News
d.light Achieves Record Profits in Q2 2024

d.light, the global provider of transformational household products and affordable finance for low-income households, achieved its highest ever quarterly revenue and profits in Q2 2024, the company announced.
Consecutive record-breaking monthly revenue figures in May and June, combined with improved operational efficiencies, led to Q2 2024 being d.light’s first net income profitable quarter in the company’s history since it was founded in 2007. d.light is on course to hit its target of 60 percent year-on-year revenue growth this financial year.
Commenting on the news, d.light CEO Nedjip Tozun said, “We’ve set ourselves ambitious growth targets for this financial year and our record-breaking results in Q2 demonstrate that we’re capable of reaching new heights in the coming months.
“d.light has been EBITDA profitable for several years and we are thrilled to announce our first-ever net income profitable quarter. It’s a true indicator of long-term sustainability for d.light and for the PayGo business model, and is a critical milestone for achieving our goal to transform the lives of one billion people by 2030.”
d.light’s Q2 growth was primarily driven by Sub-Saharan Africa, where it has expanded its presence in recent years supported by securitized receivables financing facilities. Since the beginning of 2020, d.light has set up five securitized finance facilities in Sub-Saharan Africa with a combined total value of USD$718 million – including two in Kenya: one each in Nigeria and Tanzania: and earlier this month a new USD$176 million facility for Kenya, Tanzania and Uganda.
This financing has enabled d.light to expand its operations and make its solar-powered products affordable for more low-income households and rural communities, which has contributed to the increase in sales. India has also been a significant growth market for d.light with over 73 percent growth during the last year.
Tozun continued, “Over the past few years we’ve steadily grown our presence in Sub-Saharan Africa. Expansion in Sub-Saharan African countries – including Nigeria, Kenya, Tanzania and Uganda – has improved the day-to-day lives of millions in these countries who live without access to a reliable electricity supply.
“We’ve championed securitization as a financial tool for growth ever since we established our first facility back in 2020. The financing that we’ve closed since then has enabled d.light to reach more people and maximise our positive impact.”
A recent report (June 2024) by the International Energy Agency (IEA), the International Renewable Energy Agency (IRENA), the United Nations Statistics Division (UNSD), the World Bank, and the World Health Organization (WHO), found that in 2022 685 million people worldwide lived without electricity access, including 570 million in Sub-Saharan Africa. In addition, 2.1 billion people globally relied on polluting fuels for cooking, largely in Sub-Saharan Africa and Asia.
Population growth combined with the economic slowdown from COVID-19, the global energy crisis, and inflation caused the number of people worldwide without access to electricity to increase for the first time in over a decade, rising by ten million since 2021.
Tozun concluded, “d.light’s exceptional Q2 performance, our strong balance sheet, and the ongoing efforts to scale up our offerings and broaden our reach are testament to the hard work and commitment of our d.light colleagues to deliver positive change.
“We’re very much aware there is more work to do to ensure that people worldwide have access to safe, affordable solar energy. We want to continue supporting underserved communities that lack basic amenities for lighting and cooking, to achieve our ultimate goal of transforming the lives of one billion people by 2030.”
News
Lawyers Drags NLS to Court for Alleged Election Fraud, Data Violation

Two Nigerian lawyers have sued promoters of the Nigerian Law Society (NLS) over allegations of electoral fraud and unlawful use of personal data.
The legal actions follow the recent election conducted by the NLS, a breakaway association formed as an alternative to the Nigerian Bar Association (NBA), to elect its national officers.
In one of the suits, marked FHC/ABJ/05/1506/2025 and filed before the Federal High Court in Abuja, a lawyer, Timothy Tersugh Ahua, is challenging the conduct of the election and the legitimacy of the electoral process.
Ahua named several NLS promoters, including prominent lawyers, as defendants.
They include Senior Advocates, Chief Mela Audu Nunghe, Dr. Ugoji Eze, Secretary of the NLS Electoral Committee, and Chief Bolaji, Chairman of the NLS.
Others named in the suit are Ferguson Chioma Blessing, Chief Emeka Ichoku, and Tejumola Adigun.
Citing provisions of the Federal High Court Civil Procedure Rules, Ahua is asking the court to declare that the NLS electoral process violated its constitution.
He is seeking a declaration that all unopposed candidates, including himself, be declared elected, as published by Dr. Tonye Clinton Jaja, the alternate Chairman of the NLS Electoral Committee.
Ahua claims he was duly nominated for the position of Secretary General but was unjustly excluded, accusing the defendants of hand-picking candidates in breach of the rules.
He further alleged that the exclusion caused him financial loss, reputational damage, and personal hardship, urging the court to correct what he described as a grave injustice.
In a separate suit before the Federal High Court in Abeokuta, another lawyer, Oluwadare Thomas, sued Chief Mela Nunghe, a Senior Advocate of Nigeria, Dr. Ugoji Eze, the Corporate Affairs Commission (CAC), the National Information Technology Development Agency (NITDA), and the Nigerian Data Protection Commission (NDPC), over alleged violation of his data privacy rights.
Thomas is asking the court to determine whether the use and publication of his personal data by NLS election officials without his consent amounts to a breach of Section 37 of the 1999 Constitution and the Nigeria Data Protection Act, 2023.
He also wants the court to consider whether the use of the NLS name for the election, despite a CAC notice and a pending suit, constitutes contempt of court and abuse of legal process.
He is seeking several declaratory and injunctive reliefs, including a court order restraining the continued use of his personal data and an order compelling NITDA and NDPC to investigate and sanction the respondents.
Thomas is also demanding N50m in compensation for the alleged unlawful processing and exposure of his personal information.
News
NASRDA Celebrates Chief Owolabi Salis on His Historic Space Mission

