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Innoson Secures $300m Credit for Set-Top Boxes from Chinese Investors

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Innoson Group has secured financial foreign investment credit facility of $300million USD for local production and supply of a minimum five to eight Million (5-8million) Set-Top Boxes to support the Federal Government of Nigeria Digital Switch Over (DSO) project being handled by the National Broadcasting Commission in order to meet the deadline switch of June 2017.

The amount was part of Innoson Group partnership with a Consortium of Chinese Investors to pump in $1billion (USD) into Nigeria information technology sector of the economy; to include 400million Nigeria’s DSO Project Digital Satellite TV station and additional 600million USD covering other important sectors.

Cornel Osigwe, public relations & media assistant at Innoson Group disclosed this on Sunday, adding that Vice President, Prof Yemi Osinbajo, will today Monday, October 25, receive the consortium of Chinese Foreign Investment Group led by Liu Baoju, a deputy minister of Communist Party of China in Shandong Province who is equally the Chairman of Shandong Broadcasting Group and Shandong Cable Interactive Service Ltd, the world’s biggest TV operators and Huang Gang, Senior Vice President of Inspur Group and President of its Oversea Headquarters. Inspur Group is China’s leading cloud computer solution supplier and cloud service provider involving all IT applications.

This visit which comes as one of the gains of President Muhammadu Buhari’s visit to China will attract a foreign investment of 1Billion USD.

Osigwe gave a breakdown of the investment as currently agreed by the Chinese Consortium is as follows;

“Financial foreign investment credit facility of $300million USD for local production and supply of a minimum five to eight Million (5-8million) Set-Top Boxes to support the Federal Government of Nigeria Digital Switch Over (DSO) project being handled by the Nigerian Broadcasting Commission in order to meet the deadline switch of June 2017.

“Financial foreign investment of $100million USD to establish the latest technology and biggest DTH (Direct-To-Home) Digital BING Television Station across all states of Nigeria. In addition, the two above immediate investment is being followed by another 600 Billion USD investment in which negotiations is almost fully concluded with our strategic partners to cover the following areas of Nigerian economy; Smart City (CCTV camera) using cloud computing total solution that is known as E-Policing to cover the whole landmass of Nigeria.

“Cloud Computing Total Solution on Taxation with IT applications for such institutions as Federal Inland Revenue Service (FIRS) and other taxation agencies for seamless and stress-free tax collection mechanism. E-Education IT Solutions with big data centers for all Federal Universities and Polytechnics in the country. It is also interesting to note that the Nigerian company bringing in and partnering with these foreign investors is the Innoson Group, Nigerian’s first indigenous and largest local manufacturer of automobiles and the largest plastic processing manufacturer in West Africa”.

He said that, the company as a trailblazer has decided to be part of history as one of the companies that will take Nigeria into the digital world.

“In order to keep up with its trend of opening new grounds, it has decided to diversify into Information Technology (IT) and the Multi Media Sector with the plan to launch a Satellite Digital TV operation and other services in partnership with Shandong Broadcasting Group and Shandong Cable Interactive Service Ltd China with technical support from Inspur Group Co Ltd, China.

“This foreign investment is coming at a time when Nigeria is in dire need of foreign investors to boost the economy. The focus point of the investment will go a long way to boost the economy of Nigeria with the following as attendant benefits;

“Assist the Federal Government meet its June 2017 deadline for the transition from Analog to Digital broadcasting services. Establishment of 40 lines of production and manufacturing complex for making Broadcast Digital Set-Top-Boxes, the biggest of its kind in the whole of Africa. Job creation of over 5000 jobs in the Innoson Group Set-Top-Box manufacturing complex in Nigeria within the next two years. Job creation of about 2000 jobs by Innoson BING Digital DTH Television operation across Nigeria with the first two years.

Nigeria will become the manufacturing hub for Set-Top-Box in Africa with the attendant benefit of earning foreign exchange through exports from Innoson Manufacturing Complex. Innoson Group would put into use its biggest plastic industry at Enugu by locally manufacturing most of the plastic components of the Set-Top-Box thereby saving cost.

“Another important benefit is that BING TV Project will engage the almost under utilised Nigerian Communication Satellite (NIGCOMSAT) situated at Obasanjo Space Centre in Abuja with its numerous benefits of saving foreign exchange by buying into Nigeria available goods and services, instead of engaging foreign satellite and transponders as all our other competitors here in Nigeria are currently doing.

“Providing adequate National security using cloud computing technology to secure our country against insurgency, militancy, kidnapping and all other forms of dangerous crimes,” he stated.

 
 


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CADEF Launches Platform to Promote Renewable Energy in Nigeria

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Consumer Advocacy and Empowerment Foundation (CADEF) has launched a one-stop-shop website to provide Nigerians with information and resources on renewable energy.

