Connect with us

Tech

Nigerian government moves to invest $800m in power sector

Published

on

Spread the love

The Federal Government says it plans to invest 800 million dollars in the construction of substations and distribution networks as part of the Presidential Power Initiative, PPI.

This is contained in a statement issued by Mr Bolaji Tunji, the Special Adviser, Media and Strategic Communication to the Minister of Power in Abuja on Sunday.

Tunji said the Minister of Power, Mr Adebayo Adelabu said this during a tour of the TBEA Southern Power Transmission and Distribution Industry in Beijing, China.

He said the minister was in Beijing for the China-Africa Cooperation Summit.

Adelabu said that the investment would be divided into two lots: 400 million dollars for Lot 2, covering Benin, Port Harcourt, and Enugu Distribution Companies (DISCOs) franchise areas, and 400 million dollars for Lot 3, covering Abuja, Kaduna, Jos, and Kano DISCOs franchise areas.

The minister expressed concern over the rejection of power by Electricity Distribution Companies, DISCOs, which recently led to a reduction in generation capacity from a peak of 5,170 megawatts by 1,400 megawatts due to their inability to manage the supply.

He said that in spite of the setback, the government aims to increase power generation to 6,000 megawatts by the end of the year.

Adelabu reaffirmed the government’s commitment to collaborating with world-class organisations like TBEA to realise President Bola Tinubu’s vision for the power sector.

”Especially in the areas of transmission and distribution of the entire power sector value chain as well as Nigeria’s renewable energy segment.”

Adelabu said that Nigeria had in 1984 generated 2,000 megawatts, and it took over 35 years to add another 2,000 megawatts.

He said under the current administration, power generation increased from 4,000 megawatts to 5,170 megawatts within a year.

The minister, speaking on the problems in the power sector which had hindered industrial growth, said this was due partly to the fragility of the Transmission and distribution infrastructure which had become old and dilapidated.

“This has led to a historical epileptic supply of Power to households, industry and businesses.

“More than 59 per cent of industries in Nigeria are off the grid. They did not see the national grid as reliable and dependable. So a lot of them now operate their own captive, self-generated power, ” he said.

Nigerian government moves to invest $800m in power sector

Tech

Google wins legal bid to overturn 1.5 billion euro antitrust fine in EU digital ad case

Published

on

Google
Spread the love

LONDON (AP) — Google won a court challenge on Wednesday against a 1.49 billion euro ($1.66 billion) European Union antitrust fine imposed five years ago that targeted its online advertising business.

The EU’s General Court said it was throwing out the 2019 penalty imposed by the European Commission, which is the 27-nation bloc’s top antitrust enforcer.

“The General Court annuls the Commission’s decision in its entirety,” the court said in a press release.

The commission’s ruling applied to a narrow portion of Google’s ad business: ads that the U.S. tech giant sold next to Google search results on third-party websites.

Regulators had accused Google of inserting exclusivity clauses in its contracts that barred these websites from running similarly placed ads sold by Google’s rivals. The commission said when it issued the penalty that Google’s behavior resulted in advertisers and website owners having less choice and likely facing higher prices that would be passed on to consumers.

But the General Court said the commission “committed errors” when it assessed those clauses. The commission failed to demonstrate that Google’s contracts deterred innovation, harmed consumers or helped the company hold on to and strengthen its dominant position in national online search advertising markets, it said.

The ruling can be appealed, but only on points of law, to the Court of Justice, the bloc’s top court.

The commission said in a brief statement that it “will carefully study the judgment and reflect on possible next steps.”

Google did not respond immediately to a request for comment. The company’s legal victory comes a week after it lost a final challenge against a separate EU antitrust case for its shopping comparison service that also involved a hefty fine.

They were among three antitrust penalties totaling about 8 billion euros ($8.9 billion) that the commission punished Google with in the previous decade. The penalties marked the beginning of an era of intensifying scrutiny for Big Tech companies.

Since then, Google has faced escalating pressure on both sides of the Atlantic over its digital ad business. It’s currently battling the Justice Department in a U.S. federal court over allegations that its dominance over the technology that controls the sale of billions of internet display ads constitutes an illegal monopoly.

British competition regulators this month accused the company of abusing its dominance in the country’s digital ad market and giving preference to its own services.

EU antitrust enforcers carrying out their own investigation suggested last year that breaking up the company was the only way to satisfy competition concerns about its digital ad business.

Continue Reading

Tech

“Hope Our Money Is Safe” — Nigerians React As Access Bank Changes Their Logo Twice In Less Than 3 Hours.

Published

on

AccessBank
Spread the love

Nigerians are buzzing with concern after Access Bank changed its logo twice in under three hours, sparking worries about the safety of their money.

In 2019, Access Bank unveiled a new logo after merging with Diamond Bank, signaling the beginning of a new era for the enlarged banking entity ¹. This change was part of the bank’s expansion strategy, which aimed to make Access Bank the largest bank in Africa by customer base.

Regarding the recent logo change, it’s essential to note that logo updates are common in the banking industry, especially when companies undergo significant transformations or rebranding efforts ². However, the swift reversal of the logo change has understandably raised eyebrows.

To alleviate concerns, Access Bank has not announced any changes to its operations or services that would impact customers’ funds. If you’re an Access Bank customer, you can visit their official website or contact their customer support for the latest information.

*Key Takeaways:*

– _Logo Changes are Common_: Banks and financial institutions often update their logos to reflect changes in their business strategy or branding.
– _Access Bank’s History_: The bank has undergone significant expansions and mergers, including the 2019 merger with Diamond Bank.
– _Stay Informed_: For the latest updates on Access Bank’s logo change and its potential impact on customers, visit their official website or contact customer support.

Remember, it’s always a good idea to stay informed and verify information through official channels to ensure your money’s safety.

Continue Reading

Tech

iPhone Xs | Xr are now on their 6th year receiving iOS updates

Published

on

iPhone XR, IPhone XS
Spread the love

 

The iPhone XS and XR are indeed receiving their sixth round of iOS updates, which is a testament to Apple’s commitment to supporting their devices with the latest software.

This is great news for users who have stuck with these models, as they’ll continue to receive security patches, new features, and performance improvements.

Not on par with Samsung or Google, but still very impressive

Of course, the new features those devices actually get is a different story

 

Continue Reading

Trending