Apollo Global Management has made a substantial $11 billion offer to acquire Paramount Global’s studios. Wall Street Journal first disclosed this on Wednesday.The bid arrives amidst Paramount Global contemplating another offers from Skydance Media and RedBird Capital Partners, further intensifying the competition for the entertainment company’s assets. The proposed deal by Apollo entails Paramount Global’s film and television studios, which notably produced blockbuster hits like “Mission: Impossible–Dead Reckoning” and “Killers of the Flower Moon” last year, to be separated from the rest of the business. Notably, the amount offered significantly surpasses Paramount Global’s market capitalization, which stood at $7.7 billion…
Author: Temitope N.
Dele Alake, the Minister of Solid Minerals Development, has officially launched the inaugural group of Mining Marshals Corps, aimed at tackling the issue of unauthorized mining activities. The Mining Marshals were formally presented in Abuja on Thursday. Alake mentioned that the mining marshals have been selected from the Nigerian Security and Civil Defence Corps (NSCDC). Alake added that the mining marshals have been selected from the Nigerian Security and Civil Defence Corps (NSCDC). He stated that the NSCDC, being a countrywide paramilitary organization, is set to position its units nationwide. “On assumption of office, we announced the seven-point agenda as…
Nyesom Wike, the Minister of the Federal Capital Territory, has approved the disbursement of N280.3 million in scholarships for 13,946 underprivileged students across all educational levels in the FCT. This announcement was made by Dr. Danlami Hayyo, Mandate Secretary of the Education Secretariat for the FCT Administration, in Gwagwalada on Thursday, at the event marking the rapid rehabilitation of 19 public schools across the Federal Capital Territory. The ceremony was held at the School of the Gifted in the Gwagwalada Area Council, within the Federal Capital Territory. According to Hayyo, the financial allocation was set aside for indigent students, both new enrollees…
The National Economic Council (NEC) has endorsed the implementation of the $617.7 million Investment in Digital and Creative Enterprises (i-DICE) programme across the 36 states of the federation and the Federal Capital Territory (FCT). The endorsement was made during the 140th meeting of the National Executive Council, chaired by Vice President Kashim Shettima, according to a statement by Stanley Nkwocha, the Vice President’s spokesperson. During the virtual 140th meeting, Vice President Shettima instructed state governors to nominate representatives for each geopolitical zone at the zonal level, as well as appoint focal persons to spearhead the programme’s implementation in their respective states. …
The Nigeria Customs Service (NCS) has suspended the 25% penalty that had previously been imposed in addition to import duty on improperly imported vehicles. This disclosure is contained in a statement signed by the National Public Relations Officer of NCS, Abdullahi Maiwada, on Friday, March 22, 2024, who said the action is based on the directive of the Minister of Finance and Coordinating Minister of the Economy, Wale Edun. The Minister had earlier initiated a 90-day window, effective from 4th March 2024 to 5th July 2024, for the regularisation of import duties on specific categories of vehicles. Maiwada said the…
Canada is set to implement limits on the influx of temporary residents for the first time ever in order to decrease the proportion of temporary residents to 5% of the population, down from the current 6.2%. Immigration Minister Marc Miller made this announcement on Thursday stating that these limits will be gradually reduced over the next three years, starting with the first cap to be set in September. Nairmetrics learnt that the restrictions will affect international students, foreign workers, and asylum claimants. Earlier, Minister Miller previously addressed the need to revise immigration targets in response to affordability and housing challenges, adding…
The Nigerian Army has officially commenced its programme to convert petrol-fueled operational vehicles to eco-friendly Compressed Natural Gas (CNG), in alignment with the Federal Government’s Presidential Compressed Natural Gas Initiative (PCNGI). Speaking at the Nigerian Army Fleet Auto Switch kick-off, Lieutenant General Taoreed Lagbaja, the Chief of Army Staff, represented by the Chief of Logistics (Army), Major General Erema Akerejola, emphasized the army’s vital role in the initiative due to its extensive fleet and operational needs. This development was announced in a statement by Onyema Nwachukwu, the Director of Army Public Relations, published on the official Nigerian Army X account…
The Nigeria Customs Service has officially declared that individuals possessing a valid Joint Tax Board (JTB) Tax Identification Number (TIN) will now have the opportunity to register for participation in auctions through the newly enhanced e-auction portal. This announcement was disseminated through a post on the verified Nigeria Customs Service (NCS) X account on Thursday. This is to inform the general public that applicants with Joint Tax Board (JTB) Tax Identification Number (TIN) can now register to participate in the auction,” the post read. Initially, when the e-auction portal was introduced in January, only individuals with a valid FIRS Tax Identification Number (TIN),…
The Minister of Power, Adebayo Adelabu, has explained how a private company reportedly held on to N32bn paid into its account in 2003 for the supply of three million prepaid metres. According to a statement by the minister’s Special Adviser, Strategic Communications and Media Relations, Bolaji Tunji, on Wednesday, the Federal Government had entered a tripartite agreement with Messrs Ziklagsis Network Limited and Unistar International in 2003 for the supply of three million meters to distribution companies in the country, within three years. The statement indicated that to kick start the project, a revolving metering loan of N32bn was released…
There are concerns among Nigerians that further increases in electricity tariffs could worsen their economic situation, although the government and operators have consistently called for cost-reflective tariffs, write DARE OLAWIN As it happened with fuel subsidy, the government and major players in the power sector have all agreed on the need to allow customers to pay for the electricity they consume. To them, electricity is no more a service, but a commodity that must be fully paid for by whoever is ready to buy it. While those in the government have been clamouring for an end to the electricity subsidy…
