In recent times, the Nigerian stock market has seen several companies emerging as potential sources of high dividend yields. This observation is based on comprehensive data extracted from the financial reports and corporate disclosures of these companies, shedding light on their commitment to providing attractive returns to shareholders. A recent analysis conducted by InfoStride News, focusing on dividend-paying companies, has unveiled a fascinating landscape of stocks offering compelling dividend yields. In this analysis, we delve into the dividend performance of these companies, revealing that approximately 21 of them achieved dividend yields that exceeded an impressive 10%. These stocks hail from…
Author: Temitope Nlewemchi
JPMorgan Chase, one of the world’s largest and most influential financial institutions, recently released its financial report for the third quarter, revealing a substantial 35% increase in profits. This remarkable growth in net income, which surged from $9.7 billion in the previous year to an impressive $13.2 billion, exceeded the expectations of financial analysts, who had predicted earnings of approximately $11.9 billion. The driving forces behind this exceptional performance were multifaceted, encompassing higher interest rates and lower-than-normal loan losses. These factors combined to create a financial landscape that favored JPMorgan Chase during the quarter. However, the bank’s chief executive, Jamie…
Mr. Abebe Aemro Selassie, the Director of the African Department at the International Monetary Fund (IMF), has underscored the importance of ensuring that African economies are attractive to mitigate the mass emigration of Africans to other parts of the world. Selassie made these remarks during a press briefing on the Sub-Saharan Africa Regional Economic Outlook. Selassie’s statements come in the context of a growing phenomenon where individuals who should ideally be driving Africa’s development are leaving the continent in significant numbers, leading to a concerning brain drain. He emphasized the need to make African economies as attractive and robust as…
The National Broadcasting Commission (NBC) has articulated its intentions to engage with prominent social media platforms, including Google and TikTok, in order to address the issue of user misconduct. This announcement comes as part of the NBC’s efforts to explore the regulation of social media. In an interview with InfoStride News, Francisca Aiyetan, the Director of Broadcast Monitoring at NBC, emphasized the need for regulation, expressing concerns that unregulated social media could mislead young people. Aiyetan stated that the discussions and engagements with stakeholders are currently underway to pave the way for necessary regulations and legislation. According to Aiyetan, “Every…
The International Monetary Fund (IMF) has provided an assessment of Nigeria’s total public debt, which stands at N87.3 trillion ($113.4 billion), suggesting that it is manageable and does not pose immediate risks to the country’s economy. This statement was made by Abebe Selassie, the Director of the IMF African Department, during the presentation of the Economic Outlook for Sub-Saharan Africa at the ongoing IMF/World Bank Annual Meetings in Marrakech, Morocco. Selassie emphasized that Nigeria’s primary concern regarding its debt position is the rising cost of servicing this debt. Selassie pointed out that Nigeria faces significant challenges in generating enough tax…
The Minister of Works, Dave Umahi, has expressed grave concerns about the ongoing asphalt overlay work on the Third Mainland Bridge in Lagos. He has described this practice as dangerous and has raised alarms regarding the potential for vehicles to overturn due to the excessive thickness of the asphalt layer. The Third Mainland Bridge, a critical transport artery in Lagos, had been scheduled for emergency repairs due to the deteriorating state of some portions of the bridge, marked by significant bumps that had become a serious cause for concern. Minister Dave Umahi made these revelations during an appearance on a…
The University of Port Harcourt (Uniport) has marked a significant milestone in the realm of education and research with the official inauguration of the Africa Centre of Excellence in Public Health and Toxicological Research (ACE-PUTOR). This state-of-the-art facility, with an impressive investment exceeding N1 billion, stands as a testament to the university’s commitment to advancing both learning and research. At the helm of ACE-PUTOR is Professor Daprim Ogaji, the dedicated Director of this remarkable establishment. Professor Ogaji, while addressing the gathering during the inauguration ceremony, shed light on the profound significance of this center, emphasizing its pivotal role in providing…
The Minister of Defence, Mohammed Badaru, has made a significant announcement concerning the allocation of funds for security debarment allowance to military veterans by the Federal Government. This allocation, totaling a substantial N134,749,953,243.69, signifies the government’s unwavering commitment to the well-being of veterans who have served the nation in the Armed Forces of Nigeria. The phased rollout of the Security Debarment Allowance, which previously excluded veterans, commenced in January 2023. This noteworthy declaration was made during the ministerial briefing for the 2024 Armed Forces Remembrance Day celebration. Minister Badaru, during this event, underscored the government’s dedication to the welfare of…
The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has unveiled its ambitious plan to embark on an extensive project-tracking endeavor, covering a total of 1,932 constituency and executive projects distributed across 25 states and the Federal Capital Territory (FCT). This significant initiative is aimed at scrutinizing projects valued at a staggering N500 billion, all of which were initiated in 2019 within these 25 states and the FCT. The exercise is slated to commence on the 16th of October and will span all six geopolitical zones of Nigeria, representing a substantial nationwide effort to enhance transparency and accountability in…
Bitcoin has broken its four-week streak of price declines, marking its first weekly gain since August. The largest cryptocurrency by market value has seen an increase of approximately 2.5% since the previous Saturday, reaching a price of around $26,458. As of the time of this writing, Bitcoin is trading at $26,468, and market enthusiasts are setting their sights on the $27,000 threshold. This surge in Bitcoin’s price takes it to its highest level this month, alleviating concerns that a potential September downturn could impact its impressive year-to-date performance. However, it’s worth noting that formidable resistance is emerging for Bitcoin. The…
