News
EU to Invest in Renewable Energy in Nigeria
The European Union (EU) is set to invest in entrepreneurial ideas that will boost renewable energy in Nigeria.
Amb. Ketil Karlsen, Head of the EU Delegation to Nigeria and the Economic Community of West African States (ECOWAS), made this known in Lagos during the ‘Green Event’ organised by the union.
Renewable energy is energy that is collected from renewable resources, which are naturally replenished on a human timescale, such as sunlight, wind, rain, tides, waves, and geothermal heat
Karlsen said the EU would continue to support all efforts toward ensuring that Nigeria meet its target of 30 per cent energy mix by 2030.
The envoy said that the union was enabling communities in Nigeria harness the power of the sun to generate renewable energy.
The EU has set aside 165 million euros (N67.8 billion) for intervention in Nigeria’s energy sector to improve energy access to over 90 million Nigerians and business owners without access to energy.
He said that there was the need to put a spotlight on renewable energy and the need for renewable energies in Nigeria, for a sustainable future.
According to him, already in Nigeria, there is a population of 200 million people, of which at least 80 million people do not have access to clean, affordable and stable energy.
“So already, there is so much to do to have access to energy to provide electricity to hospitals, health facilities, schools and for businesses.
“This is because by the end of the day, without having affordable energy supply, the businesses will not be competitive. They will not be able to compete with other countries.
“We look for investment projects, opportunities to invest in young dynamic entrepreneurs that have the great ideas to boost use of renewable energy.
“So it is about finding the right formula that will allow that development to take place; that will allow that job creation to take place,” Karlsen said.
The ambassador said that ensuring the use of renewable energy should be done in a manner not to undermine the environment.
“It should be done in a manner where we do not add to the already existing climate change in Nigeria and elsewhere.
“So this is the resounding message that we are giving today. Take this matter seriously; listen to the young population; and for everybody to participate in this.
“It is not only for politicians, to show the way.
“It is also for the general population, for each individual, for the families, for the communities and for the businesses to contribute to seeing the provision of clean, affordable, stable energy for Nigerians,” he said.
Karlsen said that the EU would help in developing best practices for renewable energy in the country.
He said that Nigeria had set a quite ambitious target 30 per cent energy mix in 2030, which all must work together to achieve.
According to him, the European Union has also decided that nothing under 32 per cent renewable energy in 2030 is acceptable.
“We are already well on our way. We aim for 20 per cent in 2020 and then we will gradually increase.
“This train has left the station already and those that want to join it; those that want to make business out of the energy sector; they need to keep their eyes open for this,” the envoy said.
According to him, fortunately, we see a lot of creativity, a lot of dynamism here in Nigeria in general and Lagos in particular.
“That is why we wanted to come here today, share notes with all of those vibrant industries and creative people; young people in particular; as this is a matter that we need to continue to take seriously.
“We need to put it on the agenda but we should not just leave it for politicians to solve all the problems for us. We should also contribute,” Karlsen said.
News
NELFUND Says UTME, NIN, BVN Mandatory for Student Loans
Nigerian Education Loan Fund (NELFUND) has said that Nigerian students will need to present their Unified Tertiary Matriculation Examination registration number (UTME); National Identification Number (NIN); and Bank Verification Number (BVN) to access student loans.
Mr Akintunde Sawyerr, managing director of NELFUND, assured that the body would ensure that those he called ‘ghost students’ would not have access to the soon-to-be-launched scheme.
The MD noted that NELFUND has put processes in place to ensure that all applicants and beneficiaries are traceable to prevent the loan from turning into a sort of national cake.
“We are using technology to run the system. The process of application is online and we are limiting human contact as much as possible. Once you have a Bank Verification Number, BVN and National Identification Number, NIN, which are parts of the requirements, we will have access to your data and all your accounts. This will also help us to know if you are qualified or not,” he explained.
He explained further that those who are already in school can apply for the loan at any level of their study, but must be at the beginning of each session. They would also have to provide their admission and matriculation details in addition to BVN and NIN.
According to the NELFUND boss, about 1.2 million Nigerian students in tertiary institutions and government-recognized skill acquisition centres would be among the first batch of beneficiaries. The number may increase as time goes on.
The programme, he noted, will be funded with one per cent of the total annual collectable revenue by the Federal Inland Revenue Service (FIRS), which will amount to N194 billion if the agency meets its projection.
He explained that the loan would be paid in two segments. The first, he said, is the chargeable school fees which would be paid directly to the institutions while stipend would be paid into individual student’s account for day-to-day upkeep.
Mr. Sawyerr stated that the amount individual applicants will access will vary because of the course of study, school fees payable and geographical location of the institutions among others.
