WEMA BANK SECURES NATIONAL BANKING LICENCE

Wema Bank Plc has been granted a national banking licence by the Central Bank of Nigeria (CBN) to enable the lender deepen its business reach across the country.

The bank, which before the approval, was operating with regional banking authorization, got the uplift after complying with the CBN’s requirements.

 “The Central Bank of Nigeria has granted a final approval to Wema Bank Plc to convert its banking license from a regional bank to a national bank,” the lender said in a statement released yesterday.

The bank was in 2010, down-scaled to operate only within its core areas of business – Southsouth, Southwest and Federal Capital Territory (FCT) Abuja.

The lender, which operates with a capital base of N43.8 billion has met the regulatory requirements for the national banking license as stipulated by the apex bank. “This historic event has made Wema Bank the first bank to be granted a National Banking License having previously operated with a Regional License,” the statement said.

The bank’s Chief Executive Officer (CEO), Segun Oloketuyi, said: “This approval represents a milestone for the bank in the delivery of its Project LEAP commitments. Six years ago, we took a decision to refocus the bank’s operations on its areas of strength and build a sustainable institution.

 “We took advantage of the new licensing regime and applied for a Regional authorization with a pledge to expand in the near future, once the turnaround project was completed. The bank’s transformation was implemented in three phases; first to stabilize the bank, second to prepare the building blocks for growth and third to go for growth. We are now within the third phase of the transformation project.”

Oloketuyi  said the new license has created opportunities to scale up growth, helping the lender to strategically select its business locations across the country with focus on areas where return on investment will be maximized, and shareholders’ value enhanced over the medium to long term.

“To ensure that this approval is leveraged appropriately, we are already in the process of raising $100 million in Tier 2 capital and would commence a Tier 1 capital raise in the first quarter of 2016. This will further position the bank to pursue its growth strategy. The Bank remains on course in its turnaround programme as evidenced by its robust balance sheet and sustained profitability, which would be maintained through its national authorization.”

He expressed gratitude to the bank’s stakeholders, stating that the lender’s transformation project has succeeded largely due to the great support received from customers and shareholders. “Our priority remains delivering delightful and memorable service to our customers,” he said.

Credit:   thenationonlineng.net

NIGERIA SPORTS AWARD 2015

This year’s Nigerian Sports Award was held at the Marquee, Ocean View Garden, Eko Hotels and Suites, Victoria Island Lagos.

Performance of all the winners of each category judging by the year in review was breathtaking; breaking and setting world records, conquering the continent, conquering other continents and even winning the world scrabble championship. It was truly a blessed year for Nigerian sports.

Here is a list of the winners;

Ball sports person of the year – CHAMBERLAIN OGUCHI (BASKETBALL)

Coach of the year – ARE FEYISETAN (POWERLIFTING)

Combat sports person of the year – EFE AJAGBA (BOXING)

Discovery of the year – KELECHI NWANAGA (JAVELIN)

Footballer of the year (women) – NGOZI OKOBI

Footballer of the year (men) – AHMED MUSA

Special sports person of the year – YAKUBU ADESOKAN

Sports administrator of the year – YAKMUT ALHASSAN (DIRECTOR GENERAL, NSC)

Sportsman of the year – YAKUBU ADESOKAN (POWERLIFTING)

Sportswoman of the year – LOVELINE OBIJI (POWERLIFTING)

School sports award – EYEANUGIE PRIMARY SCHOOL, BENIN CITY, EDO STATE

Team of the year – MEN BASKETBALL TEAM

Track and field star of the year – TOSIN OKE (TRIPLE JUMP)

Weightlifter of the year – BILIKIS OTUNLA

Sports journalist of the year (radio) 2015 – CHINASIA IBONYE

Sports journalist of the year (television) 2015 – AUSTIN-OKON AKPAN

Sports journalist of the year (print) 2015 – TANA AIYEJINA

Photo journalist of the year 2015 – GANIYU YUSUF

Special recognition award went to world scrabble champion (Wellington Jighere) and

President of boxing federation of Nigeria (Brig-General Kenneth minima).

Nigerian Sports Award (NSA) is an initiative of Unmissable Incentives Limited and it’s intended to recognize and celebrate outstanding performances by our sports men & women through their efforts in local and international sports events in the course of the year.

