Business

‘120m Nigerians Live Without Electricity’

Published

8 years ago

February 19, 2018

The Chief Executive Officer of All On, one of the leading companies in the global energy market, Dr Wiebe Boer has revealed that 120million Nigerians live without electricity supply.
Boer further stated that millions of Nigerians do not get up to four hours of power supply daily, and added that it was to bridge this yawning gap that All On decided to invest in the energy sector to bring uninterrupted electricity supply to millions of underserved and unserved people in the Niger Delta in particular and Nigeria in general.
Boer made the statement, last Friday, in Port Harcourt, during a press briefing organized by the off-grid investment company, to announce the closing of financial deals with three firms to provide accelerated access to affordable, durable and sustainable energy sources to millions of people without access to electricity supply in the Niger Delta region.
He added that the energy investment company was partnering with solar home system leader, Lumos Global BV; leading mini-grid player, Green Village Electricity; and solar-powered marketplace cold storage business driver, ColdHubs; to rollout and expand much needed energy supply to grossly underserved people of the Niger Delta region and Nigeria in the coming months.
According to him, “These developments are coming barely three months after All-On announced its first set of transactions in Nigeria’s off-grid market, and two months after the firm and U.S. Africa Development Foundation (USADF) announced a $3million partnership to expand access to energy for underserved and unserved markets in Nigeria.
“These investments made in these energy solution providers further demonstrate our firm belief that off-grid energy is indispensable in the improvement of Nigeria’s energy narrative. It, therefore, deserves adequate attention and financial backing from both the public and private sectors”, Boer added.
In his remarks, Managing Director and Chief Executive Officer, GVE Projects Limited, Ifeanyi Orajaka, said “We at GVE are excited about this relationship with All On”, adding that “An investment from a world-class organisation such as All On further validates our position as one of the leading and most innovative indigenous clean energy solutions providers in Sub-Saharan Africa.”.
Chief Executive Officer, ColdHubs, Nnaemeka Ikegwuonu described the investment as a demonstration of All On’s commitment beyond simply addressing the access to energy gap, to harnessing innovative renewable energy solutions for the preservation of perishable foods in Nigeria.
“This support will enable ColdHubs to further refine its business model to help improve the livelihoods of people and enhance food security in the Niger Delta region”, Ikegwuonu said, adding that it was now set to provide farmers, retailers and wholesalers necessary equipment to enable them preserve their perishable food stocks for as long as 21 days or more before their wears get to end-users.
Also speaking, Lumos’ Chief Executive Officer, Davidi Vortman said, “This debt facility from All On both cements the strategic relationship between our two companies and goes a long way towards significantly accelerating the speed of penetration of Lumos Solar Home Systems in the Niger Delta region.”
Represented by Vice President, Marketing, Ashida Olufemi, Vortman said Lumos was “excited to work with All On to enhance energy access for Nigerians in the Niger Delta and across the country,” and promised to focus on providing access to electricity to underserved and unserved communities in the Niger Delta to accelerate their economic growth and development while also helping to reduce poverty, crime and unemployment.
All On Investment Manager, Florence Okoli said “We have three deals that we signed here today in Port Harcourt, and all of them are helping find solutions to the energy access problems in Nigeria,” and commended the three companies for the successes recorded through the initial pilot projects in the region.
She expressed optimism that the collaboration would go a long way in addressing the energy needs of the people in the Niger Delta.
The Tide investigations revealed that in addition to the 120million without access to electricity, an estimated 20million do not have more than four hours of power supply daily.
Also, only about 10million Nigerians get between eight and 16 hours of electricity supply daily just as around 30million privately generate their own electricity.

Susan Serekara-Nwikhana

Business

NEM Insurance celebrates IWD 2026 with pledge to sustain support for women endeavour

Published

22 hours ago

March 16, 2026

The Tide

NEM Insurance Plc – the number one motor insurance provider in Nigeria, in a vibrant commemoration of the 2026 International Women’s Day (IWD), has reaffirmed its dedication to fostering an inclusive environment that empowers women to excel in their endeavours.

Speaking at the corporate headquarters in Lagos, the Chairman of NEM Insurance Plc, Tope Smart, stated that the company remains resolute in its mission to support women affairs, noting that their contributions are vital to the sustainability of the insurance industry.

