The 2023 Appropriation Bill, with a total allocation of N2.17 trillion, has received the green light from the National Assembly after the third reading. This significant development followed the bill’s successful passage in the House of Representatives earlier in the week, eventually making its way to the Upper Chamber, where it secured approval by the Senate. Senator Adeola Olamilekan, representing Ogun West and chairing the Appropriations Committee, presented the committee’s report during the plenary session, leading to the budget’s unanimous approval by the lawmakers. This marks a crucial milestone in the fiscal planning for the year 2023. President Tinubu, in…
Author: Temitope Nlewemchi
The Minister of Aviation and Aerospace Development, Mr. Festus Keyamo, has been urged to reevaluate the appointments made by his predecessor, Sen. Hadi Sirika, during the past two years. Comrade Olayinka Abioye, the former General Secretary of the National Union of Air Transport Employees (NUATE), expressed these concerns in an open letter addressed to Minister Keyamo. This letter was obtained by Infostride News. In his letter, Abioye pointed out that Sen. Hadi Sirika had made numerous appointments over the last eight years, including at least 6,000 personnel. A significant number of these appointees reportedly did not meet the minimum requirements…
Multichoice Nigeria, a prominent Pay-TV operator, has recently announced a second price increment for its DStv and GOtv packages in 2023, signaling a substantial increase of at least 19% in subscription fees. This development comes on the heels of a prior price adjustment implemented on May 1, 2023. Multichoice has officially declared that the latest price revision will come into effect on Monday, November 6, 2023. In the earlier increment, which was unveiled in May, subscribers witnessed an escalation in subscription costs ranging from 16.3% to 18%, depending on the specific bouquet. However, in this latest adjustment, the company is…
SBI Holdings Inc., a prominent Japanese conglomerate, is embarking on an ambitious mission to raise a substantial sum of $80 million, and the destination for this capital injection is none other than Novastar Ventures, a venture capital firm focused on investing in African startups. The collaboration between these two entities is set to open new vistas of opportunity within the burgeoning African startup ecosystem. In a recent statement jointly released by SBI Holdings and Novastar Ventures, it was revealed that SBI Holdings would contribute a significant sum of $40 million to secure an undisclosed minority share in Novastar Ventures. To…
The Office of the Presidency has clarified that the N5 billion earmarked for the “Presidential yacht” in the 2023 supplementary budget is, in fact, an Operational Naval boat equipped with specialized security features, intended for high-profile operational purposes rather than leisurely cruising. This revelation came through a statement released by Bayo Onanuga, who serves as the Special Adviser to the President on Information and Strategy. In the statement, it is emphasized that the term “Presidential yacht” was used solely for nomenclature purposes to highlight the boat’s exceptional military capabilities, and it is not intended for the personal use of the…
Nigeria, along with 27 other nations worldwide, has taken a momentous step in the realm of artificial intelligence (AI) by endorsing the Bletchley Declaration. This historic agreement marks the world’s first initiative to establish a comprehensive understanding of the potential opportunities and risks associated with frontier AI and the imperative for governments to unite in confronting the most substantial challenges posed by this transformative technology. The signing of the Bletchley Declaration took place at Bletchley Park in the United Kingdom, where leading AI nations convened for the inaugural AI Summit to address pressing concerns regarding AI’s implications and applications. Nigeria…
Nigeria and the Commonwealth of the Bahamas have reached a significant agreement aimed at forging closer ties and facilitating diplomatic relations. The essence of this agreement revolves around the signing of a visa waiver pact, one that encompasses Diplomatic and Official Passport holders of both nations. This momentous revelation comes directly from the Prime Minister of the Bahamas, Philip Davis, who shared the news during a courtesy visit by Ambassador Benaoyagha Okoyen, the High Commissioner of the Federal Republic of Nigeria to the Commonwealth of The Bahamas. In a statement released by the Nigerian Embassy in Havana, it was confirmed…
Union Bank of Nigeria, in its commitment to impart financial knowledge to young individuals, has recently partnered with a non-governmental organization known as Yellow Cowrie to organize an enriching Brainee Financial Literacy Quiz Competition. This event, which took place at The Stable, the bank’s Sports Club located at 45 Bode Thomas, Surulere, brought together 150 enthusiastic students from 75 public secondary schools in Lagos. The participants engaged in a series of fun and engaging quiz games that were designed to educate them on crucial concepts related to financial planning and money management. Throughout the day, interactive and captivating competition formats…
The Nigerian Communications Commission (NCC) has underscored the significant opportunity for fintech growth in Nigeria, spurred by the remarkable growth in mobile subscriptions, which reached a staggering 220.7 million in August. Dr. Aminu Maida, the Executive Vice Chairman and Chief Executive Officer (EVC/CEO) of NCC, highlighted this opportunity during his keynote address at the 2023 edition of the annual Nigeria Information Technology Reporters Association (NITRA) FinTech Forum. The theme of the forum was “Harnessing Nigeria’s Fintech Potential: Challenges and Opportunities.” Dr. Maida emphasized that the vast subscriber base in the telecommunications sector presents an extensive market for fintech companies to…
Seplat Energy has recently disclosed that the Assa North Ohaji South (ANOH) project, originally scheduled for completion in the third quarter of 2024, has encountered additional delays. This information was unveiled within the company’s unaudited financial statements for the third quarter of 2023. The delays have primarily arisen in the context of two critical infrastructure projects managed by third-party entities, namely the OB3 pipeline and the Spur line. The official report from Seplat Energy elucidates this situation: “ANOH first gas now expected in 3Q-2024. Further delays during construction of the project, particularly the two critical infrastructure projects managed by third…
