NBA Champion Andre Iguodala, renowned for his illustrious 19-year basketball career, has made a significant announcement: he is retiring from professional basketball. However, his journey is far from over, as he shifts his focus towards leading a groundbreaking $200 million venture capital fund known as Mosaic. Andre Iguodala, in collaboration with his trusted and long-time business partner Rudy Cline-Thomas, is set to spearhead Mosaic. Their venture into the world of tech investments took root back in 2010 when they initiated their foray into tech stocks. This venture coincided with Iguodala’s tenure with the Golden State Warriors, which commenced in the…
Author: Temitope Nlewemchi
Financial experts have expressed their support for the Federal Government’s proposal to tax wealthy Nigerians, considering it a progressive measure that can promote income redistribution and enhance the country’s fiscal revenues. In separate interviews, these experts have lauded the government’s initiative, describing it as a step in the right direction toward creating a more equitable tax system. Dr. Muda Yusuf, CEO of the Center for the Promotion of Private Enterprise (CPPE), referred to this proposal as a welcome development. He highlighted that this approach represents a form of progressive taxation, where high-net-worth individuals are expected to contribute more to the…
Infostride News has reported that the Nigerian Electricity Regulatory Commission (NERC) recently disclosed its financial performance for the second quarter of 2023. According to the Q2/2023 Electricity on Demand report released by NERC, the commission generated ₦5.63 billion in revenue during this period, with total expenditure amounting to ₦2.46 billion. This financial statement indicates a noteworthy increase in revenue, reflecting a 19.12% growth compared to the previous quarter (2023/Q1), where revenue stood at ₦4.73 billion. However, it is important to note that NERC’s total expenditure also increased by 36.80%, rising from ₦1.80 billion in Q1 to ₦2.46 billion in Q2…
Netflix (NFLX) witnessed a remarkable upswing in its stock price on Thursday, as the company unveiled impressive Q3 2023 subscription numbers and revenue figures. This surge in stock value came after the release of Netflix’s quarterly revenue report, which showcased substantial growth and exceeded market expectations. In this quarterly financial report released on Wednesday, Netflix revealed a total revenue of $8.54 billion for Q3 2023, marking a notable 7.8% year-on-year increase. The driving force behind this revenue surge was the exceptional growth in subscriptions, which surpassed even the most optimistic projections of Wall Street analysts. Netflix managed to secure a…
At the conclusion of Friday’s trading session, the Nigerian Exchange Group (NGX), formerly known as the Nigerian Stock Exchange, continued to experience a bearish trend, with equities recording a 0.27% loss. This decline was reflected in the NGX All-Share Index, which closed at 66,915.41 points, down 0.27% from the previous day’s closing figure of 67,098.81 points. The market capitalization also mirrored this downturn, as investors shaved off N100.8 billion from the market, leading to a closing value of N36.76 trillion. Despite the fluctuations in the market, it’s important to note that trading activity was relatively low on this particular day.…
The exchange rate between the Nigerian naira (NGN) and the United States dollar (USD) witnessed a dramatic decline, marking one of the worst weeks in recent history for both the official Nigerian Autonomous Foreign Exchange Market (NAFEM) and the parallel market, as reported by Infostride News. The official NAFEM closed the week with an exchange rate of N808/$1, while the black market, operating unofficially, saw rates as high as N1170/$1. This significant drop of 5.4% on the official NAFEM window is a record low at the end of a trading week in Nigeria’s exchange rate history. Notably, the last time…
Unilever Nigeria Plc recently unveiled its unaudited interim report, shedding light on its financial performance for the nine-month period culminating on September 30, 2023. In a comprehensive analysis, the company’s robust financial results and strategic direction were elucidated. This interim report not only offers a snapshot of Unilever Nigeria’s financial health but also delineates the company’s commitment to sustainability and corporate responsibility. During this nine-month period, Unilever Nigeria posted a noteworthy Turnover figure of N81.6 billion, signifying an impressive 26% increase compared to the N64.8 billion Turnover reported for the corresponding period in 2022. This surge in revenue is a…
The European Union (EU) has unveiled a substantial commitment to allocate a substantial sum of 150 billion Euros by the year 2027 as part of its expansive Global Gateway Initiative, which has been devised to transform and reinforce infrastructure development across more than eight key sectors in Nigeria and a variety of other African nations. This groundbreaking announcement was made by the EU Commissioner for International Partnerships, Jutta Urpilainen, during the official launch of the Global Gateway Initiative, which took place in the vibrant city of Abuja on a Thursday. Ms. Urpilainen elucidated that the essence of the Global Gateway…
Infostride News reports that the African Export-Import Bank (AFREXIM Bank) and the Export-Import Bank of China (CEXIM) have entered into a significant $600 million agreement aimed at fostering trade and economic collaboration between the member states of AFREXIM Bank and the People’s Republic of China (PRC). The deal was formalized in a signing ceremony at CEXIM’s headquarters in Beijing, China, with the President of AFREXIM Bank, Prof. Benedict Oramah, and Vice President of AFREXIM Bank, Dr. George Elombi, joining CEXIM Bank’s Vice President, Mr. Wencai Zhang. The primary goal of this substantial loan is to facilitate and finance trade and…
As numerous influential stakeholders within the Nigerian aviation industry continue to voice their opposition to the proliferation of entry ports for foreign airlines, the Federal Government has taken a further step in granting additional designations to international carriers operating within the country. This development came to light during the inaugural flights of Uganda Airlines into the Murtala Muhammed International Airport (MMIA), Lagos, which took place on a Thursday evening. Mr. Festus Keyamo, the Minister of Aviation and Aerospace Development, made the official announcement that the Federal Government had extended approvals for the Nnamdi Azikiwe International Airport (NAIA) in Abuja and…
