Home » University of Ilorin new invention attracts investors

University of Ilorin new invention attracts investors

by O. S David

University of Ilorin new invention attracts major investors

-Ojo Taiwo

The Director of the University’s Laboratory of Product, Prof Sulyman Age-AbdulKareem, of the University of Ilorin, on Wednesday, said their speed limiting device is attracting corporate investors who are ready to fund the project.

He said “Interested investors are knocking at our doors with proposals to fund the project.” during a meeting with the Speed Limiter team in Ilorin.

He said the two prototype design of an automobile speed limiting device, is getting bidders who want to invest in the mass production of the device. He added that patents on the devices had already been filed and would be ready next month.

He reveals that the Vice-Chancellor of the University Prof. AbdulGaniyu Ambali and the Deputy Vice- Chancellor, Management Services, Prof. Adedayo Abdulkareem, are considering the offers and would soon be meeting with the investors.

Prof Sulymon, also disclosed that the university was weighing several funding options and raising several questions to get the best option for now and in the foreseeable future.

He stressed that the prospect of an investment model that would allow engineering students to work and study would be exciting.

According to him, this will also afford to earn a living while studying following the prospect of developed nations and also create job opportunities for staff and other students.

AbdulKareem furthered “this would contribute significantly to the University’s internally generated revenue and will conserve the nation’s foreign exchange by minimising importation of production materials and motivate local engineers.

See also  Redeemers University expels student weeks to graduation

In his statement, the VC said that the University was the first in Nigeria to respond positively to the challenge given by the Federal Government to Nigerian universities.

He said the challenge was to come up with a speed limiting device that could be used to reduce accidents on Nigerian roads. He also said the device has been tested on a vehicle and he is comfortable with the researchers’ claims.

He added that the Standards Organization of Nigeria (SON) has also been informed of the developments.


Follow us on twitter @dailyfamilyng

Related Articles

Leave a Comment