The National Space Research and Development Agency (NASRDA) has congratulated Chief Owolabi Salis on his successful space flight. He becomes the first person of Nigerian birth to travel to space.
Chief Salis privately funded his space mission, demonstrating the deep interest of Nigerians to participate in scientific, exploratory, tourism and commercial space activities. His achievement highlights new opportunities for private sector engagement in space Program.
This milestone brings significant international attention to Nigeria’s space program, capabilities, while positioning the nation among countries where citizens actively participate in space activities.
In a statement signed by Dr. Felix Ale, director, Media and Corporate Communications, NASRDA, stated that chief Salis’s successful mission represents one pathway for Nigerian space participation. “His achievement complements NASRDA’s ongoing efforts to expand access to space exploration for Nigerian citizens.
“NASRDA received notification of Chief Salis’s mission through our partner organization, Space Research and Exploration Agency (SERA), prior to the flight. His success demonstrates the expanding opportunities now available to Nigerians in the space sector.
“However, it must be emphasized that the NASRDA-SERA collaborative mission, announced in June 2024, remains on course for an upcoming Blue Origin flight. This program represents a different pathway, providing opportunities for broader Nigerian participation through open competition.
“Our collaborative mission will enable Nigerian citizens to participate in astronaut selection and contribute to the development of research proposals. Eligibility extends to all Nigerian citizens aged 18 and above through transparent, merit-based selection criteria.
“Research priorities for the NASRDA-SERA mission will also be determined through public input from Nigerian citizens. This approach ensures the mission addresses national priorities identified by Nigerian citizens,” the statement added.
The application portal for the NASRDA-SERA program will open in the coming weeks. Detailed application procedures will be announced prior to the portal’s activation.
NASRDA celebrates Chief Salis’s contribution to raising awareness about space exploration opportunities for Nigerians. His private investment demonstrates the practical commitment of Nigerian citizens to advancing our national space participation.
Chief Salis’s achievement marks a defining moment for Nigeria’s space ambitions. Nigeria now has both private citizens and government programs actively pursuing space exploration, positioning the nation as an active participant in the global space economy.
For additional information regarding NASRDA programs or the SERA collaborative mission, contact the agency’s Media and Corporate Communication Department.
News
NIA Questions Legality of Reps’ Financial Probe

The Nigerian Insurers Association has urged the House Committee on Capital Market and Institutions to respect the constitutional separation of powers as it carries out a probe on over 20 insurance firms.
In a statement on Tuesday night, the Director General/Chief Executive Officer of NIA, Mrs Bola Odukale, said the decision of NIA and the affected firms to approach the court was to seek clarity on the constitutional limits of the House Committee’s probe.
It would be recalled that the House of Representatives on Monday is investigating no fewer than 25 insurance companies operating in the country for various financial infractions spanning financial reporting, claims settlement, premium remittance, and issuance of policies.
The Chairman, House Sub-Committee on Capital Market and Institutions, Kwamoti Laori, during a meeting with the management of the insurance companies at the National Assembly Complex in Abuja, said the meeting was convened following the receipt of a petition on infractions by the insurance companies.
In the statement, Odukale said, “The Association wishes to state unequivocally that all actions taken by the NIA and the affected member companies in response to the Committee’s invitations and pronouncements were based entirely on legal advice by its Solicitors. It was on the firm instruction of legal counsel that recourse was made to the courts.
“The objective of approaching the Court is to seek judicial guidance on the legality, propriety, and constitutional limits of the Committee’s intervention in order to safeguard institutional integrity, uphold regulatory independence, and ensure that legislative oversight remains within the bounds of law.
“The Court action seeks to determine whether the current posture of the Committee reflects an exercise of legislative judgment, which, by constitutional design, is the exclusive province of statutory regulators, such as the National Insurance Commission, Securities and Exchange Commission, Nigerian Exchange, Financial Reporting Council, Nigeria Data Protection Commission, and the National Information Technology Development Agency.
“This raises serious questions about legislative overreach and an erosion of the doctrine of separation of powers, a cornerstone of Nigeria’s constitutional democracy.”
Odukale maintained that the NIA was committed to lawful and constructive engagement with all arms of government, provided that such engagement respects the autonomy of statutory regulators and the boundaries established by the Constitution.
“The NIA will continue to provide its full support to all member companies while upholding the principles of legal compliance and sector-wide integrity,” Odukale concluded.
17 of the companies that went to court were represented by their lawyer, Mr Abimbola Kayode, at the meeting with the committee.
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