Seplat Energy, as reported in its Q3/2023 financial statements, released on October 30, 2023, has witnessed a significant uptick in its oil production, a testament to the company’s commitment to excellence in the energy sector. In this report, we will delve into the specifics of Seplat’s impressive performance over the first nine months of 2023 and analyze the factors contributing to its success. Seplat Energy, a prominent player in the energy industry, has demonstrated its capacity to achieve remarkable milestones. In the first three quarters of 2023, the company reported an impressive oil production figure of 7.7 million barrels. This…
Author: Temitope Nlewemchi
DSTV’s recent decision to raise subscription fees from N24,000 to N29,000 has ignited a significant backlash within its Nigerian customer base. The move has drawn sharp criticism, and many subscribers are expressing their dissatisfaction, primarily due to what they perceive as a lack of corresponding improvements in service quality. One disgruntled user, Prosper, vented his frustration by stating, “Hotels, companies, etc., are the reason DSTV is behaving like gods with this very useless increment they just did. Why pay so high and get almost no value of what you’re paying? Is it the old and repeated movies, even the cartoons…
Tower Alloys Industries has successfully acquired a significant stake in Aluminum Extrusion Industries Plc, securing 67.55% of the company’s issued share capital. This monumental development was formally disclosed in the official announcement presented to the Nigerian Exchange Limited and is documented by Infostride News. The acquisition is a result of substantial shifts in the ownership structure of Aluminum Extrusion Industries Plc. DCSL Corporate Services Ltd, the appointed company secretaries, have issued an official statement regarding this strategic move, which reads as follows: “We hereby announce to the public and our esteemed stakeholders that Aluminum Extrusion Industries Plc has received official…
Infostride News has learned that the Nigerian National Petroleum Company Limited (NNPCL) is set to initiate a significant partnership with the Dangote Refinery, marking a significant development in the country’s oil industry. According to a report by Reuters published on November 2, 2023, NNPCL is planning to supply crude oil to the Dangote Refinery starting in December 2023. The report provides insights into the nature of this collaboration, citing information from sources within NNPCL and Dangote Refinery. NNPCL intends to deliver up to six shipments of crude oil to the Dangote Refinery, totaling 200,000 barrels per day, as part of…
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) is taking a proactive stance to ensure the enforcement of crude supply obligations to local refineries, a critical step in fostering a more stable and self-reliant petroleum industry. Engr. Gbenga Komolafe, the Chief Executive of the NUPRC, made this announcement during a meeting with crude suppliers in Abuja on November 1, 2023. One of the primary goals of the NUPRC is to uphold the domestic crude oil supply requirements outlined in the Petroleum Industry Act (PIA) of 2021. This commitment is essential to ensuring an adequate and consistent provision of crude oil to…
The Government of Ogun State has unveiled an ambitious plan to establish a state-of-the-art Compressed Natural Gas (CNG) refilling station in the Obada Oko area of the state. This significant development was formally announced by the dynamic Governor of Ogun State, Dapo Abiodun, in a series of tweets shared through his Twitter handle, @dabiodunMFR, on a Thursday. Governor Abiodun articulated the rationale behind this move, which is aimed at streamlining the refueling process for the CNG-powered buses that recently commenced their operations within the state, marking a pivotal moment in Ogun State’s transportation landscape. He emphasized that the primary objective…
Rwanda, the latest African nation to embrace the ideals of continental unity and open borders, has officially declared that all Africans will be granted unrestricted entry into its territory, without the need for a visa. President Paul Kagame made this historic announcement during a summit in Kigali, the capital of Rwanda, underscoring the nation’s dedication to facilitating the free movement of people and goods within the continent. This remarkable decision aligns with a growing trend in Africa, echoing the principles of the Schengen zone in Europe, and is expected to have far-reaching implications for tourism, trade, and regional cooperation. President…
In a recent webinar discussion hosted by Olamide Olajolo, the Managing Director of Coronation Insurance Plc, the critical role of insurance in promoting financial inclusion was brought to the forefront. Moderated by CNBC Africa Anchor Wole Famurewa, the panel of experts, which included Adedeji Olowe, Founder and CEO at Lendsqr; Babatunde Akin Moses, CEO of Sycamore.ng; and Yemisi Isidi, CEO of Triift Africa, delved into the significance of insurance in protecting both businesses and individuals’ hard-earned cash. The discussion centered on the essential role insurance plays in mitigating risks and ensuring financial stability in a volatile market where a single…
Norrsken22, the Africa-focused venture capital firm, has successfully secured $205 million in funding for its tech investment endeavors on the continent. What makes this achievement particularly remarkable is the extensive support it received from more than 30 unicorn founders and a variety of influential institutions. These key backers include renowned names such as Olugbenga Agboola of Flutterwave, Niklas Zennström, the co-founder of Skype, and Niklas Östberg, the founder of Delivery Hero. In addition to these unicorn founders, other notable investors contributing to Norrsken22’s fund include Standard Bank Group Ltd., Norfund, British International Investment, the International Finance Corporation, and the US…
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…
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…