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Firms Invest N5tr in Meter Manufacturing



  • Firms Invest N5tr in Meter Manufacturing

Hailing the investors for the gesture, he said the investments would trigger economic growth.

He spoke at the inauguration of the Meter Box and other Plastics Factory of Mojec International Limited.

The government, he said, was doing everything possible to improve the ease of doing business.

Osinbajo said the nation has huge metering deficit. According to him, one of the ways to solve the problem is to patronise local manufacturers, such as Mojec and other locally-produced meters.

He said: “Let me congratulate the management and staff of Mojec International Limited on their desire and dedication to this project. It gladdens my heart that all our efforts in engaging the private sector is materialising and this is really indicative of real progress and quantum leap for the Nigerian economy.

“It is very obvious that Nigerian talent and creativity have proved time and time that they can compete with the best anywhere in the world. Here in Mojec, it is very obvious. Practically, everyone you see from the factory down to the reception, are all Nigerians. It shows that we are at the forefront of innovation, manufacturing and human capital development.

“What you have seen today tells us that economic growth and development have to do with the private sector. The reality is that we can now produce meter in Nigeria, and what we really need is to bridge the financing gap that is currently in existence. They need cheap financing so that meter manufacturers and the electricity distribution companies (DisCos) would benefit maximally.”

Osinbajo described the facility as a big achievement and milestone that would not only boost local capacity, but create thousands of jobs for Nigerians. While expressing optimism on government’s determination to achieve its target in power generation, he noted that the facility is a huge step forward for the development of the power sector, noting that it would help significantly in addressing the six million energy meter deficit. It is very clear that Nigeria is at the fore front of meter manufacturing in Africa.

Mojec International Managing Director Ms. Chantelle Abdul, commended the Acting President for his commitment to promoting local content and expressed the company’s desire to work closely with Federal Government to find lasting solutions to the problem of steady power supply in Nigeria.

She said the current facilities and factory are capable of producing meters from start to finish. “This factory has provided enough proof that local companies can produce meters that can meet global standard, which could consequently help in reversing the government policy on local meter manufacturing,” she said.

She appealed to Federal Government to assist local manufacturers by formulating policies that would encourage cheap financing, which could go a long way to make meter accessible to the people.

The company, she said, is about to build a world-class research institute, adding that further researches would be made there to enable it discover new ways of producing meters as the science and technology are constantly evolving.

Ms Abdul pointed out that Mojec is the largest meter manufacturing company in Africa, adding that if well-funded, it would be exporting within a very short period from now.

“I am happy to announce that our meter is competitive internationally, in terms of quality and price. We are taking over Africa, as we have started entering into other African countries. Mojec has been predominantly leading in vendor financing over the past three years. We are financing six out of 11 contracts that we are running today, though, majority of our competitors prefer cash transactions. This is why Mojec stands.

“From our Meter Asset Provider (MAP) policy, 70 per cent of meters are expected to be delivered through importation while 30 per cent is local production. If we have a market of about six million metering gap, this means only two million meters are allowed to be provided locally and that can easily be done by Mojec alone. However, there are over six local manufacturers, who can also create jobs and contribute to the GDP and enable Nigeria to become an innovation hub such that we will be able to move our meters into the rest of Nigeria and beyond.

“With this situation, what we are asking is that the policy be reversed as this will enable other local manufacturers to produce more. By so doing, we would be developing local capacity and creating enough jobs that would contribute greatly to our economy,” she said.

Mojec International has delivered over 1.2million meters across Nigeria.

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

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Computer Village Traders Demand Refunds as Lagos State Cancels Katangowa Project



Traders at the renowned Computer Village in Lagos find themselves in a state of uncertainty following the abrupt termination of the multibillion-naira Katangowa project by the Lagos State Government.

The project, which was aimed at relocating the bustling tech market from its current site in Ikeja to the Agbado/Oke-Odo area of the state, has left traders in a state of limbo.

Despite the cancellation of the project reportedly occurring two years ago, traders claim they were not informed by either the government or the developers, Bridgeways Limited.

This lack of communication has left them in a precarious position, particularly concerning the substantial upfront payments made by some traders to the developers.

Chairman of the Computer Village Market Board, Chief Adebowale Soyebo, expressed dismay at the lack of communication from the authorities regarding the project’s termination.

He explained that neither the government nor the contractors had officially informed them of the decision, leaving traders in the dark about the fate of their investments.

Traders who had made payments to Bridgeways Limited now seek clarity on the refund process. The absence of official communication has compounded their concerns, with many uncertain about the fate of their investments.

While acknowledging the payments made by traders, Lagos State Governor’s Adviser on e-GIS and Urban Development, Dr. Olajide Babatunde, assured that the government would facilitate refunds.

He, however, said there is a need for proper identification and verification to ensure that affected traders receive their refunds accordingly.

The termination of the Katangowa project has reignited debates about the relocation of Computer Village.

