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…
Author: Temitope Nlewemchi
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…
Shareholders of Nigerian companies holding foreign loans have voiced their deep concerns over the adverse impact of the escalating exchange rate on their anticipated dividends. The ongoing depreciation of the naira is resulting in elevated costs for businesses involved in importing essential raw materials and equipment, ultimately burdening consumers who are forced to bear the brunt of increased prices for imported goods and services. In light of this, shareholders are strongly advocating for the government to institute effective measures that can stabilize the exchange rate, foster export growth, and clamp down on illicit foreign exchange trading activities to ameliorate the…
Infostride News has recently released its coverage of Total Energies’ 2023 third-quarter financial results, which indicates a 48.02% year-on-year decline in pre-tax profits, bringing the total to N3.145 billion. This decline has subsequently impacted the nine-month pre-tax profit for 2023, which stands at N16.621 billion, down from N18.783 billion in the same period last year. Examining the key highlights for the third quarter of 2023 in comparison to the same period in 2022, the following data is available: – Revenue: N147.974 billion, representing a significant growth of 15.45% year-on-year. – Cost of sales: N126.889 billion, reflecting an 11.98% increase year-on-year.…
Heineken, the global beer maker, has reported a decline in its beer volumes in Nigeria and South Africa in its third-quarter report, alongside its projections for the year 2024. The company disclosed that it managed to increase its revenue in the third quarter, thanks to higher prices, even though demand slowed down in several markets due to rising inflation. Dolf van den Brink, the CEO of Heineken, explained in a statement that the volume decline in Nigeria and South Africa had a notable impact on the company’s overall performance in the Africa, Middle East, and Europe regions. He stated, “We…
The Delta State Executive Council has put forth a comprehensive budget proposal for the fiscal year 2024, amounting to a substantial N714.4 billion. This announcement was made by Mr. Sunny Edekeyan, the state’s Commissioner of Economic Planning, following a session of the Executive Council. The budget is a testament to the government’s commitment to fostering economic growth and development within the state. Breaking down the budget, it is evident that a significant portion, specifically N397 billion, has been allocated to capital expenditure. This allocation represents a substantial 56% of the total budget, highlighting the state’s dedication to investing in infrastructure…
The Labour Party (LP) has expressed strong reservations about the recent Supreme Court ruling that upheld the victory of President Bola Tinubu in the February 2023 presidential election. The party has voiced concerns about the perceived influence of the executive branch over the judiciary and legislature. During a press conference held after the Supreme Court’s dismissal of appeals by the presidential candidate of the Peoples Democratic Party (PDP), Atiku Abubakar, and the LP’s candidate, LP Chairman Julius Abure conveyed the party’s disappointment while emphasizing their determination to remain optimistic about the nation’s future. Abure asserted that the events that have…
In an extraordinary display of philanthropy, Femi Otedola, the Nigerian billionaire investor, major shareholder, Chairman of Geregu Power, and director of FBN Holdings Plc, has extended a generous hand by offering a remarkable N1 million scholarship to each of the 750 students at Augustine University. Taking on his role as the newly inaugurated Chancellor of Augustine University, Femi Otedola, in an acceptance speech filled with compassion and commitment, announced this scholarship program for students enrolled in the institution during the 2023/2024 academic session, which includes both fresh and returning students. This extraordinary gesture translates into a total scholarship donation of…
Dr. Oladele Alake, the Minister of Solid Minerals Development, has revealed that forthcoming reforms within the mining sector are geared towards separating genuine, long-term, and value-driven investors from those who aim to exploit the sector by extracting raw minerals for short-term gains. This transformative vision for the mining sector was highlighted by Mr. Alaba Balogun, the Ministry’s Head of Press and Public Relations, during the Mining Ministers Forum at the 2023 China Mining Week in Tianji, China. The Minister underscored the importance of these reforms, emphasizing that the new mineral development roadmap crafted by the government will effectively address the…
Infostride News recently reported on a pressing issue in Nigeria – the staggering annual production of 32 million tons of solid waste. This report highlighted a unique and innovative solution proposed by Kanayochukwu Odoe, the Managing Director of NNPC New Energy Limited. In a candid interview on the “Energy and You” weekly series organized by the Nigerian National Petroleum Company Limited (NNPCL), Odoe underlined the potential for actively recycling this waste to support the growth of renewable energy in Nigeria. In the interview, Odoe shed light on the pivotal role played by the NNPCL in advancing the country’s renewable energy…
In the second quarter of 2023, the Nigerian oil and gas industry experienced a significant setback, marking an unprecedented occurrence in the nation’s economic history. During this period, the once-thriving sector failed to attract any capital inflow from foreign investors, as revealed by an analysis of data from the National Bureau of Statistics (NBS). This development is indicative of a broader trend in the country’s economic landscape, characterized by dwindling foreign investment. Nigeria, in the second quarter of 2023, recorded a total of $1.03 billion in capital importation, which was slightly lower than the $1.13 billion recorded in the previous…
Infostride News has uncovered a rather intriguing development regarding the investors backing the recent $250 million lithium project. It appears that these investors are not affiliated with the well-known China-based companies that share the same name as these copycat entities, as detailed in an October 27 report by Bloomberg. Bloomberg’s investigation has revealed that Ganfeng Lithium Industry Ltd., Tianqi Lithium Industrial Ltd., and Ningde Era Industrial Ltd., three companies bearing remarkably similar names to established giants on the Shenzhen and Hong Kong stock exchanges, have no connection whatsoever with their Chinese namesakes. Instead, these copycat companies were recently founded and…
Senator Heineken Lokpobiri, the Minister of State for Petroleum Resources in Nigeria, recently highlighted the immense potential of Africa’s estimated 125 billion barrels of oil reserves as a significant asset base for driving development across the continent. He made these remarks at the 3rd African Local Content Roundtable, a conference organized by the African Petroleum Producers Organization (APPO) and hosted by the Nigerian Content Development and Monitoring Board (NCDMB) in Abuja, Nigeria. In his address, Senator Lokpobiri underscored the pivotal role that Nigeria is poised to play in the transformation of the African oil and gas industry. He expressed confidence…
The Federal Government, under the purview of the Ministry of Solid Minerals Development, has wholeheartedly expressed its unwavering commitment to collaborate with the renowned consulting firm, PricewaterhouseCoopers, in the comprehensive implementation of policies delineated within the seven-point roadmap aimed at catalyzing a paradigm shift in the solid minerals sector. A press release issued by the Special Assistant to the Honourable Minister of Solid Minerals Development, Segun Tomori, on a serene Sunday, has unequivocally highlighted this monumental commitment, emphasizing that the envisaged partnership will pave the way for a remarkable transformation of the solid minerals sector, ultimately propelling it to become…