CBN directs banks to start deducting cybersecurity levies from customers
Business
Shell acquires solar power firm to expand renewable energy interests
Oil giant, Royal Dutch Shell, has acquired Nigerian solar energy provider, Daystar Power, as part of measures to cut its greenhouse gas emission and focus on renewables.
Daystar announced in a statement that the takeover was awaiting regulatory approval and would enable Shell renewable solutions business to deliver carbon emission reductions and power cost savings to commercial and industrial businesses across Africa.
The company however did not disclose the value of the deal.
Chief Executive Officer of Daystar, Jasper Graf von Hardenberg, said his company needed to raise more money to meet growing demand but opted to sell to Shell due to the company’s strong balance sheet and long history in Africa.
According to him, Shell’s acquisition will help Daystar increase its installed solar capacity to 400mw by 2025 from 32mw and also expand services beyond Nigeria to East and Southern Africa where it is seeing increasing demand from South Africa.
“As part of Shell, we will be able to execute our mission even faster,” he said.
Headquartered in Lagos, Daystar provides off-grid power to commercial and industrial clients across West Africa. With networks in Ghana, Nigeria, Senegal and Togo, the company offers solar and hybrid power solutions with battery storage.
Shell on its part maintains significant visibility in Africa, with interests in Algeria, Mauritania, Namibia, São Tomé and Príncipe, South Africa and Tunisia. The company’s share of production, onshore and offshore, in Nigeria was 266 thousand boe/d in 2019, compared with 255 thousand boe/d in 2018. It says that security issues, sabotage and crude oil theft in the Niger Delta remained significant challenges in 2019.
Upon conclusion of the deals, Daystar said it aims to broaden its services to companies by offering standalone solar or hybrid solutions including gas generators.
“Companies need their own power solutions to drive down costs, compared to expensive grids or diesel generators,” it said in its statement.
Business
CBN directs banks to start deducting cybersecurity levies from customers
The apex bank announced this on Monday, May 6, 2024, in a circular signed by Chibuzor Efobi, Director of Payments System Management, and Haruna Mustafa, Director of Financial Policy and Regulation.
Business
Forex: FG to delist naira from P2P platforms
Forex: FG to delist naira from P2P platforms
The Federal Government is set to delist the naira from all Peer-to-Peer platforms to reduce the manipulation of the local currency value in the foreign exchange market.
Director General of the Securities and Exchange Commission, Emomotimi Agama, made this known on Monday at a virtual conference with blockchain stakeholders.
The goal of this resolution is to combat manipulation of the value of the local currency in the foreign exchange market.
In past months, the nation’s regulatory bodies have started looking into and closely examining cryptocurrency exchanges.
This is part of a number of regulations to be rolled out in the coming days.
He said, “That is one of the things that must be done to save this space. The delisting of the naira from the P2P platforms to avoid the level of manipulation that is currently happening.
“I want your cooperation in dealing with this as we roll out regulations in the coming days.”
The SEC DG decried how some market players were manipulating the value of the naira.
This, he said, was why the commission was “seeking collaboration and help in making sure that the crypto environment is respected globally”.
Business
Ikeja Electric cuts tariff for Band A customers
Ikeja Electric cuts tariff for Band A customers
The Ikeja Electricity Distribution Company has announced a reduction in the tariff for customers under Band A classification from N225 per kilowatt-hour to N206.80kw/h
This is coming about a month after the Nigerian Electricity Regulatory Commission (NERC) approved an increase in electricity tariff for customers under the Band A category to N225 per kwh — from N66.
The commission has clarified that customers under Band A receive between 20 and 24 hours of electricity supply daily.
Ikeja Electric said in a circular on Monday the cut in the new tariff rate would take effect from May 6, 2024.
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