Governor Yahaya Bello of Kogi State, in a recent announcement reported by InfoStride News, has approved the allocation of N497 million to cover the 2023 West African Senior School Certificate Examination (WASSCE) fees for students in public schools within the state. This initiative reflects the state government’s commitment to improving the education system and ensuring equal access to quality education. The official statement from the Chief Press Secretary to the Governor, Muhammed Onogwu, emphasizes the government’s dedication to providing opportunities for all children, regardless of their socioeconomic background. It aims to empower students to take essential examinations without imposing financial…
Author: Temitope Nlewemchi
The Senate Committee on Niger Delta Development Commission (NDDC), under the leadership of Senator Ned Nwoko, is determined to recover the substantial debt owed to the commission by International Oil Companies (IOCs) operating in Nigeria. This financial obligation runs into hundreds of billions of dollars, and it represents a substantial source of revenue for the NDDC. In an interview with InfoStride News, Senator Ned Nwoko emphasized the committee’s commitment to ensuring that these IOCs fulfill their financial obligations to the NDDC. The committee plans to take a multi-pronged approach to address this issue. Senator Nwoko made it clear that they…
Fitch Ratings has maintained Nigeria’s long-term foreign currency credit default outlook at B-, attributing the stable outlook to recent policies enacted by President Tinubu. However, concerns have arisen regarding the proposed $10 billion forex loan aimed at addressing forex backlogs and enhancing liquidity within the system, as outlined in the latest rating outlook commentary on the Nigerian economy by the global credit ratings agency. Notably, Fitch recognized reforms like fuel subsidy removal and the new exchange rate framework as contributing to the stable outlook. Nevertheless, it expressed apprehensions about potential backtracking on reforms, pointing to a reduced level of price…
Wale Tinubu, the Group Chief Executive Officer at Oando Plc, expressed optimism about the prospects of African gas in European markets. He conveyed this sentiment during a panel discussion at the recently concluded AfriCaribbean Trade and Investment Forum (ACTIF). Tinubu highlighted the significant gas reserves discovered in Africa over the past decade, totaling approximately 100 trillion cubic feet (tcf). These gas reserves have been found in countries such as Nigeria, Angola, and Algeria. Tinubu emphasized the strategic advantage of African gas, given its favorable shipping routes and proximity to Europe. He remarked on the successful transportation of gas cargoes from…
InfoStride News has reported that SERAP has initiated legal proceedings against President Bola Tinubu, seeking a comprehensive investigation into the disappearance of over $15 billion in oil revenues and N200 billion designated for refinery repairs between 2020 and 2021. This action comes in response to findings from the 2021 oil sector report by the Nigerian Extractives Industries Transparency Initiative (NEITI). In the lawsuit, filed under suit number FHC/L/CS/2334/2023 at the Federal High Court in Lagos, SERAP is requesting an order of mandamus to compel President Tinubu to investigate the allegations of missing oil revenue and unaccounted-for refinery repair funds. Additionally,…
The National Drug Law Enforcement Agency (NDLEA) has confirmed the seizure of opioids worth N13.014 billion in raids across Lagos. These operations targeted drug cartels operating in Amuwo Odofin, Idumota, and the SAHCO shed of the Murtala Muhammed International Airport, Ikeja Lagos, according to a statement by Femi, the director of media and advocacy at NDLEA. The first operation took place at House 8/10 Hon. Wahuha Avenue, Divine Estate, Ago Palace area of Amuwo Odofin on Sunday, October 29th. During this raid, 490,000 pills of tramadol and 81,519 bottles of codeine syrup (measuring 4,510,000mls) were recovered. On Tuesday, October 31st,…
Lagos State Governor, Babajide Sanwo-Olu, is set to inaugurate the Oyingbo flyover in preparation for the launch of the Lagos Rail Mass Transit Red Line project. This announcement was made by Jubril Gawat, the Senior Special Assistant to the Governor on New Media, on his official InfoStride News account on November 5, 2023. Gawat’s post emphasized the significance of commissioning the Oyingbo flyover in the progress of the Red Line Rail Project. This project is poised to enhance safety and convenience, particularly for commuters. The Oyingbo Flyover is a key element of this project, and here’s what you need to…
