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Philips to Rake in $3.3Bn From 80.1% Interest in LED Lighting Sales

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Royal Philips on Tuesday announced that it has signed an agreement with a consortium led by GO Scale Capital through which they will acquire an 80.1% interest in Philips’ combined LED components and Automotive lighting business, with Philips retaining the remaining 19.9%* interest.

The transaction values the business at an enterprise value of approximately USD 3.3 billion.

Philips expects to receive cash proceeds, before tax and transaction related costs, of approximately USD 2.8 billion and a deferred contingent payment of up to USD 100 million.

The transaction is expected to be completed in the third quarter of 2015, subject to closing conditions, including customary regulatory approvals.

Following the transaction, the new company will continue under the name Lumileds, led by CEO Pierre-Yves Lesaicherre. Philips’ Lighting Solutions business will remain an important customer of Lumileds and will continue the existing innovation and supply partnership.

“Philips is very positive about this transaction with GO Scale Capital as its principals are long-term, growth-oriented investors with a track record of building and expanding technology companies,“ said Frans van Houten, CEO of Royal Philips. “We have significantly improved the performance of the LED components business and optimized the industrial footprint in the Automotive lighting business over the last few years, and established a strong management team and innovation pipeline. We are therefore convinced that together with GO Scale Capital, Lumileds can grow further, attract more customers and increase scale as a stand-alone company.“

GO Scale Capital is a new investment fund sponsored by GSR Ventures and Oak Investment Partners.

The consortium partners are Asia Pacific Resource Development, Nanchang Industrial Group and GSR Capital.

The GO Scale Capital team has deep technology expertise and a track record in scaling up disruptive technologies.

Current investments include Boston Power, a U.S.-based manufacturer of electric vehicle batteries, and Xin Da Yang, a leading Eco-EV company in China.

The team brings deep knowledge of the LED components and automotive technology industries.

Through their past investments in the LED industry, they have access to complementary technologies and manufacturing capacity.

This uniquely complements Lumileds’ high-power LED manufacturing footprint and expertise, and the combination offers opportunities for the company to pursue further growth and scale.

Sonny Wu, co-founder and managing director of GSR Ventures and chairman of GO Scale Capital, who will serve as interim chairman of Lumileds following the completion of the transaction, stated that: “The Lumileds acquisition will be a perfect example of how GO Scale turns cutting edge technologies into world class companies. GO Scale Capital will focus on expanding Lumileds’ opportunities by investing in its global centers of operation and in the fast growing general lighting and automotive industries.

“Through Lumileds’ world-leading technology in key verticals such as LED chips, LED mobile flash and automotive lighting, together with a customer base including the likes of BMW, Volkswagen and Audi, we expect to see significant growth and unparalleled inroads into new opportunities such as electric vehicles.”

“I am convinced that together with the new investors led by GO Scale Capital, Lumileds will extend its leading product portfolio of lighting components and continue to achieve robust growth,” said Pierre-Yves Lesaicherre, CEO of Lumileds. “With our strong technology leadership, we are ready to address the future needs of our customers. We will work closely with our industry partners and customers to lead innovation and the transformation of our industry.”

Lumileds is a leading supplier of lighting components to the general illumination, automotive and consumer electronics markets with operations in more than 30 countries and has approximately 8,300 employees worldwide. In 2014, it generated sales of approximately USD 2 billion and a double-digit EBITA margin.

Following the separation of Lumileds, Philips Lighting will focus on the exciting and growing lighting solutions markets in which it has leading market positions.

As previously announced in September 2014, Philips has started the process of creating two market-leading companies focused on HealthTech and Lighting Solutions opportunities.

As part of that strategic repositioning, Philips will transition the Lighting Solutions business into a separate legal structure and it is the current intention to effectuate the separation through an initial public offering, although other options will continue to be reviewed.

 


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FG Okays Biometric Upgrades @ Airports, Others

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Federal government has a contactless biometric passenger verification system linked to the National Identification Number (NIN) across all airports in the country to tackle identity fraud and enhance security.

FG Okays Biometric Upgrades @ Airports, Others

Festus Keyamo, minister of Aviation and Aerospace Development,

Festus Keyamo, minister of Aviation and Aerospace Development, announced this on Thursday, while briefing State House correspondents after the Federal Executive Council (FEC) meeting in Abuja.

“Too many people board aircraft using fake identities. This system will confirm passengers are who they claim to be,” Keyamo said.

The minister also said that the Council also ratified contracts under the 2024 budget to install airfield lighting at select airports so they can operate into late evening hours, helping airlines improve revenue.

“Some airports shut by 6 p.m. because they lack lighting. This upgrade will allow operations till 10–11 p.m.,” he noted.

Keyamo appealed to aviation unions to support ongoing reforms, stressing that while he remains pro-labour, “unions will not dictate government policy.”

Keyamo said the directive overrides interpretations linked to previous administrations’ asset disposal programmes, stressing that FAAN properties are strategic national assets that must remain under government control.

