The Chief of the Central Bank of Nigeria (CBN) has candidly acknowledged that there’s no magical solution within the bank’s grasp to resolve the ongoing economic challenges in Nigeria. In a communication distributed on Tuesday, as reported by Reuters, he emphasized the limitations faced by the CBN in addressing the multifaceted issues currently confronting the nation. Nigeria finds itself contending with a sliding naira, and a looming double-digit inflation rate that analysts from KPMG predict could soar to 30%. Additionally, the country grapples with a substantial debt burden amounting to N87 trillion. The gravity of these economic hurdles cannot be…
Author: Temitope Nlewemchi
Germany has recently implemented significant changes to its EU Blue Card visa program, making it more accessible for skilled workers, including those from Nigeria. This move aims to attract talent to the country and simplify the immigration process for foreign professionals. Formerly, the Blue Card visa in Germany required applicants to meet a relatively high annual salary threshold of at least €58,400 before taxes. However, in November, Germany introduced substantial reforms to this requirement, making it more inclusive for a broader range of skilled workers. The new salary thresholds now vary based on the field of expertise. Individuals in high-demand…
Infostride News reported that eTranzact International Plc has posted robust financial figures for the third quarter of 2023, showcasing significant growth in revenue and profitability. The company’s Q3 2023 revenue stood at N8.3 billion, reflecting an impressive 88.2% year-on-year increase compared to the corresponding quarter in 2022. In its financial report covering the nine months ending September 2023, eTranzact disclosed that the Q3 2023 revenue contributed to a cumulative nine-month revenue of N25.7 billion. This nine-month figure represents a substantial year-on-year growth of 60.2% from the same period in 2022. A notable highlight in eTranzact’s performance is the pre-tax profit…
Dangote Cement Plc is poised to outperform its 2022 revenue and earnings projections in 2023, navigating successfully through challenging macroeconomic conditions marked by Naira devaluation and the removal of subsidies. Despite facing headwinds such as declining sales and production volumes in relation to capacity, the company’s 9M 2023 financial report showcases remarkable growth, with reported revenue hitting N1.515 trillion—equivalent to 94% of the full-year revenue in 2022. The profit after tax for the same period stands at N277.548 billion, representing 72.6% of the full-year PAT for 2022, with a variance of N104.763 billion. The trailing twelve months revenue and PAT,…
MeCure Industries Limited, a leading pharmaceuticals and nutraceuticals manufacturing company, has recently made a significant move by listing its 4 billion ordinary shares on the Nigerian Exchange Limited (NGX). This listing, done by introduction, saw each share priced at N2.96, contributing a substantial N11.84 billion to the market capitalization of the Exchange. The ceremonial listing was marked with a Closing Gong event and an insightful Fact Behind the Listing Presentation. Mr. Samir Udani, the Chairman of MeCure Industries Plc, highlighted the company’s strategic objective to realize expansion plans through its presence on the NGX. In his address during the listing…
Bitcoin is currently experiencing an 18-month high, and this surge is attributed to the looming decision by the US Securities and Exchange Commission (SEC) regarding the approval or denial of ETFs, with a six-day deadline set starting today. During the London trading session on Thursday, the price of Bitcoin briefly touched $36,700. Over the last month, Bitcoin’s value has seen a remarkable increase of about 31%, and over the past year, it has surged by an impressive 93%. Interestingly, other prominent digital assets are following suit, with Ether recording a 20% gain in the last month. The cryptocurrency market is…
Royal Exchange Plc has successfully secured approval from the Securities and Exchange Commission (SEC) to proceed with the signing ceremony for its proposed right issue involving 4.116 billion ordinary shares, each valued at 50 kobo. This significant development marks a strategic move for the company and is detailed in a notice addressed to the Nigerian Exchange Limited and the investment public, as obtained by Infostride News. As outlined by the company, the right issue will be structured with an offer of four new ordinary shares for every five ordinary shares held by existing shareholders. The qualification date for the rights…
On Wednesday, November 8, 2023, the Nigerian Treasury Bills (NT-bills) took center stage, capturing the attention of investors as they experienced an extraordinary oversubscription of 182.4%. This surge in interest resulted in the Central Bank of Nigeria (CBN) witnessing subscriptions amounting to a staggering N875.8 billion, significantly surpassing the initially offered N310 billion. The breakdown of the subscription figures for the three NT-bill categories reveals the extent of investor enthusiasm. The 91-day NT-bills, originally offered at N4.552 billion, witnessed a subscription totaling N16.047 billion. Similarly, the 182-day NT-bills, with an initial offering of N5.429 billion, saw subscriptions soar to N32.960…
Infostride News reported a bustling trading day on the Nigerian Exchange Group (NGX), marked by a substantial volume of trades. Despite the high activity, the market maintained its bullish trajectory, witnessing a 0.07% increase in the All-Share Index, reaching 70,819.49 points. The equities market experienced a notable gain of 27.2 billion Naira, propelling the market capitalization to N38.912 billion. Notably, 25 stocks saw price appreciation, while 24 recorded declines in today’s trading session. The number of deals executed witnessed a decrease, totaling 6,169 deals compared to the previous day’s 6,401. However, there was a significant surge in trading volume, reaching…
The Nigerian currency, the naira, experienced a significant downturn on Thursday, closing at N996.75 per dollar in the official market and further plummeting to N1090 per dollar in the parallel market. This unexpected decline has left many analysts puzzled, especially in light of the recent efforts by the Central Bank of Nigeria (CBN) to clear some of its foreign exchange (FX) backlog, a move intended to instill confidence in the currency. Data from the NAFEM, where forex is officially traded, revealed that the naira depreciated by 12.24% to reach N996.75 against the dollar at the close of business on Thursday.…
