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…
Author: Temitope Nlewemchi
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…
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…
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…