Some of the panel of judges include; Ikeddy Isiguzo, Fabio Lanipekun, Dr. (Mrs.) Gloria Abimbola Obajimi, Chief Falilat Ogunkoya (MON), Fred Edoreh

Credit: nigeriasportsaward.com

UNION BANK APPOINTS NEW CHAIRMAN

Union Bank of Nigeria Plc (Union Bank) has appointed Mr. Cyril Odu as Chairman of the Board of Directors following the resignation of previous Chairman, Senator Udoma Udo Udoma, who was recently appointed Minister of Budget and National Planning by President Muhammadu Buhari.

Mr. Odu joined the Board of Union Bank in 2012 following a $500 million (USD) investment in the Bank from Union Global Partners Limited, a private equity consortium.

“The Board and Management of Union Bank thank Senator Udoma for his astute leadership and support over the past three years. Under Senator Udoma’s guidance, the Bank defined its strategic direction, outlined its transformation roadmap, and has made significant strides executing its priorities as is evident in our achievement of critical operational and financial milestones. We wish him success as he is called to serve our country in a higher capacity and to assist the administration of President Muhammadu Buhari in the transformation of the Nigerian economy,” says Emeka Emuwa, Group Managing Director and CEO of Union Bank.

On the appointment of Mr. Odu, Mr. Emuwa continues, “We are very pleased as Mr. Cyril Odu assumes the role of Chairman of the Board of Directors. As a non-Executive Director since 2012, he has brought his extensive knowledge and experience to bear and has provided critical input and direction to support Union Bank’s transformation. His appointment brings continuity and ensures that the Bank will continue to execute its defined strategic initiatives over the next few years.”

Mr. Odu has nearly 45 years of professional and management experience. His 40-year distinguished career at ExxonMobil saw him rise from Trainee to Vice Chairman of the Board of Mobil Producing Nigeria and Chief Financial Officer of ExxonMobil Upstream Companies in Nigeria, making him the highest ranking Nigerian in the organisation until his retirement in 2012.

During the span of his career at ExxonMobil, he served in many technical and managerial functions including Associate Geologist, Treasurer, Controller, Project Finance Director (Europe, Middle East and Africa), Country HR Manager, and General Manager, Planning and New Business Development. He was actively involved in developing and executing ExxonMobil business strategies in Nigeria, as well in as the implementation of several innovative funding and financing solutions, including the first upstream financing deal (the 1991 Oso Condensate field development) in Nigerian history.

Credit:    vanguardngr.com

FIRST PRESS CONFERENCE OF MUSIC WEEK AFRICA

The conference which held at the Radisson Blu Hotel, Victoria Island Lagos had in attendance Professor Pat Utomi - Chairman of the board of MWA, Audu Maikori - Founder of MWA, Deji Awokoya - General Manager Megaletrics, Tony Ibeziako - Acting HOD Listing Sales and Retention, Nigerian Stock Exchange, Henry Bassey - Team Lead/Director MWA, 0joma Ochai – Director of Arts, British Council Nigeria, Colette Otosesho – Head of Marketing and Communication, Viacom Nigeria, Rahul Shawney - Director MWA, and media representatives.

Audu Maikori, former President of Chocolate City and Founder of Music Week Africa took time to discuss plans and ideas that will make the upcoming week of activities a huge success.

Music Week Africa is set to start off in March 2016.

Credit:   pulse.ng

AMERICA’S CHANTE MOORE ARRIVES LAGOS FOR ‘LIGHT UP’ 2015

Award winning American Diva, Chante Moore, will arrive Lagos this Saturday, November 27, 2015, in preparation for the hosting of the second edition of “Light Up” Music & Art Concert.

Chief Executive Officer of the Red Ribbon Limited, organizers of the event, Mr Tunde Shofowora, while confirming her arrival, noted that the news of her arrival is already generating lots of excitement among her numerous fans as this is the first time the R&B & Jazz singer, songwriter & actress will be visiting the country.

Chante Moore is performing alongside other international renowned gospel singers such as Frank Edward (Nigeria’s best gospel artist), Buchi (Super Star Gospel Reggae maestro), Mike Aremu (Nigeria’s leading saxophonist) and multi-talented rapper & singer, TB1. The event will be anchored by Kate Henshaw and Charles Granville.

The event which holds on November 29, 2015 at the Landmark Event Centre, Victoria Island, Lagos, will also be bringing back on stage, Nigeria’s diva and elegant stallion, Lady Onyeka Onwenu.