Aligning with the global theme “Give To Gain,” Smart highlighted that the insurance provider views gender diversity not just as a corporate social responsibility, but as a core driver of innovation and high-level performance.

“Our commitment to female professionals at NEM Insurance is unwavering,” Smart declared. “We recognize that by ‘giving’ women the right tools, mentorship, and leadership platforms, the industry ‘gains’ unparalleled dedication and diverse perspectives that move the needle of progress.”

The multiple award winning underwriting company and one of the top three leading general insurance business companies in Nigeria, has remained focused in promoting and supporting women affairs.

Adding her voice to the celebration, the General Manager, Corporate Services, Mrs. Mojisola Teluwo, emphasized that the company’s gender-focused initiatives, such as the “She Means Business” contest, represent a practical approach to inspiring inclusion.

Mrs. Teluwo maintained that supporting women-led initiatives is a strategic investment in the fabric of society, rather than just a philanthropic gesture.

“At NEM Insurance, we believe that when a woman thrives, a family thrives, and the nation prospers,” Mrs. Teluwo stated. “The ‘She Means Business’ initiative is our way of moving beyond mere applause for women toward active, tangible support. We are proud to provide the financial catalyst needed for visionary women to turn their business aspirations into reality.”

To mark the occasion, the leadership outlined several key pillars of support:

Leadership Development: Targeted training programs to prepare more women for executive-level decision-making.

Inclusive Work Culture: Sustaining a workplace environment that balances professional growth with personal well-being.

Economic Catalyst: Providing grants and professional frameworks to help female entrepreneurs upscale their operations.

The event featured a series of internal sessions where female staff engaged in mentorship dialogues, focusing on career advancement within the evolving landscape of the Nigerian insurance sector and paint and Sip, which provided an opportunity for women to showcase their creativity.

Smart concluded by urging other industry stakeholders to prioritize the development of female talent, asserting that a more inclusive sector is a more prosperous one for all Nigerians.

Business

Nigeria: Profit-Taking Persists as NGX Dips Marginally by 0.2%

Published

22 hours ago

March 16, 2026

The Tide

Trading on the Nigerian Exchange (NGX) closed slightly lower on Wednesday as profit-taking in selected equities continued to weigh on the market, dragging key performance indicators into negative territory.

Market data showed that the benchmark All-Share Index (ASI) declined by 0.09 per cent to close at 195,898.53 points, compared with the previous session’s level, as investors booked profits in some large and mid-cap stocks.

Consequently, market capitalisation shed N107.57 billion, settling at N125.75 trillion. Despite the marginal decline, the market still maintained positive returns, with the month-to-date gain standing at 1.6 per cent, while the year-to-date return moderated to 25.89 per cent.

The downturn was largely driven by losses recorded in stocks such as Presco Plc and UAC of Nigeria Plc, both of which declined by 10 per cent, alongside Dangote Cement Plc, which slipped by 0.6 per cent.

Market breadth closed negative, reflecting bearish investor sentiment, as 40 stocks recorded losses compared with 29 gainers, translating to a market breadth ratio of 0.7 times.

Among the top gainers were NGX Group Plc and Premier Paints Plc, which appreciated by 10 per cent and 9.9 per cent respectively. Other notable gainers included Omatek Ventures Plc, Prestige Assurance Plc and HMC Allied Plc.

On the losers’ chart, Presco Plc and UAC of Nigeria Plc led the decline with 10 per cent losses each, followed by Morison Industries Plc, LivingTrust Mortgage Bank Plc and SCOA Nigeria Plc.

Sectoral performance was mixed, with the Industrial Goods index leading the gainers after advancing by 1.42 per cent, while the Banking index recorded a marginal gain of 0.04 per cent.

Conversely, the Commodities sector topped the laggards, declining by 1.30 per cent. The Insurance index fell by 0.44 per cent, the Consumer Goods index dipped by 0.43 per cent, while the Oil and Gas index edged down by 0.06 per cent.

Activity level on the exchange weakened as investors traded a total of 671.27 million shares valued at N26.13 billion in 58,792 deals.

