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…
Author: Temitope Nlewemchi
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…
Fabian Lojede, the co-founder of Taranis Novus, a renewable energy startup, emphasized the necessity for the Nigerian government to establish a comprehensive policy framework regarding carbon credits. This policy, he argued, is instrumental in fostering the adoption and proliferation of renewable energy solutions within the country. In a conversation with Infostride News in Lagos, Lojede stressed that a well-defined carbon credits policy would serve as a powerful incentive for companies to embrace and invest in renewable energy, contributing significantly to Nigeria’s pursuit of its goals outlined in the Renewable Energy Master Plan (REMP). As outlined in the REMP, Nigeria has…
United Bank for Africa (UBA) Plc, commonly referred to as Africa’s Global Bank, has reaffirmed its unwavering commitment to supporting small and medium-sized businesses (SMEs) not only in Nigeria but across the African continent. The bank’s senior management reiterated this commitment during the official inauguration of the 37th Lagos International Trade Fair (LIFT) in 2023, an event organized by the Lagos State Chamber of Commerce and Industry (LCCI) under the theme, ‘Navigating Economic Challenges, Forging a Path to Prosperity,’ held in Lagos State. UBA has proudly served as the headline sponsor of the Lagos International Trade Fair since 2019, and…
The pursuit of revitalizing the Nigerian economy and propelling it towards the ambitious $1 trillion GDP target, spearheaded by the Tinubu administration, undoubtedly hinges on attracting substantial local and foreign investments. Achieving this aspiration necessitates a profound transformation of the financial intermediation landscape within the country. At present, Nigeria’s banking industry appears ill-equipped to furnish the necessary capital to fulfill the nation’s investment demands. According to information provided by the Center for the Promotion of Private Enterprise (CPPE), the banking sector’s credit extended to the private sector in Nigeria stood at a mere 20.6% of the nation’s GDP as of…
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…
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…