Some of the highlights of this year’s edition also include a special art exhibition by some leading Nigerian contemporary art exhibitors such as Dr. Tony Marinho; grand cocktail/classical quartet and a Red Carpet to be anchored this year by International Award winning ace photo specialist Kelechi Amadi Obi: We will also be having the pleasure of the wives of the Executive Governors of Lagos and Ogun States to officially handle the “Light Up Moment” during the event.

Credit:    vanguardngr.com, stelladimokokorkus.com

GUESS WHO IS COMING TO NIGERIA

Advertently, Walmart is jumping at the opportunity of change in Nigeria to woo and test-market the global hub of investment – Nigeria. The cynics amongst us should have realised by now one of the impending results of the official trip of President Muhammadu Buhari to the United States.

Nigeria is gradually becoming a beautiful bride and destination for global trade and investment. Walmart’s investment in Nigeria will create stupendous job opportunities for our unemployed youth.

It will magnetize other investment companies to Nigeria; and also break the monopoly and exploitation of other retail companies in Nigeria.

One of Governor Akinwunmi Ambode’s transactional laundry list of wishes is to bring Walmart to Nigeria. A fait accompli that will change business environment in Lagos State and Nigeria in general. Walmart successful establishment in Nigeria will also transform the lives of farmers, traders and ordinary Nigerians.

Nigerian farmers will be encouraged and incentivized by getting their farm produce to retail market for profits. Walmart’s antecedent is real. Res ipsa loquitur (fact speaks for itself). It’s a U.S. company that accommodates the rich and the poor in the remote and urbanized cities in the world.

Credit:  ngrguardiannews.

FEDERAL GOVERNMENT, STATES TO SHARE $150MILLION

CASH-STRAPPED states are to get some funds, with the National Economic Council (NEC) approving the sharing of $150 million from the $400 million Nigeria Liquefied Natural Gas (NLNG) dividend by the Federal Government and the states.

The Council also approved that the balance of $250 million be invested in the Nigerian Sovereign Investment Authority to increase its capital.

Osun State Governor Rauf Aregbesola briefed State House correspondents at the end of the meeting.

With him were, Enugu State Governor Ifianyi Ugwuanyi, Minister of Budget and National Planning Udoma Udo-Udoma and Nassarawa State Deputy Governor Silas Agara.

Aregbesola said: “The Managing Director of the Sovereign Wealth Fund Authority presented the status report on the Nigerian Sovereign Investment Authority (NSIA) to the council. After due deliberations on the report, the council agreed that $250m from the $400m NLNG dividend be invested in the Nigerian Sovereign Investment Authority to increase its capital.

“Council resolved that the balance of $150 million of the said $400 million NLNG fund be shared accordingly in the prescribed formulae at the Federation Account.

“Council directed the Minister of Finance to constitute an executive nomination committee and work in consultation with NEC to appoint appropriate persons to take over as board members of the NSIA if the current board is dissolved.”

On the balance in the Excess Crude Account (ECA), Aregbesola said: “At the end of the NEC meeting today, the Accountant-General of the Federation reported that the balance of the ECA stood at $2.257 billion and that is not much change from the last report.”

The governor also said that the International Monetary Fund (IMF) Senior Resident Representative made presentation at a workshop for governors during the Council meeting on Treasury Single Account (TSA).

He said: “Presentations were made on the listed sub topics: Implementation of TSA in states”: lessons and experience; cash management and TSA reform: an overview of international practice; and budgeting reforms.

Credit: thenationonlineng.com

MYMALL.COM.NG: AN INITIATIVE OF ECOBANK

Ecobank Nigeria has unveiled an online marketplace, www.mymall.com.ng targeted at driving the growth of the small and medium enterprises sector in Nigeria. Speaking to journalists at the sideline of the unveiling in Lagos, Head, SME Business for Ecobank Nigeria, Sunkanmi Olowo, said: “Mymall Nigeria is an online platform where our customers can open a shop online. We have developed a site where they can rent a shop and then be able to sell to the whole world.

Today you hear of Jumia and Konga, that is the kind of thing we want to do for our customers so that SMEs who do not have the money to build an ecommerce platform, by virtue of belonging to Ecobank SME club, they can have a shop which the bank has developed for them through a partner and run their shops and sell to the whole world. By doing that, they are able to expand their businesses instead of just opening brick and mortar shops, which are more expensive, with this platform; they can do a lot more.”

