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Banks’ Divestment from Insurance Firms: Analyst Wants Shareholders to be Given Preference

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Foremost stock analyst and shareholder in many insurance companies, Mr. Nonah Awoh has called on banks and insurance companies to carry shareholders along and allow them to take the driver seat in the determination of who buy the stocks that arises out of banks divesting from insurance companies. He stated that having laboured hard to acquire these shares; they would not fold their hands and watch people whose character and interest may be at variance with the original shareholders. According to Awoh, their fears are hinged on the fact that if the divestment process was not well handled; it may snowball into an unhealthy situation where the board and management of these insurance companies would be negatively influenced by the personal ambitions of the outsiders who may cash in on the opportunity. The share activist wants the divesting banks and insurance companies to allow the existing shareholders to take over the shares or throw the shares into the general public for acquisition. He stated that their fears is further heightened considering that similar situations had happened in the banks in the past where investors money got trapped in the banks liquidation. Another insurance shareholder, Adebisi Olawale, however feel otherwise. To him, throwing the shares into the open market was as good as allowing strategic investors to buy up the divested shares, stressing that what was important was the repositioning of these insurance companies. He added that there have been instances in the past stated where shares were acquired by cronies without the awareness of the existing shareholders that they were the true owners of the stated shares. However, he called on the insurance companies to give top priority to the shareholders in order to avoid friction which at the end will pitch the insurers in a battle of wits against the shareholders. He added that the insurance industry should not be allowed to drift from its present achievements, occasioned by the recapitalization and industry reform which has taken the industry to the next level. It will be recalled that the Central Bank of Nigeria (CBN) in continuation of its banking reforms, rolled out an order directing banks to divest from non-banking investments in order to have time to concentrate in core banking services. According to CBN, the former universal banking model created an unhealthy situation where banks were distracted from primary banking operations. The situation has already sent panicky waves beyond the shareholders as industry watchers fear that the divestment process may weaken the strength of some of these companies, considering the enormous premium that the divesting banks attracted due to their spread and clientele base. Sequel to this directive, some insurance companies have already started the divestment process. The recent case in point was the GTBank which announced a divestment of 68 percent equity in its insurance subsidiary, Guarantee Trust Assurance (GTA) plc. The notice stated that "the proposed divestment should also entail the sale of the bank’s equity stake in its insurance subsidiary – Guaranty Trust Assurance plc, which is also quoted on the trading floor."


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Nedjip Tozun, CEO d.light Named in 2024 TIME100 Climate List for Transformative Impact on Clean Energy Access

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Nedjip Tozun, Co-founder and CEO at d.light, has been named one of the world’s most influential leaders driving business to real climate action in the 2024 TIME100 Climate list.

TIME’s annual climate list recognizes the world’s most innovative and impactful business leaders championing climate action and working toward a sustainable future. This honor celebrates Tozun’s visionary leadership and commitment to transforming energy access for underserved communities across Africa and Asia.

Since co-founding d.light in 2007 at Stanford University, Tozun has led the company’s mission to empower lives through sustainable, affordable, off-grid clean energy solutions. Under his leadership, d.light has reached over 180 million people, providing transformative products such as solar home systems, lanterns, and appliances, and connecting households and businesses to life-enhancing solar energy.

With a growing footprint across some of the world’s most energy-challenged regions, d.light’s innovative pay-as-you-go platform, Atlas, enables over 6 million transactions monthly, making clean energy accessible and affordable for millions.

“We are honored to see Nedjip’s dedication recognized by TIME as part of this esteemed Climate list,” said Wayne Keast, d.light board member and Managing Partner of Inspired Evolution. “His passion for bringing clean energy to the most remote communities is reshaping the future of energy, health, and opportunity in regions where the climate crisis hits hardest.”

As a pioneer in clean, off-grid energy solutions, Tozun has not only driven unprecedented growth for d.light but has also challenged and changed the industry landscape.

His work has made d.light a trusted partner in the global climate effort, positioning the company as a model for sustainable development and scalable solutions in emerging markets.

With a goal of impacting 1 billion people by 2030, d.light continues to scale operations and forge partnerships to meet growing demand while addressing critical climate issues head-on.

“I’m truly grateful to be recognized by TIME for our work in advancing clean energy access”, said Tozun. “This acknowledgment underscores the urgent need to prioritize equitable access to clean energy as we tackle climate change.

d.light’s work is rooted in the belief that everyone deserves access to energy, and I am proud of what we have achieved together with our team, partners, and the communities we serve.”