Infostride News reports that Bharti Overseas Private Limited has boosted its voting rights in Airtel Africa to 12.58%, following a substantial investment by its subsidiary, Indian Continent Investment Limited. The acquisition involved 53.5 million Airtel Africa shares, totaling £57.2 million, and was executed on the London Stock Exchange, as disclosed in a corporate filing on the NGX website. The driving force behind Indian Continent Investment Limited is closely associated with Shravin Bharti Mittal, the son of Sunil Bharti Mittal, founder of Bharti Enterprises, the ultimate controlling entity of Airtel Africa. Bharti Overseas Private Limited, which commands a 100% voting right…
Infostride News projects a weakening of Nigeria’s official exchange rate to N1,068.3/$ by 2025, according to a comprehensive report by the Economist Intelligence Unit (EIU). The report unveils concerns about the Central Bank of Nigeria’s (CBN) ability to handle a $6 billion forex backlog, pointing to a lack of firepower and experience in conducting a foreign currency float, ultimately leading to a pessimistic outlook for the naira. In the freshly released country report for Nigeria, the EIU highlights the persistent currency losses driven by the sizable parallel market and the country’s low foreign exchange reserves. The report anticipates a more…
Infostride News reported that the retail participation in equity markets within Nigeria has experienced a notable increase, rising from 28% in 2022 to an impressive 35% as of September 2023. This information was revealed by Jude Chiemeka, the Executive Director of Capital Markets at the Nigerian Exchange Limited (NGX), during the NGX RegCo Retail Investor Workshop. The event, held virtually, centered around the theme “Expanding Reach for More Impact: Deepening financial inclusion in the retail investor.” Chiemeka attributed this surge in retail participation to enhanced access and the widespread adoption of technology in the financial landscape. He specifically highlighted the…
The headway in the transformation of the Abidjan-Lagos highway corridor has drawn significant attention, with investment interest reaching an impressive $15.5 billion, as revealed by Dr. Akinwumi Adesina, the President of the African Development Bank (AfDB). This momentous announcement unfolded during the 2023 Africa Investment Forum (AIF) Market Days held in Marrakech, Morocco, centered around the theme “Unlocking Africa’s Value Chains,” according to reports by Infostride News. Dr. Adesina underscored the corridor’s potential to catalyze positive change throughout the West African region. The ambitious project holds the promise of fostering accelerated regional integration, sustainable economic development, and expanded trade opportunities.…
Infostride News, a civic-tech non-profit organization, has brought to light the disconcerting revelation of an N8.6 billion payment allocated for 19 projects left in various states across Nigeria. This disclosure, stemming from a survey conducted by Tracka, a service delivery promotion platform of Infostride News, underscores the lack of execution or completion of these projects despite the funds allocated in the 2022 budget. In a press release issued on Wednesday, the organization detailed the findings, shedding light on the states where these abandoned projects are situated. Noteworthy among them is the payment of N542 million to Abu-Halawa International Limited for…
The presidential hopeful from the Labour Party, Peter Obi, expressed deep concern over the allocation of N60 billion for SUVs to federal lawmakers, emphasizing that these funds could have been more wisely directed towards the ailing healthcare system. In a statement posted on his X handle on Thursday, Obi decried the mismanagement of funds that has become a prevalent issue on a national scale. The former governor of Anambra State went on to suggest that the lawmakers should have opted for Nigerian-made vehicles, such as those produced by Innoson or Nord, to bolster domestic production. In his view, this would…
Africa is poised to face significant economic challenges due to the effects of climate change, with international financial experts at the Association of African Development Finance Institutions (AADFI) projecting a staggering loss of approximately $30 billion in Gross Domestic Product (GDP) by 2030 on the continent. Thabo Thamane, the head of AADFI, delivered this sobering outlook during an address at a three-day forum held in Abuja. He emphasized the urgent need for action to mitigate the impact of climate change, warning that if left unaddressed, these effects could result in losses amounting to about 15% of Africa’s GDP by 2050.…
Dr. Akinwumi Adesina, President of the African Development Bank (AfDB), announced a substantial contribution of $1.5 billion at the 2023 Africa Investment Forum (AIF) Market Place in Marrakesh. This financial support is directed towards advancing the export of value-added agricultural products through the Special Agro-Industrial Processing Zones (SAPZs) initiative. Addressing the audience at the forum themed “Unlocking Africa’s Value Chains,” Adesina stressed the importance of steering away from the export of raw agricultural commodities. He emphasized that the pathway to wealth lies in exporting value-added products rather than raw commodities, which often leads to a fast track to poverty. The…
The President of the Senate, Sen. Godswill Akpabio, has expressed deep concern about the ongoing trajectory of Nigeria’s borrowing practices, emphasizing the need for a critical examination and control of the situation. This assertion was made during the commencement of a five-day interactive session focused on the 2024-2026 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP), involving all revenue-generating agencies of the government. In his address, the Senate President underscored the imperative of enhancing revenue generation as a pivotal strategy to address the current fiscal challenges. Recognizing the potential consequences of removing the Petroleum Subsidy on the Nigerian…
In a recent legal development, a Federal Capital Territory (FCT) High Court has issued a temporary order preventing Novare and its subsidiaries, a South African company, from selling their assets, including prominent retail malls such as Lekki and Abuja malls, in Nigeria. This judicial intervention comes as a response to an ex-parte motion presented by the applicants’ counsel, Darlington Ozurumba, with Justice Peter Kekemeke presiding over the case. The applicants in question are Grand Towers Reality Ltd, Grand Towers Plc, and Nze Chidi Duru, identified as the Nigerian partners of Novare Investment (PTY) Ltd, the entity that owns Shoprite. The…