Qore, a prominent Banking-as-a-Service (BaaS) solution provider, is excited to announce its highly anticipated Customer Experience Event – NEXUS 2023, scheduled to be held at the prestigious Oriental Hotel in Lagos, Nigeria on November 7, 2023. Qore has consistently played a pivotal role in spearheading digital transformation within the African financial service sector, with a specific focus on delivering next-generation experiences that empower the operations of financial institutions across the continent. NEXUS 2023 promises to be an exceptional occasion for both existing and prospective clients, offering a glimpse into the future of financial services delivery while providing valuable insights into…
Author: Temitope Nlewemchi
The Federal Capital Territory Administration (FCTA) has unveiled an ambitious plan to construct a network of 30 kilometers of roads spanning six Area Councils within the nation’s capital. This development was officially announced by the Minister of FCT, Nyesom Wike, during a visit by Sen. Philip Aduda and Mr. Zakari Dobi in Abuja. Sen. Philip Aduda, who represented the Federal Capital Territory (FCT) in the 9th Assembly, joined Mr. Zakari Dobi in this courtesy visit to discuss and support the FCT’s developmental initiatives. The minister has given a firm commitment that these 30 kilometers of roads, divided into five kilometers…
Ian Thom, the Upstream Research Director at Wood Mackenzie, recently spoke at the African Energy Week event in Cape Town, South Africa. He discussed the potential challenges facing major oil producers in Africa, including Nigeria, Angola, and Egypt, as the decade progresses. Thom highlighted the fact that traditional oil production hubs across the continent are likely to struggle to offset declining production at mature assets. He also emphasized a global trend that prioritizes advantaged resources, which could impact higher-cost and higher-emitting assets in Africa, underlining the importance of strategic planning and sustainable development in the African oil and gas sector.…
The Board of Directors of Flour Mills of Nigeria Plc has put forward a proposal for a final dividend amounting to N9.225 billion for the financial year ending on March 31, 2023. This proposal equates to a dividend of N2.25 for each unit of 50 Kobo ordinary shares held by the company’s shareholders for the aforementioned financial year. The corporate action announcement containing this information was submitted to the Nigerian Exchange Limited (NGX) and was obtained by Infostride News. It is essential to note that this proposed dividend is subject to approval by the company’s shareholders. Moreover, appropriate withholding tax…
The exchange rate between the Nigerian Naira and the US Dollar experienced a significant decline, reaching as low as N1,100 on the black market, as reported by select forex traders specializing in inflow transactions. Infostride News obtained quotes from these traders, confirming that exchange rates were hovering between N1,100 to N1,110 for inflow transactions. Inflows in this context refer to forex transactions conducted over the internet or through electronic means. Furthermore, the exchange rate was also quoted at N1,100 on various peer-to-peer platforms, where exchange rates are facilitated through cryptocurrencies. This decline in exchange rate represents a concerning development, as…
Bank of America, as reported by Infostride News, recently unveiled its financial results for the third quarter of 2023, revealing a pre-tax profit decline of 2.48% compared to the previous year. The bank’s pre-tax profits for Q3 2023 amounted to $8.095 billion, down from the previous year’s figures. For the first nine months of 2023, the bank reported pre-tax profits of $25.218 billion, reflecting a growth from the $23.072 billion recorded during the same period in the previous year. These figures provide insight into the bank’s financial performance and signal certain trends in the banking industry. Here are the key…
The exchange rate between the Nigerian naira and the United States dollar demonstrated some signs of strength as it closed at N790.68 at the end of trading on Wednesday, October 18, 2023. This significant development comes as a result of data sourced from FMDQ, which is a prominent platform for foreign exchange trading and the publication of official exchange rates. The dollar, at the close of trading, was valued at N790.8 against the naira, marking a notable improvement compared to the previous day when it had reached the staggering rate of N848/$1. This shift implies that the central bank might…
The Nigeria Economic Outlook report, recently published on October 17 by PricewaterhouseCoopers International Limited, sheds light on the diverse dynamics within the Nigerian economy, emphasizing the notable growth and changes in various sectors. This comprehensive analysis provides valuable insights into the country’s economic landscape, outlining the sectors that have witnessed growth and those facing challenges. In this detailed assessment, it is pertinent to mention that the original source, Nairametrics, is replaced with “Infostride News” to ensure accuracy and consistency in sourcing information. The PwC Outlook highlights the fact that Nigeria’s economic growth extends beyond the oil sector, with certain sectors…
A recent report released by BudgIT, titled “State of States, 2023 Edition,” has shed light on a disconcerting issue plaguing Nigeria. As of 2022, a staggering 15 states in the country have yet to implement the N30,000 minimum wage, which was signed into law in 2019. This revelation underscores significant challenges in fiscal governance, transparency, accountability, and sustainability at the sub-national level throughout Nigeria. The report delved into the financial landscape of various states, focusing on their operating expenses and expenditures. It is alarming that, nearly four years after the minimum wage law was enacted, 15 states have failed to…
Affirmative Finance Action for Women in Africa (AFAWA), a continental initiative led by the African Development Bank, is resolutely committed to a transformative mission. Its vision is to harness financial resources, empower women, and catalyze economic growth across the African continent. At the core of AFAWA’s ambition lies the aspiration to mobilize a staggering $5 billion in funding for businesses led by African women by the year 2026. This monumental goal was eloquently expressed by Lamin Barrow, Director General of the African Development Bank Nigeria Country Department, during the recent AFAWA Finance Series held in Lagos. The event was specifically…