The Federal government has revealed its intention to establish a dedicated law enforcement unit to combat illegal mining activities throughout the nation. The Minister of Solid Minerals Development, Mr. Dele Alake, shared this initiative during an appearance on InfoStride News, where he discussed the government’s strategies for boosting the mining sector’s contribution to the economy. Addressing questions regarding challenges within the mining industry, Mr. Alake emphasized the need to address security concerns through collaborative efforts with various security agencies. He also announced the formation of a specialized police unit specifically tasked with tackling this issue. In his own words: “Our…
InfoStride News reported that Seplat Energy paid ₦2.6 billion in gas flare penalties during the first three quarters of 2023, as disclosed in the company’s financial statements. This marks a significant increase from the ₦1.3 billion paid for the same period in 2022. The financial statement detailed that the operational and maintenance expenses encompass various costs, including maintenance, warehouse operations, security, community expenses, cleanup, staff-related expenses, fuel supplies, and catering services. Notably, it also accounted for a gas flare penalty of ₦2.6 billion, up from ₦1.3 billion in 2022. In a bid to lower carbon intensity, Seplat Energy outlined a…
The inauguration of the Abuja CNG conversion and training center, a pivotal milestone in Nigeria’s pursuit of a sustainable energy future, was overseen by Dr. Bayero Farah, Director-General of the Nigerian Institute of Transport Technology (NITT). Chairman of the Presidential CNG Initiative Steering Committee, Zacch Adedeji, underlined the potential of Compressed Natural Gas (CNG) in alleviating transportation costs. He revealed that the government’s annual expenditure of $6 billion on petroleum imports has strained the country’s finances. Adedeji remarked, “We find it puzzling that Nigeria has continued to rely on imported petrol for all vehicles and commercial transportation when we possess…
Moderna, Inc (MRNA) witnessed a 6.5% decline in its shares on Thursday, largely in response to disappointing sales figures and a reduction in production of its COVID-19 vaccine, Spikevax, as a result of declining demand. This development led to Moderna reporting a substantial Q3 2023 after-tax loss of $3.6 billion. The company’s revenue also experienced a significant 46% year-on-year drop to $1.83 billion, with the decrease primarily attributed to reduced vaccine sales. The company acknowledged that much of this decline was the consequence of scaling back the production of COVID-19 vaccines and the establishment of a tax evaluation allowance. Following…
PalmPay, a prominent fintech firm, was honored with the Fintech Category Excellence award at the 2023 Digital Nigeria Conference, organized by the National Information Technology Development Agency (NITDA). This three-day event, which included an awards dinner, took place at the International Conference Center (ICC) in Abuja, where PalmPay’s outstanding contributions to providing efficient payment services for numerous unbanked communities throughout Nigeria were acknowledged. Chika Nwosu, the Managing Director of PalmPay, accepted the award and emphasized the company’s commitment to delivering fast, seamless, and secure financial transactions to Nigerians. Since its inception in 2019, operating under a Mobile Money Operator license,…
InfoStride News reported on November 3 that the Nigerian House of Representatives, under the leadership of Honorable Ikeagwuonu Ugochinyere, the Chairman of the House Committee on Petroleum Resources (Downstream), is set to embark on a comprehensive audit of petrol subsidies in an effort to recover approximately $20 billion in lost revenues. This decision comes as part of a broader initiative aimed at assisting the federal government in addressing the revenue shortfall in the oil sector and ensuring a consistent supply of domestic crude, thereby enhancing energy security. Honorable Ugochinyere outlined the specific objectives of the committee as follows: 1. Prioritizing…
