Lumos Nigeria, Africa’s leading provider of high-quality solar home systems, has commended the Nigerian Presidency on its plan to install five (5) million Solar Home System to serve 25 million households currently unconnected to the National Grid across the country.
The report by the Economic Sustainability Committee (ESC), chaired by Vice President Yemi Osinbajo which was presented to President Muhammadu Buhari in Abuja has projected that unemployment rate which was 23.1% (or 20.9m people) at the end of 2018 is expected to rise to 33.6% (or 39.4 million people) at the end of 2020, if urgent steps are not taken.
In response to this, Adepeju Adebajo, CEO, Lumos Nigeria said, “the government’s plan to invest in 5 million solar home systems across Nigeria, is an important development. Energy is a core pillar of economic growth and will be a strong catalyst to sustainable economic recovery, post-COVID-19. Lumos is the market leader in affordable solar home systems, providing access to power to homes, micro and small businesses nationwide, and we understand the impact of power on the quality of life and livelihoods. We applaud this important initiative and will work with the Nigerian government to make it a reality.”
Nigeria, plagued by a large energy supply deficit with only 33% of households and 30% of businesses having stunted access to grid electricity, needed to leverage her abundant renewable solar energy source to accelerate plugging the
Deploying solar home systems for emergency national energy provision is not new to Lumos Nigeria. Backed by a grant from All On, an organisation established to increase access to energy for under-served and unserved consumers by the SHELL Company , Lumos recently installed solar-powered systems to power primary health center’s and emergency response centers across Nigeria in response to the COVID-19 outbreak in the country.
The installed systems have been powering necessities such as lighting, fans, vaccine fridge and computers, ensuring that essential services can respond to the crisis and deliver urgent medical care at the centers.
Lumos Nigeria, which currently serves over 100,000 households and enterprises, was selected on the strength of its immediate preparedness to respond with products, inventory, technological capabilities and efficient delivery track record.
About Lumos: https://www.lumos-global.com/
Lumos is a market-leading provider of high-quality solar home systems in Africa, designed to make reliable and clean power accessible to everyone. We combine easy to use technology with a personalised service to power prosperity for millions of people.
United Capital Plc releases H2 2020 Outlook report titled “Up In The Air”
The outlook report examines the volatility of the pandemic on global financial markets amongst other things.
Leading Pan-African investment banking and financial services group, United Capital Plc, today released its economic outlook report for the second half of the year. The bi-annual report analyzes the status of the Nigerian economy and outlines future projections informed by domestic and global events.
Based on extensive research, “Up in the Air”, as the report is titled, encapsulates the uncertainty triggered by the outbreak of the COVID-19 virus; a pandemic that threw a curveball at the trend of previous economic variables and policy forecasts for the year. Transcending evaluations of the Nigerian economy, the outlook report examines the volatility of the pandemic on global financial markets, evaluates the risk of a recession in fragile economies, and prognosticates the basis for a turnaround in global trade value.
Speaking on the report, Group Chief Executive Officer, of United Capital Plc, Mr. Peter Ashade, said, “United Capital is committed to equipping our clients, seasoned investors, and the investing community at large with valuable insights to inform their decision-making processes in the second half of the year. With the advent of the pandemic, COVID-19, which proceeded to destabilize even the strongest economies worldwide, our research team has made use of their knowledge, expertise and understanding of the situation, and the economy to predict possible actions in the future and we believe this would be beneficial to investors.”
The 2020 Half-year economic outlook report by United Capital Plc is a strategic initiative by the organization that reflects its dedication to being the financial and investment role model across Africa; empowering its clients, through innovative methods, with a robust suite of investment solutions to achieve their financial goals.
The full report can be downloaded here www.unitedcapitalplcgroup.com/Research
About United Capital Plc
United Capital is a leading African investment banking, asset management, trusteeship and securities trading Group, providing a bouquet of diverse financial services to individuals, corporates, and governments, enabling growth at all levels.
Since it was founded over 50 years ago, United Capital Plc has cultivated and sustained a heritage of excellence in the finance space in Africa. Its track record of transaction execution, industry leadership and client focus are still unmatched. It has achieved this by providing top-of-the-line financial services, consistently demonstrating a commitment to execution, excellent service delivery and client satisfaction.
Through the years, the Group has innovated with each season, and found smart ways to provide even more value to its clients by showing a spectacular ability to adapt to change.
United Capital’s Pan African expansion drive is borne out of the need to replicate its numerous successes in the Nigerian market to the broader African space. This enables it to contribute to transforming the African continent by providing investment banking solutions to governments, companies, and individuals. It is poised to be the financial and investment role model across Africa, deploying innovation, technology, and specialist skills to exceed client expectations, whilst creating superior value for all stakeholders.
