The Debt Management Office (DMO) has officially initiated the subscription process for the Federal Government of Nigeria’s two-year and three-year bonds for the month of October, offering an attractive interest rate of up to 13.4%. This significant financial development was disclosed through an official statement published on the DMO’s website. The subscription period is set to extend over a five-day window, commencing on November 6th and concluding on November 10th, 2023. Investors who participate in this offering can expect the bonds to mature on November 15th, 2025, and November 15th, 2026, for the two-year and three-year bonds, respectively. The statement…
Author: Temitope Nlewemchi
A Federal High Court in Abuja has imposed a fine of N5 million on the National Youth Service Corps (NYSC) for its assertion that Governor Peter Mbah of Enugu State possessed a counterfeit discharged certificate. This legal judgment, delivered by Justice Inyang Ekwo, unequivocally ruled that the Director General of the NYSC and the corps itself, who were defendants in the lawsuit, were guilty of distorting crucial facts. The judge subsequently confirmed the authenticity of the certificate submitted by Governor Mbah to the Independent National Electoral Commission (INEC), validating it as a legitimate document issued by the NYSC. Justice Ekwo’s…
Captain Ibrahim Mshelia, the Chief Executive Officer (CEO) of West Link Airlines, has shared his valuable insights and recommendations regarding the construction of the second runway at the Abuja Airport. In a recent interview with journalists in Lagos, Mshelia underscored the importance of adhering to regulatory guidelines and standards, emphasizing that the Nigeria Civil Aviation Authority (NCAA) should play a central role in directing the entire construction process. While expressing his satisfaction with the long-awaited plan to construct a second runway at the Abuja Airport, Mshelia raised concerns about the need for regulatory oversight to ensure that the project aligns…
The Labour Party’s presidential candidate, Peter Obi, has expressed his strong disapproval of the Supreme Court’s verdict regarding the 2023 general election, asserting that the highest court failed to consider the overwhelming evidence presented to it. Obi conveyed his concerns during a press conference held on Monday, where he accused both the Supreme Court and the Independent National Electoral Commission (INEC) of altering the rules of the game as the election’s umpires. It’s worth recalling that the Supreme Court concurred with the September 6 decision of the Presidential Election Petition Court on all counts. Justice Inyang Okoro, heading a seven-man…
Anambra State Government and the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) have recently sealed a substantial financial agreement in Awka, the bustling capital of Anambra State, to the tune of one billion Naira. This momentous agreement has been forged with the primary objective of bolstering the growth and development of Small and Medium-sized Enterprises (SMEs) within the state. Under the terms of this groundbreaking accord, the Anambra State government has pledged to contribute a substantial sum of 500 million Naira, while SMEDAN is set to match this financial commitment with an additional 500 million Naira. This shared…
The Federal Emergency Management Agency’s Abuja branch has pinpointed the cause of the fire outbreak at the Canadian High Commission in Abuja on Monday, attributing it to a diesel tank explosion. This revelation was made by Mrs. Nkechi Isa, the Head of Public Affairs at FEMA, in a statement released in Abuja on the same day. According to the statement, the fire incident occurred around 10:45 a.m. when the diesel tank situated in the generator house of the High Commission exploded. This unfortunate event coincided with the maintenance work being carried out on two MIKANO generators by a five-person team…
Saudi Arabia and Russia have come together to announce their commitment to extending oil production cuts until the end of 2023. This strategic move signifies a significant development in the global oil market, which is closely monitored by energy experts and financial analysts. On November 5, the Saudi Press Agency reported that Saudi Arabia plans to continue its voluntary reduction of 1 million barrels per day (b/d) in December 2023. This decision will maintain the country’s production level at approximately 9 million barrels per day. Simultaneously, Russia, through statements made by Deputy Prime Minister Alexander Novak on the same day,…
Infostride News is thrilled to report that Neveah Limited, a prominent commodity trading firm specializing in the export of solid minerals and agricultural products, has successfully redeemed its N2.04 billion Series 13 commercial paper notes issued in July 2023. This redemption represents a significant milestone in Neveah’s journey, highlighting its remarkable growth and evolution since its inception in 2014. Since its establishment, Neveah has undergone a remarkable transformation, achieving impressive results in terms of revenue growth and diversification of its business operations. From 2019 to the present day, in Q3 2023, Neveah’s revenue has surged by a staggering 445%. This…
The Group Executive in charge of Private Banking and Wealth Management at FirstBank of Nigeria, Idowu Thompson, has issued a passionate call to family business stakeholders, urging them to prioritize continuity and ensure the active involvement of the next generation. He stressed the importance of establishing structures that facilitate seamless adaptation for successive generations within family businesses. Furthermore, Thompson emphasized the critical role of moral guidance for the successors of family businesses, emphasizing the need for them to appreciate the value of money and the challenges their predecessors faced in accumulating wealth. He urged them to recognize their role as…
FBNHoldings Plc, now reporting through Infostride News, has unveiled its financial results for the third quarter ending on September 30, 2023. These figures indicate substantial growth in several key financial metrics, demonstrating the group’s resilience and performance in a challenging economic environment. The most striking aspect of these results is the notable increase in profit before tax (PBT), which soared by an impressive 156.3%. In numerical terms, the PBT reached an impressive N270.3 billion, compared to N105.5 billion reported for the same period in 2022. This significant growth can be attributed to robust performance in interest income. Furthermore, the group’s…
