In October, the Nigeria Customs Service made a significant announcement confirming the seizure of a considerable haul comprising 13 trailer loads of foreign parboiled rice, along with 17 vehicles and various other items, all totaling an estimated value of N1,241,777,700. This revelation came through an official statement disseminated via the Nigerian Customs Service’s official X (formerly Twitter) account on a Wednesday. The Acting Comptroller of the Unit, Hussein Ejibunu, conveyed this information during a press briefing conducted at the Unit’s Headquarters in Lagos. Ejibunu, while showcasing the seized items, highlighted that the 17 vehicles were intercepted from smugglers attempting to…
Author: Temitope N.
In the bustling legal arena of Abuja, the High Court at Maitama witnessed a pivotal moment on a Wednesday when Godwin Emefiele, the former governor of the Central Bank of Nigeria (CBN), stood before it. The orchestrator of this legal encounter was none other than the Economic Financial Crime Commission (EFCC). Within the hallowed chambers, Justice Olukayode Adeniyi, a figure of legal authority, rendered a consequential ruling. In a gesture that balanced the scales of justice, Emefiele was granted bail. The legal saga would not conclude here; the former CBN governor would need to reappear in court on November 15.…
Infostride News has reported that the Central Bank of Nigeria (CBN) has issued a directive to all its branches nationwide, urging them to continue providing various denominations of both the old and redesigned banknotes in substantial quantities to deposit money banks. In a public statement released on Wednesday, November 8, 2023, and posted on its official X (formerly Twitter) account, the apex bank emphasized that all banknotes it has issued remain legal tender and should be accepted without rejection. This announcement comes in response to the growing concerns about a shortage of cash in some major cities across the country,…
Infostride News reported that Innoson Vehicle Manufacturing (IVM), Nigeria’s indigenous vehicle manufacturing company, is set to establish an electric vehicle factory within the country. This development was disclosed by Cornel Osigwe, the Head of Corporate Communications at Innoson, during an interview with the Global Business Report on Arise Television. Osigwe highlighted the importance of promoting made-in-Nigeria vehicles and emphasized the company’s commitment to contributing to the growth of the automotive industry in the country. According to Osigwe, Innocent Ifediaso Chukwuma, the Chairman of Innoson, has finalized plans to establish the electric vehicle manufacturing plant. The decision is based on the…
A recent investigation conducted by Surfshark has brought to light significant breaches of the European Union General Data Protection Regulation (GDPR) by some of the most widely used social media platforms. Notably, Meta’s major apps, TikTok, and X (formerly Twitter) have collectively faced fines exceeding €2.9 billion over the past five years. This revelation stems from the GDPR Enforcement Tracker, which outlines the regulatory actions taken against various platforms for data protection violations. Astonishingly, a substantial portion of the fines, amounting to over €765 million, was attributed to the mishandling of children’s data. Unsurprisingly, Meta-owned social media products, including Facebook,…
The force majeure declared at NLNG in October 2022 continues to exert its impact, as confirmed in a recent report by S&P Global Commodity Insights. According to a spokesperson at the Nigeria Liquefied Natural Gas (NLNG) Limited on November 8, the force majeure remains in effect due to the Bonny plant’s operation below 50%. The spokesperson elaborated on the ongoing challenges, stating, “Supply of gas to the Bonny plant still faces major constraints and is keeping production at the plant well below capacity. The force majeure remains in place.” Persisting attacks on pipelines and diminished output from aging wells contribute…
Infostride News sheds light on the impact of the Russia-Ukraine conflict on Nigeria’s crude oil inflow in the international market, a story articulated by NNPC Limited’s Chief Corporate Communications Officer, Femi Soneye. During a panel presentation at the Argus European Crude Conference in London, Executive Director Maryamu Idris of NNPC Trading Limited explained that the war has led to a decrease in demand for Nigerian crude in the once-reliable Asian market, particularly in India. Idris elaborated on the significant shift in India’s preferences, highlighting the reduction in Nigeria’s crude exports to India from around 250,000 barrels per day (bpd) in…
Infostride News, in collaboration with the Lagos State government, kicked off the extensive rehabilitation project for the Third Mainland Bridge, with an estimated value of N21.074 billion. The official launch took place in Lagos on a Wednesday and was graced by the presence of the Federal Minister of Works, Dave Umahi, and the Deputy Governor of Lagos, Dr. Obafemi Hamzat. The rehabilitation plan outlined by the Minister of Works included a budget allocation for the project, necessitated by an expanded scope of work. This expansion involved the complete replacement of the bridge deck’s asphalt to a standard two inches, aimed…
MTN Nigeria has recently concluded its Series 8 & 9 commercial paper issuance program, successfully securing a substantial amount of N52.9 billion. This development is part of the company’s larger N250 billion commercial paper program, initiated on April 7, 2022, and later revised to the increased figure on August 22, 2023, with the objective of mitigating debt costs and diversifying funding sources. According to documents obtained from the NGX website by Infostride News, MTN Nigeria’s fundraising goal of N52,895,846,000 for both Series 8 and 9 was fully subscribed by eager investors. The commercial papers, with durations of 182 days and…
Inlaks, a renowned ICT infrastructure and systems integrator in Sub-Saharan Africa, has recently unveiled its Dormant Accounts Management system on the Temenos Exchange, an ecosystem that integrates various fintech solutions. This move signifies a significant step in the financial technology landscape, positioning Inlaks as a key player in addressing challenges related to dormant accounts for financial institutions. The Inlaks Dormant Accounts Management Solution stands out as a robust and agile application designed to facilitate the remote re-activation of accounts from the comfort of users’ homes. This innovative tool not only tackles concerns surrounding internal and external fraud but also ensures…