To trade on the online mall, he said: “First, you have to belong to an Ecobank SME club. This requires the customer to have an SME account with Ecobank. If you have any of our SME accounts, you are qualified to join our SME Club online mall. But even if you do not have an Ecobank SME account, all it takes is for you to approach an Ecobank or go to the website and then apply.”

Also speaking, Deputy Managing Director, Ecobank Nigeria, Tony Okpanachi said: “Mymall Nigeria is a website where customers can post their goods and services online and sell. It is a way of giving access to our SME customers to be able to reach more of their customers across Nigeria. We are creating a platform for our customers who necessarily do not have to have their own websites like Jumia and Konga.

They can rely on the malls we have provided for them. We also provide payment platform and logistics for them so that they do not have to invest in having their own infrastructure before they trade. We also know that as a bank, our outreach is so wide, so we make it possible for them to reach more markets and enhance their businesses.”

Acccording to Okpanachi , Ecobank’s motivation to venture into e-commerce is because “every customer these days wants convenience. Convenience is all about easy access to be able to do your transactions. The days when people go into the physical malls and offices to do transactions are almost over, people want to sit in their offices and homes and be able to do their transactions.

Given that, we know that e-commerce is now the way to go because people have their electronic devices that they want to transact easily with, and still get the same kind of experience and satisfaction that they would have derived if they had done it offline. That is the trend that is taking over the world.”

And both for the consumers and sellers, it is more convenient than the physical presence that they used to have before. So as a bank, we are also aligned with what is more convenient for our customers and that is why we are adopting ecommerce.”

Credit: vanguardngr.com

ECOBANK PARTNERS WITH DEUTCHE BANK TO EXPAND TRADE FINANCE RELATIONSHIP

Ecobank Nigeria and Deutsche Bank have signed Memorandum of Understanding (MoU) to expand trade finance relationship.

Under the arrangement, Deutsche Bank will provide export credit guarantee programme GSM-102 to Ecobank Nigeria. The bank’s offering of a GSM-102 programme will guarantee credit to encourage financing of commercial exports of U.S agricultural products, while providing competitive credit terms to buyers.

Ecobank Nigeria will use irrevocable dollar denominated letters of credit for the import of eligible agricultural products from the U.S while Deutsche Bank will advise, confirm and negotiate these letters of credit as well as provide post-shipment financing in accordance with the GSM-102 programme regulations.

Speaking on the deal, Managing Director, Ecobank Nigeria, Jibril Aku said: “We look forward to expanding our relationship with Deutsche Bank with this GSM-102 programme. Deutsche Bank’s export credit guarantee service will offer a simple and efficient way for our importers to access agricultural products in the U.S and strengthen economic and trade development in the region.”

Head of Trade Finance, Financial Institutions, Western Europe & Africa, Global Transaction Banking, Deutsche Bank, said: “We are pleased to offer this programme to Ecobank Nigeria.” As a leading provider for GSM-102 business in Africa, and in close coordination with the Commodity Credit Corporation and the U.S Department of Agriculture’s Foreign Agricultural Service, Ecobank Nigeria will benefit from Deutsche Bank’s strong global and US footprint.”

Credit:  thenationeonlineng.net

UACN APPOINTS NEW CHAIRMAN, DIRECTOR

UAC of Nigeria (UACN) Plc announces the appointments of Mr Dan Agbor as the new chairman of the board of directors of the conglomerate and Engineer Okechukwu Mbonu as a non – executive director.

The two appointments followed the resignation of the former chairman, Senator Udoma Udo Udoma and a non-executive director, Dr Okechukwu Enelamah, who were both recently appointed Ministers of the Federal Republic of Nigeria.

Agbor, 55, is the managing partner of one of the leading commercial law firms in the country – Udo Udoma & Bello-Osagie. A seasoned lawyer, Agbor, who joined the firm in September 1990 until date, has had a distinguished practice in areas covering banking, mergers and acquisitions, private equity, finance, tax, and the laws relating to foreign investment.

A former company secretary/legal adviser of Gulf Bank of Nigeria Limited, he worked variously at the corporate finance and legal departments of Citibank and as a Solicitor in the firm of Ajumogobia, Okeke & Oyebode, a Lagos-based firm of legal practitioners engaged in the general commercial practice of law.

Agbor currently serves on the board of FSDH Securities Limited, FSDH Merchant Bank Limited; Pensions Alliance Limited and Swift Network Services Limited.

