- Total Plans for 5m Solar Lamp by 2020
Total Access to Energy, TAE, has reinstated its commitment to provision of affordable and clean energy to Nigerians, saying the lives of over 10 million people have improved following the company’s solar lamp.
In a statement, the firm’s Managing Director, Mr. Philippe Cabus, pointed out that about 90 per cent of Total solar lamps customers’ have said their lamp has significantly improved their daily lives. “Total believes that better access to energy is a fundamental necessity which greatly impacts on access to education, communication, information, and the overall development of individuals and societies,” he stated.
Cabus stated that, “More than 1 billion people do not have access to electricity. To help remedy that, the Group launched in 2011 a line of photovoltaic solar lamps, to provide affordable access to energy for communities in emerging economies.
“It’s designed for households that lack access to electricity. Some of the lamps can also be used to charge small electric devices such as phones. These solar lamps are a safer and better replacement for less effective and more expensive lighting methods like candles, disposable batteries and kerosene.
“These solutions are lighting homes mainly in Africa but also in South America and South East Asia, and are still evolving to meet the needs of millions of people who still do not have access to cleaner energy. The Group’s goal is to sell 5 million lamps by 2020 to improve the lives of 25 million people. We strive to find innovative technological solutions, using a business model viable on a large scale. We managed to reach these 2 millions lamps sold, thanks to the commitment of the teams in our local affiliates. Their dedication helps us to better reach the “last mile” and distribute these products to the customers.
“These solar products come from the “Total access to Energy” programme, and are built on the group’s solar expertise and extensive presence in Africa via its wide retail network of over 4000 service stations. New last mile channels and retail models are being created with Total forming global partnerships with major development NGOs and local partnerships to reach the most remote areas” he added.
SEC Warns Against Proliferation of Unregistered Investment Platforms
The Securities and Exchange Commission (SEC) has warned the investing public to be wary of the proliferation of unregistered online investment and trading platforms facilitating access to trading in securities listed in foreign markets.
SEC’s warning was conveyed via a circular issued in Abuja, Thursday to capital market operators.
It advised the investing public to seek clarification as may be required via its established channels of communication on investment products.
The circular read: “The attention of the SEC has been drawn to the existence of several providers of online investment and trading platforms which purportedly facilitate direct access of the investing public in the Federal Republic of Nigeria to securities of foreign companies listed on securities exchanges registered in other jurisdictions.
“These platforms also claim to be operating in partnership with capital market operators (CMOs) registered with the Commission.”
The Commission categorically stated that by the provisions of Sections 67-70 of the Investments and Securities Act (ISA), 2007 and Rules 414 & 415 of the SEC Rules and Regulations, only foreign securities listed on any exchange registered in Nigeria may be issued, sold or offered for sale or subscription to the Nigerian public.
Accordingly, the SEC notified CMOs who work in concert with the referenced online platforms of the Commission’s position and advised them to desist henceforth.
Public to seek clarification as may be required via its established channels of communication on investment products advertised through conventional or online mediums.
SoftBank Reaps $33 Billion Coupang Windfall
SoftBank Group Corp on Thursday racked up a roughly $33 billion gain on paper through the public market debut of South Korea’s largest e-commerce company, Coupang Inc, the latest sign of a dramatic turnaround for its $100 billion Vision Fund.
Shares of Coupang opened 81% above their offer price on Thursday, after the company raised $4.6 billion in the U.S. stock market’s biggest initial public offering this year.
SoftBank paid around $3 billion for a 37% stake in the company, according to sources familiar with earlier fund-raising, giving it a roughly $33 billion headline profit if prices hold.
Coupang’s hugely successful stock market launch is welcome news for SoftBank, which is grappling with the collapse of billions of dollars worth of funds linked to Britain’s Greensill Capital, a supply chain finance start-up.
Vision Fund is Greensill’s biggest backer.
The Japanese conglomerate last month reported third-quarter net profit ballooned more than 20 times thanks to a recovery at the Vision Fund, a huge venture capital operation famous for investing early in Uber and other tech industry startup successes.
Only a year ago, SoftBank had been smarting from the flopped IPO and collapse in value of office sharing firm WeWork, raising questions over whether Chief Executive Officer Masayoshi Son had lost his midas touch and threatening plans to establish a successor to Vision.
The COVID-19 pandemic has also forced Son to sell assets but a second deal reported by Reuters on Thursday bodes well for VF II, a second, smaller fund.
The $225 million late-stage funding round for healthcare startup Forward Health was its first major investment this year, following a pickup in activity and the group’s fortunes in the second half of 2020.
The Vision Fund also made $11 billion on a blockbuster market launch of DoorDash Inc in December, which valued the food delivery company at more than $70 billion.
It also made gains on home seller Opendoor Technologies Inc’s initial offering in December.
The fund still holds large stakes in China’s biggest ride-hailing firm Didi, as well as Uber’s Southeast Asian rival Grab.
SoftBank is also trying to ride the mania for special purpose acquisition companies, launching a handful of blank-check firms this year, although none of them have found investment targets yet.
Agence Francaise De Developpement (AFD) To €2 billion in Nigeria
The French Development Agency (AFD) is a development finance institution 100 percent held by the French government.
In Nigeria, it is mainly into financing infrastructure projects (water, energy, transport and agriculture).
It also involves financing related to the banking sector, governance and the cultural and creative industries.
Speaking to the media, the AFD Country Director Nigeria, Pascal Grangereau, said €2 billion was set aside to be sent on mainly road financing, water sector, improvement in electricity and agriculture.
He said €300 million was being spent on the Abuja Electricity Backup, a project in collaboration with Transmission Company of Nigeria (TCN) to improve electricity at the nation’s capital.
Grangereau said a total of €200 million is equally expended on the North West Electricity Backup.
On agriculture, he said vocational training is currently held across the nation to improve the skills of Nigerians.
He added: “We intend to finance agricultural projects in five states, Benue, Imo and three other states to the tune of €50 million.”
He lamented that while it was endowed with reserves of crude oil and natural gas, Nigeria is characterised by power generation considered by the Nigerians themselves as not adequate.
He said concentrating more than half of the installed electricity capacity in West Africa, only half of which was harnessed by the country, implying a very low per capita consumption, limited access to electricity and frequent load shedding.
He added: “The sector is of strategic importance for successive governments, with the launching in the 2000s of a vast reform, supported by a massive investment plan; which reform although supported by the donors is yet to achieve the expected results. The project aims to strengthen the electricity transmission network, natural monopoly under the responsibility of the public company TCN, thus laying the foundations for a long-term partnership with TCN.”
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