The cryptocurrency market continues to display a bullish reversal trend, remaining resilient in the face of an uptick in the value of the U.S. dollar and regulatory delays surrounding the approval of a Bitcoin spot exchange-traded fund (ETF). This resilience has been particularly notable in the most valuable cryptocurrency, Bitcoin, which has seen an approximate 70% surge in its price since November 2022. This remarkable price surge has defied concerns related to rising interest rates and has been further propelled by the increasing optimism surrounding cryptocurrency adoption in the mortgage sector. In recent months, the U.S. dollar index, a metric…
The global coal industry is on the cusp of a significant transformation, and the repercussions are poised to be profound. According to research conducted by Global Energy Monitor (GEM), even without further international commitments to phase out fossil fuels, the coal sector may be compelled to shed nearly one million jobs by the year 2050. This transformation will be most acutely felt in China and India, two countries where the coal industry has played a pivotal role in economic growth. In the coming decades, it is anticipated that numerous labor-intensive coal mines will reach the end of their operational lives.…
InfoStride News reports that the Nigerian Liquefied Natural Gas (NLNG) Limited has officially declared that the ambitious Train 8 project will no longer be feasible due to a critical challenge: the unavailability of feed gas supply in the country. This revelation comes as a significant setback for the NLNG, which had aspired to expand its gas processing capacity through the construction of additional infrastructure as part of Train 8. This announcement was made during a recent visit to Bonny by the Minister for Gas, Ekperikpe Ekpo, where the NLNG Managing Director, Dr. Philip Mshelbila, shared the disheartening news. Dr. Mshelbila…
The Organization of Petroleum Exporting Countries (OPEC) has released its World Oil Outlook, and one of the notable revelations from this report is the anticipation of long-term refinery closures in Africa. This development carries significant implications for the region’s oil and energy sector. OPEC’s report, launched in Saudi Arabia on October 9, paints a complex picture of the future of Africa’s refineries. The World Oil Outlook delves into the dynamics of refinery operations and the anticipated trends beyond the year 2028. Rather than providing a clear prediction of specific closures, it offers insights into implied refinery closures. These implications are…
Starlink, the ambitious internet venture spearheaded by Elon Musk, is setting the stage for a groundbreaking expansion. The company recently unveiled its plans to offer services that will enable mobile phones to directly connect to its constellation of satellites. With this move, Starlink is poised to transform the global telecommunications landscape and provide ubiquitous connectivity, transcending geographic limitations. According to information released by Starlink on its website, the service will be rolled out in phases. Texting services are scheduled for launch in 2024, while voice, data, and IoT (Internet of Things) services are expected to follow suit in 2025. Notably,…
In the first half of 2023, the nine oil-producing states in Nigeria experienced a significant boost in their finances, thanks to a substantial increase in the 13% oil derivatives share from the federal government. During this period, they collectively received a staggering sum of N544.9 billion, representing a notable surge of 44.2% when compared to the N377.9 billion allocated in the corresponding period of 2022. This financial windfall, however, coincided with an alarming rise in the states’ debt profiles, underscoring the paradox of mounting debt amid a challenging fiscal environment. This comprehensive analysis is derived from a study conducted by…
On Thursday, October 12, Nigeria’s Minister for Gas, Ekperikpe Ekpo, issued a strong call to action to the contractors involved in the Ajaokuta-Kaduna-Kano (AKK) gas pipeline project, urging them to ensure the project’s readiness by July or August 2024. This significant development was communicated via a statement shared on the minister’s official Twitter account. Minister Ekperikpe Ekpo, who personally inspected the construction site during his tour, expressed his concerns about the sluggish pace of work on the project. In particular, he sought answers from Oilserve Limited, the contractor responsible for handling the first segment of this monumental undertaking, regarding the…
The Federal Government, through the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), has achieved a significant milestone by granting its first petroleum exploration license under the Petroleum Industry Act (PIA) of 2021. This groundbreaking development, reported by InfoStride News on October 12, marks a crucial step in the implementation of the PIA and demonstrates the government’s commitment to fostering growth and investment in the Nigerian oil and gas sector. The inaugural Petroleum Exploration License was awarded to TGS-PetroData Offshore Services Limited, a company that has been actively involved in geophysical survey projects. The issuance of this license aligns with the provisions…
In 2022, the Nigerian Federal Government grappled with a significant fiscal crisis, concluding the year with a staggering fiscal deficit of N7.5 trillion, which amounted to 129% of the actual revenue collected. Initially, the government had set a revenue target of N9 trillion, with a projected deficit of N5.2 trillion. This fiscal conundrum comes to light through data extracted from the 2022 budget implementation report released by the Budget Office. The surging fiscal deficit underlines the country’s ongoing fiscal challenge as it strives to balance its budget effectively. Analyzing the Data As per the budget office’s data, the federal government’s…
The exchange rate dynamics in Nigeria have witnessed a disconcerting trend in recent times, with the naira consistently losing ground against the US dollar. This depreciation has been exacerbated by the persistent disparity between the official and parallel markets. As of the latest reports obtained from InfoStride News, the exchange rate has plunged to N1,040 per dollar on the parallel market, primarily due to the unrelenting demand for foreign exchange outstripping its supply. Forex traders interviewed by InfoStride News disclosed that the quotes for inflow transactions currently fluctuate within the range of N1,035 to N1,045 per dollar. This range is…