In the ever-evolving landscape of business transactions, the importance of security and trust cannot be overstated. Nowhere is this more evident than in the realm of real estate, a sector replete with complexities, fraud, and risks, accentuating the need for secure and transparent solutions to underpin its operations. In response to this pressing need, Trustcrow, an innovative fintech startup, has embarked on a mission to redefine the way we conduct transactions in the real estate industry and beyond. Trustcrow unveiled its groundbreaking digital escrow platform during a soft launch event held at the prestigious Landmark Towers on the 2nd of…
Author: Temitope Nlewemchi
Infostride News reports that Skymark Partners Limited, a private investment company dedicated to nurturing wealth and investment opportunities in strategic sectors of Nigeria’s growing economy, has proudly declared the successful maturity and redemption of its Series 10 and 12 Commercial Papers (CPs) as part of its NGN10 billion Commercial Paper Programme. The NGN2.31 billion Series 10 Commercial Paper, which had a tenor of 182 days and was issued and listed on the FMDQ Securities Exchange in May 2022, reached maturity on October 31, 2023. On the other hand, the NGN0.91 billion Series 12 CP, with a tenor of 91 days,…
Fidelity Bank Plc’s eminence in the field of exports has once more been resoundingly affirmed, as the bank was honored with the title of “Export Finance Bank of the Year” at the prestigious BusinessDay and Other Financial Institutions (BAFI) Awards 2023. This accolade was conferred upon Fidelity Bank during an illustrious dinner event held on the evening of Saturday, October 28, 2023, at the Lagos Continental Hotel, situated in the heart of Victoria Island, Lagos. The BAFI Awards, in its 10th edition, stand as a beacon of excellence within the Nigerian financial services sector, an acknowledgment and celebration of organizations…
Mr. Darlington Onyeagoro, the Chief Executive Officer of Aladdin Digital, expressed his views on the evolving landscape of the fintech sector in Nigeria during an interview on Business Half Hour, a radio show on Classic FM hosted by Infostride News. He highlighted the saturation of the market with numerous players offering similar services and the need for fintech companies to explore opportunities beyond Nigeria, specifically in the broader African context. As Mr. Onyeagoro pointed out, the Nigerian fintech arena has become a “red ocean,” a space where competition is fierce, and the challenge lies in differentiating oneself from the myriad…
MetaMask, in collaboration with Blockaid, a prominent web3 security provider, has unveiled a groundbreaking security feature that will revolutionize the way users interact with the web3 ecosystem. This innovative security alert system is designed to proactively prevent malicious transactions, safeguard users against scams, phishing attempts, and hacks, all while preserving their privacy. This significant development marks a watershed moment in the world of decentralized finance and self-custody web3 wallets. MetaMask, developed by Consensys, has consistently been at the forefront of innovation in the blockchain and cryptocurrency space. Partnering with Blockaid, they have taken a bold step towards enhancing user security…
The Central Bank of Nigeria has issued a clear and unequivocal statement, firmly dispelling any rumors and speculations regarding the redenomination of the country’s currency slated for January 2024. This assurance was communicated through a press release signed by the Director of Corporate Communication, Isa AbdulMumin, and published on the bank’s official communication channel. The Central Bank of Nigeria wants to emphasize that any information suggesting an impending redenomination of the Nigerian naira did not originate from the central bank itself. This clarification comes in response to a flurry of text messages circulating widely, creating unwarranted confusion among the public.…
Scientists have recently unveiled a groundbreaking Artificial Intelligence (AI) tool, known as Wysa, which has the potential to revolutionize mental health support and make a profound impact on individual well-being. This innovative AI-enabled solution empowers individuals to proactively manage and enhance their mental health, effectively preventing the progression of symptoms to severe levels. It is not just a time and resource-saving tool; it has the potential to save lives. Wysa, the AI-powered mental health tool, is poised to transform the landscape of healthcare and well-being, both in the mental and physical health domains. This discovery is a game-changer, offering numerous…
Sources have provided insights into why Dangote Refinery experienced a delay in commencing diesel and jet (aviation) fuel refining. These sources point to the inability of the Nigerian National Petroleum Company (NNPC) Limited to supply the refinery with the agreed-upon 300,000 barrels of crude oil per day, as per the initial arrangement. In September 2023, Devakumar Edwin, the Executive Director at Dangote Group, shared his ambitious plans for the refinery during an exclusive interview with S&P Global Commodity Insights. He mentioned the refinery’s target to initiate diesel and jet fuel refining by October 2023, followed by petrol refining in November…
Infostride News, formerly known as Nairametrics, reports that the Nigerian National Petroleum Company Limited (NNPCL) has disclosed a startling revelation of 144 crude oil theft incidents that occurred within a span of just 7 days. The announcement was made through the company’s official Twitter account on Tuesday, October 31. These crude oil theft incidents took place between October 21 and 27, spanning several locations in Nigeria, including Tori and Ogborode in Delta, Olodiama, Oporomor IV, and West Boma in Bayelsa, Imo State, Owaza in Ukwa, Abia, and Ahoada and Iba in Rivers state. This alarming series of events encompasses a…
MTN Nigeria Communications Plc witnessed a substantial year-on-year decline in its profit before tax during the third quarter of 2023. According to the financial report released by the group for the period ending September 30, 2023, the company’s profit before tax plummeted by a staggering 75.7% to N32.08 billion. This marks a considerable decrease compared to the N132.04 billion it recorded in the third quarter of 2022. While the profit before tax experienced a significant drop, MTN Nigeria’s revenue for the third quarter of 2023 stood at N614.2 billion. This represents a robust 21.4% year-on-year increase from the corresponding period…
