Author: Temitope Nlewemchi

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…

The Federal Government has announced a 24-hour closure of the Third Mainland Bridge to vehicular traffic, scheduled to take place from Saturday, October 21, 2023, to Sunday, October 22, 2023, as part of necessary repair work. This announcement was made by the Federal Controller of Works, Lagos, Engr O. I. Kesha, in a statement issued on Thursday. This move is in response to mounting concerns raised by motorists and the general public regarding the deteriorating state of the Third Mainland Bridge, which has become increasingly burdened with potholes and significant bumps. In a concerted effort to address the pressing issues…

Chairman of United Nigeria, Prof. Obiora Okonwo, made a thought-provoking statement, suggesting that a mere two percent of flight delays and cancellations should be attributed to airline operators. He contended that the remaining 98 percent of disruptions in air travel are primarily caused by factors outside the control of these carriers, such as weather conditions, inadequate infrastructure, and VIP movements throughout Nigeria. This assertion came to light during an interaction with aviation journalists in Lagos. The occasion for this discussion was United Nigeria’s receipt of an International Air Transport Association (IATA) membership certificate. During the conversation, Okonwo expressed his regret…

The Supreme Court has scheduled a pivotal judgment day on Monday, October 23, in the much-anticipated appeal lodged by Atiku Abubakar, the Presidential Candidate of the Peoples Democratic Party (PDP). At the heart of this legal battle is the challenge to the decision of the Presidential Tribunal, which validated the electoral victory of President Bola Tinubu. The Independent National Electoral Commission (INEC) had officially declared Bola Tinubu the winner of the keenly contested February 25 election. In this complex legal maneuver, Atiku’s legal team has presented a formidable 35-ground notice of appeal to the apex court, asserting that the tribunal,…

The Nigerian currency, the naira, has experienced a historic low in its exchange rate against the US dollar, plummeting to an alarming N999 per dollar during trading on October 19, 2023. This significant devaluation of the naira was observed in the intraday trading data sourced from the Financial Markets Dealers Quotations (FMDQ), which serves as the official platform for forex trading through the Nigerian Autonomous Foreign Exchange Market (NAFEM). The revelation that the naira has reached such an abysmal level against the dollar is causing concern among financial analysts and experts, who speculate that this might not be the ultimate…

China is currently in the process of easing restrictions on foreign investment within its domestic manufacturing sector, as reported by state media. This strategic move is aimed at encouraging more international businesses to consider expanding their operations within the country. These developments come at a time when escalating geopolitical tensions and China’s assertive stance towards both domestic and foreign private sector entities have prompted many global corporations to reevaluate their investments in the Chinese market. President Xi Jinping unveiled these significant changes during his keynote speech to inaugurate the Belt and Road Forum in Beijing on October 18th. According to…

Infostride News reports that the Nigerian Exchange has imposed a substantial fine of N453.6 million on Guinea Insurance Plc due to post-listing violations. This punitive action, as detailed in the X-Compliance Report of the Exchange, underscores the regulatory body’s commitment to upholding the integrity of the market and safeguarding the interests of investors. In accordance with the X-Compliance Report obtained by Infostride News, Guinea Insurance Plc was found to have contravened the Issuers’ Portal Rules, specifically Rules 18.2(c) and 18.2(d). These rules mandate that listed companies must utilize the Issuers Portal to file sensitive information, and the company’s failure to…

Morgan Stanley recently released its third-quarter financial report, revealing a decline in profits and sluggish growth within its wealth management unit. This development sent shockwaves through the financial markets, resulting in a significant drop in the bank’s shares, marking the most substantial decrease in over three years. During the third quarter, the bank reported net income of $2.4 billion, reflecting a 9% decrease compared to the same period in the previous year. While this figure slightly exceeded analysts’ expectations, which had estimated $2.3 billion, it signifies a challenging period for the bank. One of the most significant areas of concern…

Nigeria has made a fervent call for the support of Member States in endorsing a comprehensive UN Tax Convention, with the aim of establishing a more equitable global taxation system. The Permanent Mission of Nigeria to the United Nations released a statement, which was made available to the News Agency of Nigeria (NAN) in New York, emphasizing the need for continued backing of this initiative. This call for global tax reform comes on the heels of a pivotal resolution introduced by Nigeria during the 77th session of the United Nations General Assembly (UNGA). The resolution, titled “Promotion of Inclusive and…