Connect with us

Technology

North to Get N183bn Solar Power Plants

Published

on

Solar energy - Investors King
  • North to Get N183bn Solar Power Plants

A consortium of German renewable energy companies led by Nigus has concluded plans with the Federal Government to build five solar power plants worth N183bn ($600m) in some North-Eastern states.

According to the Nigerian Investment Promotion Council and the consortium, each of the solar power plants will have capacity to generate 100 megawatts of electricity.

Speaking to journalists on the sidelines of a meeting between the council and the consortium in Abuja on Tuesday, the Head, Overseas Operations, NIPC, Mr. Abubakar Yerima, stated that the decision to build the power plants in the North was reached after several meetings with the investors.

He said, “After several meetings and agreements, we had a MoU signed in the United Kingdom, which led to the event of today. Nigus is coming with a complete value chain. The LTI Re Energy is part of the investment and this company (LTI) is one of the largest power firms in Europe, it is a German company.

“Nigus is going to start in Adamawa State, because the radiation there is one of the highest in the country. They will set up their solar farm and beside this farm, LTI will set its production line, making it a complete value chain. In each of the places that they are setting up their plants, they will generate 100MW.

“They will start with five locations and then expand; so, we are looking at 500MW for a start. As soon as they get the licences, they will start setting up their plants and the NIPC has met the necessary agencies in the power sector with respect to this. We are now in the final stages of the Power Purchase Agreement being approved.”

On the cost of the projects, Yerima stated, “It is about $600m investment and it is completely a private sector driven initiative. All the investments are coming from the private sector. Where the Federal Government comes in has to do with the licences and permits as well as all other forms of facilitation needed for a smooth process.

“The initiative is driven by a consortium of companies and Nigus is leading. So generally, the investments will be in the states in the North-East as well as some in the North-West, because of the solar radiation in these regions.”

Yerima stated that the move was in line with President Muhammadu Buhari’s vision of bringing in enough power into the Nigerian economy, as well as the new global concept of promoting renewable energy to cut down on carbon emissions.

On the security situation in the region, he stated that it would not deter determined investors, stressing that despite the tense security concern in Afghanistan, some investors still invested in the troubled country.

“However, the Boko Haram issue has been well taken care of presently,” he added.

Also commenting on the plans to invest in the North and when the projects will be completed, the Chief Sales Officer, LTI Re Energy, Mr. Chris Voet, said the first 100MW plant should be ready by March 2017.

“We are starting now and we will be concluding the first 100MW in the first quarter of 2017 and the subsequent one should come up in the second quarter or thereabout, for it takes us three to six months to set up the assembly plant,” he explained.

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.

Continue Reading
Comments

Fintech

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

Published

on

Robinhood

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.

Continue Reading

Telecommunications

NCC Files Copyright Infringement Charges Against MTN Nigeria and Others

Published

on

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.

Continue Reading

Telecommunications

MTN’s MoMo Sees 32.2% Surge in Transaction Volumes

Published

on

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.

Continue Reading
Advertisement




Advertisement
Advertisement
Advertisement

Trending