The Nigerian Nuclear Regulatory Authority (NNRA) has achieved a significant milestone by securing a €1 million grant from the European Union (EU). This substantial grant is earmarked for the implementation of a groundbreaking international nuclear safety cooperation project, which is set to transform the landscape of radioactive waste management in Nigeria. This exciting development was reported in a recent article published by Infostride News on October 24. Dr. Yau Usman Idris, the Director General of the NNRA, has expressed his enthusiasm for this opportunity, emphasizing its potential to bring about a positive transformation in Nigeria’s nuclear safety and security practices.…
Author: Temitope Nlewemchi
Ekperikpe Ekpo, Nigeria’s Minister of State for Petroleum Resources (Gas), has underscored the significant role that the Petroleum Industry Act (PIA) plays in addressing the longstanding infrastructural challenges facing Nigeria’s gas sector. According to Ekpo, the PIA is a transformative milestone that is already making strides in bridging the infrastructure deficit, fostering an environment conducive to investment, and driving innovation in the gas industry. He made these remarks during the Domestic Gas and Gas Infrastructure Summit (DGGIS) held in Abuja on October 24. Ekpo emphasized that the implementation of the PIA has introduced strategic interventions like the Midstream and Downstream…
The International Energy Agency (IEA) recently released its October 2023 World Energy Outlook report, shedding light on the significant role the Dangote refinery could play in shaping the future of oil demand and production, particularly in African nations heavily reliant on imported refined energy products. In the report, the IEA highlights a crucial point: African countries have, for a considerable period, been dependent on imports of refined energy products. However, with the emergence of the Dangote refinery, boasting a colossal daily production capacity of 650,000 barrels, a glimmer of hope is ignited for the continent’s energy landscape. The excerpt from…
Guaranty Trust Holding Company Plc, commonly referred to as GTCO, has just unveiled its Unaudited Consolidated and Separate Financial Statements for the period that concluded on September 30, 2023. The financial results were released to both the Nigerian Exchange Group (NGX) and the London Stock Exchange (LSE). This is a significant disclosure that sheds light on the company’s financial performance and demonstrates its commitment to transparency. One of the standout achievements in these financial statements is the Group’s remarkable profit before tax of ₦433.2 billion. This figure represents an astonishing increase of 155.2% compared to the ₦169.7 billion recorded in…
The Nigerian Postal Service (NIPOST) is actively pursuing a collaborative partnership with the Federal Ministry of Interior, aiming to utilize the ministry’s facilities for the secure delivery of international passports and other crucial documents. This strategic initiative marks a significant development in the effort to enhance the operational capabilities of NIPOST and underscores the importance of inter-agency collaboration. Miss. Tola Odeyemi, the Postmaster General of the Federation and CEO of NIPOST, shared this intent during her courtesy visit to the Ministry of Interior’s headquarters in Abuja, where she met with Rt. Honourable Olubunmi Tunji-Ojo, the Minister of Interior. In an…
Nestle, Unilever, the Mahindra Group, and Volvo Cars, among a coalition of 131 corporations with a collective global annual revenue nearing $1 trillion, have united in a call to action directed at political leaders ahead of the upcoming United Nations climate summit. These corporate giants are urging a decisive commitment to phasing out fossil fuels, and their united voice resonates with a resounding call for global change. This joint initiative seeks to establish a clear and comprehensive timeline for the gradual elimination of fossil fuels, addressing not only the needs of more affluent economies but also focusing on providing essential…
The soaring cost of essential food items has become a pressing concern, with significant price hikes observed in numerous markets across Lagos State. Nigeria is currently grappling with a sharp increase in the prices of goods and services, impacting the lives of its citizens in various ways. For instance, the price of a 12.5kg cylinder of gas has surged by 44% in October 2023, with an average cost of N13,750 per cylinder. This marks a substantial rise in the expense of cooking gas and adds to the financial strain on households. Additionally, the price of a 50kg bag of foreign…
The court hearing pertaining to the lawsuit filed by Nigeria’s former Minister of Petroleum Resources, Diezani Alison-Madueke, against the Economic and Financial Crimes Commission (EFCC) for the final forfeiture of her seized assets has faced a postponement, with the new date set for December 7, 2023. Initially slated for October 23, 2023, the delay arises due to the absence of the presiding judge, Justice Inyang Ekwo. This legal case, formally identified as FHC/ABJ/CS/21/23, holds a significant role in the ongoing legal proceedings concerning Diezani Alison-Madueke’s assets. The delay comes after prior preparations in which both Alison-Madueke’s legal representative, Mr. Benson…
The Federal Executive Council (FEC) took a momentous step on Monday by giving its full endorsement to the establishment of a substantial $5 billion annual trust fund dedicated exclusively to humanitarian and poverty alleviation initiatives. This significant decision was announced during the weekly FEC meeting, which was presided over by President Bola Tinubu at the State House. The approval, communicated by President Tinubu to the cabinet members in attendance, signifies a resolute commitment to addressing critical social and economic issues in Nigeria. The move was received with optimism and enthusiasm, as it represents a substantial investment in the betterment of…
Seven months have passed since Azman Air suspended its flight operations, and as of today, the airline has not yet resumed its services. This unexpected suspension took place in March of this year and was attributed to a shortage of operational aircraft. The airline stated that all four of its planes were undergoing maintenance abroad, leaving them unable to continue regular flight operations. Furthermore, on August 3, 2023, Azman Air placed its staff on “leave without pay.” Despite the airline’s initial promise to return to full operations in the near future, nearly three months have elapsed, and there are still…
