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Corporate deals

UPDATED: FBN Holdings Plc completes divestment from FBN Insurance

Note that the statement, which was signed by both FBN Holding’s group CEO and Sanlam Emerging Markets Ltd’s CEO, did not disclose how much the transaction was valued at.

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FBN holdings plc, First Bank

FBN Holdings Plc has announced the completion of its divestment from FBN Insurance Ltd. According to a public disclosure that was sent to the Nigerian Stock Exchange, FBN Holdings’ previously-held 65% stake in FBN Insurance was completely sold to Sanlam Emerging Markets (Proprietary) Ltd. The effective divestment date was June 1st, 2020.

Following the divestment, Sanlam Emerging Markets (Proprietary) Ltd will now take over full ownership of the insurance company and its subsidiary —  FBN General Insurance Ltd. No mention was made about how much the transaction was valued at.

(ALSO READ: Debt crisis looms in emerging markets)

In the meantime, both FBN Holdings and Sanlam Emerging Markets Ltd have “activated the Shareholders Agreement which provided pre-emptive rights to Sanlam,” the statement said.

In a separate statement that was made available to Nairametrics, FBN Holdings’ CEO, U.K Eke (MFR), was quoted to have said:

“The divestment is in line with the Group’s medium to long term strategic objectives. This will ultimately improve our shareholders’ wellbeing and deliver greater value to all the stakeholders.”

Heinie Werth, the CEO of Sanlam Emerging Markets (Proprietary) Limited, also commented. He said:

“Over the years we have enjoyed a mutually beneficial partnership with FBNH, and we will continue to cooperate with them in the future. Sanlam exercised its pre-emptive right to acquire the remaining shareholding of FBNI and in line with our partnership philosophy that underpins our business model, we will introduce local shareholding at an appropriate time in the future. This transaction is evidence of our belief and confidence in the value and future of the business, as well as the skilled management team and staff. Moreover, we are committed to Nigeria and view it as a key market on the continent.”

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Recall that FBN Holdings Plc first hinted at the deal in April this year when it announced that talks were ongoing with Sanlam Emerging Markets and regulators.

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Emmanuel is a professional writer and business journalist, with interests covering Banking & Finance, Mergers and Acquisitions, Corporate Profiles, Brand Communication, Fintech, and MSMEs.He initially joined Nairametrics as an all-round Business Analyst, but later began focusing on and covering the financial services sector. He has also held various leadership roles, including Senior Editor, QAQC Lead, and Deputy Managing Editor.Emmanuel holds an M.Sc in International Relations from the University of Ibadan, graduating with Distinction. He also graduated with a Second Class Honours (Upper Division) from the Department of Philosophy & Logic, University of Ibadan.If you have a scoop for him, you may contact him via his email- [email protected] You may also contact him through various social media platforms, preferably LinkedIn and Twitter.

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    Corporate deals

    DEAL: Shyft Power Solutions raises $3.1m Seed Round to push affordable energy

    The funding round was led by the SoftBank Vision Fund’s Emerge Program and Total Carbon Neutrality Ventures with participation from other investors.

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    SHYFT Power Solutions, which builds IoT and software to optimize distributed energy resource performance and operational efficiency in emerging markets, has announced an additional $3.1M in funding to bring its total seed round to $3.8M.

    The funding round was led by the SoftBank Vision Fund’s Emerge Program and Total Carbon Neutrality Ventures with participation from other investors including Lofty Inc, Samurai Ventures, and Urban US Ventures.

    SHYFT was founded by Stanford’s engineers to address the challenges in delivering and scaling clean, reliable, and affordable energy solutions in emerging markets that struggle with unreliable grids or energy access. SHYFT’s initial focus is in Nigeria, a country set to be the 3rd most populous after China and India, but were an unreliable grid has led to widespread dependence on generators, accounting for nearly 8x the capacity of the grid.

    READ: Top 10 Nigerian tech companies and capital raised in 2020

    SHYFT is pioneering the digitization of the energy landscape in emerging markets like Nigeria. Its asset management solution delivers an integrated approach that uses algorithms to monitor, automate, and optimize how assets, as well as grid connections, are utilized individually and as an integrated system, aggregating a plurality of data streams while doing so.

    By increasing visibility and control, the system helps users to make informed decisions about which sources they use, how long they use a source, and when they switch sources. This enables operators to scale distributed systems in a cost-effective way, particularly in remote markets. It has resulted in operators improving RoI, reducing emissions, mitigating downtime, and reducing operational costs, in some cases by up to 57%.