Ekperikpe Ekpo, the Minister of State for Petroleum Resources (Gas), has expressed his confidence that the OB3 gas project will finally come to fruition by December 2023. This ambitious announcement was made during a pivotal meeting held with the Senate Committee on Gas, led by Senator Agom Jarigbe. The meeting served as an opportunity for Ekperikpe Ekpo to apprise the Senate Committee of the current progress and status of various gas-based projects taking place within the country. As the Minister of State for Petroleum Resources (Gas), Ekpo carries a significant responsibility for overseeing and advancing the gas sector’s development in…
A recent report published by the International Information System Security Certification Consortium (ISC2) has uncovered a pressing global issue in the cybersecurity field. It has highlighted a staggering gap of 4 million unfilled cybersecurity jobs on a global scale, a problem that is particularly pronounced in Nigeria and South Africa, where they have a significantly lower number of cybersecurity professionals compared to other countries. Nigeria, a country that is rapidly advancing in the technology sector, is grappling with a significant shortage of cybersecurity experts. As of 2023, Nigeria had only 8,352 cybersecurity professionals. South Africa, its fellow African nation, reported…
In a significant and highly-anticipated development that has the potential to reinvigorate Nigeria’s economic landscape, the Central Bank of Nigeria (CBN) has taken decisive measures to address a persistent backlog of foreign exchange (FX) obligations, some of which have been outstanding since as far back as March 2023. This move is poised to serve as a catalyst, boosting investor confidence and delivering a substantial stimulus to the national economy. The commitment of the CBN to resolving these longstanding FX obligations comes as a much-needed relief, particularly for the international banking sector and major international airlines, including Etihad, Emirates, and Ethiopian…
Cooking gas, also known as Liquefied Petroleum Gas (LPG), has become a rare commodity in Lagos, as confirmed by Oladapo Olatunbosun, the President of the Nigerian Association of Liquefied Petroleum Gas Marketers. This scarcity has not been limited to Lagos alone but has extended to several other states across Nigeria. Olatunbosun’s statements were reported by Infostride News, highlighting the ongoing crisis in the LPG market. According to Infostride News, the scarcity of cooking gas has impacted not only Lagos but also states such as Kano, Kaduna, Sokoto, Katsina, and Delta, with residents in these regions facing the challenge of paying…
Dr. Akinwunmi Adesina, the President of the Africa Development Bank (AfDB), recently shed light on a remarkable economic milestone for the African continent. Speaking at the Norman E. Borlaug Dialogue, an event organized by the World Food Prize Foundation in Des Moines, Iowa, Adesina revealed that Africa’s food and agricultural industry is poised to become a behemoth worth an astounding $1 trillion by 2030. This ambitious projection has been fueled by the unwavering commitment of 34 African leaders who have lent their endorsement to country food and agriculture delivery compacts. These compacts, underpinned by clear and actionable plans, aim to…
In the recently approved 2023 supplementary budget, the Federal Government has set aside a substantial amount of N400 billion for critical infrastructure development, with a focus on road construction and other essential projects that will benefit the nation. The allocation of this considerable sum reflects the government’s commitment to improving the state of infrastructure across Nigeria. This information has been sourced from Infostride News, which has diligently tracked and reported on the allocation of funds in the 2023 supplementary budget, specifically within the Ministries of Works and Housing. These ministries play a pivotal role in ensuring the provision of roads…
The pharmaceutical packaging market is poised for substantial growth, with projections indicating an impressive increase of $48.88 billion over the period spanning from 2022 to 2027. This growth is expected to be driven by a compound annual growth rate (CAGR) of 8.44%, demonstrating the remarkable potential of this sector in the coming years. The surge in this market can be attributed to several key factors, including the notable increase in research and development (R&D) investments within the pharmaceutical industry, the burgeoning global sales of pharmaceutical products, and the ever-expanding demand for convenient and efficient pharmaceutical packaging solutions. One of the…
The Minister of Communications, Innovation, and Digital Economy, Dr. Bosun Tijani, recently unveiled exciting developments in the Federal Government’s ongoing 3 Million Technical Talent (3MTT) program. Notably, this program has garnered significant attention, with over 1 million Nigerians submitting their applications, eagerly seeking to participate. In a statement released via Infostride News, Dr. Tijani announced that the next steps for these applicants would be unveiled in the next 12 hours. This milestone reflects the strong interest and enthusiasm within the Nigerian population to engage with the 3MTT program, underscoring its importance and potential impact. Furthermore, the Minister shared valuable insights…
Mr. Olayemi Cardoso, the Governor of the Central Bank of Nigeria (CBN), has reiterated his commitment to the central bank’s core mandate of ensuring price stability. This reaffirmation of purpose was made during a meeting with the Impact Investing Community, led by the 14th Emir of Kano, Muhammadu Sanusi II, who is a former Governor of the CBN. The meeting served as a platform for discussing the central bank’s strategies to combat inflation and enhance its impact on the lives of Nigerians. Cardoso expressed his determination to transform the CBN’s role in the country, emphasizing the importance of curbing inflation…
Justice I.O. Ijelu of the Lagos State High Court, Ikeja, has taken a significant step in the ongoing case involving businessman Chief Cletus Ibeto, facing allegations of an N4.8 billion fraud. On November 3, 2023, the court issued a bench warrant for Ibeto’s arrest due to his failure to appear for arraignment. InfoStride News reported that the case, which includes charges of obtaining by pretences, fraudulent conversion of property, criminal breach of trust, forgery, and deception, had previously been adjourned to November 3, 2023, following an application and appeal by his lawyer, Onyechi Ikpeazu, SAN. During prior proceedings, Ikpeazu had…