DLM Trust Company Takes on the Role of Escrow Trustee for Patricia Technologies Limited’s Customer Deposit Repayment Plan In a noteworthy development, Patricia Technologies Limited has appointed DLM Trust Company as the Escrow Trustee responsible for managing and disbursing customer deposit repayments. This partnership is geared towards ensuring a seamless and secure process for returning deposits to Patricia Technologies Limited’s valued customers. Commencing from November 20th, 2023, DLM Trust will initiate the first batch of repayments to Patricia Technologies Limited’s customers. This collaborative endeavor underscores the commitment of both entities to uphold trust, transparency, and financial responsibility, while safeguarding the…
The Federal Executive Council, during its recent meeting in Abuja, gave the green light for a substantial loan application of $3.45 billion. This allocation of funds will be dedicated to the advancement of the power and renewable energy sector and the extension of the Adolescent Girls Initiative for Learning and Empowerment (AGILE) project. Mr. Wale Edun, who serves as both the Minister of Finance and the Coordinating Minister of the Economy, unveiled this significant development. The financing, which spans five different projects, is characterized by a long-term commitment, with a 40-year tenure, and a generous 10-year moratorium period. These loans…
Efforts by the Nigerian cryptocurrency trading firm, Patricia Technologies, to transform its clientele’s assets into equity stakes within the organization have been met with resistance. Several customers who were contacted by Infostride News revealed that they received an offer letter, signed by Patricia’s founder, Hanu Fejiro. However, they expressed reluctance to endorse the agreement, as they perceived it as an act of relinquishing control over their funds. These customers are determined to have their converted crypto assets returned to them in the form of Patricia Coin, without the need for their explicit consent. Their stance is rooted in suspicions of…
In the October 2023 edition of the “Imperative of Cutting Methane from Fossil Fuels” report published by the International Energy Agency (IEA), it was revealed that Nigeria is taking bold steps to address the critical issues of gas flaring and methane emissions. The nation has set ambitious targets to bring about a significant reduction in these harmful environmental practices. This initiative aligns with the global transition towards cleaner energy sources and the urgent need to reduce fossil fuel consumption and associated emissions, all while ensuring the availability of consistent energy services. The IEA’s report highlights Nigeria’s commitment to mitigating the…
McKinsey and Company, a renowned global management consulting firm, has recently released its October 2023 Global Energy Perspectives report, which sheds light on significant trends and projections in the energy sector. In this report, McKinsey anticipates that the demand for fossil fuels, particularly oil and gas, will reach its peak before the year 2030. This revelation has far-reaching implications for the future of the energy industry on a global scale. The report underscores that, in all conceivable scenarios, total demand for fossil fuels is set to peak within the next decade. While the demand for coal is expected to undergo…
Johnvents Industries Limited, a homegrown agribusiness and manufacturing conglomerate, takes great pleasure in announcing the successful redemption of its obligation related to the N5.5 billion Series 1 commercial paper notes, which were originally issued in December 2022. The journey of Johnvents since its inception in 2016 has been nothing short of remarkable. It has witnessed exceptional growth, with its revenue skyrocketing from N2.8 billion in 2019 to a staggering N59 billion in 2022. This meteoric rise is not just limited to the financial aspect; the company has also significantly expanded its scope of services. It has evolved from a modest…
Lagos and Kano have emerged as the top two states with the highest number of beneficiaries slated for selection in the ongoing applications for the Federal Government’s 3 Million Technical Talent (3MTT) program. This groundbreaking initiative, designed to harness and nurture technical talent across Nigeria, has already generated substantial interest, with applications pouring in from all corners of the country. Information made available by the Minister of Communications, Innovation, and Digital Economy, Dr. Bosun Tijani, in the program’s implementation plan indicates that in the first phase aimed at training 30,000 individuals, Lagos will see 2,040 trainees selected, while Kano State…
Dangote Industries Limited (DIL) and its subsidiaries are gearing up for a significant event, the Sustainability Week, set to take place from Monday, October 23rd, to Friday, October 27th, 2023. The theme for this year’s Sustainability Week is “Sustainable Production and Consumption – The Dangote Way.” The Sustainability Week is a meticulously planned, week-long event aimed at providing DIL and its subsidiaries’ employees with the opportunity to volunteer their skills and competencies for community impact initiatives. What makes this initiative unique is that the employees will be volunteering their time, which will be paid for by the organization, emphasizing the…
Ms. Olu Verheijen, the Special Adviser on Energy to President Bola Ahed Tinubu, has underscored the administration’s commitment to prioritizing security and Niger Delta development investments in its efforts to enhance oil production within the country. These critical insights were shared during her recent interview with CNBC Africa, conducted on the sidelines of the Africa Oil Week conference, held earlier this month. In the course of the interview, Ms. Verheijen emphasized that the government is keenly aware of the imperative to address security concerns, particularly the rampant issue of crude oil theft, in the Niger Delta region. Simultaneously, it recognizes…
Unilever Nigeria Plc, a renowned multinational consumer goods corporation, has reported impressive financial results for the nine-month period ending on September 30, 2023. According to the latest financial report submitted to the Nigeria Exchange Limited, Unilever Nigeria achieved a remarkable revenue of N81.57 billion. This figure signifies a substantial increase of 25.95% when compared to the N64.76 billion it generated in the corresponding period of the previous year. These financial indicators paint a promising picture of the company’s performance and financial health. Profit Resurgence One of the most striking aspects of Unilever Nigeria’s financial performance during this period is its…