L-R: Taiwo Tella-Ndukwe, Director of Operations; Prof. Chiso Ndukwe-Okafor, Executive Director; and Lovelyn Okafor, Director of Programmes, all of the Consumer Advocacy and Empowerment Foundation (CADEF) during a media parley in Lagos.

The platform, dubbed Distributed Energy Resources (DER), aims to promote awareness and adoption of renewable energy solutions in Nigeria.

Speaking at the launch event, Professor Chiso Ndukwe-Okafor, Executive Director of CADEF, emphasized the importance of exploring renewable energy alternatives.

“It’s not just about solar energy, but also solar cookers and hot water systems,” she said. “The key is to find options that fit within your budget.”

“The Nigerian government has set a target of generating at least 30% of the country’s electricity from renewable energy sources by 2025. While this goal may be ambitious, CADEF is working to promote awareness and adoption of renewable energy solutions”.

The DER website provides information on renewable energy options, including solar power, financing options, and installers. It also offers a platform for individuals and businesses to explore solutions and connect with experts in the field.

CADEF is collaborating with government agencies, such as the Ministry of Environment and the Ministry of Power, to promote the adoption of renewable energy solutions.

The organization is also committed to promoting awareness and adoption of renewable energy solutions, particularly among rural communities.

In response to questions about affordability, Professor Ndukwe-Okafor emphasized that renewable energy solutions can be tailored to individual needs and budgets.

“While solar energy may not be affordable for everyone, it can provide a viable alternative for those who can afford it,” she said.

CADEF’s initiative is a step in the right direction towards promoting renewable energy in Nigeria. As the country continues to grapple with energy challenges, it is essential to explore alternative solutions that can provide sustainable and clean energy for all Nigerians.


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Copyright Commission Warns School Proprietors Against Pirated Books

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AS the Nigerian Copyright Commission (NCC) intensifies its public awareness campaign, school proprietors in the FCT have been advised to exercise due diligence by procuring books from legitimate sources to curb copyright infringement and help sanitise the book value chain.

This was disclosed by Mr. Emeka Ogbonna, the Director Operations, NCC, in his address at the General Meeting of National Association of Proprietors of Private Schools (NAPPS), FCT held at Veritas University, Abuja on 9th October, 2024.

Speaking to the participants, Mr. Ogbonna acknowledged the contributions of the proprietors to the educational development of the nation, emphasising the need for wholesome practices to protect the book ecosystem. ‘’If you must sell or distribute books, ensure you get them from the right sources”, he cautioned.

He said the warning was imperative in view of complaints from right owners and publishers about schools selling pirated books. He stated that the NCC is not opposed to schools selling books, but maintained that due diligence must be exercised by ensuring that all purchased books are properly documented with authentic receipts.

Sensitising the school proprietors further on the tenets of the new Copyright Act 2022, the Director said it is a criminal offence to sell, distribute or be in possession, other than for private or domestic use, works that are pirated. Harping on the stiffer punishments prescribed for offenders by the new Act, he said schools selling or distributing books will be treated as booksellers and subject to the same standard of care.

The NAPPS FCT President, Mrs. Ruth Agboola, commended the NCC and other government agencies in attendance and lauded the Management of Veritas University for hosting the event.

The meeting was also attended by the Vice-Chancellor, Veritas University, Abuja, Rev. Fr. (Prof) Hyacinth E. Ichoku and other officials of the University.


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TETFund Suspends Foreign Scholarships Due to Rising Costs and Abscondment

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Tertiary Education Trust Fund (TETFund) has announced the suspension of the foreign component of its TETFund Scholarship for Academic Staff (TSAS) Intervention, effective January 1, 2025.

This decision, outlined in a letter dated November 25, 2024, and signed by TETFund’s Executive Secretary, Arc. Sonny Echono, cites the escalating cost of overseas training and an increasing number of scholars absconding as reasons for the suspension. The letter was addressed to heads of beneficiary institutions, including vice chancellors, rectors, and provosts.

“In response to the current excessive cost of training in foreign institutions, coupled with the high rate of abscondment of scholars, the Board of Trustees of the Fund has approved the suspension of the foreign component of the TSAS Intervention,” the letter stated.

TETFund has directed beneficiary institutions to prioritize local training within Nigerian universities, polytechnics, and colleges of education. This shift, according to Echono, is aimed at reducing pressure on foreign exchange, enhancing local capacity, and significantly increasing the number of beneficiaries.

“It is expected that this will conserve and reduce pressure on the foreign exchange rate, boost investment and local capacity in our institutions while significantly increasing the number of beneficiaries of the intervention,” Echono wrote.

However, scholars already enrolled in foreign institutions under the TSAS programme will continue to receive sponsorship until they complete their studies, ensuring a smooth transition for ongoing commitments.


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