by admin | Mar 25, 2025 | business, entrepreneurship, manufacturing, startups and entrepreneurship, technology
The founder and editor of Motoring World International, Femi Owoye, has encouraged engineering graduates to explore entrepreneurship, asserting that the future will belong to individuals capable of developing innovative solutions and transforming them into successful ventures.
He emphasized that graduates should be passionate about tackling issues, generating employment opportunities, and fostering national progress.
After receiving recognition from the Federal University of Oye Ekiti during their 2025 graduation ceremony for new engineering graduates and the fifth Prof Chinedu Nebo faculty lecture, which took place recently at the engineering faculty hall, Owoeye offered this advice.
Owoeye received recognition for his contributions to advancing the automotive engineering sector and reporting on the automobile industry in Nigeria via his publication, Motoring World International.
At the event, when delivering his speech, the honored individual emphasized that the time has passed when young people relied solely on governmental positions or conventional job prospects.
He believes that graduate engineers adopting entrepreneurship are crucial for closing the employment gap, promoting technological advancements, enhancing national economic progress, and capitalizing on the digital sector.
He urged the new engineers to undertake essential actions such as cultivating a problem-solving attitude, acquiring knowledge in business and leadership, utilizing technology and innovation, and establishing strategic connections and collaborations, amongst other tasks.
Consequently, he urged the engineers to begin exploring innovative ideas beyond conventional boundaries and pinpoint societal issues that demand engineering-based resolutions.
Owoeye asserted that society has moved past pursuing certifications solely for job opportunities.
For example, within the expanding automotive sector of the country, there are prospects for implementing automation, developing locally-sourced auto components, manufacturing compressed natural gas conversion kits domestically, producing electric vehicle batteries locally, along with exploring alternate energy sources for powering commercial vehicles.
Consider developing an automated solar charging system for a commercial vehicle or tricycle, allowing these vehicles to operate without requiring gasoline, diesel, or even compressed natural gas.
In the agricultural industry, one issue that persists is the damage caused to cropland by roaming cattle. Studies have shown that livestock can be deterred by sounds at higher frequencies or alarms. This presents a potential venture for an inventive engineer looking to develop a gadget featuring a sensor capable of detecting cows or similar creatures from afar and deterring them using a loud, high-frequency warning.
“As such, for every budding engineering entrepreneur, the moment to take action is right now. Nigeria requires your innovation, intellect, and fortitude to construct the future sectors,” stated Owoeye.
Introducing the accolade, the Dean of Engineering at the institution, Professor O. Akinsanmi, praised Owoeyer for his contributions to advancing the domain of automotive engineering and addressing the significant gap in the coverage of Nigeria’s auto sector.
Via Motoring World International, a magazine he established nearly thirty years ago, Owoeyer has not just fostered the expansion of the sector with his writings but has also championed policies designed to expedite the advancement of the automotive industry.
“It is with gratitude for your contributions to the automotive engineering sector through the motoring press that this appreciation award has been bestowed upon you,” Akinsanmi stated additionally.
The annual induction of graduate engineers at FUOYE is organized by the university’s Convocation Ceremony Committee together with the Council for the Regulation of Engineering in Nigeria.
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by admin | Mar 25, 2025 | government, immigration, immigration policy, laws and regulations, world
The U.S. government has delivered a strong message to travelers from Nigeria regarding the serious repercussions of exceeding their visa limits, highlighting that those who violate this rule might be barred permanently from entering the United States again.
The U.S. mission in Nigeria issued the warning through X on Monday.
The immigration department stated that consular officials have access to an individual’s complete immigration record, which makes it extremely difficult to evade consequences for previous infractions.
They also stressed that travelers must comply with the conditions of their visa, and they cannot use unawareness of visa rules as an excuse.
“If you remain in the U.S. beyond the period permitted by your visa, you might be subject to a lifelong prohibition from entering the country again. The consular officials possess complete visibility into your immigration record and will be aware of any previous infractions. It’s important to understand that ‘accidental errors’ do not exempt you; ensuring correct usage of your visa falls squarely on you,” according to the statement released by the US Mission.