On the method of payback, he said, “You don’t start paying back the loan until two years after your National Youth Service Corps, NYSC Scheme and that is, if you have secured a job or business. A beneficiary can defer repayment if he has not secured a job, but if after due diligence, he defaulted, then he becomes a criminal and we will work with every agency that can help us get the money back, for example, EFCC, ICPC etc.”
News
Sun International Finalizes $14.4M Exit from Nigeria, Sells Interests to RFC
Sun International Limited, run by Anthony Leeming, South African entrepreneur, has agreed to sell its Nigerian interests to Rutam Finance Company Limited (RFC) for roughly $14.4 million.
The move is part of Sun International’s strategy to consolidate operations and focus on key markets. Sun International joined the Nigerian market in 2009, but has struggled in recent years due to a challenging operating climate.
This divestiture is consistent with the company’s strategic objectives and represents a shift in portfolio management.
Sun International, will sell a 43.3 percent ownership investment in Tourist Company of Nigeria PLC (TCN), which manages Lagos’ Federal Palace Hotel, to RFC for $1.875 million.
In addition, the group would pay off its whole $12.675 million credit to RFC, effectively exiting the Nigerian market. The corporation also intends to sell its remaining 6% ownership in TCN in due course.
The transaction, subject to customary closing conditions including as regulatory approvals, is estimated to create a cash inflow of about $14.41 million for Sun International.
These funds will be utilized to reduce debt.
Following the completion of the acquisition, TCN will no longer be included in Sun International’s financial statements.
This will reduce group debt by about $41.82 million, excluding IFRS 16 lease liabilities.
The closing is scheduled for no later than May 28, 2024, provided that all usual closing conditions are met. The Nigerian Competition Authority, the Securities and Exchange Commission, and the Nigerian Stock Exchange have all provided key clearances.
Sun International, founded in 1968 by the late Sol Kerzner, has grown into a renowned gaming and resort company under Leeming’s leadership.
In fiscal 2023, the company’s revenue increased by 7% to $646.14 million, while headline earnings increased by 86 percent to $55.35 million.
This demonstrates Sun International’s resiliency and strategic direction. Sun International’s pullout from Nigeria demonstrates the company’s dedication to streamlining its portfolio and pursuing growth possibilities in key areas.
With a rich history and a focus on the future, this transaction demonstrates the company’s commitment to create wealth for shareholders and stakeholders while also strengthening its position in the gaming and hospitality industries.
News
Sam Darwish, US-Nigerian Businessman Suffers $6m Loss as IHS Shares Plunge
Sam Darwish, a US-Nigerian telecom entrepreneur, has experienced a huge financial setback in his holding in IHS Holdings following a recent drop in the shares of the top telecom infrastructure company on the New York Stock Exchange (NYSE).
According to data, Sam Darwish’s investment in IHS Holdings has lost $6 million in market value during the last 13 days. This drop reflects increasing selling pressure among NYSE investors.
From March 12 to 30, Darwish’s investment in IHS Holdings increased from $35.17 million to $49.27 million, resulting in a $14 million gain.
Darwish founded IHS Holdings in 2001, and it has since grown to become the largest telecom infrastructure business in Africa, Europe, Latin America, and the Middle East.
It is renowned for its huge tower count and is the world’s third-largest independent international tower firm.
In the last 13 days, IHS Holdings shares on the NYSE have dropped by 11.72 percent, from $3.67 on April 3 to $3.24 at the time of writing.
As a result, the company’s market capitalization has dropped below $1.1 billion, causing significant losses for stockholders.
As chairman and CEO of IHS Holdings, Sam Darwish holds a critical position in African telecom.
With a strong 4.17 percent ownership holding, equivalent to 13,958,158 ordinary shares, he is a key participant in the global telecom infrastructure business.
The recent double-digit loss in IHS Holdings shares has resulted in a $6 million decrease in the market value of Darwish’s shareholding in the top telecom infrastructure company. His shareholding has decreased from $51.23 million on April 3 to $45.22 million.
Despite this defeat, Darwish remains an important figure in the worldwide telecom business.
IHS Holdings’ extensive tower network and smart acquisitions have secured its position as a major participant in the global telecom infrastructure sector.
- News3 days ago
QNET Raises Alarm over Fraudulent Use of Foundation’s Name in Nigeria
- News3 days ago
SoftTalk Messenger Introduces Chat and Make Calls without Sharing your Phone Number
- Telecom3 days ago
Starlink Users in SA to be Cut Off April 30
- Telecom3 days ago
NCC Advises Subscribers to Opt for Strong Passwords to Beat Hackers
- Broadcasting3 days ago
Canal+ Offer for MultiChoice Gains Shareholders’ Support
- Telecom2 days ago
Imperative of Upholding Nigeria’s Telecoms Lifeline
- Telecom3 days ago
9mobile Clinches 2 Trophies at the Prestigious SABRE Awards 2024
- E-Financial3 days ago
Fidelity Bank Reports N124.3Bn Pre-Tax Profit for 2023