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Toyota Lights up Abuja Fair With All-new Camry

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  • Toyota Lights up Abuja Fair With All-new Camry

About two months after creating so much excitement in Lagos with the launch of the eighth generation Camry, Toyota Nigeria Limited last week took the new vehicle to the just concluded Abuja motor show and it expectedly was the cynosure of all eyes.

The Camry Forum was a special event where some select very important personalities were invited to interact with the Managing Director of the TNL, Kunle Ade-Ojo, on the elegant features of the new car.

Apart from the Camry, there were other Toyota models on display at the motor show. The Public Relations Manager of the TNL, Bukunola Ogunnusi, explained that this year’s exhibition provided another opportunity for the company to bring all the Toyota models under one roof for visitors and prospective buyers to have a feel of the auto firm’s superior quality products.

The Camry as a Toyota model has since its first launch to the global market in 1982 remained one of the bestselling family cars on account of its functionality and reliability.

The latest generation of Camry, according to auto analysts, has been made sportier, combining functionality with style, power and comfort.

Ade-Ojo, at the press launch of the vehicle in Lagos had described it as another masterpiece from the stable of Toyota Motor Corporation Japan to the Nigerian automobile market.

Speaking through the TNL’s General Manager, Corporate Services, Mr Bunmi Onafowokan, the TNL MD said the new car had come with upgraded, trendier exterior and spacious interior design, adding that it “will readily arouse in its lovers a driving pleasure unparalleled in its class. Indeed, it is a remarkable package of safety, comfort and performance in equal proportion.”

He also confirmed that the model had “undergone a total transformation and transition, from a proven sedan to one that pushes the boundaries of technology.”

According to him, the Camry as a model has enjoyed a high level of goodwill and acceptance not only for the superior quality engineering behind it but also for its stunning beauty.

The TNL’s Brand Manager, Mr Bayo Olawoyin, said the models being introduced to the Nigerian market, 2.5 litre and 3.5 litre petrol engines, would impress many with their cool features, which were a collection of luxury, high-tech and safety quality.

He said the vehicle had been specially built to offer improved ride control, quietness and an “interior that projects an immediate feeling of excellence on the one hand and a driving experience that everyone appreciates” on the other.

He listed some of the striking features as back monitor with pedestrian detector, intelligent clearance sonar rear cross traffic auto brake, adaptive front lighting system, rear electric sunshade, rear electric reclining seats, electronic parking brake.

The new Camry’s selling points, according to Olawoyin, are found in its leading fuel economy and driving performance; high quality ride; top-class safety performance; and segment leading advanced human machine interface.

Interior

He said the vehicle interior had been redesigned to be roomier especially for the rear occupants to enhance the luxury feel of the vehicle. The seats had also been redesigned to increase comfort for all occupants, he added.

He said, “Camry’s newly developed direct shift eight-speed automatic transmission improves acceleration from a stop, provides a smooth ride even at high speeds and helps enhance fuel efficiency.

“The three distinct available drive modes give you even more control. Sport mode indulges your spirited side with a sharper acceleration feel; Eco mode adjusts throttle input to maximise your efficiency. Normal mode blends fuel economy with performance. Thanks to this choice of drive modes, a perfectly tailored drive arrives with the push of a button.”

Its rear seat can be reclined at the touch of a button, reduced gap between windshield and roof to reduce wind noise; a hood silencer to keep engine noise out of the cabin, rear control panel allows power seat, power sun shade and AC adjustment from the rear cabin of the vehicle.

Engine

The new Camry is said to offer a compelling choice of petrol engines, the all-new 2.5L Dynamic Force four-cylinder and a new 3.5L V6, each delivering a sophisticated blend of performance and efficiency.

Toyota said, “Both engines utilise the D-4S direct-injection system, which selects the optimal injection method based on driving conditions to pack a powerful punch with enhanced fuel economy to boot.

“The new 2.5L engine has improved performance by approximately six per cent over that of the out-gone model.”

Talking about performance, Olawoyin explained that the new Camry’s high efficiency, high-powered next generation Dynamic Force Engine, powerful acceleration and new direct shift 8AT had contributed to the car’s low fuel consumption.

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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Telecommunications

Nigeria’s Mobile Subscriptions Drop by 5.4 Million in Q1 2024, NIN Enforcement Blamed

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Active mobile subscriptions dropped by 5.4 million in the first quarter of 2024, according to data from the Nigerian Communications Commission (NCC).

The total active mobile subscriptions stood at 219 million, a 2.4% decrease from the previous quarter’s 224.4 million.

This decline has been directly attributed to the stringent enforcement of the National Identity Number (NIN)-Subscriber Identity Module (SIM) linkage policy by the NCC.

Since its inception, the policy has aimed to bolster national security measures and enhance accountability within the telecom sector by mandating the linkage of mobile phone numbers to individuals’ unique NINs.

The regulatory directive, which came into effect in December 2023, required telecom operators to deactivate SIMs not linked to their owners’ NINs by February 28, 2024. The process unfolded in three phases with subsequent deadlines set for March 29 and April 15.

However, due to various challenges and requests for extensions, the final phase was postponed to July 31.

During this period, over 40 million lines, encompassing both active and multiple lines registered to a single subscriber, were reportedly barred by telecom operators.

The majority of these lines were found to be inactive, suggesting a considerable impact on non-compliant subscribers.

The National Identity Management Commission (NIMC) disclosed that as of April 2024, a total of 105 million Nigerians had enrolled for the NIN, indicating a widespread response to the government’s initiative to bolster identity verification processes.

