Infostride News has reported that the Nigeria Extractive Industries Transparency Initiative (NEITI) disclosed a substantial revenue of ₦14.38 trillion generated by federal government agencies from the extractive sector. This information was shared by Dr. Orji Ogbonnaya Orji, the Executive Secretary of NEITI, during the presentation of the most recent Fiscal Allocation and Statutory Disbursement (FASD) report, spanning from January 2020 to December 2021, in Abuja. Presenting the report was Mr. Shaakaa Chira, the Auditor General of the Federation, with Mr. Sundung James, the Director of Audits, representing him. The revenue-generating agencies encompassed in this report include the Nigerian National Petroleum…
Author: Temitope N.
GuarantCo, a member of the Private Infrastructure Development Group (PIDG), has recently stepped forward with a significant move in the realm of infrastructure development in Nigeria. In a press release shared with Infostride News, GuarantCo announced the provision of a substantial N20.23 billion (USD 25 million) counter-guarantee to the Lagos Free Zone Company (LFZC), showcasing a commitment to advancing crucial economic initiatives in the country. This strategic counter-guarantee, which spans a twenty-year tenor, is integral to supporting LFZC’s ambitious three-phase infrastructure bond issuances, collectively valued at N53 billion (USD 65.5 million). The broader guarantee facility, underpinned by Infrastructure Credit Guarantee…
The collaborative efforts of the United States Department of Agriculture (USDA) and the Nigerian Economic Summit Group (NESG) have resulted in a call for the Nigerian Federal Government to establish comprehensive policies and regulations aimed at elevating food safety standards within the nation. The urgency of this plea was highlighted during the third workshop on ‘Food and Feed Expertise Coordination’ held in Abuja, where experts emphasized the critical need to address and enhance food safety practices, particularly in light of the fact that over 70 percent of Nigeria’s food exports are rejected abroad. In a statement released on Thursday, as…
Infostride News, a prominent fintech company dedicated to enhancing financial inclusion in Nigeria through technological advancements, has issued a call for an enhancement in the security and safety measures of fintech applications to counteract the surge in fraud cases within Nigeria’s financial services sector. The plea for improved security measures was made during the third Africa Tech Alliance Forum (AfriTECH) on November 8 in Lagos by Temitayo Oduwole, the Head of IT and Payments at PalmPay. In the forum’s discussion on ‘The Future of Money, Security/Safety, and Customer Experience,’ Oduwole underscored the crucial importance of giving top priority to app…
Flutterwave, the Nigerian fintech unicorn, has achieved a significant milestone by securing an International Money Transfer Operator (IMTO) license from the Reserve Bank of Malawi. This development, as announced by Flutterwave’s founder, Olugbenga Agboola, on Thursday, October 19, opens up new avenues for the company to facilitate international remittances in the country. The IMTO license marks a strategic move for Flutterwave, positioning it to process remittances not only from Malawians but also from other Africans residing abroad. This is particularly crucial in light of global remittance trends, with World Bank reports projecting a 1.4% growth to $656 billion in 2023.…
The Lagos State Government has proudly announced a significant engineering feat with the completion of the Lagos Blue Rail Line, highlighting it as the sole rail project in Africa that spans a water body. This revelation comes as a response to misguided comparisons made by some individuals who sought to draw parallels between the cost of the Blue Rail Line and that of the Djibouti-Ethiopia Rail Line, accompanied by allegations of corruption. Gbenga Omotosho, the Commissioner of Information and Strategy for Lagos State, addressed these concerns during a recent interview on the Morning Delight program on Lagos Television. He shed…
The Federal Government has set forth an ambitious plan to cultivate 500,000 hectares of irrigable land for dry-season farming, aiming to bolster food security across the nation. This initiative was disclosed by the Minister of Water Resources and Sanitation, Prof. Joseph Utse, during the inauguration of the 2023 dry season farming of the Benin Owena River Basin Development Authority (BORBDA) in Benin on Thursday. In his comprehensive address, Minister Utse called upon state governments and local communities to collaborate closely by allocating land to the 12 basin authorities operating nationwide. This collaborative effort is seen as pivotal in achieving the…
FCMB Group Plc has successfully concluded a noteworthy bond issuance, raising a substantial N26 billion in a move that reverberates across the Nigerian financial landscape. Part of the Group’s larger N300 billion Debt Issuance Programme, this Series 2 Bond is officially known as the Perpetual 16% Fixed Rate Resettable NC5.25 Additional Tier I Subordinated Bonds. The issuance garnered widespread interest from a diverse array of investors, including corporate entities, financial institutions, trustees, and high-net-worth individuals. Issued at a fixed rate of 16.0% per annum, this bond mirrors prevailing market trends and underscores the confidence investors place in the Group’s financial…
Infostride News reported that the Enugu Electricity Distribution Company (EEDC) has officially declared that the ongoing power outage, stemming from the aftermath of a strike action initiated by the Nigeria Labour Congress (NLC), is a circumstance beyond its control. This announcement came through a statement released by Mr. Emeka Ezeh, the Head of Corporate Communication for EEDC, based in Owerri on a Thursday. The situation unfolded when organized labor in Imo, on November 1, orchestrated the closure of the Egbu Transmission Station, a critical source supplying electricity to the state. Consequently, this action has resulted in the transmission station being…
FirstBank, the foremost financial institution and a leading advocate for financial inclusion services in Nigeria, has unveiled the Win Big promo to express gratitude to its esteemed customers. Commencing on October 23, 2023, and extending through February 23, 2023, this four-month promotional campaign aims to reward both new and existing customers with a substantial total cash prize of 170,000,000.00 naira. Over the course of the promotional period, a total of 1,240 fortunate customers, whether new or existing, will have the chance to receive N100,000.00 each. This means that each month will witness the celebration of 310 customers who will be…
