d.light, the global provider of transformational household products and affordable finance for low-income households, achieved its highest ever quarterly revenue and profits in Q2 2024, the company announced.

Consecutive record-breaking monthly revenue figures in May and June, combined with improved operational efficiencies, led to Q2 2024 being d.light’s first net income profitable quarter in the company’s history since it was founded in 2007. d.light is on course to hit its target of 60 percent year-on-year revenue growth this financial year.

Commenting on the news, d.light CEO Nedjip Tozun said, “We’ve set ourselves ambitious growth targets for this financial year and our record-breaking results in Q2 demonstrate that we’re capable of reaching new heights in the coming months.

“d.light has been EBITDA profitable for several years and we are thrilled to announce our first-ever net income profitable quarter. It’s a true indicator of long-term sustainability for d.light and for the PayGo business model, and is a critical milestone for achieving our goal to transform the lives of one billion people by 2030.”

d.light’s Q2 growth was primarily driven by Sub-Saharan Africa, where it has expanded its presence in recent years supported by securitized receivables financing facilities. Since the beginning of 2020, d.light has set up five securitized finance facilities in Sub-Saharan Africa with a combined total value of USD$718 million – including two in Kenya: one each in Nigeria and Tanzania: and earlier this month a new USD$176 million facility for Kenya, Tanzania and Uganda.

This financing has enabled d.light to expand its operations and make its solar-powered products affordable for more low-income households and rural communities, which has contributed to the increase in sales. India has also been a significant growth market for d.light with over 73 percent growth during the last year.

Tozun continued, “Over the past few years we’ve steadily grown our presence in Sub-Saharan Africa. Expansion in Sub-Saharan African countries – including Nigeria, Kenya, Tanzania and Uganda – has improved the day-to-day lives of millions in these countries who live without access to a reliable electricity supply.

“We’ve championed securitization as a financial tool for growth ever since we established our first facility back in 2020. The financing that we’ve closed since then has enabled d.light to reach more people and maximise our positive impact.”

A recent report (June 2024) by the International Energy Agency (IEA), the International Renewable Energy Agency (IRENA), the United Nations Statistics Division (UNSD), the World Bank, and the World Health Organization (WHO), found that in 2022 685 million people worldwide lived without electricity access, including 570 million in Sub-Saharan Africa. In addition, 2.1 billion people globally relied on polluting fuels for cooking, largely in Sub-Saharan Africa and Asia.

Population growth combined with the economic slowdown from COVID-19, the global energy crisis, and inflation caused the number of people worldwide without access to electricity to increase for the first time in over a decade, rising by ten million since 2021.

Tozun concluded, “d.light’s exceptional Q2 performance, our strong balance sheet, and the ongoing efforts to scale up our offerings and broaden our reach are testament to the hard work and commitment of our d.light colleagues to deliver positive change.

“We’re very much aware there is more work to do to ensure that people worldwide have access to safe, affordable solar energy. We want to continue supporting underserved communities that lack basic amenities for lighting and cooking, to achieve our ultimate goal of transforming the lives of one billion people by 2030.”

The International Police Organisation’s investigation has shown that every hour, hundreds of thousands of dollars are being laundered out of Nigeria across the world.

This disclosure was made in Abuja on Monday by Garba Umar, Interpol vice president for Africa, while declaring open a four-day training workshop for Nigerian law enforcement agencies at the Economic and Financial Crimes Commission (EFCC) Academy, Abuja.

According to Umar, money laundering across Africa and the entire world has assumed a monstrous dimension and Interpol has designed Silver Notices to combat the menace.

“Evidence has shown that every hour, hundreds of thousands of dollars are flowing out of Nigeria to the region and across the world, laundered before it reaches the pockets of criminals to enjoy the profits of their crimes, while the hardworking and honest Nigerians pay the price of crime”

“With every successful laundering of criminal money, our country becomes more prone to crime. More drugs, more fraud,  more corruption and more violence. Every time criminal money is successfully laundered, our financial institutions take an additional  blow,” he said.

He stressed that hard times awaited money launderers as the Silver Notices would make illicit funds more difficult to launder in any part of the world.

Speaking on the theme of the Workshop: Strengthening Capacity and Coordination against Financial Crimes, Umar pointed out that financial crimes had become transnational and law enforcement agencies needed regular training for their workforce to be ahead of fraudsters

He urged participants at the workshop to make it a duty to discuss and learn about transnational crimes affecting their regions, identify possible solutions through a review of policing capabilities to support the country, and facilitate direct and in-person interaction amongst law enforcement networks across the country.

“In essence, this Workshop will allow us to re-examine the challenges of fighting transnational crimes in the country, reassess our strategies, and reaffirm our determination and unity as a country to provide security to our citizens and by extension the global community,” he said.

Umar charged all participants at the workshop to take collaboration with other law enforcement agencies seriously, to advance their investigations and ensure that criminals do not get to enjoy the fruits of their labour.

“The only way we can move forward as a country is by working together and identifying common problems, jointly devising solutions, and taking coordinated and cohesive action. And now is the time that we need to go far, by going together, he said.

Ola Olukoyede, executive chairman of the EFCC, in his goodwill message,  also harped on the need for enhanced collaboration in tackling financial crimes.

He particularly stressed that the complex nature of corruption across the world could only be broken by the might of collaborative actions by every stakeholder. “The daunting nature of the fight against corruption in Nigeria and the world at large deserve serious collaboration among organizations saddled with the responsibility of fighting corruption”, he said.