    SoftBank Vision Fund’s Emerge Program was established in 2019 to provide select startups with access to the tools, networks, and support to take their business to the next level. Total Carbon Neutrality Ventures is focused on finding, funding, and fostering high-potential startups which will contribute to creating a low carbon future.

    READ: S&P 500 sets record highs on the back of tech stocks

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    SHYFT plans to use this new funding round to double its team in West Africa over the next year with a focus on developing AI capabilities to use its data and algorithms for system optimization. The company will also look to build corporate partnerships and expand to additional African markets facing similar energy challenges.

    SHYFT’s customers and strategic partners include some of the largest and fastest-growing alternative energy companies in Nigeria, including Daystar Power Solutions and Aspire Power Solutions. After passing critical IEC safety testing for their controllers, the company began ramping up sales across Nigeria over the past year with their customers. Today, they have over 2,000 kW of assets being managed by SHYFT technology and expect that to increase ten-fold by the end of 2021. Nearly every major bank in Nigeria has a branch using SHYFT technology, creating a path for SHYFT and its customers to deliver reliable power to the nearly 5,000 branches in the market.

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    What they are saying

    Ademidun Edosomwan, Managing Director, Emerging Markets at Total Carbon Neutrality Ventures (TCNV), said: “Energy is an essential need for all, yet it is estimated that more than 3.5 billion people globally lack access to affordable and reliable electricity. SHYFT’s technology will play a critical role in a global movement to democratize the way people manage their power sources. They’ve developed data-driven software that enables homeowners and businesses in emerging markets to make smarter decisions on their energy use in order to cut costs and reduce emissions. We are delighted to support SHYFT’s momentum as Ugwem and the team continues to expand their impact and help build a better energy future for the world.”

    Ugwem Eneyo, Co-Founder & CEO SHYFT said. “I founded SHYFT to build the technology that can enable and accelerate this transition, and ensure that on the path to reliable energy access, the use of cleaner solutions can mitigate carbon emissions as well. We are fortunate to have investors supporting us where their sector and global experience will be invaluable.”

    Stanbic 728 x 90

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    Corporate deals

    DEAL: Nigerian fintech software provider, Appzone raises $10m to scale its products and services

    Appzone platforms are used by 18 commercial banks and over 450 microfinance banks in Africa.

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    Appzone a fintech software provider that builds proprietary solutions for financial institutions and their banking and payments services announced that it has closed $10 million in Series A investment.

    The Series A round was led by CardinalStone Capital Advisers, a Lagos-based investment firm. Other investors include V8 Capital, Constant Capital, and Itanna Capital Ventures. New York-based but Africa-focused firm Lateral Investment Partners also participated.

    Founded in 2008 by Emeka Emetarom, Obi Emetarom, and Wale Onawunmi, Appzone functions as an enabler (at payment rails and the core infrastructure) within banking and payments.

    READ: Shola Akinlade: The inspiration behind Paystack’s success

    Appzone platforms are used by 18 commercial banks and over 450 microfinance banks in Africa. Together, they amass a yearly transaction value and yearly loan disbursement of $2 billion and $300million.

    Before now, Appzone closed a $2 million deal from South African Business Connexion (BCX) in 2014. Four years later, it raised $2.5 million in convertible debt and bought back shares from BCX in the process. But overall, the company says it has raised $15 million in equity funding.

    This new funding will be used to scale its products and services and expand across more African countries. The startup also plans to achieve scale by growing its engineering team.

    READ: From Chemist to Bank CEO – The Story of Uzoma Dozie

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    What they are saying

    Yomi Jemibewon, the Co-Founder and Managing Director of Cardinal Stone Capital Advisers, said the firm’s investment in Appzone is further proof of Africa’s potential as the future hub of world-class technology.

    READ: Bill Gates holds far more cash than Nigeria’s foreign reserve

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    Appzone is building a disruptive fintech ecosystem that will be the backbone of Africa’s finance industry with products across payments, infrastructure, and software as a service. The impact of Appzone’s work is multifold — the company’s products deepen financial inclusion across the continent whilst providing best-fit and low-cost solutions to financial institutions. Its emphasis on premium talent also helps stem brain drain, rewarding Africa’s best brains with best-in-class employment opportunities.”

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