Infostride News reported that the National Agency for Food and Drugs Administration and Control (NAFDAC) has issued a public notification regarding the recalled G-Fuel brand Energy drinks distributed by T&E Imports and GPAE Trading Corp, citing elevated levels of caffeine as the cause for concern. In a concerted effort to address the issue, both T&E Imports and GPAE Trading Corp have initiated a recall of these energy drinks due to the presence of excessive caffeine, which has been known to lead to disturbances in the nervous system. It is important to note that NAFDAC’s awareness of this situation was further…
Author: Temitope Nlewemchi
The Federal Executive Council (FEC) has given its nod to a supplementary budget of more than N2 trillion for the fiscal year 2023, marking the second such budget for the year. This significant decision was reached during the council’s weekly meeting, with President Bola Tinubu at the helm. The Minister of Budget and Economic Planning, Senator Abubakar Bagudu, made the announcement following the FEC meeting in Abuja while briefing State House Correspondents. This supplementary budget comes as the government had initially proposed a budget of N26 trillion for the year 2024, which is scheduled for presentation to the National Assembly…
The House of Representatives has taken a significant step by making a pivotal adjustment to the 2023 supplementary budget. In an announcement made by the Chairman of the House Committee on Appropriation, Abubakar Bichi (APC, Kano), it was revealed that the contentious allocation of N5 billion for a presidential yacht has been removed from the budget. Instead, the funds originally earmarked for this luxury expenditure have been reallocated towards a much more pressing and meaningful cause – student loans. This momentous decision came to light on Thursday, November 2, following the successful passage of the N2.17 trillion supplementary budget by…
The Country Director for Nigeria at the World Bank, Shubham Chaudhuri, recently unveiled the organization’s substantial financial commitment to both the federal and sub-national levels of the Nigerian government. This momentous announcement occurred at the inception of a three-day cabinet retreat, which was attended by esteemed ministers, presidential aides, permanent secretaries, and senior government officials. The retreat was held at the State House Conference Centre in Abuja, underlining the gravity of the matters at hand. Chaudhuri’s address carried an air of significance, as he highlighted Nigeria’s current position at a pivotal juncture. The nation is faced with a momentous decision—whether…
Infostride News – The chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has issued an order to cease all nighttime sting operations conducted across all EFCC commands. This directive aligns with the revised procedures governing the arrest and bail of suspects. The announcement came in response to the recent arrest of 69 suspected internet fraudsters by EFCC operatives from the Ibadan Zonal Commission in Ile-Ife, Osun State. Mr. Olukoyede emphasized the commission’s commitment to upholding the rule of law in the execution of its responsibilities, underscoring the importance of this commitment to the public. He directed the…
British International Investment (BII), the United Kingdom’s development finance institution and impact investor, has unveiled a substantial commitment of $26.5 million to AFEX, Africa’s premier commodities platform. This financial infusion represents a significant step toward fostering positive change in Africa’s agricultural sector, with a primary emphasis on empowering smallholder farmers and fortifying food security across the continent. AFEX presently boasts an extensive network of over 200 warehouses across Nigeria, Kenya, and Uganda, and it serves as a critical resource for more than 450,000 farmers. The newfound collaboration between BII and AFEX has been officially solidified, with esteemed attendees including the…
The Federal Government is poised to allocate a substantial sum of N610 billion for temporary wage awards to federal civil servants and the implementation of a conditional cash transfer program aimed at assisting vulnerable individuals and households. This development is outlined in the proposed supplementary budget for Ministries, Departments, and Agencies (MDAs), as reported by Infostride News. Within the framework of this supplementary budget, it is anticipated that the temporary wage award for a duration of four months will incur a cost of approximately N210 billion. Simultaneously, the conditional cash transfer program is expected to consume N400 billion of the…
According to a recent survey conducted by Piggy Vest, a financial technology savings and investment company, it has been revealed that the desire to relocate out of Nigeria, often referred to as “Japa,” is emerging as the primary financial goal for Generation Z. This shift in financial priorities sheds light on the growing trend of emigration among Nigerians, particularly the younger generation, who are increasingly seeking better economic opportunities and professional growth abroad. Over the past two years, the topic of emigration has gained significant attention, both in online and offline discussions, reflecting a palpable yearning among Nigerians to explore…
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…
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…