Author: Temitope Nlewemchi

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…

President Bola Tinubu, in a remarkable move aimed at addressing the pressing need for decent, quality, and affordable housing for all Nigerians, has given the green light for the construction of 34,500 homes across the nation. This monumental announcement was made by the Minister for Housing and Urban Development, Ahmed Dangiwa, during a momentous meeting with Taraba State Governor Agbu Kefas, held at the ministry headquarters in Abuja. This ambitious and promising project, aptly named “Renewed Hope Cities,” is envisioned to encompass a wide variety of housing options, ranging from cozy one-bedroom bungalows to multi-level flats, all tailored to cater…

Investors in the local equity market experienced a collective wealth reduction of N156 billion by the close of trading last week, as profit-taking and selling sentiments prevailed. This decline in market performance came amidst anticipation and response to significant economic indicators and corporate earnings reports. The week’s trading sessions were characterized by reactions to the latest inflation data released by the National Bureau of Statistics, which reported a concerning 26.72% inflation figure for September. Additionally, investors were eagerly waiting for forthcoming corporate earnings reports, which would provide valuable insights into the forthcoming Q3 Gross Domestic Product figures and full-year results…

Unilever Nigeria Plc, a prominent consumer goods manufacturer, reported substantial growth in its financial performance for the period ending September 30, 2023. According to the unaudited interim financial statements released on Friday and filed with the Nigerian Exchange Limited, the company achieved a remarkable increase in its revenue, marking a significant upswing of 25.95 percent. Unilever Nigeria’s revenue surged from N64.768 billion recorded within the corresponding period in 2022 to an impressive N81.576 billion in 2023. This substantial revenue growth reflects the company’s continued commitment to delivering value to its stakeholders and serving the evolving needs of its consumer base.…

Infostride News reports that the Federation Account Allocation Committee (FAAC) has recently disbursed a total sum of N903.48 billion to the three tiers of government for the month of September 2023. This revelation was made during FAAC’s latest meeting, which was chaired by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun. This allocation marks a significant decrease compared to the previous month, August 2023 when a total of N1.1 trillion was distributed. Notably, this decrease represents the first decline in revenue since May. According to reports from Infostride News, the breakdown of the allocation for September…

Former President Olusegun Obasanjo has passionately called upon the Federal Government to prohibit the importation of Chinese adire into the country, citing the urgent need to safeguard the local adire market from potential “bastardization” at the hands of the Chinese. In a compelling appeal, Obasanjo implored the government to exhaust all possible measures to preserve the local production of adire and, by extension, all other goods that could be manufactured within the country’s borders. The elder statesman made this impassioned plea during his opening remarks on Monday in Abeokuta, the capital of Ogun State, as part of the ‘Canada Trade…

The Federal Government is set to implement a bold move to streamline its public workforce and enhance financial transparency. As reported by Infostride News, this initiative involves suspending the salaries of public officers whose records cannot be verified on the Integrated Personnel and Payroll Information System (IPPIS). The decision was officially announced in a statement by the Head of the Civil Service of the Federation, Dr. Folasade Yemi-Esan. The move to suspend salaries comes after Infostride News had previously reported that an extension was granted to workers to verify their personal information, with the threat of salary seizure for October…

Infostride News can confirm a startling 60% price hike in Liquefied Natural Gas (LNG) or cooking gas at terminals during the month of October. At the beginning of the month, the cost of 20 metric tons of cooking gas at the terminal stood at N10 million. However, by October 20, this price had surged to N14 million per 20 metric tons, and shockingly, a circular obtained from the market revealed that by October 21, the price further soared to N16 million for the same quantity. This represents an alarming 66% increase in price within a single month. The circular, obtained…

On a momentous day in Kaduna State, Senator Uba Sani, the Governor of the state, took center stage to inaugurate a groundbreaking development that has the potential to transform the landscape of the region. This momentous occasion marked the official launch of the first Liquefied Compressed Natural Gas (L-CNG) station established by Greenville LNG, located in Kakau, Kaduna State. The inauguration ceremony, which took place on a Tuesday, was not just a symbolic gesture; it signified a significant stride towards economic growth, job creation, and energy security in the state. Governor Uba Sani, in his address at the inauguration, expressed…