Tozun’s inclusion in the TIME100 Climate list highlights the impact of d.light’s work across Africa and elsewhere. It follows d.light’s recent recognition as a finalist in the 2024 Earthshot Prize, the international environmental award founded by the UK’s Prince William that recognises groundbreaking sustainable solutions for repairing and regenerating the planet.

 


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Cloud Energy Solar Shines Bright with 200 Watts Street Lighting Bulb

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Nigeria’s foremost indigenous Renewable Energy Company, decorated by industry partners as the most Outstanding Energy Provider, Cloud Energy Solar, living true to its appellations, is focusing its renewable energy competencies beyond the home and office.

Cloud Energy has increased its impact in street lighting with the design and production of the 200 Watts street lighting bulb.

The 200 Watts bulb consolidates the reputation of brightness and long lasting for the Cloud Energy range of energy saving bulbs, in the homes and offices.

Spurred by the abundance of the sun, the Cloud Energy Solar Company seems challenged to never let the sun set. The Managing Director of Cloud Energy, Mr. Theophilus Nweke, launching the 200 Watts bulb observed that the times are dangerous in terms of security.

Therefore, the brilliance of the street lighting will eliminate all lurking shadows from the streets and security posts. It is an answer to a call to duty for all patriots to deploy their competencies to enhance national security.

The renewable energy boss said that citizens must be prepared to make sacrifice to give Nigeria its deserved place as the giant of Africa. These sacrifices can come from the kind of opportunities that OEMs give to Nigerians. For example, Cloud Energy, a leading solar practitioner is currently offering rooftop solar panels with a flexible payment plan up to two years or more.

Property owners can now design their buildings with solar panels on the roof and keep paying long after they have completed and moved into the houses.

This flexible payment consideration, the Cloud Energy Boss explains, extends to the entire range of Cloud Energy Solar products – Energy storage products, Inverters, Batteries; Lifestyle products, Fridges, Freezers, Fans Television sets, and solar accessories.

These offers are conveyed in a campaign entitled Bridge the Energy Gap, a clear departure from the traditional way of presenting offers in the market.

The bridge has been used as a symbol to convey a sense of professional support, assistance, and partnership.

The bridge beyond meaning a make-up for a shortfall also provides a thorough fare to the energy transition, without bottlenecks. It deletes all doubts and gives a sense of certainty for a transition.to Solar.

The bridge is the fact that Cloud Energy in partnership with its finance partners offers different kinds of payment plan to ensure a done deal, in electricity, without tears.

Cloud Energy, founded in 2015 has earned respect by installing Solar and Inverter systems for discerning clients, mainly academic, research institutions and multi-nationals across the nation.

In less than a decade Cloud Energy has foot prints in the Banking and Finance sector with ATM installations; Homes and Public buildings with Solar Systems; and is a viable partner to governments through the Rural Electrification Project.


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Airtel HR Director, Adebimpe Ayo-Elias Honoured as HR Leader of the Year

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The Director of Human Resources and Administration at Airtel Nigeria, Adebimpe Ayo-Elias, has been awarded as HR Leader of the Year at the 2024 HR People Magazine Awards, organized by Mapelwood Global Resource.

The award ceremony, held recently at the Lagos Oriental Hotel, celebrated the achievements of outstanding HR professionals across Nigeria who have contributed significantly to organizational success and workplace culture.

Speaking on the recognition, Carl Cruz, CEO of Airtel Nigeria, expressed immense pride in Ayo-Elias’s achievement, describing it as a milestone not only for her but also for the company.

“Adebimpe’s impact, dedication, and leadership extend well beyond Airtel, and this award is a well-deserved recognition of her influence in the HR field. We are incredibly proud of her accomplishments and look forward to her continued contributions to the industry,” he said.

Receiving the award, Adebimpe expressed gratitude for the honour, reiterating her commitment to advancing world-class HR practices within her organisation.

“I am deeply grateful for the opportunity to contribute positively to the lives of those we serve within and beyond the organization. Airtel Nigeria creates an environment that nurtures growth, encourages innovation, and prioritizes the well-being of every employee and as such, this award motivates me to continue championing these values,” she said.

This award reaffirms Airtel Nigeria’s commitment to developing and empowering talent, further establishing the company as a leading force in creating an impactful, forward-thinking workplace.


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