The Lagos State Government, in collaboration with the Central Business District (CBD), LASTMA, the army, and the police, conducted a joint operation on Friday to clear vehicles parked on several bridges in Lagos Island, including Ebute Ero, Idumota, and Carter Bridges. This action is part of the state government’s ongoing efforts to remove vehicles parked on bridges within the Lagos Island business district. In addition to addressing the issue of vehicles parked on bridges, the operation also targeted heavy-duty vehicles parked beneath the Iddo Bridge. Lorries and trucks that were illegally parked on the triangular layby at Iddo, opposite the…
Author: Temitope Nlewemchi
In a concerted effort to fortify food security within Lagos State, the government recently unveiled two agro-processing centers within the Ikorodu Local Government Area. This development was announced by the Lagos State Commissioner for Agriculture, Ms. Abisola Olusanya, during the official inauguration of these facilities. The two agro-processing centers in question are the Cottage Broiler Processing Centre located in Itamaga and the Egg Aggregation Centre situated in Erikorodo, both within the Ikorodu region. These projects were initiated under the aegis of the Lagos Agro-Processing, Productivity Enhancement and Livelihood Improvement Support (APPEALS) Project. Commissioner Olusanya emphasized that this inauguration underscores the…
The Canadian Minister of Immigration, Refugees, and Citizenship, Honorable Marc Miller, has recently unveiled a comprehensive set of measures aimed at enhancing Canada’s International Student Program and protecting legitimate students from the perils of fraud. The objective is to ensure the integrity of the program and address the challenges international students have faced. In response to investigations concerning fraudulent admissions letters, an IRCC task force was established in June, collaborating with the Canada Border Services Agency (CBSA) to review the cases of affected students and graduates. The primary goal of this collaborative effort was to prevent legitimate students from being…
The African Development Bank (AfDB) has revealed that its commitment to funding development projects in Nigeria stands at a substantial $4.4 billion, making it the largest funding allocation in the African region. This announcement was made by Mr. Lamin Barrow, the Country Director of AfDB, during a recent Joint Country Portfolio Performance Review meeting held in Abuja. The meeting brought together representatives from the AfDB and the Ministry of Finance, International Economic Relations department, to assess and discuss the progress and performance of ongoing projects. Mr. Barrow also commended the Nigerian federal government for its recent series of policy reforms,…
The Kano State government, under the leadership of Governor Abba Kabir Yusuf, has recently taken a significant step towards alleviating the financial burden faced by retired civil servants in the state. In a move that reflects the administration’s commitment to addressing long-standing issues related to unpaid gratuities, the government has set aside approximately N6 billion to pay the outstanding gratuities of around 5,500 retired civil servants. This substantial allocation of funds for gratuity payments demonstrates the state’s dedication to fulfilling its obligations to retirees who have served the public diligently. Governor Abba Kabir Yusuf made this announcement during a recent…
InfoStride News reported that the Lagos State Government has reopened the Alaba International Market and some markets at the Trade Fair Complex in Ojo. These markets were temporarily closed earlier this month due to concerns about improper waste management and other environmental infractions. Mr. Tokunbo Wahab, the Lagos State Commissioner for the Environment and Water Resources, made the announcement regarding the reopening. He emphasized that the decision to close the markets had no ethnic or political motives. It was primarily taken to ensure a clean and healthy environment around business facilities. Wahab highlighted that the closure was a proactive step…
The Kano State House of Assembly has given its approval for Governor Abba Kabir Yusuf’s request to secure a N4 billion loan from the Central Bank of Nigeria (CBN) to complete the Tiga Independent Power Plant project. This decision was reached during a plenary session after the Leader of the House, Lawan Hussaini (NNPP- Dala), presented a motion endorsing the governor’s loan request. This development was reported by the News Agency of Nigeria. In his presentation, Lawan Hussaini explained that the loan, characterized by a single-digit interest rate, is poised to have a positive impact on Kano State’s economy. Furthermore,…
Mr. Ugodre Obi-Chukwu, the founder of InfoStride News, recently emphasized the pivotal role of the real estate sector in Nigeria’s economic growth during his participation as a guest speaker at the Real Estate Nexus Conference (1.0). The conference featured a discussion on the “Forecast for Real Estate Financing in Nigeria,” and Mr. Ugodre shared his insights on the importance of real estate as the foundation of economic development. In his address, Mr. Ugodre emphasized that the real estate sector should serve as the cornerstone of Nigeria’s economic growth, much like in developed economies. He pointed out that there is no…
The Presidential candidate of the Peoples Democratic Party (PDP) in the 2023 general election, Atiku Abubakar, is scheduled to hold a press conference on Monday, October 30, 2023, to address significant national issues. This announcement comes just 48 hours after the Supreme Court dismissed Atiku’s appeal against the Independent National Electoral Commission’s (INEC) declaration of President Bola Tinubu as the winner of the February 2023 presidential election, citing a lack of merit in the appeal. A statement issued by the PDP Publicity office on Saturday, October 28, 2023, revealed that this press briefing will focus on matters of utmost importance…
The federal government of Nigeria has devised a strategic plan to securitize approximately $7 billion in dividends stemming from the Nigerian Liquefied Natural Gas (NLNG). This initiative is aimed at bolstering the country’s foreign exchange reserves and stabilizing the national currency, the naira. The plan involves partnering with a consortium led by Standard Chartered Bank and securing an emergency loan from the African Export-Import Bank (Afreximbank). Infostride News has learned that these efforts are overseen by the Federal Ministry of Finance Incorporated, which holds shares in the NLNG. The revelation of this plan came from an official at NLNG, who…