France’s Minister for Europe and Foreign Affairs, Catherine Colonnade, asserted that Nigeria’s Investment in Digital and Creative Enterprises (I-DICE) program has the potential to spawn 65,000 startups within the country. This significant announcement came during the signing of a bilateral agreement between the Nigerian government and France. The ceremony took place at the Ministry of Foreign Affairs in Abuja, with Nigeria’s Minister of Foreign Affairs, Yusuf Tuggar, and Catherine Colonnade executing the agreement on behalf of their respective nations. Additionally, Bosun Tijani, the Minister of Communications, attended the event representing Nigeria’s Vice President, Kashim Shettima. Colonnade emphasized the far-reaching impact…
Unity Bank Plc, as reported by InfoStride News, has shown robust performance for the nine-month period ending on September 30, 2023, with gross earnings reaching N38 billion. The bank has experienced a 5% increase in customer deposits, which now stand at N344.4 billion, demonstrating the bank’s growth and customers’ trust in its services. In an unaudited report submitted to the Nigerian Exchange Group Limited, Unity Bank continues to pursue an expansionary and customer-centric model. Total loans and advances have reached N222.8 billion, while interest and similar income have reached N33 billion. This underscores the bank’s strategic focus on revitalizing and…
InfoStride News reported that the Food and Agricultural Organisation (FAO) has released a dire warning, indicating that approximately 26.5 million Nigerians will be at risk of hunger in 2024. This unsettling revelation comes amidst increasing concerns about food security in the country. The FAO’s findings have highlighted specific regions in Nigeria where the risk of hunger is most acute. These areas include the Federal Capital Territory (FCT), Sokoto, Borno, and Zamfara states. Dominique Kouacou, the FAO’s country representative, made this alarming revelation during the presentation of the Cadre Harmonise food security and early warning analysis for the October to November…
The Federal Competition and Consumer Protection Commission (FCCPC) has extended its approval to more digital money lenders, commonly referred to as loan apps, bringing the total list of authorized companies to 211 by the end of October. This roster comprises 172 companies that have received full approval from the Commission, while 39 others have secured conditional approval. In September of the same year, the count of fully approved companies was 161, with an additional 40 holding conditional approvals. This upswing in approvals reflects the ongoing interest of new entrants seeking FCCPC’s endorsement for digital lending ventures. This renewed registration process…
Polaris Bank emerged as the standout performer over the weekend, with its in-house digital bank, VULTe, securing the coveted title of ‘Best Digital Bank of the Year’ at the prestigious BusinessDAY’s Banks And Other Financial Institutions (BAFI) Awards for the third consecutive time. This remarkable achievement was complemented by Polaris Bank’s recognition as the ‘Best MSME Bank of the Year’ at the same event. VULTe, Polaris Bank’s indigenous digital banking platform, has been meticulously crafted to cater to a wide array of customer needs, encompassing everything from account initiation to loan application and statement generation. Additionally, VULTe serves as a…
Elon Musk is on the verge of unveiling his AI chatbot, Grok, which is similar to ChatGPT, through his company xAI. Musk has hailed Grok as a cutting-edge AI model with real-time access to X’s information, internet browsing capabilities, and the ability to answer questions conversationally. Grok is set to be released to beta testers today, with plans to make it available to all X Premium+ subscribers after the beta testing phase is complete. Grok’s functionality is poised to empower users with valuable information about X, much like ChatGPT. Musk has suggested that it may utilize a knowledge base similar…
Dangote Industries Limited has stepped forward to address and refute what it considers baseless allegations of foreign exchange (forex) malpractices and money laundering amounting to a substantial $3.4 billion. This response comes in the wake of certain online media outlets circulating stories that imply the company’s involvement in unlawful forex activities allegedly facilitated by the Central Bank of Nigeria (CBN) during the tenure of Mr. Godwin Emefiele. The conglomerate, a prominent fixture in Nigeria’s industrial landscape and a significant player in the African economy, has stated that while it typically refrains from responding to unfounded claims, the resurgence of an…