It has been reported that individuals who remain in the country beyond their visa allowance for between 180 days and one year could be subject to a three-year prohibition from re-entering.
Should an overstay last more than a year, the consequence might be a ten-year prohibition.
Repeat offenders or those with serious violations risk a permanent lifetime ban.
Following Donald Trump’s comeback as President of the United States, the country has tightened its immigration regulations.
On February 16, 2025, the federal government expressed significant reservations regarding the expulsion of its citizens from the United States. It called upon Washington to comply with international agreements and facilitate a respectful return process.
In a meeting with the U.S. Ambassador to Nigeria, Richard Mills Jr., Minister of State for Foreign Affairs Ambassador Bianca Odumegwu-Ojukwu highlighted the significant emotional and financial burdens these deportations impose on Nigerian individuals in the United States and their relatives in their homeland.
Odumegwu-Ojukwu pointed out that “approximately 201 Nigerian citizens are presently held in U.S. immigration facilities, with about 85 of them approved for deportation,” noting further that the administration is pushing for a more compassionate method to handle these cases.
“With the new US administration in place, we expect commitments to ensure that, if repatriation occurs, it will be done with dignity,” she said.
Odumegwu-Ojukwu additionally highlighted that numerous Nigerian residents in the United States significantly contribute to sustaining their family members at home via essential money transfers. These funds not only support daily living but also finance educational pursuits.
She emphasized that these deportations, particularly for individuals without any record of violent crime, ought not to be abrupt or traumatizing.
“As a nation, we are questioning whether they will be granted sufficient time to manage their possessions or if they will simply be herded onto planes and sent back home,” she asked.
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by admin | Mar 25, 2025 | banking, business, cryptocurrency, financial services, korean
South Korea’s second-biggest crypto exchange, Bithumb, changed its banking relationship from NH Bank to KB Kookmin Bank. Following this switch announced in December, more than 1.5 millionKB accounts were connected to Bithumb. “The benefits of collaborating with a prominent bank are becoming clear,” stated a spokesperson for Bithumb.
According to present financial rules, the nation’s leading five exchanges may collaborate exclusively with a single bank. To engage in trading activities on a specific exchange, users are required to maintain an account with that exchange’s chosen banking institution. As a result of this regulation, competition between banks has become more intense as they vie for agreements with these exchanges, aiming to enhance their profitability through the acquisition of cryptocurrency-associated assets.
Bithumb collaborated with NH Bank over a period of approximately seven years, spanning from January 2018 up to March 23. Throughout this duration, NH Bank amassed roughly 1.7 trillion won in cryptocurrency-related deposits, utilizing these funds for multiple investments and loan activities, thereby producing substantial earnings.
However, Bithumb opted to transition to KB Kookmin Bank back in December of last year. The intention behind this move from Bithumb was to expand its customer base through collaboration with a bigger banking partner, whereas KB sought to attract additional deposits.
Following the announcement of their collaboration, KB’s demand deposits increased by more than 3 trillion won, rising from 151.5 trillion won at the close of December to 154.7 trillion won ($106 billion) as of March 21st. Furthermore, approximately 1.52 million KB accounts have been linked with Bithumb.
Since June 2020, Upbit, the nation’s leading cryptocurrency exchange, has collaborated with K Bank, an online banking institution. Approximately one-fourth of K Bank’s overall deposits, which amount to around 6.4 trillion won out of a total of 27.62 trillion won, come from funds associated with Upbit. The number of customers at K Bank increased dramatically from 2.19 million in June 2020 to 13.39 million recently, including about 6 million accounts connected specifically to Upbit operations.
Shinhan Bank has formed a partnership with Korbit, which ranks as the fourth-largest exchange, whereas Kakao Bank is associated with Coinone, ranking as the third-largest exchange.
