants in the pre-seed round included Y Combinator, Voltron Capital, and Zedcrest. The recent seed round…
In an official announcement, the National Agency for Food and Drugs Administration and Control (NAFDAC) has issued a public advisory regarding a safety recall initiated by the Ministry of Health and Prevention (MOHAP) in Abu Dhabi, United Arab Emirates. The recall pertains to Growlyn Drops 50ml, a dietary supplement manufactured by Aeon Formulations Pvt. Ltd. in India. According to the MOHAP Quality Control Laboratory’s analysis, the levels of Ethylene Glycol (EG) and Diethylene Glycol (DEG) in Growlyn Drops exceeded the prescribed limits. These substances, known for their toxic nature, pose a severe risk to consumers, particularly infants for whom the…
Infostride News reports that Nigeria has maintained its position as Africa’s leading crude oil producer for October 2023, according to the monthly oil market report released by the Organization of Petroleum Exporting Countries (OPEC) on November 13, 2023. The report highlights the oil production figures, excluding condensate production, from the top four oil producers in Africa: – Nigeria: 1.35 million barrels per day – Libya: 1.18 million barrels per day – Angola: 1.14 million barrels per day – Algeria: 961,000 barrels per day As per secondary sources, the total OPEC-13 crude oil production averaged 27.90 million barrels per day in…
Infostride News, a prominent Nigerian fintech company, PalmPay, recently clinched multiple accolades at the prestigious Nigerian Marketing Awards held at Eko Hotel and Suites, Victoria Island. The esteemed awards ceremony, endorsed by key industry bodies such as the Advertising Regulatory Council of Nigeria (ARCON), Association of Advertising Agencies of Nigeria (AAAN), National Institute of Marketing of Nigeria (NIMN), Outdoor Advertising Association of Nigeria (OAAN), and Experiential Marketers Association of Nigeria (EXMAN), serves as a platform to acknowledge and celebrate excellence in the Nigerian marketing industry. PalmPay emerged victorious in three categories, securing the titles of Financial Institution of the Year,…
The Federal Government of Nigeria and the Kingdom of Denmark have entered into a strategic collaboration aimed at advancing the success of Nigeria’s green energy transition. Mr. Dan Jorgensen, Denmark’s Minister for Development Cooperation and Global Climate Policy, unveiled this collaboration during a post-meeting interview with journalists following discussions with Vice President Kashim Shettima. The meeting transpired at the Presidential Villa, Abuja, marking a pivotal moment in fostering international cooperation for sustainable energy initiatives. As conveyed by Jorgensen, Nigeria possesses immense potential in solar energy, offering a cost-effective and reliable solution to power needs. He emphasized the importance of transitioning…
In the realm of economic collaboration, the African Export-Import Bank (Afreximbank) and United Bank for Africa (UBA) PLC have recently forged a significant trade finance agreement. This landmark deal, valued at $150 million, falls under the Ukraine Crisis Adjustment Trade Financing Programme for Africa, aiming to alleviate the repercussions of the Russia-Ukraine crisis. The agreement was consummated during the ongoing Third Intra-Africa Trade Fair (IATF) 2023 in Cairo, Egypt, underscoring the importance of fostering economic ties on the continent. Infostride News, your source for insightful updates, has learned that the pact was formally sealed on Monday, with key representatives from…
Infostride News reports that Nigeria is grappling with substantial financial gaps in the gas sector, as disclosed by the Nigerian Extractives Industries Transparency Initiative (NEITI). Dr. Orji Ogbonnaya Orji, the Executive Secretary of NEITI, unveiled these staggering figures during the 2nd German-Nigerian Symposium on Green Hydrogen in Abuja on November 13. Despite Nigeria’s status as a significant global gas producer, the persistent issue of gas flaring poses a threat to the nation’s ambitious Decade of Gas agenda. According to the 2021 NEITI report, an alarming $559.8 million in unpaid gas royalties and an additional $828.8 million related to outstanding gas…
The Federal Government has officially unveiled its commitment to aiding the vulnerable population in the country to attain homeownership. Mahmuda Mamman, the Permanent Secretary of the Federal Ministry of Works and Housing, revealed this initiative during the 12th meeting of the National Council on Housing and Urban Development held in Kaduna on Monday. This move is part of the government’s broader strategy to address housing challenges and bridge the gaps within the housing sector. “The National Housing Scheme Programme by the ministry would assist the vulnerable population of the country to afford a roof over their heads, and this would,…
In the initial nine months of 2023, Nigerian banks continued to harness the power of fintech, reporting a substantial total revenue of N265.269 billion from their electronic businesses. This marked a significant uptick of 24.42% compared to the N213.204 billion recorded in the corresponding period of 2022. This financial surge underscores the evolving landscape of the Nigerian financial sector, with leading institutions embracing digital transformation to enhance their service offerings. The standout performers in terms of e-business income during this period were Access Holdings Plc and United Bank for Africa Plc (UBA), contributing N70.350 billion and N61.161 billion, respectively. FBNH,…
