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Siemens Plans Off-grid Power Solutions in Nigeria

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Siemens
  • Siemens Plans Off-grid Power Solutions in Nigeria

Siemens Limited has said it is looking to deploy off-grid power solutions in Nigeria as part of efforts to promote energy efficiency in the country.

The Managing Director and Chief Executive Officer, Siemens Limited Nigeria, Mrs. Onyeche Tifase, disclosed this in Lagos at the launch of the new Siemens brand claim, ‘Ingenuity for Life’.

She said, “We are looking at off-grid solutions and mini-grid solutions for universities, using them as exporters of energy because a university is a small hub in itself or a small city.

“How can we bring smart solutions that are affordable, renewable-based, not purely running on gas or diesel? But how can we bring efficient power solutions that can export energy to the environs? So, there is a lot we are talking about; it is an extremely exciting time for me.”

Tifase said the company was working with the German government to inject funds to boost energy efficiency in Nigeria.

She said, “We are also looking at how we can convince the German government to do what it has done already in other countries in the world – to advise government and share lessons learnt. So, we can start to change the way we even make decisions at critical levels because these things delay projects; they discourage investors. The good thing about where we are now is that people are starting to get more creative and ingenious.

“Whatever we are doing that is the best practice elsewhere can be done here.”

The Siemens Nigeria’s CEO said the company was proud and excited about the new brand statement, adding, “It aptly describes and expresses what drives us; what we do; what we are into; what we create and the added value we create for our customers, employees partners and the society at large.

“Ingenuity is at the heart of everything Siemens does. So, the word ‘ingenuity’ for our company implies innovation engineering, genius and unity; unity with its customers, partners, shareholders and stakeholders to deliver excellent solution that leaves positive impact on the society at large.

Tifase said the new brand claim also related to Siemens’ ability to “make real what matters through the creation and adoption of high-end technologies that address issues across water, health care, education, transport, manufacturing, basic infrastructure and other things.”

She said for over 160 years of existence, Siemens had continued to create solutions for the greatest challenges confronting humans.

She said, “As the world becomes more complex and interconnected, there are tougher questions being asked on how we can sustainably ensure faster and more efficient transportation, stable and affordable power, safe and portable drinking water and accessible health care, and so on.

“In Nigeria, we are proud of the legacies we have built here over the past 46 years and our commitment to remain unwavering despite the challenges we are facing now. Siemens is here for the long term; when things are turned around, we want to be here fixing things, building things, teaching, advising, transferring technology, and sharing technology and technological best practices.”

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Fintech

From Trading to Credit: Robinhood Launches No-Fee Credit Card with Gold Membership Perks

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Robinhood Markets Inc. has announced the launch of its highly anticipated no-fee credit card and it was accompanied by exclusive perks for Gold membership subscribers.

This bold move is a step in the company’s mission to evolve into a comprehensive financial services provider.

The Robinhood Gold Card boasts an array of enticing features. Chief among them is the absence of annual costs or foreign transaction fees, positioning it as an attractive option for consumers seeking financial flexibility.

Moreover, cardholders stand to benefit from a generous 3% cash back on all categories of purchases, a competitive offer in comparison to industry rivals.

Vlad Tenev, CEO of Robinhood, emphasized the company’s commitment to innovation and industry leadership in an interview.

He expressed the intention to not merely introduce a credit card, but to revolutionize the market with a product that sets new standards for customer satisfaction and financial empowerment.

The announcement has sparked enthusiasm among investors, with Robinhood’s shares witnessing a 6.9% surge in early market trading following the news.

This surge further underscores the market’s confidence in the company’s strategic direction and its potential to disrupt traditional financial services.

Beyond the credit card venture, Robinhood has been steadily diversifying its offerings. With the introduction of retirement products and the expansion of commission-free trading services internationally, the company is positioning itself as a formidable player in the global finance landscape.

As Robinhood continues to innovate and expand its suite of services, its trajectory suggests a promising future as a leading force in democratizing access to financial tools and services.

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Telecommunications

NCC Files Copyright Infringement Charges Against MTN Nigeria and Others

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Karl O Toriola - Investorsking.com

The Nigerian Copyright Commission (NCC) has taken legal action against MTN Nigeria Communications Ltd. and four individuals, including its Chief Executive Officer, Karl Toriola, over alleged copyright infringement.

The charges, filed in the Federal High Court, Abuja Division, revolve around the unauthorized use of musical works belonging to artist Maleke Idowu Moye.

According to the NCC, the defendants are accused of offering for sale, selling, and trading musical works of Maleke without his consent between 2010 and 2017. These works were allegedly used as Caller Ring Back Tunes without proper authorization.

The musical pieces in question include popular tracks such as “911,” “Minimini-wanawana,” and “Stop racism,” among others.

The commission further alleges that the defendants distributed these musical works to subscribers without authorization, infringing upon the rights of the artist.

The charges are based on provisions of the Copyright Act, Cap. C28, Laws of the Federation of Nigeria, 2004.

As the case awaits assignment to a judge and a fixed date for mention, it marks a significant development in the ongoing efforts to uphold copyright protection in Nigeria’s telecommunications sector.

This legal action underscores the NCC’s commitment to safeguarding the intellectual property rights of artists and creators within the country.

MTN Nigeria, a major player in the telecommunications industry, now faces a legal battle that could have broader implications for how intellectual property rights are respected and enforced within Nigeria’s digital landscape.

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Telecommunications

MTN’s MoMo Sees 32.2% Surge in Transaction Volumes

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MTN Nigeria - Investors King

MTN Group’s mobile money platform, MoMo, has experienced a 32.2% surge in transaction volumes.

With 72.5 million active users, MoMo continues to solidify its position as a leading fintech service provider in Africa, tapping into the continent’s burgeoning mobile banking sector.

The company’s success underscores the growing trend of Africa’s young and tech-savvy population embracing mobile technology to address financial needs.

Mobile phones are increasingly becoming a tool for bridging gaps in services, particularly in banking, presenting a lucrative opportunity for wireless carriers like MTN to capitalize on the burgeoning fintech market.

MTN’s achievement comes as it finalizes a deal with Mastercard Inc., valuing its fintech business at an impressive $5.2 billion.

This strategic partnership further enhances MTN’s position in the digital finance space, positioning it for continued growth and innovation.

However, MTN is not alone in its fintech endeavors. Rivals such as Airtel Africa Plc, Safaricom Plc, and Vodacom Group Ltd. are also making strides in digital transformation, with plans to separate and monetize their fintech businesses in the long term.

Airtel Africa, for instance, is reportedly considering an IPO for its mobile money unit, indicating the high stakes and intense competition within the sector.

Despite the remarkable success in its fintech ventures, MTN faced challenges in its core telecommunications business, with service revenue growth slowing to 6.8%.

Inflation and currency devaluation in key markets, particularly Nigeria, impacted profitability, highlighting the complexities of operating in diverse African markets.

As MTN continues to expand its fintech footprint and invest in infrastructure to enhance connectivity across the continent, it remains poised to capitalize on the immense potential of Africa’s digital economy.

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