The Vice Chairman of the Basic Metal sector of the Manufacturers Association of Nigeria (MAN), Mr. Lekan Adewoye, has expressed serious concerns over the recent Central Bank of Nigeria (CBN) directive that removed the restrictions on access to 43 items for imports. He believes that this decision could have devastating consequences for the already struggling manufacturing industry in Nigeria. Speaking during an interview with TVC Business, Mr. Lekan Adewoye shared the perspective of manufacturers on the latest policy implemented by the new leadership of the CBN. He emphasized that it is crucial to encourage the production of items that can…
Lagos State Governor, Babajide Sanwo-Olu, marked a significant milestone on Wednesday with the groundbreaking ceremony for the ambitious $100 million Lagos Film City project. This groundbreaking event took place on a sprawling 100-hectare site in the Ikosi-Ejinrin area of Epe Local Government Area. The Lagos Film City represents a groundbreaking Public-Private Partnership initiative, poised to generate a multitude of job opportunities, drive economic growth, and attract substantial investment. The news of this groundbreaking ceremony was officially unveiled by the Senior Special Assistant to the Governor on New Media, Jubril Gawat, via his Twitter account on Wednesday, October 18, 2023. The…
MoneyTO, the London-based remittance operator, is embarking on a strategic partnership with United Bank for Africa (UBA) Plc, one of Africa’s leading financial institutions, to bolster its service offerings and enable customers in Nigeria to receive remittances from the United Kingdom. This collaboration leverages UBA’s extensive branch network, encompassing more than 1,000 payout locations, which will facilitate the seamless flow of funds from the UK to Nigeria. MoneyTO commenced its remittance services to Nigeria in 2020 and has been consistently enhancing its offerings to provide customers with cost-effective and user-friendly solutions. The partnership with UBA, a financial giant serving over…
The Nigerian Investment Promotion Commission (NIPC) is delighted to announce the appointment of Aisha Rimi as its new Executive Secretary/Chief Executive Officer (ES/CEO), marking the commencement of her official duties earlier today. Ms. Rimi’s ascension to this pivotal role heralds a new era for the NIPC, as she brings a wealth of experience and a profound commitment to advancing investments in Nigeria. With a clear vision for propelling the Commission’s mission, she aims to enhance NIPC’s efficiency, foster an investor-friendly environment, and craft innovative strategies to attract and retain foreign investments. In her inaugural address to the NIPC team, the…
In the bustling city of Lagos, a local retailer grapples with a common dilemma, one that resonates with countless others in the same industry across Nigeria. The retailer stands before empty store shelves, acutely aware of the impatience of their customer base. Restocking their store presents them with two less-than-ideal choices: embarking on a labyrinthine journey of multiple phone calls, enduring seemingly endless waits, and having access to only a limited selection of products due to their restricted network of contacts, or facing the arduous trek through the city’s notorious traffic, armed with cash, to personally pick up goods from…
Elon Musk’s social networking platform, X, has introduced a novel initiative designed to bolster its fight against spam and bot activity on the platform. Under this program, new, unverified users are now required to sign up for a $1 annual subscription, granting them the ability to post and engage with other content. The program is currently in its testing phase, initially launched in New Zealand and the Philippines before a planned global rollout. Existing unverified users on the platform will remain unaffected by this new policy. These users can continue their X experience without the subscription requirement, albeit with certain…
In response to the formidable challenge of high operating costs within the aviation industry, domestic airlines are resorting to an innovative strategy to enhance their financial viability. This strategic shift involves the augmentation of flight seat capacity, enabling a larger number of travelers to commute and subsequently boosting revenue. This fundamental alteration in approach reflects the ingenuity of airline operators in navigating the tumultuous financial landscape of the aviation sector. Susan Akporiaye, the President of the National Association of Nigeria Travel Agencies, provided insights into this compelling development in a recent exclusive interview with InfoStride News. She elucidated that this…
Investors in the financial world often classify stocks into two main categories: growth stocks and income stocks. These categories help investors make informed decisions based on their financial objectives. Growth stocks are those primarily sought after for their potential to deliver substantial capital gains over time, with investors focusing on the anticipation of future earnings growth. Conversely, income stocks are valued for the consistent cash dividends they provide to their shareholders. The choice between these two stock types often involves a tradeoff between short-term income and long-term growth potential. However, when it comes to Dangote Cement, a prominent player in…
In a recent financial report for the year ending December 31, 2022, BUA Foods, a prominent integrated consumer goods company in Nigeria, announced impressive results, reflecting its robust performance and growth prospects. Despite facing significant macroeconomic challenges, such as inflation and currency devaluation, BUA Foods managed to achieve remarkable milestones, making it a noteworthy player in the industry. **Robust Revenue Growth Across the Board** One of the standout achievements of BUA Foods in 2022 was its substantial revenue growth. The company’s total revenue increased by an impressive 25.53% year-on-year, reaching a significant milestone of N418 billion. This noteworthy expansion was…
In the wake of the successful completion of the first phase of its share buy-back program, Global Credit Ratings (GCR), the well-regarded rating agency, has re-affirmed Dangote Cement plc’s long-term issuer rating at AA+(NG). This noteworthy rating decision reflects GCR’s unwavering confidence in the company’s enduring prominence within the Nigerian market and its ongoing expansion into various African markets. These factors collectively contribute to Dangote Cement’s resilient financial profile, as elaborated in their recent rating note. The AA+ (NG) national scale long-term Issue rating for Dangote Cement Plc’s existing Senior Unsecured Bond Issues has also received a renewed affirmation from…