Infostride News, a prominent media and communication agency network, and a vital component of the Omnicom Media Group, has unveiled a groundbreaking proprietary cloud-based media data tool named Ocular. This innovative tool addresses longstanding queries regarding the timeliness of data used in the industry, marking a significant leap in the realm of media analytics. The culmination of two years of meticulous research, Ocular aims to bridge existing gaps within the industry by introducing unparalleled features that surpass current standards. The official launch took place at a well-attended stakeholder event held at the Lagos Marriott Hotel, Ikeja, Lagos, on Tuesday, November…
The Federal Government has disclosed that the anticipated cost for Nigerians to convert their petrol vehicles to run on Compressed Natural Gas (CNG) falls within the range of N300,000 to N600,000. Engr. Michael Oluwagbemi, the Chief Executive Officer of the Presidential Compressed Natural Gas Initiative (P-CNGi) Steering Committee, shared this information in an interview with Daily Trust. This revelation comes on the heels of the official commissioning of CNG conversion centers and a practical demonstration of converted CNG vehicles in collaboration with the private sector at the head office of Femadec Group, a key partner located in Lagos. In an…
The House of Representatives has mandated the Industrial Training Fund (ITF) to provide clarification regarding a significant variance of over N12 billion in their budget actuals as of December 31, 2022. This directive was issued by Rep. James Falake, the Chairman of the House Committee on Finance, during an interactive session held in Abuja where the ITF management presented the 2024-2026 Medium Term Expenditure Framework and Fiscal Strategy Paper. Expressing profound concern, Rep. Faleke highlighted the failure of the ITF management to actively pursue revenue generation from the extensive pool of over 128,000 private and public quoted companies in Nigeria.…
In an effort to address the issue of widespread unoccupied buildings in Abuja, the Federal Government has issued a stern warning to the proprietors of such properties, urging them to either occupy their houses promptly or face the prospect of paying triple the usual ground rent for their unutilized assets. The proclamation came forth from the Minister of Housing, Arc. Ahmed Dangiwa, subsequent to his comprehensive tour of various government housing construction sites across Abuja and Niger State. Among the notable locations inspected during this ministerial tour were the Mega City Project along Kubwa Express, the Apo-Guzape Housing Project, the…
In a recent study conducted by Juniper Research, it has been revealed that the integration of Artificial Intelligence (AI) into identity verification processes is poised to significantly reduce the average time spent on digital onboarding checks by banks. The report projects a substantial drop from over 11 minutes in 2023 to under 8 minutes in 2028, reflecting a noteworthy 30% decrease. This transformative shift is expected to have a global impact, with particular emphasis on developing regions where the proliferation of smartphones is on the rise. Juniper Research emphasizes that the accuracy of AI is a key driver in diminishing…
The Director-General of the Niger Delta Power Holding Company (NDPHC), Chiedu Ugbo, recently shed light on the complex financial landscape within Nigeria’s power sector, revealing that the combined debt burden of the Central Bank of Nigeria and the Nigeria Bulk Electricity Trading Company (NBET) currently stands between the substantial range of N150 billion and N180 billion. During a media roundtable held in Lagos on Monday, Ugbo expressed concern about the extensive indebtedness of the power market to NDPHC, citing a staggering N190 billion as of May, representing unpaid invoices. This financial strain, according to Ugbo, is exacerbated by the fact…
Celebrated economist and industry luminary, Chinwe Egwim, has recently unveiled her latest literary endeavor, “Super E: The Inflation Smackdown.” The book launch event was a vibrant gathering that attracted distinguished guests, children, and parents, fostering an environment of excitement and knowledge-sharing. The occasion served as a gateway for attendees to explore the intricacies of economics, offering a profound insight into inflation through the captivating narrative of characters like Chichi, Fola, Rukky, Sadiq, and their friends. Central to the storyline is Super E, a superhero economist adept at simplifying complex economic concepts, making them relatable and understandable for children. The book…
The economic challenges facing Nigeria have led to a surge in borrowing, with approximately N290 billion borrowed from banks in just three months. This revelation comes from the Central Bank of Nigeria’s (CBN) Economic Report for the Second Quarter of 2023. In contrast to the first quarter of the same year, consumer credit, encompassing personal and retail loans, saw a notable increase of 12.2%, rising from N2.35 trillion to N2.64 trillion between April and June 2023. Breaking down the consumer credit figures as of June 2023, personal loans accounted for a significant N1.92 trillion (72.9%), while retail loans made up…
Infostride News, an online news platform, reported that Google LLC, a prominent American multinational technology company, is currently facing legal proceedings as it seeks to have a $150 million lawsuit filed against it by a Nigerian, Mr. Chianugo Peter, dismissed. The lawsuit also names GoDaddy.com as a co-defendant. According to documents filed in the Federal High Court, Abuja, Google, represented by its lawyer Mark Mordi, SAN, has submitted a statement of defense asserting that Peter’s claims lack merit and should be summarily dismissed. The statement, dated November 9 and officially filed on November 10, details Google’s position on the matter.…