President Bola Tinubu has given his approval for a partial waiver of the “No Work, No Pay” Order that was previously imposed on members of the Academic Staff Union of Universities (ASUU) who were on strike for an extended period of eight months. This significant development was announced in a statement titled, ‘President Tinubu approves partial waiver of the no work, no pay order on ASUU members; orders release of four months of withheld salary.’ The statement was issued by the Special Adviser to the President on Media and Publicity, Ajuri Ngelale, on Friday, October 20, 2023. The waiver, as…
Fuel stations in the Federal Capital Territory of Abuja were observed selling gasoline at elevated prices on Friday, October 20, with rates ranging from N625 to N630 per liter, as reported by Infostride News. Infostride News conducted a review and uncovered the following pricing details: 1. Conoil station in Central Area was selling fuel at N625 per liter. 2. Shema station along Kubwa Road was selling fuel at N630 per liter. 3. AYM Shafa station in Karu was selling fuel at N630 per liter. 4. A.A Rano station at the popular AYA junction was selling fuel at N625 per liter.…
On October 20, the management team of the Nigerian National Petroleum Company Limited (NNPCL) issued a statement regarding a fire incident that transpired at the Warri refinery earlier in the day. The statement, disseminated via the company’s official Twitter account, conveyed the following information: “In the afternoon, precisely at 15:02 hrs, a minor fire incident occurred at the cooling tower of the Warri Refinery and Petrochemical Company Limited (WRPC). This fire was a result of ongoing welding activities at the upper section of the cooling tower. However, it is important to note that this incident will not disrupt or delay…
Fintech firm Kippa is poised to discontinue its offline payment solution, KippaPay, a versatile payment platform that facilitates the sending and receiving of payments from clients and extends to various payment transactions. This decision will inevitably result in the departure of employees who are responsible for overseeing the product. While the exact number of staff members facing layoffs has not been disclosed, the company has made it clear that the core KippaPay team will bid farewell by the end of December. Kennedy Ekezie, the founder and CEO of Kippa, expressed the challenging nature of this decision, considering the remarkable dedication…
Meta’s instant messaging platform, WhatsApp, has recently announced a significant update that allows users to log in to two different accounts on the same device simultaneously. This development marks a considerable convenience for users who previously had to juggle two phones or rely on devices with app duplication capabilities to manage multiple WhatsApp accounts. To take advantage of this new feature, WhatsApp users must have access to a second phone number and SIM card or a phone that supports multi-SIM or eSIM functionality. Setting up the second account is a straightforward process through the WhatsApp settings. Users simply need to…
The recent directive by the Central Bank of Nigeria (CBN) to remove restrictions on access to 43 import items has sparked concerns among stakeholders, especially in the manufacturing sector. Mr. Lekan Adewoye, the Vice Chairman of the Basic Metal Sector of the Manufacturers Association of Nigeria (MAN), has expressed his apprehension about the potential impact of this directive on the already struggling manufacturing industry. In an exclusive interview with Infostride News, Mr. Lekan Adewoye shed light on the perspective of the manufacturing community regarding this recent policy shift initiated by the apex bank. His insights paint a vivid picture of…
In a recent market notice, the Central Bank of Nigeria (CBN) has unveiled a momentous alteration in the nomenclature employed within the Nigerian Foreign Exchange (FX) market. All references to the Investors’ and Exporters’ (I&E) FX Window have been officially substituted with the Nigerian Autonomous Foreign Exchange Market (NAFEM). This substantial modification finds its basis in the CBN’s press release titled “Operational Changes to the Foreign Exchange Market,” which was issued on June 14, 2023. The primary impetus behind this redefinition is the eradication of segmentation within the FX market, thereby ushering in a heightened consistency in terminology. Furthermore, this…
NNPC Retail, a subsidiary of the Nigerian National Petroleum Company Limited (NNPCL), has declared that it possesses a strategic fuel reserve of at least 30 days. The announcement was disseminated through its official Twitter account on Thursday, October 19. This statement came in response to the burgeoning fuel queues witnessed at retail stations in various parts of Lagos and across the nation. NNPC Retail promptly addressed the root cause of these queues and sought to reassure the Nigerian populace of an ample fuel supply. Their statement reads as follows: “NNPC Retail Limited acknowledges the emergence of fuel queues in select…
The 2023 Global Gas Report, recently published by the International Gas Union (IGU), has shed light on the shifting dynamics of liquefied natural gas (LNG) exports to Europe. While the United States of America remains a dominant player in this field, the report highlights that Qatar, Russia, and Nigeria are poised to become significant LNG exporters to Europe. This transition is indicative of Europe’s growing appetite for LNG, which has experienced a substantial upswing in recent years. In 2022, Europe witnessed a remarkable increase in LNG imports, soaring from 74 million tons in 2021 to 124 million tons in 2022,…
The Nigerian Federal Government has experienced a concerning fiscal shortfall during the initial seven months of 2023, as revealed in data extracted from the Medium Term Expenditure Framework for the period 2024-2026, as reported by Infostride News. This data underscores the current fiscal challenges confronting the government and raises questions about its financial stability. In accordance with the budget performance statistics disclosed in the report, the federal government succeeded in amassing a total revenue of N5.1 trillion during the first seven months of 2023. This figure falls short of its prorated target of N6.4 trillion, indicating a budget variance of…