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Chapel Hill Denham Collaborates REA to Drive Solar Power Adoption in Nigeria

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Chapel Hill Denham, has joined forces with the Rural Electrification Agency (REA) to drive the adoption of solar power in Nigeria. The collaboration, which was solidified with the signing of a Memorandum of Understanding (MoU) between Chapel Hill Denham and REA at an investor matchmaking event held in partnership with the Power Africa Nigeria Power Sector Programme (PA-NPSP, USAID), has the objective of facilitating financing for off-grid electrification projects.

The investor matchmaking event provided a platform for potential investors to showcase their financial offerings to developers, outlining selection criteria and key terms. Moreover, it served as an essential networking and matchmaking forum, bringing together key investors and high-performing developers pre-evaluated by the Solar Power Naija (SPN) team in the power sector.

Mr. Bolaji Balogun, CEO of Chapel Hill Denham, expressed his delight about the collaboration, saying that it perfectly aligns with the company’s commitment to driving transformative solutions that positively impact the lives of Nigerians.

He emphasized their dedication to delivering sustainable solar power projects that contribute to the nation’s economic growth and social well-being.

“Together, we will work tirelessly to deliver sustainable solar power projects that contribute to the economic growth and social well-being of the nation. The collaboration between Chapel Hill Denham and the REA marks a landmark partnership in Nigeria’s quest to expand solar power access and accelerate economic development. Through their joint efforts, they aim to make significant strides towards achieving Nigeria’s energy access goals and driving positive change in the country’s power sector.

Chapel Hill Denham has made notable contributions to the climate finance space through its investment activities and advisory services, aimed at fostering a low-carbon economy. The firm has played a pivotal role in financing and supporting projects in the renewable energy sector, particularly through various financing solutions for off-grid developers, “Balogun said.

 


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E-Financial

Fraud: FCCPC Delists 47 Loan apps, 88 on Watchlist

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Federal Competition and Consumer Protection Commission (FCCPC) has delisted 47 unregistered loan apps, Google playstore as at May 2024, in a renewed crackdown on such platforms.

Fraud: FCCPC Delists 47 Loan apps, 88 on Watchlist

This is coming after it was discovered that despite the efforts of the agency, the proliferation of unregistered loan apps continues, with many operating through Android Package Kit (APK) files, circumventing official app store regulations.

According to a statement from the FCCPC, as of May 2024, the number of registered loan apps in Nigeria has risen to 284, comprising 232 companies with full approval and 11 others licensed by the Central Bank of Nigeria (CBN).

It also noted that it has placed 88 others on a watchlist amid a surge in the number of unregistered and potentially predatory loan apps, which have been causing considerable distress among Nigerians.

Despite these advancements, the ongoing challenges posed by unregistered apps continue to impact Nigerian borrowers adversely.

Dr. Adams Abdullahi, chief executive officer, FCCPC, said infractions have been on the rise as more Nigerians are now taking loans from the various loan apps.

Despite these advancements, the ongoing challenges posed by unregistered apps continue to impact Nigerian borrowers adversely.

Abdullahi said the commission would now involve law enforcement agents in tackling the menace in addition to regulatory prohibition and consequences.

He noted that this is in line with the FCCPC’s Limited Interim Regulatory/Registration Framework and Guidelines for Digital Lending, established in 2022,  which is aimed at promoting ethical lending practices and protect consumer rights.

The situation, according to financial analysts, underscores the need for stronger regulatory frameworks and consumer protection measures in Nigeria’s digital finance sector.

According to them, the gloomy state of the Nigerian economy has led to the rise of loans taken by its citizens.

 

 


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Enterprise Life Insurance Boss Seeks Adoption of Digital Systems to Accelerate Insurance Penetration

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Funmi Omo, Managing Director and Chief Executive Officer, Enterprise Life Insurance has advised insurance operators to embrace digital adoption across the insurance industry to enhance financial inclusion and education for Nigerians.

In a recent virtual question and answer session with the theme, “Digital Transformation in Africa Insurance,” Omo highlighted the critical role of digital technologies in reshaping the insurance landscape.

Omo noted that digital platforms, artificial intelligence (AI), machine learning (ML), the Internet of Things (IoT), data analytics, and blockchain technology were disrupting traditional insurance models.

Addressing the specific needs of the African market, she underscored the importance of developing user-friendly insurance apps optimised for low-bandwidth connections and offline capabilities, offering flexible payment options, and providing 24/7 customer support.

She emphasised the role of innovative products like AdvantageConnect, the company’s digital insurance platform leveraging geolocation technology to enhance customer interactions and efficiency.

“Prospective and existing customers can now connect with any of our LifePlanners closest to them, to access a range of services, and receive a tailored policy in less than five minutes,” Omo explained.

Omo also acknowledged the challenges traditional insurers face during digital transformation, such as integrating legacy systems, overcoming cultural resistance, securing the right talent, navigating regulatory hurdles, and ensuring data privacy and security, adding that modernising legacy systems is complex and costly, but it is essential for a more efficient and responsive service.


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Bayelsa Partners BOI on Economic Development

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Bayelsa State Government and the Bank of Industry have announced their partnership to drive sustainable industrial and economic development in the state.

Governor Douye Diri gave the assurance on Tuesday when he received a four-man team from the South-South and South-East divisions of the Bank of Industry in Government House, Yenagoa.

Diri who was represented by his deputy, Lawrence Ewhrudjakpo, said his administration would do everything within its power for the immediate and smooth take-off of the bank’s operations in the state.

He disclosed the state government had already provided a temporary operational office for the bank to immediately commence its operations in the state.

The governor said Bayelsa was in a hurry to catch up with other states in terms of industrial development and maintained that his administration would harness opportunities created by the bank to promote the growth of local industries in the state.

He called on the bank to disclose the list of Bayelsans who had already applied for loans and other facilities but could not meet the bank’s requirements for the state government consideration and necessary action.

His words: “Clearly, before now Bayelsa had not taken advantage of the opportunities created for us as a state by the Bank of Industry. However, this time we are ready to seize the opportunity you are going to create to drive the growth of our local industries.

“We want to establish a relationship with the BOI that would be fruitful and run very fast. We, as a government, have an emergency in our hands; while you have urgency in your hands.

“The state government had already provided three places for you to choose one and start to use it as a take-off operational office for the BOI in Bayelsa. The Deputy Chief of Staff to the Governor will take you there immediately after this meeting.

“We are ready for your operations even this month because the role of your bank is even more important than that of the mainstream commercial banks to the growth of local industries.”

Earlier in his presentation, the Divisional Head of the Bank of Industry, South-South and South-East, Kings Jack, pointed out that Bayelsa was the only state in the entire South-South in which the BOI was not fully operational.

Jack said the BOI team was in Bayelsa to seek collaboration with the state government on how to commence the bank’s services to stimulate industrial development of the oil-rich state.

He further disclosed that many corporate organisations and individuals from Bayelsa could not access the over one billion Nair BOI loan facility on account of the inability to procure certificates of occupancy and other requirements.

Jack expressed the readiness of the bank to advise the government on the right policies to stimulate the industrial and economic development of the state.

The visiting BOI team also had its Group Head, Strategic Communications, Seun Olagunju; the Regional Manager, South-South, Irabor Pacqueens, and the State Manager, Ojiegbe Uchechukeu.


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