FBN Holdings has appointed the former Chief Executive Officer of Europe, Middle East, Africa and Americas of Standard Chartered Plc, Viswanathan Shankar, and former banker, Olusola Adeeyo, as independent non-executive director and a non-executive director, respectively. In a notice filed with the Nigerian Exchange Limited, the financial institution revealed that it also appointed three new directors for the board of its banking subsidiary, FirstBank. This marks the first set of changes on the board as billionaire businessman, Femi Otedola, took over the reins as chairman of the HoldCo in January. The company also announced Remilekan Odunlami as non-executive director for…
The Association of Chief Audit Executives of Banks in Nigeria has called for cooperation among lenders in the country to boost cybersecurity in the sector. This recommendation was contained in the communiqué issued at the end of the association’s annual general meeting and retreat held in Abuja recently. The association advocated the establishment of an assurance community of information security, internal audit, internal control/systems control, compliance, and risk management departments by banks to collaborate regularly, share insights and monitor cybersecurity-related initiatives and projects. The week-long event with the theme ‘The Role of the Internal Auditor in Promoting Stability in the…
After three days of bearish trading, the Nigerian Exchange gained N74bn on Thursday. The equity market had lost N469bn in three days on the back of sell-offs. The All-Share Index climbed by 0.13 per cent to 104,387.47 points, while market capitalisation rose to N59.02tn, improving the bourse’s year-to-date return to 39.6 per cent. Market activity surged, as volume rose by 12.78 per cent to 336.82 billion units and the value of transactions appreciated by 35.74 per cent to N9.29bn, while total deals were up by 6.57 per cent to 8,790. The exchange recorded more losers (29) than gainers (22), though…
The Governor of Cross River State, Bassey Otu on Thursday commissioned a 20-kilometre road constructed by Lafarge Africa Plc. According to a statement, the cement manufacturing company started the road construction in 2010 as an evacuation corridor that spans from Mfamosing, its operational base through Abiati, Etamkpini, and terminates at Odukpani junction by the Ayade’s Flyover. During the commissioning, Otu commended Lafarge for living up to its Corporate Social Responsibility. He expressed optimism that the 20-kilometre evacuation road would reduce traffic from the town for Lafarge trucks and other commuters. He said, “Development comes with implications. When you have a…
The Minister of Communications and Digital Economy, Bosun Tijani, has announced plans to spearhead a global collaboration aimed at enhancing the protection of undersea cables. The minister made this disclosure on social media platform, X (formerly Twitter) on Sunday. This comments came against the backdrop of undersea cable cut that has affected Ghana, Togo, Senegal, among others. Recognising the critical role these cables play in the digital economy, Tijani emphasised the need to review international laws and foster partnerships with regional and global bodies to accelerate efforts to safeguard this vital infrastructure. Assuring those affected by the disruptions, Tijani stated…
The National Institute for Pharmaceutical Research and Development is partnering with the African Pharmaceutical Technology Foundation to address technology gaps in Nigeria’s pharmaceutical and vaccine sectors. A statement by the group said this was in line with the Presidential initiative to unlock the health sector value chain of the Federal Ministry of Health. It revealed that further to approval by the Coordinating Minister of Health and Social Welfare, Prof. Muhammad Ali Pate, the first day of the high-level dialogue on 18 March 2024, was targeted at identifying and addressing sector-wide contextual technology gaps in pharma, vaccines, and related industries. It…
Some radio broadcasters in Nigeria have benefitted from data journalism training to improve their productivity on the job. The training organised by the Broadcast Radio Master Class with support from the Centre for Journalism Innovation and Development was aimed at harnessing the potential of data-driven storytelling to revolutionise radio broadcasting in Nigeria. According to a release, throughout the programme, Nigerian radio professionals, including presenters, content producers, news editors, and reporters, were immersed in a comprehensive curriculum designed to enhance their storytelling capabilities through the integration of data journalism. BRMC stated that the training underscored the importance of data in crafting…
Life insurer, African Alliance, has disbursed over N1.1bn in claims within the first 58 days of the year. The Managing Director of the insurance firm, Joyce Ojemudia, disclosed this in a statement made available to The Infostride News on Sunday. She expressed the firm’s commitment to swiftly settling the claims of its policyholders. “African Alliance remains committed to swiftly and professionally settling all valid claims, ensuring enduring happiness and satisfaction for our valued customers. “From 2019 to 2023, the African Alliance exemplified this commitment by disbursing an impressive sum of over N40bn. This substantial payment spanned diverse business units, as…
Coronation Group has said that the private sector is critical in the development of infrastructure in the country and globally. This was stated in the maiden infrastructure report released by the firm recently. The report said that with the dwindling public resources, private sector investment would be a solution for bridging funding gaps and unlocking infrastructure projects, leading to innovation, job creation, and stimulating economic activity. The Managing Director of Coronation Asset Management, Aigbovbioise Aig-Imoukhuede, captured the significance of the maiden Coronation Infrastructure Report, saying it would foster dialogue on infrastructure financing across Africa. “With infrastructure playing a critical role…
The activities of investors positioning themselves ahead of the dividend-paying season led to another positive week as the Nigerian Exchange gained N2.12tn in the past week. The All-Share Index appreciated by 3.71 per cent week-on-week, reaching 105,085.25 index points. In tune with the movement of the ASI, the total market capitalisation of listed equities rose by 3.71 per cent to close the week at N59.42tn, indicating a 45.21 per cent year-to-date returns for investors. The surge was propelled by renewed bullish sentiment in financial stocks on the back of expected corporate releases. Despite the overall bullish sentiment and the upward…