In a major collaborative effort to enhance global app security, three tech giants, namely Google, Microsoft, and Meta, have united to fortify the App Defense Alliance. Originally initiated by Google in 2019, the App Defense Alliance was designed to uphold the security of the Google Play Store and the broader Android app ecosystem by concentrating on malware detection and prevention. Now, with the inclusion of Microsoft and Meta, the alliance is set to broaden its impact, aiming to implement robust security measures across all types of apps. The formation of a steering committee, comprised of representatives from Google, Microsoft, and…
The U.S. division of the Industrial & Commercial Bank of China (ICBC) encountered a significant cyberattack on Thursday, rendering it incapable of processing substantial volumes of US Treasury trades. Entities responsible for settling these transactions quickly disconnected from the affected systems, prompting ICBC to resort to unconventional means for settlement. As reported by Bloomberg, ICBC had to transmit the required settlement details to relevant parties via a messenger carrying a thumb drive, a hasty move aimed at mitigating the impact of the attack. Attributed to the notorious Lockbit criminal gang with ties to Russia, the cyberattack stirred immediate disruption in…
The Lagos State Government has officially declared a diversion of traffic at the Marine Bridge for an extended period of six weeks, commencing from Friday, November 10, 2023, through Thursday, December 21, 2023. This development is part of the ongoing repair initiatives undertaken by the Federal Ministry of Works to address the structural issues afflicting sections of the bridge. In an official statement, Oluwaseun Osiyemi, the Lagos State Commissioner for Transportation, outlined the alternative routes available for motorists during the stipulated duration of the project. The strategic redirection aims to ensure a smooth flow of traffic while facilitating the necessary…
Zenith Bank is gearing up to empower and reward Nigerian startups with a total sum of N59 million through its upcoming pitch competition, Zechathon 3.0. This initiative, carried out in collaboration with the accelerator firm Seedstars, not only promises financial incentives but also aims to provide essential business support to participating startups. The hackathon program is designed to go beyond just a competition, offering training, mentorship, and networking opportunities with potential investors. This comprehensive approach is geared towards nurturing startups and propelling them towards sustainable growth. In an official statement released on Friday, the bank expressed its commitment to shaping…
Infostride News reports that following the declaration of an interim dividend of 3 US Cents per ordinary share of N0.50 per share, Seplat, a prominent Nigerian company, is set to utilize an exchange rate of N996.75/US$ to determine the Naira amount payable to its shareholders. In practical terms, this means that Seplat will be disbursing an interim dividend of N29.9 per ordinary share of N0.50 to its Nigerian shareholders. The specifics of this announcement were outlined in a corporate filing signed by Seplat’s Chief Financial Officer, Emeka Onwuka. The calculation of Naira amounts payable was anchored on the exchange rate…
Infostride News reports that the Central Bank of Nigeria (CBN) has given its nod to the appointment of four new non-executive directors for Abbey Mortgage Bank Plc, as disclosed in the company’s notice to the Nigerian Exchange Limited and the investing public. The newly appointed directors are Mrs. Christabel Onyejekwe, who takes on the role of an independent non-executive director, Ms. Jewel Okwechime as a non-executive director, Ms. Chika Ochonogor as a non-executive director, and Mr. Obinna C. Ufudo as a non-executive director. Let’s delve into the profiles of these distinguished individuals. Mrs. Christabel Onyejekwe According to Geoff Amaghereonu, the…
Infostride News reports that PricePally, a prominent online grocery store operating in three Nigerian cities, has unveiled its inaugural Stew Index Report. This comprehensive analysis delves into the cost dynamics of stew ingredients, a staple in the Nigerian culinary landscape, in both Lagos and Abuja for the years 2022 and 2023. According to the findings, Lagosians are now grappling with escalated costs when it comes to preparing a pot of stew. In 2022, the expense for stew ingredients in Lagos stood at ₦6,902. However, in 2023, this cost surged to ₦8,060, representing a substantial 16.77% increase within a single year.…
Infostride News reports a significant uptick in revenue collection by the Nigerian Customs Service (NCS) over a four-month period, spanning from July to October 2023. The revelation comes from Mr. Adewale Adeniyi, the Comptroller-General of the NCS, who shared the impressive statistics during a national workshop on legislative compliance in Abuja. The figures showcase a remarkable 66.5% surge in revenue during this period. Adeniyi disclosed that while the service collected an average revenue of N202 billion in the first half of the year, the monthly revenue reached a noteworthy N333.9 billion by October, reflecting a substantial 65.5% increase. The chief…
In a scathing critique of the recently passed N2.17 trillion 2023 supplementary budget, former Anambra state governor and Labour Party’s presidential candidate, Mr. Peter Obi, lambasted the administration led by President Bola Tinubu for what he termed as “lavish indulgence.” The budget, which has now become a subject of national debate, was signed into law by President Tinubu, triggering Obi’s outspoken disapproval. Expressing his discontent on his X account, Obi singled out specific items in the budget that he deemed extravagant, including the allocation for a “Presidential Yacht, Presidential Jets, the furnishing of already lavishly furnished presidential quarters and offices,…
Ralph Mupita, the Chief Executive Officer of MTN, has expressed his optimistic outlook for Nigeria’s economic recovery under the influence of Tinubunomics. According to him, the country is poised for a significant resurgence, and he anticipates witnessing substantial progress by the middle of 2024. Mupita’s confidence in Nigeria’s economic rebound stems from his analysis of the Tinubunomics framework, a term coined to describe the economic policies and strategies associated with influential Nigerian politician Bola Tinubu. Tinubu, a former Governor of Lagos State and a key figure in the country’s political landscape, has been an advocate for economic reforms and development…