As Upbit’s agreement with K Bank approaches expiration in October, financial institutions are eagerly observing the company’s subsequent actions. When Bithumb changed partners, it led to significant fund movements and account shifts. Consequently, banks anticipate intense rivalry to secure Upbit as their client.
K Bank continues to be confident about maintaining the partnership. “We have had a lengthy and fruitful relationship with Upbit, and we anticipate this will persist,” stated an official from K Bank.
According to reports, Woori Bank and Hana Bank are considering possible collaborations with Upbit. “Although Woori Bank has not previously engaged with cryptocurrency exchanges, the recent allowance of corporate crypto investments has prompted them to seek a partnership with Upbit,” stated an industry source. Likewise, Hana Bank launched their real-name verification service called Hana Certificate on Upbit back in October, indicating their desire to establish connections. A representative from the bank mentioned, “We have incorporated Hana Certificate as part of our interest in forming a relationship with a cryptocurrency exchange.”
Banks are hastening to establish such collaborations due to their perception of cryptocurrency exchanges as a vital source of inexpensive daily deposits in the approaching era of lower interest rates. A banking representative noted, “The typical daily trade volume on local crypto exchanges is close to 4 trillion won.” They added, “This represents an almost cost-free means of financing that banks can utilize for loans to earn additional interest revenue.”
by admin | Mar 25, 2025 | automotive industry, autos, semiconductor companies, semiconductors, technology
With automobiles increasingly resembling rolling computer systems, car manufacturers are competing to create their own semiconductors—which are essential components for elements ranging from electric drivetrains to advanced driver-assistance technologies. The disruptions caused by the COVID-19 pandemic highlighted the vulnerabilities associated with depending solely on outside semiconductor providers. Moreover, as the automotive sector transitions towards electrification and autonomy, this surge in demand emphasizes the necessity for sophisticated, high-performing microchips even further.
In an effort to decrease reliance on external chip producers, businesses are establishing their own internal semiconductor design groups, opening R&D facilities in Silicon Valley, and entering into agreements with manufacturing firms for outsourced production. Additionally, some enterprises are forging joint ventures; for instance, they might team up with Taiwan-based Foxconn to jointly develop automotive-specific microchips.
Electric vehicle (EV) manufacturers such as Tesla and China’s BYD have traditionally focused on developing their own chips, but now conventional carmakers—like Toyota, Hyundai Motor Group, Stellantis, and General Motors (GM)—are also entering this competition.
Automotive semiconductors were previously seen as a specialized sector, yet their importance has expanded with the increasing technological sophistication of vehicles. In contrast to sophisticated processors utilized in smartphones and data centers, automotive chips tend to be simpler, which makes them more amenable to internal production by automobile manufacturers.
Nevertheless, the supply continues to be restricted. In the past, chip producers have primarily focused on catering to the consumer electronics sector, which has left automotive manufacturers vying for a scarce allocation of chips. This disparity grew particularly evident during the pandemic as worldwide shortages compelled numerous auto companies to suspend their manufacturing operations.
South Korea’s Electronics and Telecommunications Research Institute (ETRI) reports that traditional Internal Combustion Engine (ICE) vehicles typically incorporate approximately 200 semiconductor components each, whereas Electric Vehicles (EVs) necessitate about 1,000 such devices, with Autonomous Vehicles requiring over 2,000. Notably, power semiconductors—critical for determining an EV’s operational range—are considered particularly significant in this domain.
According to market research company Verified Market Research, the worldwide automotive semiconductor market is expected to expand at an annual compounded growth rate of 5.83%. This would bring the total value up to $82.8 billion by 2031, starting from $54.8 billion in 2024.
The Hyundai Motor Group, having traditionally relied heavily on Germany’s Infineon Technologies for its chips, is now becoming more involved in semiconductor production. In 2020, the group’s car components division, Hyundai Mobis, purchased Hyundai Autron—a firm formerly dedicated to semiconductors for internal combustion engines. Following this acquisition, Hyundai Autron has redirected its efforts towards developing electric vehicle (EV) chips. Moreover, Hyundai Mobis intends to start producing essential automotive semiconductors through contract manufacturing later this year.