ExxonMobil, one of the world’s largest multinational oil and gas corporations, has recently completed a monumental transaction that has reverberated throughout the energy sector. In a remarkable move, ExxonMobil secured its position as a major player in the industry by acquiring Pioneer Natural Resources for a staggering $60 billion, marking it as the most significant deal of this century. This acquisition sends shockwaves throughout the energy sector, raising questions about ExxonMobil’s future strategies, its potential for further mergers and acquisitions, and the industry’s overall direction. Despite the immense size of this deal, ExxonMobil’s financial results have left investors and industry…
Ken Aghoghovbia, the Deputy Managing Director of the African Reinsurance Corporation, emphasized the critical role of the International Trade Administration’s estimates, revealing that Nigeria heavily relies on approximately $10 billion worth of imports to bridge the gap in its food and agricultural production. This revelation was made during his address at the Africa Reinsurance Corporation Agriculture Workshop, a pivotal event that unfolded in Lagos on a Wednesday. This two-day gathering, meticulously organized as part of the International Finance Corporation Technical Assistance Provider mandate for the Nigeria Climate Insurance project, effectively brought together key stakeholders from the agricultural insurance industry in…
The Nigerian Exchange Limited experienced sustained bearish sentiments for the second consecutive day as the market reacted to the recent judgment by the Supreme Court regarding the 2023 general elections cases. This development led to a loss of N67 billion off the market capitalization, creating a significant impact on the local bourse. These events have captured the attention of investors and market analysts, highlighting the volatility of the financial market. The decline in market capitalization can be attributed to a depreciation in the share values of several key companies. Some of the notable entities that contributed to this downturn include…
Infostride News has reported that Stears, a data-driven insights provider, has issued a concerning forecast for Nigeria’s inflation rate, predicting that it may surge to 30 percent by December 2023. This alarming projection was revealed as part of Stears’ Pan-African inflation forecasts, which are based on a thorough analysis of various factors influencing inflation, both general and specific to each country. According to Stears’ Head of Insights, Fadekemi Abiru, the exchange rate premium, which represents the difference between official and parallel exchange rates, witnessed a significant increase in September, reaching 25.2 percent. This substantial rise from August indicates a growing…
The Securities and Exchange Commission (SEC) has, once again, demonstrated its unwavering commitment to a visionary goal: the achievement of 50 listings of Shari’ah-compliant products with a combined market capitalization of approximately N5 trillion by 2025. The ambition of this mission was reiterated by Mr. Lamido Yuguda, the Director-General of the SEC, during a recently held capacity-building workshop in Abuja. The event was specifically tailored to enhance the skills and expertise of local Shariah talent specializing in the non-interest capital market – level II. At the workshop, Mr. Dayo Obisan, the Executive Commissioner of Operations, represented Mr. Yuguda and underlined…
Ellah Lakes Plc has proudly announced the receipt of regulatory approval from the Securities and Exchange Commission (SEC) for a momentous financial undertaking—an additional capital infusion of N2.90 billion through a rights issue. This monumental development was shared through an official statement submitted to the Nigeria Exchange Limited (NGX), further solidifying Ellah Lakes’ commitment to its growth and expansion strategies. The official communication, signed by OAKE Legal (Company Secretary), outlines the pivotal details of this significant financial maneuver. Ellah Lakes is initiating a Rights Issue comprising 1,000,000,000 Ordinary Shares, each valued at 50 Kobo, with an offering price of N2.90…
Infostride News reported that the Debt Management Office (DMO) of Nigeria has obtained budgetary approval for external debt borrowing totaling N1.7 trillion. This significant announcement was made by Ms. Patience Oniha, the Director General of DMO, during the 2023 Annual Business Summit of the Capital Market Solicitors Association (CMSA) held in Lagos. The budgetary approval corresponds to approximately $2 billion when converted to the official exchange rate. Speaking at a fireside chat as part of the summit, which focused on “Recent Developments in Sub-Saharan African Sovereign Debt: Implications for Nigeria,” Oniha provided insights into the country’s external borrowing plans and…
The head of the United States Securities and Exchange Commission (SEC), Gary Gensler, has issued a stark warning about the urgent need for financial regulators to address the potential risks associated with the concentration of power in artificial intelligence (AI) platforms. Gensler’s apprehension stems from his belief that, without prompt intervention, the widespread adoption and application of AI could potentially trigger a financial crisis within the next decade. In his recent statements reported by Infostride News, Gensler emphasized the critical importance of shaping AI regulations to mitigate these risks. He acknowledged that crafting suitable regulations for AI represents a formidable…
Transnational Corporation Plc (Transcorp) has reported its financial performance for the third quarter of 2023, showcasing both positive and challenging aspects. This renowned conglomerate, as disclosed in its financial statements for the period ending September 30, 2023, demonstrated resilience in the face of economic fluctuations and operational dynamics. In Q3 2023, Transcorp achieved a profit before tax (PBT) of N7.64 billion, representing a modest 1.8% year-on-year growth when compared to the same quarter in 2022. This positive result speaks to the group’s ability to navigate the complexities of the business environment and generate profits even in the face of challenges.…
Infostride News witnessed a decline in the exchange rate in Nigeria, affecting both the official and parallel markets on the day the Supreme Court upheld Bola Ahmed Tinubu’s victory in the presidential election. This event triggered various reactions in the financial and political landscape of the country. In the parallel market, where traders provide unofficial exchange rates, the value of the naira against the dollar took a significant hit, plummeting to an unprecedented low of N1,300 to the dollar. This sharp decline raised concerns about the stability of Nigeria’s unofficial foreign exchange market. On the other hand, the official NAFEX…