Imo State Plunged into Darkness Following Attack on NLC President In recent developments, residents of Imo State are grappling with an unexpected power outage that has thrown their daily lives into disarray. This blackout stems from a distressing incident that occurred on Wednesday, November 1, when Joe Ajaero, the President of the Nigeria Labour Congress (NLC), was subjected to brutalization within the state. The National Union of Electricity Employees (NUEE) issued a directive on that fateful day, instructing all electricity workers to halt their services. This directive was a direct response to the heinous attack on Joe Ajaero, coupled with…
Layer3, a prominent provider of cutting-edge cloud and network technology solutions, is excited to announce its strategic partnership with the Internet eXchange Point of Nigeria (IXPN), a collaboration that promises to revolutionize the digital landscapes of two vibrant Nigerian cities, Abuja and Kano. This collaboration is poised to enhance the lives of residents in these culturally rich cities by providing them with improved access to popular online entertainment services, including Netflix. Abuja and Kano, two of Nigeria’s most significant urban centers, stand at the cusp of a digital transformation, and Layer3’s synergistic alliance with IXPN is set to make the…
The Nigerian railway workers are poised to engage in a conflict with the Imo State Government following the violent attack on Mr. Joe Ajaero, the President of the Nigeria Labour Congress (NLC) on Wednesday. These dedicated workers, who are members of the Nigeria Union of Railway Workers (NUR), have expressed their unwavering commitment to follow any directives issued by the NLC in response to the assault on Ajaero. Characterizing the attack as barbaric and allegedly orchestrated by the Imo State Government, Comrade Segun Esan, the Secretary General of NUR, condemned the assault and the purported kidnapping of Ajaero. He firmly…
MTN Nigeria Plc has unveiled its proposal for issuing series 8 and 9 Commercial Papers (CP) with a total value of up to N52.896 billion. This initiative falls under the company’s broader N250 billion issuance program, and its intentions have been made public in a notification to the Nigerian Exchange Limited, as reported by Infostride News. Uto Ukpanah, the Company Secretary at MTN Nigeria Communications Plc, officially announced the proposed CP issuance. The primary objective behind this financial move is to diversify the company’s financing options. The raised capital will be allocated for short-term working capital requirements and to fulfill…
Dun & Bradstreet is excited to announce its latest endeavor in Nigeria, marking a significant expansion of its product offerings. In partnership with Infostride News, we are introducing two groundbreaking solutions – D&B Finance Analytics and D&B Risk Analytics. These innovative products are designed to revolutionize financial operations and enhance third-party risk management for businesses across the region. Both D&B Finance Analytics and D&B Risk Analytics are powered by the robust D&B Data Cloud, which encompasses a staggering 520 million+ data records and provides crucial insights into over 340 million shareholders. This wealth of data forms the backbone of these…
Two of Nigeria’s major mobile network operators, MTN and Airtel, have reported substantial earnings from data services in the third quarter of 2023, demonstrating the surging demand for data consumption in the country. During this period, MTN, the largest telecom operator in Nigeria in terms of subscriber numbers, raked in an impressive N279.5 billion in data revenue, marking a significant 38.9% increase compared to the N201.1 billion it recorded in the same period the previous year. Similarly, Airtel Nigeria, a subsidiary of Airtel Africa, reported data subscription earnings of N123.7 billion (equivalent to $157 million) in the same quarter, reflecting…
TotalEnergies, a prominent oil major, has demonstrated its unwavering commitment to the development and welfare of its host communities by fully funding its host community development trust with an impressive sum of $15 million. This remarkable initiative was disclosed by Engr. Gbenga Komolafe, the Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), during a pivotal meeting held on Monday, October 30. Mathieu Bouyer, the Managing Director of TotalEnergies, led a delegation of company officials to NUPRC, where discussions revolved around topics ranging from decommissioning and abandonment funds to the forthcoming projects in their area of operations. Engr. Komolafe,…
In continuation of its impressive financial performance throughout the fiscal year, United Bank for Africa (UBA) Plc, often referred to as Africa’s Global Bank, has announced remarkable unaudited financial results for the third quarter ending on September 30, 2023. This performance has exhibited substantial growth across all vital performance metrics, reinforcing the success achieved in the previous two quarters. **Gross Earnings Soar** UBA’s gross earnings for the third quarter of 2023 surged by a substantial 115.2 percent, reaching a staggering N1.309 trillion. This is a significant jump from the N608 billion recorded in the same period the previous year. The…
The wealthiest individual on the planet, Elon Musk, has witnessed a dramatic shift in the valuation of his social media enterprise, X. As of Monday, the company internally assessed its value at $19 billion, marking a considerable decline from the $44 billion that Musk expended to acquire it in October 2022. This assessment underscores a $25 billion reduction in the company’s perceived worth. This significant drop in valuation has been attributed to a series of transformative changes that have transpired within X since Musk’s acquisition. A substantial portion of the workforce at Twitter, which was the company’s previous name, either…
Morgan Stanley and RBC Capital Markets have emerged as the frontrunners in the realm of mergers and acquisitions (M&A) financial advisory services within the oil and gas sector for the initial three quarters of 2023, both in terms of the total value and the volume of transactions. This recognition has been substantiated by a recent report from GlobalData, a reputable source for data and analytics. GlobalData’s comprehensive financial advisers league table evaluates and ranks financial advisory firms based on their involvement in M&A transactions, quantifying the importance of their contributions in both value and volume. The data derives from GlobalData’s…