He explained that essential personnel, including firefighters and navigational officers, are required to reside within airport precincts to ensure rapid emergency response, making the retention of these facilities critical.

“We will not concede any of these properties to private individuals. Anyone who believes they have purchased such assets should take note,” he said.

The minister added that FEC granted eight approvals for the aviation ministry, covering airport safety, technology upgrades, concessions and security enhancements.

These include contracts for maintenance and support services for Aeronautical Information Management (AIM) solutions across five international airports — Abuja, Lagos, Kano, Port Harcourt and Enugu.

Council also approved the deployment of advanced Terrestrial Trunked Radio (TETRA) power systems nationwide, along with 14 VHF remote communication systems for the Nigerian Airspace Management Agency (NAMA) to boost navigational safety.

To meet International Civil Aviation Organisation (ICAO) standards, FEC endorsed the purchase of 15 airport rescue and firefighting vehicles for the five major international airports.

Keyamo further announced that NAMA, currently operating from rented offices in Abuja, will now have a purpose-built headquarters in the capital.


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Lassa Fever’s Death Toll in Nigeria Hits 176-  NCDC

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Nigeria Centre for Disease Control and Prevention (NCDC) has reported that at least 176 people have died from Lassa fever across 21 states in 2025.

Lassa Fever’s Death Toll in Nigeria Hits 176-  NCDC

According to the NCDC; Ondo, Bauchi, Edo and Taraba remain the epicentres of the outbreak, accounting for 88 per cent of all confirmed cases recorded so far this year.

In total, Nigeria has recorded 955 confirmed cases from 8,367 suspected infections.

While confirmed cases are fewer than those seen in 2024, fatalities have increased.

This year’s case-fatality rate (CFR) is 18.4%, compared to 16.6% during the same period in 2024.

NCDC said the deaths are likely due to poor health-seeking behavior among patients who seek medical intervention too late, as well as poor environmental sanitation in affected communities.

Eighty-eight percent of all confirmed Lassa fever cases were reported from four states (Ondo, Bauchi, Edo, and Taraba), while 12% were reported from 17 states. Adults ages 21 to 30 years report the most infections.

Lassa virus is endemic in West Africa and spreads via contact with the urine or droppings of infected rodents.

Though not common, the virus can be transmitted person-to-person through direct contact with a sick person’s blood or other body fluids, mucous membranes, or sexual contact.


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Tax Ombudsman is to Protect Businesses from Harassment—Oyedele

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Taiwo Oyedele, chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, has said that the creation of a new office of the Tax Ombudsman (OTO) is to protect businesses from harassment.

Tax Ombudsman is to Protect Businesses from Harassment—Oyedele

Dr. John Nwabueze, Nigeria’s tax ombudsman

Oyedele, who spoke Sat the 24th Annual Conference of the Women in Management, Business and Public Service (WIMBIZ) held in Lagos, said that the Tax Ombudsman, will serve as an independent body to mediate disputes and safeguard the rights of taxpayers.

“If anybody shows up to harass you, to collect tax, or to seal up your premises, you can call the Tax Ombudsman. They have the legal authority and obligation to protect your rights,” he stated.

Oyedele  said that the new tax regime will favour compliant and formalised enterprises while protecting small and informal businesses from undue pressure and harassment by tax officials.

He said that the ongoing reforms are people-centred and designed to reward compliance, promote fairness, and support economic growth rather than overburden citizens or businesses.

During a panel session themed “The New Tax Law and You,” Oyedele urged entrepreneurs, especially small business owners, to formalise their operations to benefit from a range of incentives embedded in the new tax framework taking effect from January 2026.

“We started the tax and fiscal reform by looking at how people do business, how those businesses grow, and how finance is placed,” he explained. “You can’t knock on the door and say, ‘Tax me.’ Let’s have a conversation on how to create a business that can pay corporate tax. So, the reforms are people-centric.”

According to Oyedele, small companies with an annual turnover of ₦100m or less will enjoy a zero per cent corporate tax rate, in line with the government’s goal of allowing small businesses to expand before being taxed.

“If you run a small company where your annual turnover is ₦100m or less, your corporate tax rate will be zero per cent. What is even more interesting is that the Corporate Affairs Commission (CAC) will register 250,000 small companies free of charge,” he disclosed.

He also revealed that the reforms would ensure fairness in value-added tax (VAT) administration, adding that critical sectors such as food, water, education, pharmaceuticals, and medical services will be fully exempted from VAT from next year.

“From next year, January 1, this bottle of water will be zero-rated for VAT. The same explanation applies to food, education, pharmaceutical, and medical services,” he said.

Oyedele explained that the government’s decision to exempt essential goods and services from VAT was informed by data showing that low-income Nigerian households spend nearly 80 per cent of their income on food, health, rent, education, and transportation.

“If people spend their entire income on five basic items, food, education, health, rent, and transport, then we must remove the taxes on those,” he noted.

 

 

 

 

 

 


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