Business
Infinity launches power solutions into Nigeria, showcases products at Lagos fair
Infinity Sustainable Power Solutions Limited (ISPL) has introduced a number of products into the Nigerian market to address major power needs of the country.
The firm says it provides customised solar and standby power solutions are backed by perfect after-sale service, installation and training support with sufficient spare parts backup at all times.
The firm is currently showcasing some of its unique power solutions at the Lagos Powerelec Nigeria fair taking place at the Federal Palace Hotel between March 27 and March 29.
Group Chief Executive Officer, Infinity Group, Mr Vineet Mathur, who was at the firm’s stand during the fair opening on Monday, said the company had worked towards bridging the gap between the customer’s aspiration of quality and dependability and the average runoff the mill products available in the Nigerian market.
A statement by the firm also disclosed that the “ISPL is already providing standby power solutions to key sectors, like telecom, banking, data centers, hospitals, hotels, broadcasting and continuous manufacturing processes of medical, food processing, petroleum and CNC controlled heavy industries.”
It stated that the company was determined to provide quality power solutions for sustained growth of businesses.
“With continued challenges in energy sector and simultaneous growth of various industries in Nigeria, the industries have become increasingly dependent on technology for their fundamental operation, necessitating the need for availability of quality power for sustained growth of their businesses.
“Hence, to meet up these needs, Infinity Sustainable Power Solutions Limited, (ISPL) was established in 2017 as a part of Infinity Group diversification programme into green energy, and over the last five years, ISPL has made significant inroads into standby and motive power solutions, and offering premium quality standby power solution for homes, offices and industries.
“The company has painstakingly worked with its design team over the last two years to provide the customers with engineered solutions for energy efficient environmentally sustainable ups systems & end to end power quality, energy storage & hybrid (solar-wind-battery-utility-diesel) solutions for data centres, ICT, ITES, BFSI, medical, diagnostics, mission critical, continuous manufacturing processes & other industrial applications.”
According to the company, the group’s partners based in India are working closely with ISPL engineering team to provide customised solutions for solar and standby power solutions.
It added, “Infinity Sustainable Power Solutions Limited, which can be reached on ISPL at [email protected], offers unique advantages for its customers across the various spectrum of industries. These include ex. stock deliveries, capability to absorb and deliver modern technologies, widespread presence in various key industrial segments, as well as sales and service support manpower backed by nationwide network.
“Other advantages offered by the company include exposure to marketing and servicing of diagnostics and power products (up to MW+), trained support manpower for handling power conditioning products unto MW+, customer need analysis and customized power solutions for specific applications.”
Infinity Group, the umbrella company of Infinity Tyres Limited, was established in 1981 in Nigeria, it stated, adding that over the decades, the group had established its leadership position in the automotive aftermarket sector in Nigeria before diversifying.
Railway
Lagos Rail Mass Transit part of FG free train ride – NRC
Lagos Rail Mass Transit part of FG free train ride – NRC
The Nigerian Railway Corporation (NRC) has disclosed that the Lagos Rail Mass Transit (LRMT) trains are included in the Federal Government’s free train ride initiative for the Christmas and New Year celebrations.
The LRMT, which currently includes the Phase 1 Blue Line Rail and the Phase 1 of the Red Line Rail, operates under the Lagos Metropolitan Area Transport Authority (LAMATA).
This announcement was made by Ben Iloanusi, the Acting Managing Director of the NRC, during an interview on NTA News TV on Friday, following the launch of the initiative earlier that day.
While Iloanusi stated that Phase 1 of both the Blue Line and Red Line Rail projects are part of the program, LAMATA has yet to confirm this inclusion.
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Iloanusi outlined the other routes benefiting from the scheme, which include the Lagos-Ibadan Train Service, Kaduna-Abuja Train Service, Warri-Itakpe Train Service, Port Harcourt-Aba Train Service, and the Bola Ahmed Tinubu Mass Transit in Lagos. Notably, little was previously known about the Bola Ahmed Tinubu Mass Transit service until this disclosure.