In April 2022, the telecom sector experienced a similar wave of disruption as operators commenced the initial phase of enforcing the SIM-NIN rule.

During that period, over 72.77 million active telecom lines were barred, signaling a pivotal moment in regulatory compliance efforts.

MTN Nigeria, the country’s largest telecom operator, revealed in its first-quarter 2024 financial report that it had deactivated 8.6 million lines due to non-compliance with the NIN mandate.

However, the company emphasized its efforts to minimize the net impact of barred subscribers through effective customer management strategies.

Karl Toriola, CEO of MTN Nigeria, underscored the resilience of the company’s customer value initiatives in mitigating subscriber churn and driving gross connections amid regulatory challenges.

Despite the substantial drop in active subscriptions, MTN Nigeria closed the quarter with a total of 77.7 million subscribers, showcasing the effectiveness of its retention strategies.

As Nigeria navigates the evolving telecom landscape amidst regulatory reforms, stakeholders anticipate further measures to enhance compliance and fortify the integrity of the country’s telecommunications ecosystem.

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Fintech

Fintechs Instructed to Report Cryptocurrency Transactions to Authorities in Nigeria

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Fintech companies across the country have been instructed to report all crypto trades to relevant authorities.

This directive comes amidst the recent freezing of 105 accounts across nine fintech firms suspected of various illegal activities, including unauthorized forex dealings, money laundering, and terrorism financing.

The Economic and Financial Crimes Commission (EFCC) obtained an interim court order on April 24, 2024, to freeze these accounts for 90 days as part of ongoing investigations.

Sources close to the matter suggest a connection between these freezes and heightened scrutiny of cryptocurrency transactions.

Following these regulatory actions, several prominent fintech players, including OPay, Moniepoint, PalmPay, and Kuda Bank, have been directed to suspend the opening of new accounts temporarily pending evaluations of their Know Your Customer (KYC) processes by the Central Bank of Nigeria (CBN).

The frozen accounts are part of a broader investigation by the EFCC into 1,146 bank accounts suspected of manipulating the foreign exchange market through cryptocurrency platforms.

The EFCC believes that some account owners exploited cryptocurrency platforms to manipulate the FX market.

In response to these developments, fintech firms have started implementing stringent measures against cryptocurrency transactions.

Moniepoint, for instance, notified its customers that it would close accounts engaged in crypto or virtual asset transactions and share their details with relevant authorities.

Similar warnings were issued by other fintech players like Paga and OPay, emphasizing their stance against crypto-related activities.

During a recent industry event, Tosin Eniolorunda, founder and CEO of Moniepoint, urged participants in crypto Peer-to-Peer (P2P) markets to cease their activities due to regulatory prohibitions.

He highlighted the risks associated with engaging in such activities, citing potential legal repercussions.

Eniolorunda linked the recent regulatory actions to the prevalence of fraud in fintech apps and emphasized the renewed focus on KYC and Anti-Money Laundering (AML) measures.

He alleged that some P2P crypto activities contributed to the manipulation of the Nigerian currency, the naira, prompting regulatory intervention.

This latest directive underscores Nigeria’s broader crackdown on cryptocurrency platforms, particularly Binance, which began earlier in 2024.

The government has expressed concerns about the role of crypto platforms in currency speculation and their impact on the devaluation of the naira.

This regulatory tightening reflects the government’s efforts to maintain financial stability and curb illicit financial activities in the country.

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Technology

Multichoice Nigeria Rolls Out Tariff Increase Despite Tribunal’s Interim Order

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Multichoice Nigeria, a prominent Pay TV provider, has proceeded with the implementation of tariff adjustments for its DStv and GOtv subscribers, despite an interim order issued by a competition and consumer protection tribunal (CCPT) in Abuja.

On April 24, Multichoice announced plans to increase prices for its cable services, scheduled to take effect from May 1.

However, the CCPT ruled that the company should refrain from raising rates as initially scheduled, following an ex-parte motion presented by the applicant’s counsel.

Despite the tribunal’s interim order, checks conducted by Nairametrics revealed that Multichoice Nigeria has forged ahead with the tariff increase, with the new prices being displayed and enforced on its official website.

For DStv Premium subscribers, the price has surged from N29,500 to N37,000, while Compact Plus subscribers now face an increase from N19,800 to N25,000.

Similarly, Compact, Confam, and Yanga subscribers witness price hikes, ranging from 20% to 25% compared to previous rates.

GOtv subscribers also experience a similar fate, with tariff adjustments reflecting significant increases across various subscription packages.

Despite legal injunctions, Multichoice Nigeria’s decision to proceed with the price hike signals a bold move in a highly contested legal battle.

The Acting Chairman of the Federal Competition & Consumer Protection Commission (FCCPC), Adamu Abdullahi, disclosed that Multichoice had provided a detailed explanation for the price adjustments in a four-page letter to the commission.

The company cited factors such as foreign exchange fluctuations, high electricity tariffs, and operational costs as drivers behind the rate revisions.

Abdullahi explained that the FCCPC would scrutinize Multichoice’s justifications for the price hike, collaborating with regulatory bodies like the National Broadcasting Commission (NBC) and the Nigerian Communications Commission (NCC) to ensure compliance with market regulations.

The decision to proceed with the tariff increase has sparked concerns among consumer rights advocates, who question Multichoice’s adherence to legal directives.

Despite the company’s rationale for the price adjustment, critics argue that subscribers should not bear the brunt of economic challenges beyond their control.

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