This represents a decline of 8.61 per cent in volume, 5.18 per cent in value and 9.31 per cent in the number of transactions compared with the previous trading session.

Wema Bank Plc emerged as the most actively traded stock by volume and value, accounting for 106.36 million shares worth N2.75 billion.

Analysts said the cautious mood in the market reflects continued portfolio rebalancing by investors following the strong rally recorded earlier in the year.

They noted that trading may remain mixed in the near term as investors react to corporate earnings releases and macroeconomic development.

Business

Wema Bank Admits 10 Startups into Hackaholics 2026

Published

22 hours ago

March 16, 2026

The Tide

Wema Bank has admitted 10 Nigerian startups into the 2026 edition of its Hackaholics Accelerator Programme as part of efforts to strengthen innovation, entrepreneurship, and sustainable business growth in the country.

The 10 cohort selected startups for the 2026 edition such as; Farmslate, Ploy, Stocmed, Feest , Varsityscape, MamaAlert, Sane, Cyclex, Kieva and Loocomo were drawn from the top performing finalists of Hackaholics 6.0.

The Hackaholics Accelerator, a selective growth programme under the bank’s Hackaholics platform, is designed to help promising startups reinforce their business foundations while preparing them for scalable growth and investment readiness.

Wema Bank said the programme represents a strategic expansion of its support for innovators, moving beyond ideation and competition to hands-on startup development after six years of driving innovation through the Hackaholics initiative.

According to Wema bank, the accelerator provides founders with structured mentorship, industry guidance and access to networks required to transform innovative ideas into viable and scalable businesses.

Speaking at the programme, Managing Director and Chief Executive Officer of Wema Bank, Mr. Moruf Oseni, said the accelerator demonstrates the bank’s commitment to supporting founders beyond the early stages of innovation.

He noted that Hackaholics has evolved from a competition into a platform that showcases Nigeria’s entrepreneurial potential and technological creativity. Where he explain that the second edition of the accelerator focuses on helping founders transition from ideation to building sustainable business capable of long trem projects .

“Over the past six years, Hackaholics has grown into more than a competition; it has become a platform that reveals the depth of innovation and entrepreneurial potential that exists across Nigeria,”Oseni said.

Oseni stressed that the startups selected are representing some of the most promising solutions emerging from the Hackaholics ecosystem, and the back remain committed to helping them refine their business models, strengthen their operational foundations, and scale their impact.

Also speaking at the program , Wema Bank’s Chief Transformation Officer,Mr. Babatunde Mumuni, said the accelerator would guide founders through a structured process aimed at strengthening their operations and positioning them for sustainable growth.

As part of the programme, startups founders will participate in intensive training sessions facilitated by industry experts across key areas of business growth. Facilitators include Wema Bank executives such as Chief Transformation Officer, Babatunde Mumuni; Head of Strategy and Investor Relations, Femi Akinfolarin; Head of Data Transformation, Olamide Jolaoso; and Team Lead, Corporate Social Investment, Oluwatoyin Adetunji. While External facilitators include Managing Director of Impact Hub Lagos, Idowu Akinde; Managing Director of B4B Partners, Napa Onwusa; startup advisor and scout, Onaopemipo Dara; Google for Startups mentor, Rosemond Phil-Othihiwa; Head of Growth at Africhange, Tega Ogigirigi; and startup advisor and mentor, Ademola Adewuyi.

The Hackaholics Accelerator is also supported by Wema Bank’s broader innovation ecosystem, including IDEAx Labs, the bank’s innovation and venture platform, and its corporate venture programme focused on enabling startup growth through partnerships, infrastructure and access to capital.

Since its launch in 2019, Hackaholics has grown into one of Nigeria’s leading youth innovation platforms, attracting more than 15,000 applicants and supporting hundreds of digital solutions across multiple sectors.

Through the initiative, Wema Bank said it has disbursed more than $400,000 in funding to young innovators and startup founders nationwide.

Previous participants such as Feegor, Myitura and Bunce have emerged from earlier editions of the programme, highlighting the accelerator’s focus on nurturing growth-ready companies. Meanwhile the 2026 edition builds on this progress by supporting startups as they transition from innovation to sustainable business growth.