Business

Nigeria Secures $1.5bn Loan From US to Boost Solar Power Infrastructure

Published

4 years ago

August 5, 2022

*Buhari: Initiatives would help develop local capacity through technology transfer

Nigeria has secured a $1.5 billion loan from the US-EXIM Bank to boost solar power infrastructure in 10 different locations in the country. Chief Executive Officer (CEO) of SUN Africa LLC, USA, Adam Cortese, disclosed this yesterday while speaking with newsmen after a meeting of a delegation of the company with President Muhammadu Buhari at the State House, Abuja.

Cortese explained that the loan was a government-to-government facility on a concessional rate of over 20 years.
According to him, the Niger Delta Power Holding Company (NDPHC) will own the assets, which he said would not only generate low cost electricity but also enable the company to pay back the loan.

Cortese stated, “Once again, this is government-to-government financing. It’s built upon the success that we’ve had in Angola recently, where we’ve delivered roughly $2.6 billion of solar PV storage and transmission capacity.
“I think the important point to note here is, yes, it’s a government-to-government loan, from the US-EXIM Bank to the government of Nigeria, but it’s being done on a concessional rate; over 20-year tenure, which is extremely attractive.

“What’s unique about this model is that NDPHC is going to own its own assets. So, it’s going to own its own generation base and our project will deliver a low levelised cost of electricity, which will not only allow them to pay back the loan from EXIM Bank, but generate a profit on top of it.”

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Speaking while receiving the delegation, Buhari declared that the rapid integration of solar power into the country’s energy mix would lead to an increase in electricity access to underserved and unserved communities.
He said his administration had embarked on several reforms aimed at revitalising Nigeria’s energy sector and improving energy access to communities across the country.

The president commended the interest of the US developer to invest in Nigeria’s power sector, pledging that the federal government would remain committed to collaborating with the private sector in improving energy access, creating jobs, and industrial development.
Highlighting some of the reforms embarked upon by his administration to address Nigeria’s energy need, the president listed the signing of the Nigeria Climate Change Bill in November 2021, implementation of the Power Sector Recovery Programme with the World Bank, and the Nigeria Electrification Programme aimed at enhancing energy access to remote communities.

He added that the Presidential Power Initiative with Siemens was aimed at achieving end-to-end alignment across the electricity value chain.
According to the president, “Initiatives like these will go a long way in developing local capacity through technology transfer and relieving transmission constraints through the generation and distribution of electricity in the local Distribution Companies Franchise Area, making off-take easier.
‘‘The Ministers of Finance and Power as well as other agencies of government will remain available at all times, to ensure the achievement of this significant project as part of our efforts towards achieving Net Zero Emission by 2050.

‘‘I am pleased to note the technology transfer content embedded in this initiative as well as the employment generation potentials.
“I thank you all for coming and look forward to receiving regular updates as you achieve significant milestones in developing your projects in Nigeria.”
Earlier in his remarks, Founder, Sun Africa LLC, USA, Mr Goran Rajsic, said the renewable infrastructure company hoped to deliver solar power in multiple locations across the country, just as it had done in Angola, with financing done through the US EXIM Bank. Rajsic pledged that his organisation, working with other leading energy companies, had the capacity to do what Nigeria required in the area of power.

“We will create something that will be of immediate need for Nigeria, and last for years to come,” Rajsic stated.
He described what Sun Africa LLC, USA had in mind as “a partnership for energy and infrastructure, which will revolutionise both the industrial and agricultural sectors.”

Speaking also at the occasion, Managing Director/Chief Executive Officer, Niger Delta Power Holding Company (NDPHC), Chiedu Ugbo, said the company will utilise the loan facility to provide solar power at 10 sites, starting with five.

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Insurance

Lasaco Assurance Launches N18.47bn Rights Issue to Strengthen Capital Base

Published

9 hours ago

April 3, 2026

Trends Admin

L-R: Deputy Managing Director, Rilwan Oshinusi; Non-Executive Director, Biodun Dosunmu; Betridge; Managing Director, Adeyemo Shobo; Non-Executive Director, Oluwatobiloba Lawal; Fola Tinubu, during a signing ceremony on rights issue of N18.47bn.

Lasaco Assurance Launches N18.47bn Rights Issue to Strengthen Capital Base

Lasaco Assurance Plc has unveiled a ₦18.47 billion rights issue, announcing plans to offer 9,236,321,546 ordinary shares as part of efforts to reinforce its capital base and drive future growth.

The announcement was made during a signing ceremony held at the company’s head office in Lagos, following approvals from the Nigerian Exchange Group (NGX) and the Securities and Exchange Commission (SEC).

Lasaco Assurance Plc

Prior to this development, the company had secured shareholder backing at an extra general meeting, where investors approved the move to raise fresh capital through a rights issue.

Under the terms of the offer, shares are priced at ₦2.00 per share, with each share having a nominal value of 50 kobo. The rights issue is structured on the basis of five new shares for every six existing shares held by shareholders.