In 2023, Hyundai reinforced its relationship with Infineon by forming a collaboration aimed at jointly developing power semiconductors specifically for electric and hybrid cars.
Toyota has chosen an alternative path by establishing a joint venture with its component supplier Denso to advance automotive semiconductor development. In contrast, Volkswagen is pouring investments into chip technology via its software division, Cariad, with the objective of designing bespoke semiconductors specifically for their cars.
GM is intensifying its chip strategy as well. The company has joined forces with Dutch semiconductor manufacturer NXP Semiconductors to collaboratively develop chips for their upcoming generation of electric vehicles.
From the outset, Tesla has been designing its own chips and relying on external contractors for manufacturing. On the other hand, China-based BYD both designs and manufactures its own car-specific semiconductors. In 2023, BYD declared an investment of 100 billion yuan ($13.8 billion) aimed at advancing its capabilities in semiconductor technology as well as autonomous driving systems, thereby intensifying its efforts in this area.
In addition to creating new chip designs, automobile manufacturers are also focusing on simplifying the semiconductor supply chain. They are integrating various functionalities into fewer chips to decrease complexity and make purchasing processes more efficient.
For example, Stellantis is collaborating with Foxconn to jointly develop semiconductors that might substitute up to 80% of the current chip usage in Stellantis cars. The objective behind this initiative is to reduce expenses, streamline manufacturing processes, and secure a more consistent supply chain.
The pandemic highlighted weaknesses in the automotive chip supply chain,” stated Lee Hang-gu, a researcher at the Korea Automotive Technology Institute. “Meanwhile, China’s drive towards independent semiconductor development is also spurring global automakers to enhance their own chip technologies.
by admin | Mar 25, 2025 | business, korean, news, samsung, technology
On March 25, Samsung Electronics verified that Han Jong-hee, their vice chairman and CEO, had succumbed to a heart attack. It is reported that he fell ill on March 22 following his attendance at his daughter’s wedding celebration and was rushed to theSamsung Medical Center in Seoul, passing away subsequently.
Han headed the Device Experience (DX) sector—the principal segment among the firm’s two core divisions—where he significantly influenced the management of the Digital Appliances (DA) unit. He was born in 1962 and obtained an undergraduate degree in electronics engineering from Inha University before joining Samsung in 1988 with their TV development group. During his extensive 37-year career at Samsung, Han became well-known for his substantial contributions to the television market.
In November 2017, Han took over as the leader of the Visual Display Business at Samsung, earning praise for assisting the company in retaining its status as the global top producer of TVs for an uninterrupted period of fifteen years. His efforts were acknowledged when he was elevated to the positions of vice chairman and chief executive officer in 2021, overseeing the newly formed SET division that merges operations from both the IM and CE sectors.
During the 56th annual general meeting held on March 19, Han shared his perspective on Samsung’s upcoming trajectory. He stated, “Our aim is to establish a foundation for significant advancements within our current sectors through unparalleled technological superiority.” Additionally, he emphasized their commitment to exploring novel opportunities in various domains such as robotics, medical technologies, and advanced semiconductor solutions, all aimed at fostering sustainable expansion fueled by artificial intelligence innovations.
Initially, Han was slated to present the keynote speech at “Welcome to Bespoke AI,” Samsung’s premier annual event for home appliances, which was set for March 26. Nevertheless, on March 24, the firm declared a shift in speakers due to an unexpected medical emergency involving Han. Instead, executive members from the Development Division within the DA business will take over his speaking role.
In an internal communication, Samsung Electronics announced his demise, saying, “We grieve the loss of a individual who committed 37 years of service to our organization.” The firm further noted, “Under his leadership, our global TV operations reached the top spot and he exerted every effort as the chief of the SET division and DA business, despite difficult internal and external circumstances.”