Looking ahead, with strategic financial partnerships, and a commitment to economic growth and prosperity on the continent, United Capital Plc will leverage its market leadership and strong relationships with financial market participants, Development Finance Institutions, multilateral agencies, as well financiers within and outside the continent to drive innovative solutions to funding challenges in Africa.
What Nigerian MSMEs must do to thrive in the new normal
With CICOD Suite, businesses can manage a whole database of customers.
To survive the harsh economic realities of the COVID-19 pandemic, Nigerian businesses have been tasked to embrace digital resources and innovation that will help them thrive in the realities of the new normal.
A leading Lagos-based software innovation company, Crown Interactive led by UK-trained IT Expert, Wumi Oghoetuoma made this known why introducing its digital resources known as CICOD Suite.
This opportunity comes at a time when the CBN recently introduced a N50 billion Targeted Credit Facility (TCF) as a stimulus package to support micro, small and medium enterprises (MSMEs) that have been affected by the pandemic.
According to Crown Interactive, “with the CICOD product, businesses will be more efficient, digital-friendly, and thus, resilient to some of the economic shocks we’re living through today. Currently, CICOD suite of tools is running a free 30day trial period so that for businesses at no cost at www.cicod.com”
“The CICOD suite of tools comes with all that businesses need to manage digitally, allowing them to run the shop remotely and enable other people to sell on their behalf, but still leaving them in charge of a centralized hub. Decentralizing by introducing new sales channels – like selling via agents, social media, call-to-shop – makes it more convenient for customers to shop with businesses and effectively, more convenient for them to increase revenues.”
Crown Interactive noted, “For some micro, small and medium enterprises (MSME), reopening means business owners may first have to get rid of the old stock that they have been sitting on during lockdown to make way for the new. With CICOD, businesses can run promotions, apply discounts directly, and track and monitor leftover stock in the inventory, all from the comfort of your home.”
“With CICOD Suite, businesses can manage a whole database of customers and easily text them, send them invoices, and even monitor buying patterns so that they can more suitably fulfill the needs of their clientele. They can even take this further and run a loyalty scheme, to make sure they keep the regulars coming back.”
The organization added, “as the shops open up and customers begin to stroll back in, they need to see that there’s been an upgrade by allowing CICOD bring their businesses into the now. It is not enough for businesses to survive in this period, we want them to thrive in it too. We can equip them with the digital tools that they need to thrive in this period and move to the next level.”
NOVA Merchant Bank opens N10 billion Bond Offer
Nova Merchant Bank Limited has commenced book-building on its N10 billion issuance of seven-year Fixed Rate Subordinated Unsecured Bond issue. In line with the regulations of the Securities and Exchange Commission (SEC), the Bond is being issued through NOVAMBL INVESTMENTS SPV PLC, a special purpose vehicle sponsored by the Bank for the purpose of the Bond issuance. Nova Merchant Bank is issuing the Bonds under a SEC-approved N50 billion Debt Issuance Programme. The issuance, which opened on Tuesday 30th June 2020, will close on Wednesday 8th July 2020 and is open to institutional investors as well as High Net-worth Individuals who meet the requirements of the SEC’s rule 321.
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Nova Merchant Bank Limited is a licensed merchant bank in Nigeria, which is owned by experienced local and foreign investors, is one of Nigeria’s premium financial institutions. It offers a portfolio of products and services across Corporate and Investment Banking, Securities Trading and Asset Management, to a clientele comprising top-tier corporates and high net worth individuals. The Bank is rated BBB by Agusto & Co. and A+ by Datapro.
Why it matters: The Bank intends to use the proceeds from the bond issuance to invest in long-term risk assets, as a critical part of its medium-term growth strategy. Proceeds of the Bond issue will also serve as Tier-II capital for the Bank, within the requirements of the Central Bank of Nigeria.
The Bond transaction also represents Nova’s first entry into the Nigerian Debt Capital Markets, with potential for future issuances.
Details of the transaction are as follows:
Issuer: NOVAMBL Investments SPV Plc
Sponsor: NOVA Merchant Bank
Issue Size: N10 billion
Pricing guidance: 12% – 12.5%
Tenor: 7 years
Status: Subordinated, Unsecured
Offer Closing Date: July 6, 2020
Minimum Subscription: N10 million
Nova has an ambitious vision to be Africa’s preferred financial solutions provider, by creating superior value in the markets they serve. For the year ended December 31, 2019, the bank recorded 0% NPL, Gross earnings of N5.8 Billion, Profit after Tax of N1.6 Billion (growing at a CAGR of 48%), and Total Assets of N63.8 Billion, with a Return on Equity of 8.4%.