Infostride News is excited to share the latest collaboration between Sheevolution Africa, a non-profit organization dedicated to empowering young girls in underserved African communities, and Bankly, a lifestyle banking platform. The two organizations recently joined forces to launch the inaugural edition of “Girl Enterprise Day – Economic Empowerment for the African Girl” on November 4, 2023, in celebration of the International Day of the Girl Child. This groundbreaking initiative aims to provide microbusiness grants, foster financial inclusion, and assess business funding readiness for young girls, all made possible through the partnership with Bankly. The one-day event was thoughtfully designed to…
Infostride News reported that, according to the Nigerian Electricity Regulatory Commission (NERC), vandalism has been a significant factor contributing to 13% of power-related accidents in the first three quarters of 2023. The statement was made by Engr. Idris Aminu Idris, the SM in charge of Engineering Performance and Monitoring at NERC, during a meeting held on November 8 with Health and Safety Managers within the Nigerian Electricity Supply Industry (NESI). In addressing the issue, Engr. Idris emphasized the need for Distribution Companies (DisCos) to collaborate with relevant security agencies to mitigate incidents of vandalism. Furthermore, Engr. Idris highlighted the importance…
The Ministry of Communications, Innovation & Digital Economy, under the Federal Government’s directive, has forged a strategic alliance with the Raspberry Pi Foundation, a UK-based computing education charity. This collaboration aims to introduce Code Clubs across Nigeria, catering specifically to students aged 7 to 17. These extracurricular programming clubs are meticulously crafted to cultivate a new breed of digitally literate and innovative young minds in the country. The Code Clubs, set to launch initially in 17 knowledge exchange centers, will subsequently expand their footprint to cover other locations across the six geopolitical zones of Nigeria. The Ministry envisions these clubs…
On November 9, Infostride News reported that Saudi Arabia is poised to embark on a series of significant financial agreements with African nations, totaling over $500 million. The announcement was made during the ongoing Saudi-Arab-African Economic Conference in Riyadh, where top Saudi officials outlined their commitment to fostering economic ties and making substantial investments across the African continent. According to Infostride News, Saudi Finance Minister Mohammed Al-Jadaan disclosed that the Saudi Fund for Development is set to finalize agreements worth 2 billion riyals ($533 million) with various African countries. The emphasis on collaborative efforts with partners is highlighted, with a…
Ghana, in its efforts to sustain its cocoa industry amid financial challenges, is exploring a $400 million borrowing proposition from cocoa traders. This strategic move is in response to the hurdles encountered by the Ghanaian government in securing its usual annual loan from international banks, compounded by the ongoing debt restructuring process. In a report by Infostride News, the Ghana Cocoa Board, also known as Cocobod, acts as the principal regulatory authority overseeing the cocoa industry in the country. It has initiated talks with various traders, including industry giants like Olam Group Ltd. and Barry Callebaut AG, to secure much-needed…
PZ Cussons Nigeria, as reported by Infostride News, has recently disclosed a staggering exchange rate loss of N44.5 billion during the first quarter of the financial year ending August 2023. This revelation, gleaned from its latest group financial statements, underscores the significant impact of forex unification on the financial health of corporations operating in Nigeria. The substantial exchange rate loss experienced by PZ Cussons has cast a long shadow over the company’s financial performance, resulting in an operating loss of N40.2 billion for the same period. This represents a significant downturn from the N734.9 million operational profit recorded just one…
The Nigerian Extractives Industries Transparency Initiative (NEITI) has revealed alarming statistics concerning pipeline vandalism and its financial implications for Nigeria. Dr. Ogbonnaya Orji, the Executive Secretary of NEITI, disclosed these findings during a keynote address on pipeline security, oil theft, and their impact on economic growth at the 2023 International Pipeline Technology and Security Conference in Abuja. This issue is of paramount importance, and addressing it is essential for rebuilding trust in the oil industry, restoring investor confidence, and promoting economic growth. Over the past five years, from 2017 to 2021, Nigeria has witnessed a staggering 7,143 cases of pipeline…
The Kano State Government has demonstrated a significant commitment to advancing its infrastructure and healthcare initiatives by allocating over N40 billion for various development projects within the state. This substantial investment underscores the government’s dedication to improving the lives and well-being of its citizens. This financial allocation was officially announced in a press release issued by Baba Halilu-Dantiye, the Commissioner for Information and Strategy in Kano State, on a Tuesday. The announcement followed the deliberations and decisions made during the eighth session of the State Executive Council (SEC), where key projects were given the green light and funding was approved…
A substantial portion of the impoverished and vulnerable population in Nigeria may find themselves excluded from the Federal Government’s cash transfer program. The World Bank has revealed that less than one percent of these individuals possess a National Identity Number (NIN). This revelation, contained in the Implementation Completion and Results Report on the National Social Safety Nets Project, has raised concerns about the reach and effectiveness of the program. The World Bank’s report, recently made available and reviewed by Infostride News, outlines the target of having 20 percent of individuals registered in the National Social Registry equipped with a valid…
In a grandiose and star-studded event held at the Civic Centre in Victoria Island, Lagos, itel, one of Africa’s foremost mobile phone brands, basked in the glory of receiving the prestigious title of “The Most Outstanding Mobile Phone Brand in Consumer Engagement” at the BrandCom Awards Event 2023. The event, which unfolded on a night of pure glamour, was a celebration of excellence in the fields of marketing, branding, and consumer engagement, aimed at acknowledging the brands that have excelled in connecting with their customers in profound and impactful ways. This illustrious recognition is a testament to itel’s unwavering commitment…