Mbonu is a registered engineer, a Fellow of the Nigerian Society of Engineers (FNSE), a Fellow of the Nigerian Institution of Mechanical Engineers and a Fellow of the Sierra Leone Institute of Engineers. He is a Founding Partner of Execution Edge Limited, a company noted for the provision of management advisory services to medium and large scale business enterprises.

Mbonu worked with Shell Petroleum Development Company Limited, Nigerian Breweries Plc, Heineken International and PricewaterhouseCoopers. While at Nigerian Breweries, he was appointed the Human Resource Director in 1999 and the Customer Service Director in 2001.

In March 2005, he was posted to Heineken International and then to Sierra Leone Brewery Limited, Freetown as the Managing Director/Chief Executive Officer of the company.

Mbonu attended Mayflower School, Ikenne where he obtained his West African School Certificate (WASC) with seven alpha distinctions and was awarded a Shell-BP Overseas scholarship to study Mechanical Engineering at the University of Manchester, UK, where he graduated in 1977 with a Bachelor of Science (B.Sc.) degree, with first class honours and four academic prizes.

In 1978, on completion of his National Youth Service with Shell-BP, he was awarded the prestigious Manchester University Noel Philip Bedson Research Scholarship which in 1982 led to the award of a Ph.D. degree in Mechanical Engineering from Manchester University, UK.

As part of his career development, Mbonu attended several local and international learning events including courses at Insead France; London School of Economics, UK; Stanford USA; Wharton School USA; IMD Switzerland and Heineken University, The Netherlands.


Credit:   thenationonlineng.net

NIGERIA WINS NINE AT THE ALL AFRICA MUSIC AWARD LAST WEEKEND

It was a phenomenal night for all music lovers across Africa as the International Committee of All Africa Music Awards, AFRIMA, in partnership with African Union Commission, AUC, held the 2015 edition of the All Africa Music Awards (AFRIMA) at Eko Hotel and Suites in Lagos, Nigeria.

Nine Nigerians went home with the 23.9 karat gold-plated trophy this year. They were; Praiz Adejo (Best Artist in Africa - R n B & Soul), Darey Alade (Best Male Artist - Inspirational), Kunle Ayo (Best Artist in African Jazz), Olamide (Best Male Artist in West Africa), Yemi Alade (Best Female Artist in West Africa), Flavor (Best Artist in African Electro), Burna Boy -Nigeria & AKA - South Africa (Best African Collaboration), Adekunle Gold (Revelation of the year in Africa) and Kiss Daniel (Most Promising Artist in Africa).

Nigeria's APC chieftain and former Lagos State Governor, Ahmed Bola Tinubu was honoured as the Pillar of African Culture.

AFRIMA's aim is to create a night of glamour, glitz and grandeur for Africa in its crowning glory through a world-class live production event broadcast to over 80 countries around the world.

Credit:  Olisa.tv, afrima.org

ABRAAJ GROUP ACQUIRES MAJORITY STAKE IN MOUKA

The Abraaj Group, a leading investor in global growth markets, has announced the acquisition of a majority stake in Mouka Limited. Mouka Foam is Nigeria’s a leading mattress manufacturer. The private equity company acquired its stake from previous majority shareholders, Actis and the founding family, although the latter still retains a minority stake in Mouka.

Actis, the pan-emerging markets investor, invested in 2007 and since then it has expanded the company and its operations across Nigeria; built best-in-class manufacturing facilities‎; expanded production and distribution; brought in a first-rate board and helped Mouka evolve from a well-respected, family-owned business into a sustainable, successful corporation.

Established in Kano in 1959 as Moukarim Metalwood Factory Limited, today, Mouka is a household brand name in Nigeria and a leading manufacturer in the Nigerian foam and bedding space, producing a wide range of mattresses and bedding products.

Speaking on the exit, John Opubor, Director in Actis’s Nigerian office, said: “Favourable demographics are driving growth and a positive consumer environment in Nigeria — the country boasts a large and fast-growing population, high GDP per capita growth, rising urbanization levels, and an expanding middle class. We saw an opportunity to help Mouka capitalize on this trend and have been pleased with the growth we’ve been able to help the company achieve.”

Abraaj and the Moukarim family will focus on enhancing Mouka’s product offering, customer service, as well as its sales and distribution strategy by increasing its market penetration across the region. Abraaj, which invests with a rigorous approach to sustainability, plans to further strengthen the corporate governance structures already in place within the Company, and optimize the health and safety standards at Mouka’s production facilities, including key areas pertaining to fire safety and chemical storage, amongst others.

