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…
Author: Temitope Nlewemchi
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…
In light of the successful completion of the initial tranche of its share buy-back program, Global Credit Ratings (GCR), a prominent rating agency, has reaffirmed Dangote Cement Plc’s long-term issuer rating at AA+(NG). Furthermore, GCR has upheld the AA+ (NG) national scale long-term Issue rating for Dangote Cement Plc’s existing Senior Unsecured Bond Issues, with a stable outlook. This reaffirmation is underpinned by Dangote Cement’s continued dominance in the Nigerian market and its expanding footprint in other African markets, which collectively contribute to the company’s robust financial profile, as per the rating report. **The AA+ Rating Explained** GCR’s rationale behind…
The Nigerian Electricity Regulatory Commission (NERC) has laid out an extensive framework of licenses and permits in accordance with the 2023 Electricity Act. This comprehensive structure is designed to accommodate various activities related to electricity generation and distribution, particularly focusing on operations generating 1 megawatt (MW) or less and electricity distribution networks with capacities of 100 kilowatts (KW) and below. These licenses encompass a wide range of activities, each tailored to specific segments of the electricity industry. Here is an in-depth overview of these licenses, their implications, and the role they play in shaping the future of the Nigerian electricity…
Liquefied Natural Gas (LNG) spot prices have seen a significant surge, rising by more than 40% since the beginning of the Israel-Hamas conflict, which commenced on October 7 following an attack by Hamas on festival attendees. S&P Global Commodity Insights recently reported that spot LNG prices reached $18.345/MMBtu on October 16, marking this substantial increase within a short timeframe. The sharp increase in LNG prices can be primarily attributed to the Israel-Hamas conflict, which escalated on October 7. This conflict has triggered geopolitical concerns and resulted in a tragic loss of thousands of lives, making it a critical issue on…
The Organization of Petroleum Exporting Countries (OPEC) has offered a promising outlook for Nigeria’s oil sector, projecting the establishment of small modular refineries in the medium term. These refineries are expected to have a daily processing capacity of 20,000 barrels per day (bpd) each, further contributing to the nation’s refining capacity. This optimistic projection was disclosed in OPEC’s recently launched World Oil Outlook, an authoritative document that provides insights into the global oil industry’s future trends. The report highlights the medium-term expansion of distillation capacity in Africa, estimating an addition of 1.2 million barrels per day (mb/d) for the continent.…
Mr. Ayodeji Oseni, who serves as the Managing Director and Chief Executive Officer of Industrial & Medical Gases (IMG) Nigeria Plc, possesses a wealth of experience in business development, marketing, and management. In a candid discussion with InfoStride News, he shares valuable insights on the policies that the Federal Government of Nigeria could enact to stimulate growth within the industrial and manufacturing gases industry in the country. InfoStride News: How do the government’s inconsistent policies impact companies in the industrial gases and allied products sector? Ayodeji Oseni: The issue of government policies and their inconsistency is becoming increasingly repetitive. It…
The Nigerian Electricity Regulatory Commission (NERC) has unveiled encouraging statistics regarding the performance of distribution companies (DisCos) in the second quarter of 2023, signaling a positive turn of events in the country’s electricity sector. This new data, released by InfoStride News, shows that DisCos have reached a remarkable market remittance rate of 95.21%, marking the highest achievement so far this year. In its recently published Electricity on Demand report, NERC shared insights into the financial health and operational efficiency of the DisCos during the specified period. The report highlights the financial obligations of the DisCos, their revenue collection efficiency, and…
As part of an expansive and forward-thinking strategy aimed at energizing every community in the Niger Delta region, the Niger Delta Development Commission (NDDC) is poised to unlock a substantial $2 billion carbon investment using solar power. Dr. Samuel Ogbuku, the Managing Director of the NDDC, unveiled this ambitious plan during a recent Stakeholder Engagement session with partners from the region. In an official statement dated October 17 and signed by Pius Ughakpoteni, the Commission’s Public Affairs Director, it was emphasized that the NDDC, under the leadership of Dr. Ogbuku, is committed to realizing the Sustainable Development Goals (SDGs) and…
The Federal Government has embarked on an ambitious plan to alleviate youth unemployment by creating a multitude of job opportunities within the firefighting sector. The revelation came to light as Hon. Olubunmi Tunji-Ojo, the Minister of Interior, announced this groundbreaking initiative during the official launch of new firefighting equipment, which included 16 fire trucks and six vehicles. The event took place at the Federal Fire Service headquarters in Abuja, signifying the government’s commitment to bolstering the nation’s firefighting capabilities and expanding employment prospects. While the government’s intentions are commendable, the employment process has encountered delays owing to the imperative need…
In a recent report from the International Monetary Fund (IMF), it has been projected that South Africa will briefly surpass Nigeria as Africa’s largest economy in 2024, a noteworthy shift in the economic dynamics of the continent. This forecast, outlined in the IMF’s World Economic Outlook, anticipates that South Africa’s gross domestic product (GDP) will reach an estimated $401 billion by 2024, at current prices. This projected GDP figure would momentarily exceed Nigeria’s GDP, which is estimated to be around $395 billion, as well as Egypt’s GDP, standing at $358 billion during the same period. This development signifies a significant…
The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has initiated an in-depth investigation into allegations of fraud, criminal conspiracy, and the diversion of public funds within the Rural Electrification Agency (REA). In a press release dated Tuesday, the ICPC announced that it is focusing its scrutiny on the Managing Director of REA, Ahmad Salihijo Ahmad, due to the serious allegations of corruption linked to his office. Ahmad has been formally summoned through a letter dated October 12, 2023, and is expected to appear before the Commission on Wednesday, October 18. In parallel to ICPC’s inquiry, the House of…
Group Captain John Ojikutu (retired), a prominent figure in the aviation industry, has underscored the importance of Nigeria Civil Aviation Authority (NCAA) taking decisive action by shutting down airports that fall short of the minimal industry standards. In a candid interview with InfoStride News, Ojikutu expressed his concern over the existing disparities in regulatory actions between private organizations, particularly airlines, and government agencies that operate below industry benchmarks. While the NCAA has, at times, imposed punitive measures on private entities that fail to meet industry standards, Ojikutu pointed out that it has not been equally assertive in addressing government agencies’…
A former Deputy Governor of the Central Bank of Nigeria, Kingsley Moghalu, has boldly called for a substantial 50% reduction in the salaries and allowances of politicians, with a particular focus on lawmakers. Moghalu made this compelling recommendation during an interview on Channel TV’s Politics Today. His stance is underpinned by the current economic challenges faced by Nigeria, and he asserts that the lavish spending of political elites is incongruous with the prevailing economic conditions of the country they are entrusted to govern. In the midst of Nigeria’s ongoing struggle to address the complexities of petroleum subsidy removal, Moghalu’s assertion…