Traders assert that the issue of relocation should not be raised until the new site is at least 70% completed, as per their agreement with the government.

The cancellation of the Katangowa project underscores the challenges associated with large-scale urban development projects and the importance of transparent communication between stakeholders to avoid such situations in the future.

As traders await further directives from the government, they remain hopeful for a resolution that safeguards their interests and ensures the continuity of one of Nigeria’s most prominent tech markets.

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Government Begins Disbursement of N200bn Support Fund to Manufacturers and Businesses



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The Ministry of Industry, Trade and Investment has initiated the disbursement of the long-awaited N200 billion Presidential Conditional Grant Scheme.

This is the beginning of a vital phase in the government’s strategy to provide financial assistance to manufacturers and businesses across Nigeria.

The scheme, which is being administered through the Bank of Industry (BOI), has been divided into three categories of funding, totaling N200 billion.

The disbursement process comes after an exhaustive selection process and verification of applicants to ensure transparency and accountability in the allocation of funds.

Doris Aniete, spokesperson for the Ministry of Industry, Trade and Investment, announced the progress in a statement posted on the trade minister’s official X (formerly Twitter) handle.

Aniete highlighted that verified beneficiaries have already started receiving their grants, signaling the beginning of the phased disbursement strategy.

“We are pleased to inform you that the disbursement process for the Presidential Conditional Grant Programme has officially commenced. Some beneficiaries have already received their grants, marking the beginning of our phased disbursement strategy,” stated Aniete.

She further disclosed that by Friday, April 19, a substantial number of verified applicants are set to receive significant disbursements.

However, Aniete emphasized that disbursements are ongoing, and not all applicants will receive their grants immediately, assuring that all verified applicants will eventually receive their grants in subsequent phases.

The initiation of the disbursement process comes after more than eight months since President Bola Tinubu announced the grant for manufacturers and small businesses.

The scheme aims to mitigate the adverse effects of recent economic reforms and foster sustainable economic growth by empowering businesses with financial support.

President Tinubu had outlined the government’s commitment to strengthening the manufacturing sector and creating job opportunities through the disbursement of N200 billion over a specified period.

The funding is intended to provide credit to 75 enterprises, each able to access up to N1 billion at a low-interest rate of 9% per annum.

However, the implementation of the programme has faced challenges, including delays and criticisms regarding the registration process.

Femi Egbesola, President of the Association of Small Business Owners, expressed concerns over the slow pace of data collation and suggested that genuine businesses were being discouraged from accessing the loans.

Despite the hurdles, the commencement of the disbursement process signifies a significant step forward in the government’s efforts to provide vital support to manufacturers and businesses, potentially revitalizing economic activities and driving growth across various sectors.

As beneficiaries begin to receive their grants, the impact of this initiative on the nation’s economic landscape is eagerly anticipated.

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MicroStrategy Rally Crushes Short Sellers, Wiping Out $1.92 Billion



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Short sellers betting against MicroStrategy found themselves facing significant losses as the company’s rally wiped out $1.92 billion since March.

This development comes amidst a rally that has seen MicroStrategy’s stock outperform bitcoin, causing a considerable hit to those who had taken a bearish stance on the tech firm.

According to data from S3 Partners, short sellers have been on the losing end since March, as MicroStrategy’s stock surged, highlighting the impact of the rally on those betting against the company’s success.

This loss underscores the challenges faced by short sellers in a market where certain stocks experience rapid and unexpected price increases.

The rally in MicroStrategy’s stock is attributed to several factors, including the approval of several spot bitcoin exchange-traded funds (ETFs) by the Securities and Exchange Commission (SEC) earlier in the year.

This move by the SEC brought bitcoin, a once-nascent asset class, closer to the mainstream and fueled investor interest in companies like MicroStrategy, known for their significant holdings of the cryptocurrency.

MicroStrategy, which held nearly 190,000 bitcoin on its balance sheet as of the end of 2023, has indicated its intention to continue increasing its exposure to the digital currency.

The company’s decision to sell convertible debt to raise money for additional bitcoin purchases further bolstered investor confidence and contributed to the stock’s rally.

Analysts at BTIG noted that the premium for MicroStrategy’s stock reflects investors’ desire to gain exposure to bitcoin indirectly, especially those who may not have the means to invest directly in the cryptocurrency or ETFs.

The company’s ability to raise capital for bitcoin purchases is seen as a positive sign for shareholders, adding to the optimism surrounding its stock.

However, despite the recent rally and optimism surrounding MicroStrategy, the crypto industry as a whole continues to be heavily shorted.

Short interest in nine of the most-watched companies in the crypto space remains high, standing at 16.73% of the total number of outstanding shares, more than three times the average in the United States.

Moreover, concerns persist regarding the SEC’s stance on cryptocurrencies, with some experts suggesting that the approval of spot bitcoin ETFs may not necessarily indicate a broader acceptance of other similar products, such as spot ethereum ETFs.

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