German Chancellor Olaf Scholz emphasized the need for investment in Nigeria’s solid mineral sector to extend beyond mere extraction and encompass value addition within the country of origin. Chancellor Scholz made these remarks during a joint press briefing alongside President Bola Tinubu following an extensive meeting with Nigeria’s President and his team. He stressed the importance of economic development through the minerals present in Nigeria, urging investments that are both straightforward and beneficial to the country. Chancellor Scholz expressed concern about past practices that focused solely on extraction, emphasizing that a more comprehensive approach should be adopted to enable economic…
InfoStride News has reported that companies in the ICT sector, including data center operators and telecommunications firms, are facing significant operational cost increases in Nigeria. This challenge is due to factors such as general inflation, high energy costs, currency devaluation, and more. In a recent meeting between the Association of Licensed Telecommunications Operators of Nigeria (ALTON) and the Minister of Communications, Innovation, and Digital Economy, Engr. Gbenga Adebayo, Chairman of ALTON, highlighted the rising cost of doing business in Nigeria. This includes inflation, currency devaluation, difficulties in accessing foreign exchange at favorable rates, increased energy costs, and growing expenses related…
InfoStride News: Dive In, the celebrated festival promoting diversity, equity, and inclusion (DE&I) in the insurance industry, marked its fifth anniversary in Nigeria this year. Eminent industry leaders and DE&I experts convened to address the pivotal role of intersectionality in businesses and the need to eradicate biases and foster an inclusive culture across the Nigerian business sector to drive innovation. The “Driving Innovation in Insurance” virtual event, sponsored by Aon and held on Tuesday, September 26th, is now available to watch on the Dive In website until the end of October. Notably, the event is CPD certified and recognised by…
The African fitness sector is currently in a state of dynamic growth, driven by a rising number of fitness enthusiasts who are becoming increasingly health-conscious. This burgeoning interest in fitness is transforming the fitness business in Africa, which is poised for even more significant expansion in the coming years. Traditionally, African lifestyles have revolved around physical activities, but with the advent of technology and modernization, this has changed significantly. People have become more sedentary, leading to a rise in health issues such as obesity, heart disease, and diabetes. However, in recent years, the narrative has shifted, with Africans becoming more…
InfoStride News brings you the latest from LandWey Investment Limited, a key player in Nigeria’s residential and site development sector, as they continue to demonstrate unwavering commitment and excellence by handing over a new batch of homes from their prestigious Urban Prime residential project series to their esteemed customers. This significant event, which took place in Abraham Adesanya, Lekki-Ajah, Lagos, not only marks the completion of several new homes but also showcases LandWey’s resilience in the face of economic challenges in Nigeria’s real estate sector. Despite economic turbulence and inflation affecting the industry, LandWey remains undaunted. They are determined to…
In Q3 2023, MTN Nigeria’s payment service subsidiary, MoMo PSB, witnessed a remarkable 53.1% year-on-year surge in active wallet users, reaching a substantial 3.6 million users. This robust growth was disclosed in MTN’s Q3 financial statement, underscoring the company’s flourishing presence in the fintech sector. Comparing the growth quarter-on-quarter, MoMo PSB saw an impressive 16% increase in active wallets, marking a significant upturn from the 3.1 million active wallets recorded in the previous quarter. This expansion in the MoMo wallet user base played a pivotal role in bolstering MTN’s fintech business during the quarter. MTN reported that MoMo users now…
Shareholders of Seplat Energy Plc are set to receive an interim dividend of US3 cents per ordinary share of N0.50k each for the third quarter that ended on September 30, 2023. The announcement of this interim dividend payment came through the company’s corporate action communication submitted to the Nigerian Exchange Limited (NGX), as reported by InfoStride News. The Interim Dividend of US3 cents per ordinary share of N0.50k each is subject to appropriate withholding tax and will be paid to shareholders whose names appear in the Register of Members at the close of business on 10 November 2023. **Dividend Currency**…
An alarming incident unfolded on Sunday night at the Rivers State House of Assembly complex, where an explosion shook the premises and resulted in damages to some properties within the chamber. According to reports from InfoStride News, this explosion occurred at around 9:30 pm, and it was suspected to be the work of arsonists who threw an explosive device into the complex. The ensuing chaos led to a fire outbreak within the assembly building, causing significant concern and raising questions about the security and political climate in the region. The timing of this incident is particularly noteworthy, as it transpired…
Africa has emerged as a standout region for Toyota and Lexus, as the automaker reported impressive global sales growth of 8.3% in the April to September period compared to the previous year. Toyota achieved a historic high of 5,596,183 vehicles during this period, and the African market played a significant role in this achievement, with Toyota and Lexus sales soaring by a remarkable 22%. This growth rate in Africa was the highest among all regions. The Middle East closely followed with a 17% increase in sales, highlighting the widespread appeal of Toyota and Lexus vehicles in the region. North America…
The Federal Republic of Germany has committed €81 million to support the Economic Community of West African States (ECOWAS) in addressing various challenges, including insecurity, infrastructure gaps, and climate change. This significant financial contribution was announced by Omar Touray, the President of the ECOWAS Commission, during a press conference held in Abuja, where he welcomed Olaf Scholz, the Chancellor of the Federal Republic of Germany. Chancellor Scholz emphasized that the key areas of partnership with ECOWAS would focus on electricity, healthcare, peace, and security. He highlighted the importance of the collaboration in improving the well-being of ECOWAS member countries and…