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…
Author: Temitope Nlewemchi
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…
President Bola Tinubu has taken a significant step in fulfilling his promise by formally launching the Conditional Cash Transfer Program, which is set to benefit 15 million households across Nigeria. These households are expected to receive N75,000 over the course of three months, as part of an initiative to combat poverty in the country. The official launch of this program took place during an event commemorating the International Day for the Eradication of Poverty. Representing President Tinubu at the launch was Sen. George Akume, the Secretary to the Government of the Federation. Sen. Akume reiterated the current administration’s commitment to…
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Christoffel Wiese, a prominent South African billionaire with an 11.58% stake in the retail giant Shoprite, which was previously valued at over $900 million as of September 10th, has recently made a strategic decision to reduce his ownership in the company. This significant development was disclosed in an announcement posted on InfoStride News. Wiese’s stake in Shoprite had long been a substantial component of his impressive $1.1 billion fortune, establishing his position as one of Africa’s wealthiest individuals. However, his decision to reduce his involvement with the retail giant has raised eyebrows and garnered attention in financial circles. This strategic…
The Chair of the US Securities and Exchange Commission (SEC), Gary Gensler, has issued a stark warning regarding the urgent need for financial regulators to address the risks associated with the increasing concentration of power in artificial intelligence (AI) platforms. He emphasized that if swift intervention is not undertaken, it is “nearly unavoidable” that AI could be the catalyst for a financial crisis within the next decade. Gensler’s concerns revolve around the challenges that AI poses to the stability of the financial system, with particular emphasis on the role of powerful AI platforms. According to a report by InfoStride News,…
The Chartered Institute of Bankers (CIBN) has taken a pivotal step in the realm of financial services by introducing a comprehensive agency banking certification program tailored for a range of professionals within the industry. These programs cater to a diverse set of roles, including point of sale (POS) agents, National Identification Number (NIN) and Bank Verification Number (BVN) agents, agent network managers, customer service officers, and personnel engaged in agent banking activities within both traditional banks and innovative FinTech companies. The launch of the Agent Banking Certification (ABC) program is a significant milestone aimed at addressing capacity-related challenges that have…
A comprehensive examination of petrol stations in Abuja during the past weekend has unveiled a notable decline in the demand for this essential commodity among Nigerian consumers. The diminishing interest in purchasing petrol for personal vehicles is indicative of several concurrent trends that have unfolded in the Federal Capital Territory (FCT). Notably, the surge in petrol prices, combined with the inherent inconveniences and stresses associated with queuing at filling stations, has propelled many Nigerians to seek alternative transportation solutions. To provide a more detailed perspective on these developments, InfoStride News undertook a review of the evolving situation in the FCT.…
Dangote Sugar Refinery (DSR) has been a significant driver of economic growth and employment in Numan, Adamawa State, employing no fewer than 7,000 workers annually through its Backward Integration Project (BIP). The BIP project has not only served as a pivotal source of direct employment but has also generated opportunities for more than 7,000 youths during the peak of the production season. Notably, the Dangote Group holds the distinction of being Nigeria’s largest private sector employer, surpassing even government employment figures. Bello Abdullahi Dan-Musa, the Group General Manager of Operations at Dangote Sugar Refinery, shared these insights during a media…
Web3Ladies, a web3 community dedicated to nurturing the next generation of female disruptors, has achieved a significant milestone by securing a grant of $3,000 from Yellow Card. This grant will support their initiative to train 500 women in Nigeria in tech and blockchain skills. In an era marked by technological innovation and rapid digital transformation, this partnership is poised to make a substantial impact. Yellow Card, in announcing this grant, underlined the importance of addressing the gender gap prevalent in the tech industry, which remains largely male-dominated. Despite Nigeria’s vibrant entrepreneurial spirit, only 15% of tech startup co-founders in the…