Abraaj has over a decade of investing experience, and its portfolio in Nigeria includes Fan Milk Nigeria, AOS Orwell, C&I Leasing, Custodian & Allied Insurance, Computer Warehouse Group, The Bridge Clinic & PathCare, and Lily Hospitals.

Non-executive Director of Mouka, Hasib Moukarim, said: “The Moukarim family recognized the Abraaj team’s deep local experience and the Group’s successful track record of developing businesses in growth markets globally. We are confident that Abraaj is the ideal investor to carry Mouka into its next phase of growth and look forward to our partnership.”

KPMG acted as financial and tax advisor, while Freshfields Bruckhaus Deringer LLP and Olaniwun Ajayi acted as legal advisors to The Abraaj Group on the transaction.

Credit:  financialnigeria.com

2500 TEMPORARY HOMES IS BEEN BUILT FOR REFUGEES IN MAIDUGURI

source: UNHCR

A new refugee camp with 2,500 temporary homes is being built in Nigeria's northeastern city of Maiduguri for a few of the hundreds of thousands of refugees who fled the Boko Haram uprising.

Experts believe the new camp is another sign that the conflict is expected to end soon. The camp will have in it, houses and public schools.

Hundreds of thousands of children have not been to school for more than 18 months in Maiduguri and elsewhere in northeast Nigeria, where authorities closed all schools as they were targeted by the Islamic insurgents.

No one knows how many refugees there are because most live with friends, family and strangers who have taken pity on them. Public grounds and the compounds of mosques and churches also provide refuge.

Some Nigerian officials have said there are about 200,000 refugees in Maiduguri, but Doctors Without Borders put the number at 1 million in August with hundreds arriving each week.

The U.N. agencies for refugees and children are building the camp along with Borno state government to house about 20,000 people. Mohammed Tejan-Cole of the U.N. refugee agency told attendees at the ground-breaking ceremony that the camp will include wells, toilets, a clinic and classrooms.

Credit: hosted.ap.org

US SUPERSTAR, TREY SONGZ TO GRACE 2015 RHYTHM UNPLUGGED CONCERT

Grammy award nominee and R&B Superstar, Trey Songz has been announced as the headline act for this year's Rhythm unplugged, sponsored by Verve and Quickteller.

The event which holds on Friday the 18th December 2015 at the Eko Convention Centre, Victoria Island, Lagos, promises to be one of the most exciting yet with American singer/song writer Trey Songz headlining the show.

The annual Music concert which has a tradition of showcasing some of Nigeria's biggest music and comedy artistes has previously featured an array of huge international acts.

Produced by Flytime Promotions, Rhythm Unplugged is Nigeria's No. 1 concert. It features the very best Nigerian artists. This year marks the 11th edition of the concert bringing together top musicians, comedians and dancers on one stage. The surprise performances have also helped to solidify Rhythm Unplugged as the ONE entertainment concert to attend every December.

Credit: vanguardngr.com

A $100 MILLION SOLAR PROJECT INVESTMENT IN KADUNA STATE

Access Infra Africa on Tuesday signed a joint development agreement with Quaint Global Energy Solutions to invest in the $100-million ABIBA Solar Project, a 50 MW solar power plant being developed on 150 hectares of the Manchok Ranch in Kaduna State, around 2.5 hours from the Nigerian capital, Abuja.

Access, a Pan-African developer, owner and operator of power assets, said once the project was completed, the plant would generate 82 500 MWh of clean electricity, enough to satisfy the daytime requirement of more than 600 000 Nigerian households.

Speaking at a signing ceremony in Nigeria’s Ministry of Power headquarters in Abuja, Reda El Chaar, executive chairman of Access, said: “We see this project as a gateway to the widespread adoption of renewable energy in Africa’s largest economy, whilst cementing the role of ACF as an innovative platform for turning good concepts into bankable projects.”

The investment was originated by Access through its ‘Access Co-Development Facility’ (ACF) competition, an Africa-focused platform designed to bridge the gap between early-stage renewable energy projects and the resources they require to become operational.

Also speaking at the event was the Permanent Secretary, (Power), Amb. Godknows Igali, who was represented by a Director, Engineer Abayomi Adebisi, said that the Buhari led Administration is determined to guarantee greater access to electricity to Nigerians through solar sources.

Credit:  thewhistlers.ng, pv-tech.org, engineeringnews.co.za