According to details released by the insurer, eligibility is limited to shareholders whose names appeared on the company’s register as of the close of business on February 20, 2026. The acceptance list opened on April 2, 2026, and will close on April 24, 2026.

Auto

Soaring Fuel Prices Drive Nigerians Toward Electric Vehicles

Published

1 day ago

April 2, 2026

Trends Admin

Soaring Fuel Prices Drive Nigerians Toward Electric Vehicles

Rising fuel prices in Nigeria are accelerating interest in electric vehicles (EVs) as households, transport operators, and businesses seek cost-effective alternatives to petrol- and diesel-powered cars. Experts say the spike in petrol costs is no longer just an economic concern but a turning point, pushing electric mobility from a futuristic idea into a practical solution for everyday commuting and commercial use.

At the Abuja Compact on Electric Mobility Roundtable, stakeholders highlighted how increasing transport expenses are reshaping decisions, especially among commercial drivers and small business owners. Rising fuel costs are prompting many Nigerians to see EVs as a survival strategy rather than a luxury option.

Chairman of the Presidential Initiative on Compressed Natural Gas and Electric Vehicles (Pi-CNG & EV), Ismaeel Ahmed, explained that the removal of fuel subsidies has widened the cost gap between petrol-powered vehicles and EVs. Charging an EV for a 200-kilometre journey costs around ₦4,500, compared to roughly ₦22,500 for petrol vehicles — a difference that offers a “strong economic incentive” influencing consumer choices. Ahmed added that the federal government is pursuing a balanced transition strategy supporting both compressed natural gas (CNG) and electric vehicles to encourage sustainable energy alternatives.

Financial solutions are helping Nigerians overcome the high upfront costs of EVs. Mohammed Abdul, Divisional Head at Alternative Bank, noted that lease-to-own, pay-as-you-go, and partnership schemes are making EVs accessible to drivers in the informal transport sector. These financing models allow gradual adoption while easing financial burdens.

Soaring Fuel Prices Drive Nigerians Toward Electric Vehicles

Business

Rite Foods, BJAN champion consumer safety at Ososa factory tour

Published

1 day ago

April 2, 2026

Trends Admin

Rite Foods, BJAN champion consumer safety at Ososa factory tour

By Daphne Uduneje

To commemorate World Consumer Rights Day 2026, the Brand Journalists’ Association of Nigeria (BJAN) partnered with Rite Foods Limited to host a high-level stakeholder engagement at the company’s ultra-modern manufacturing plant in Ososa, Ogun State.

Under the theme “Safe Products, Confident Consumers,” the event combined rigorous policy discourse with a firsthand look at the cutting-edge technology behind one of Nigeria’s leading indigenous brands.

The journey began at Rite Foods’ Lagos office, transitioning from the city’s urban bustle to the expansive, scenic greenery of the Ososa facility. For the journalists in attendance, the factory’s exterior—a sprawling, sophisticated complex—signalled a facility capable of competing on a global scale.

Inside, the hum of precision machinery served as the backdrop for the day’s discussions. Olufemi Ajileye, General Manager for Operations at Rite Foods, welcomed guests by emphasizing that safety is the bedrock of their market strategy.

Since breaking into the carbonated soft drink sector, Rite Foods has leveraged advanced technology and stringent quality controls—including international laboratory testing for water purity—to earn and maintain public trust.

Despite improvements in legislation, speakers noted a persistent gap in consumer awareness. Sola Salako-Ajulo, founder of the Consumer Advocacy Foundation of Nigeria (CAFON), described consumer confidence as the “oxygen of any market.”

To empower the public, she unveiled the CAFON Consumers Companion (3C), an AI-powered platform designed to educate Nigerians on their rights and provide a roadmap for dispute resolution.

“Consumers often feel powerless,” she noted, “but technology can bridge the gap between grievance and redress.”

The Regulatory Stance

The Federal Competition and Consumer Protection Commission (FCCPC) and NAFDAC reaffirmed their commitment to enforcement:

FCCPC: Executive Vice Chairman Tunji Bello (represented by Olubunmi Dorcas Otti) urged businesses to maintain transparency, noting that economic participation thrives only when safety is guaranteed.

NAFDAC: Director-General Mojisola Adeyeye (represented by Tinuola Akinnubi) reminded attendees that consumer rights are legally enforceable obligations, highlighting the importance of “technological traceability” in the modern market.

BJAN Chairman Daniel Obi emphasized that the association had sustained this initiative for over a decade because consumer protection is a collective burden.

“It is not the responsibility of regulators alone,” Obi stated. “Businesses, media, and civil society must work in harmony.”

The event concluded with a guided tour of the production floor. Journalists observed a seamless, automated “dance” of technology where drinks were corked, labeled, and packaged with surgical precision.

As the delegation departed Ososa, the takeaway was clear: building a “confident consumer” requires more than just marketing—it requires the transparency of the factory floor and the accountability of the boardroom.