“Let me mention the routes where this free train service is happening. We have the Lagos-Ibadan Train Service, we have the Kaduna-Abuja Train Service, we have the Warri-Itakpe Train Service, we have the Lagos Rail Mass Transit trains, we have the Port Harcourt-Aba Train Service, and we have what we call the Bola Ahmed Tinubu Mass Transit, which is also in Lagos,” he stated.
Iloanusi provided operational updates, stating that passengers nationwide can access free tickets online or, for those unable to do so, at train stations where they will be profiled and validated.
He noted that passengers using NRC-managed services (excluding the Lagos Rail Mass Transit) should reserve tickets via the official website, www.nrc.gov.ng, with a valid ID required. He also advised travelers to plan, arrive on time, and bring valid identification.
Lagos Rail Mass Transit part of FG free train ride – NRC
Business
NNPC denies claim of Port Harcourt refinery shutdown
NNPC denies claim of Port Harcourt refinery shutdown
The Nigerian National Petroleum Company Limited (NNPCL) has denied claims in media reports that the newly refurbished Port Harcourt refinery has shut down.
The national oil company denied the claim in a press release issued by its Chief Corporate Communications Officer, Olufemi Soneye, on Saturday.
Soneye said the claim was false and urged Nigerians to disregard it. He stressed that the Port-Harcourt Refinery is fully operational.
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The statement read, “The attention of the Nigerian National Petroleum Company Limited (NNPC Ltd.) has been drawn to reports in a section of the media alleging that the Old Port Harcourt Refinery which was re-streamed two months ago has been shut down.
“We wish to clarify that such reports are totally false as the refinery is fully operational as verified a few days ago by former Group Managing Directors of NNPC.”
He noted that preparation for the day’s loading operation is currently ongoing, and added that claims of the shutdown are “figments of the imagination of those who want to create artificial scarcity and rip-off Nigerians.”
NNPC denies claim of Port Harcourt refinery shutdown
Business
CBN permits BDCs to buy up to $25,000 FX weekly from NFEM
CBN permits BDCs to buy up to $25,000 FX weekly from NFEM
The Central Bank of Nigeria (CBN) has granted Bureau de Change (BDC) operators temporary permission to purchase up to $25,000 weekly in foreign exchange (FX) from the Nigerian Foreign Exchange Market (NFEM).
The Central Bank of Nigeria (CBN) has granted Bureau de Change (BDC) operators temporary permission to purchase up to $25,000 weekly in foreign exchange (FX) from the Nigerian Foreign Exchange Market (NFEM).
This move, detailed in a circular dated December 19, 2024, is designed to meet seasonal retail demand for FX during the holiday period.
The circular was signed by T.G. Allu, on behalf of the Acting Director of the Trade and Exchange Department.
The arrangement will be in effect from December 19, 2024, to January 30, 2025.
Under the directive, BDCs may purchase FX from a single Authorized Dealer of their choice, provided they fully fund their accounts before accessing the market.
Transactions to occur at the prevailing NFEM rate
The transactions will occur at the prevailing NFEM rate, and BDCs are required to adhere to a maximum 1% spread when pricing FX for retail end-users.
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All transactions conducted under this scheme must be reported to the CBN’s Trade and Exchange Department.
The circular read in part:
“In order to meet expected seasonal demand for foreign exchange, the CBN is allowing a temporary access for all existing BDCs to the NFEM for the purchase of FX from Authorised Dealers, subject to a weekly cap of USD 25,000.00 (Twenty-five thousand dollars only).
This window will be open between December 19, 2024 to January 30, 2025.
“BDC operators can purchase FX under this arrangement from only one Authorized Dealer of their choice and will be required to fully fund their account before accessing the market at the prevailing NFEM rate. All transactions with BDCs should be reported to the Trade and Exchange department, and a maximum spread of 1% is allowed on the pricing offered by BDCs to retail end-users.”
The CBN assured the general public that PTA (Personal Travel Allowance) and BTA (Business Travel Allowance) remain available through banks for legitimate travel and business needs.”
These transactions are to be conducted at “market-determined exchange rates” within the NFEM framework.
This initiative reflects the CBN’s strategy to stabilize the FX market and manage seasonal surges in demand.
CBN permits BDCs to buy up to $25,000 FX weekly from NFEM
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