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Business

Daystar plans to raise $100m for West African solar projects

Daystar Power is set to raise about $100m within the next three years to expand solar energy projects in West Africa.

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Reps to probe FG’s N3.4 billion failed solar power project

Daystar Power, a West Africa hybrid solar power solutions provider, intends to raise about $100 million within the next three years to satisfy existing client demand.

The funding which will mostly be by debt would be sought in $20 million in each fundraising round.

This disclosure was made by Olaedo  Osoka, Daystar’s CEO for Ghana, according to the news report by The Africa Report.

According to Osoka,

  • “The market size and funding gap is huge, and our role in bridging this gap will involve us continuously raising funds.
  • “The cost of power in West Africa has curtailed the growth of competitive businesses and industries. Daystar’s solution is to reduce typical power costs by up to 30%. Covid-19 pandemic has intensified the need for reliable and affordable electricity.
  • “Indications into 2021 show an increased demand for our services. Our expectation is to grow exponentially this year.
  • “Governments are making headway in creating policies to encourage the transition to solar energy. Still, there is a considerable amount of work to be done from a policy perspective to build the industry.
  • “We hope to see a more consistent and cohesive approach in policymaking as well as execution of policies to support solar power growth.”

What you should know

  • Daystar was founded in 2017 by Sunray Ventures and is quite active in Nigeria, Ghana, Togo and Senegal, with a representative office in Côte d’Ivoire.
  • A core investor team led by Danish development finance institution, The Investment Fund for Developing Countries raised the sum of $38m for Daystar, in January 2021.
  • The funds raised are being used to expand and execute critical operations in Ghana, Senegal and Togo
  • Daystar Power’s clients pay a flat monthly fee or a variable tariff per kilowatt-hour to outsource the management of their power systems.
  • Services include power audit and assessment of energy needs, proposal of a solution, installation, operation and maintenance.
  • Customers do not incur capital expenditure or pay up-front costs.

Johnson is a risk management professional and banker with unbridled passion for research and writing. He graduated top of the class with B.sc Statistics from the University of Nigeria and an MBA degree with specialization in Finance from Ambrose Alli University Ekpoma, with fellowships from the Association of Enterprise Risk management Professionals(FERP) and Institute of Credit and Collections management of Nigeria (FICCM). He is currently pursuing his PhD in Risk management in one of the top-rated universities in the UK.

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Business

More Nigerians don’t trust government, fear losing jobs more than COVID-19 – Report

The 2021 Edelman Trust Barometer has revealed that Nigerians trust NGOs, businesses more than they trust the government.

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Cross section of Nigerians

A recent survey has revealed that only 24% of Nigerians have trust in the government which is one of the lowest rates in the world. The report also stated that Nigerians have more fear of job losses than Covid-19.

The was revealed in the 21st Edelman Trust Barometer Survey Report on Nigeria unveiled virtually by Edelman and its Exclusive Nigerian Affiliate, Chain Reactions Nigeria, in Lagos on Tuesday, 23 February 2021.

Presenting the 2021 Nigeria findings with the theme: ‘Pandemic’s Ongoing Impact on Trust’, CEO of Edelman Africa, Jordan Rittenberry, noted that Nigerians are looking to civil society organisations and businesses to assist the government in uplifting communities and driving positive change.

The 2021 Edelman Trust Barometer Report revealed that “out of the four institutions of government, business, media and Non-Governmental Organisations (NGOs), Nigerians trust civil society organisations the most, with businesses coming second.” 

Highlights of the survey include:

  • Most Nigerians expressed distrust for the media and returned the lowest trust quotient in the world for government with 24%.
  • Nigerians overwhelmingly placed the highest Trust in their ‘employers’, and in the process revealed their expectations for CEOs and business leaders to be more pro-active in speaking out on societal issues (92%) and driving positive change (79%) rather than wait for government.
  •  Nigerians fear losing their jobs more than they fear coronavirus, with a high degree of vaccine hesitancy revealed, as only 26% expressed readiness to take the COVID-19 vaccine when made available.

Laolu Akande, the Senior Special Assistant on Media to Vice President Yemi Osinbajo said: “Distrust in government is not peculiar to Nigeria. However, the government does have the responsibility to up its game in communication, to demonstrate responsibility and responsiveness.”

Akande cited the acclaimed National Social Intervention Programmes, and the COVID-19 Survival Fund as some evidence of the Muhammadu Buhari administration’s unprecedented responsiveness to Nigerians.

In case you missed it

Nairametrics reported last month that only 68.8% of Nigerians believe Covid-19 is real. While 39.9% of Nigerians say they will take the vaccine, 63.3% are opposed to another lockdown, in a report by SBM Intel

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Business

SEC denies knowledge of Oando shareholder’s court case

SEC has denied ever being served with court processes with respect to the purported matter at the FCT High court.

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unclaimed dividend, SEC restrains fintech company, Chaka from advertising or offering for sale shares

The Securities and Exchange Commission (SEC) has denied the claim by one of Oando Plc’s shareholders, Engr Patrick Ajudua, that he won a court case against the capital market apex regulator.

SEC disclosed in a statement it issued and seen by Nairametrics on Wednesday that there was never a time it was served with court processes with respect to the purported matter at the FCT High court.

It stated, “The attention of the Securities and Exchange Commission (the Commission) has been drawn to several publications in the media, where it is reported that a shareholder of OandoPlc, purportedly obtained a judgment from the Federal Capital Territory High Court against the Commission.

“The Commission wishes to inform the general public that it was never at any time served with court processes with respect to the purported matter at the FCT High court. The Commission will consequently take all necessary steps to verify and set aside the purported decision of the said Court.”

What you should know

  • On Tuesday, Ajudua, reportedly won a legal suit, which was filed at the High Court of the FCT against SEC, according to Nairametrics.
  • He filed that the directive of the SEC suspending Oando’s Annual General Meeting is in breach of his right to freedom of association as guaranteed under Section 40 of the Nigerian Constitution and Articles 9, 10 & 11 of the African Charter on Human and Peoples Rights.
  • In the said hearing presided over by Honorable Justice O. A Musa, all cases filed were granted in his favor.

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