Olukoyede, who spoke through Francis Usani, director,  Fraud Risk Assessment and Control, FRAC, of the EFCC, appraised the pivotal role of the EFCC in tackling corrupt practices, especially its impressive records of convictions and recoveries, and expressed optimism that with the new emphasis on the preventive framework in tackling financial crimes by the commission, greater progress would be made.

“Our records of convictions and recoveries stand us out, but we will not rest on our oars, we are committed to doing more and in this commitment,  the EFCC is re-strategising its operations with a focus on prevention knowing that it is easier and cheaper to prevent corruption from happening than investigating and prosecuting corruption,”  he said.

In his remark, Kazuyoshi Matsunaga, ambassador extraordinary and plenipotentiary of Japan to Nigeria, described the workshop as an important joint initiative between Japan and Nigeria to combat financial crimes.

He explained that in the contemporary globalised world,  financial crimes transcended borders and required international cooperation among law enforcement agencies to combat them.

“I am delighted that INTERPOL and the Japanese National Police Agency are an integral part of this project, contributing their expertise. A remarkable collaboration took place three years ago when Japanese and Nigerian law enforcement agencies successfully returned a fund to a Japanese fraud victim, earning immense gratitude. Strengthening our partnership through this project will benefit not only Nigerians but people around the world, including the Japanese,” he said.

Hafsat Bakare, director general and chief executive officer of the Nigerian Financial Intelligence Unit, NFIU, spoke about the imperative of strengthening capacity and coordination against financial crimes, pointing out that “ financial intelligence and financial analysis techniques are key to tackling economic crimes”.

“The NFIU, she said,  was sensitive to the interconnected nature of the criminal justice system, the threat of organised crime, and cybercrimes being fought by law enforcement agencies.

She expressed optimism that the training law enforcement officers would receive at the Workshop  would “ sustain efforts being made to ensure that Nigeria exits the Grey List of the Financial Action Task Force possibly by mid-2025.”

Isaac Oginni, director of Interpol Financial Crime and Anti-Corruption Centre (IFCACC), said the only way to disrupt organised crimes was by denying fraudsters the financial profit behind their criminal enterprise. Besides, financial intelligence could also be utilised well when investigators recognise its value and use it to build a financial profile around suspects.

He challenged participants and stakeholders at the workshop to collectively work together and fight money laundering.

“Each agency represents a different shape of the puzzle with our different strengths and mandates. Each piece of the puzzle forms part of the bigger picture, and even one missing piece will prevent the whole picture from being developed,” he said.

“Today, we will commence the first phase of the Interpol/JICA workshop, a capacity-building project that aims to strengthen Nigeria’s safety through enhancing law enforcement’s capacity to combat financial crime, as well as through increased national cross-agency collaboration and cooperation,” he said.

The four-day workshop, the first of its kind and hosted by the EFCC was organised by INTERPOL and the Japan International Cooperation Agency, JICA.

It drew participants from the Police,  EFCC, NFIU,  Nigeria Immigration Service, and the Nigeria Customs Service.

​

Federal government has requested a $500m loan from the World Bank to improve dam safety and enhance water resource management across the federation.

This loan is expected to address the country’s water security challenges and boost agricultural productivity through the Sustainable Power and Irrigation for Nigeria Project.

According to a World Bank’s Project Information Document for the proposed project posted on its website on Monday, the SPIN project focuses on four critical areas, which include institutional strengthening and capacity building; irrigation modernisation; improvements in dam operations and safety; and project management.

The proposed approval date for the SPIN project is September 26, 2024.

This area will reinforce federal and state institutions responsible for water resource management. It includes developing national dam safety guidelines, training for water resources and irrigation management, and creating a comprehensive hydropower master plan.

The document read, “Nigeria faces water security challenges, which impact water availability for drinking water, energy and food production, and are increasingly exacerbated by climate change, putting livelihoods and economic development at risk. Harnessing water storage and dam safety is central to climate change adaptation and mitigation in Nigeria. It is a prerequisite to improving water management for water supply, irrigation, and hydropower generation and offers protection from floods and droughts.

“Nigeria has over 400 dams and an estimated total combined storage of 59 billion cubic meters. 46 per cent of dams are federally owned and are managed by the Federal Ministry of Water Resources and Sanitation, through River Basin Development Authorities. 48 per cent of dams are state-owned and are managed by a state ministry. Many dams are incomplete and more than 50 per cent of the large dams built in the 1970s and 80s require rehabilitation.

“This situation is due in part to institutions responsible for dam management, whether at the federal or state level, having inadequate budget, human resources and capacity to ensure dam management, operation and maintenance and non-adherence to operational manuals, where they exist.”

The document noted that the country has over 400 dams, many of which are in dire need of rehabilitation.

It was also stated that the devastating 2022 floods, which caused an estimated $6.7bn in economic damage, underscored the urgent need for improved dam safety and water management.

For the second area of the project, the Federal Government plans to rehabilitate and modernise 40,000 hectares of irrigated land. It will also establish and empower Water User Associations to manage irrigation schemes efficiently.

The third area will focus on rehabilitating and enhancing the safety of priority dams, including conducting risk assessments, preparing emergency action plans, and implementing structural safety improvements.

The final area is to ensure effective project implementation, monitoring, and evaluation, this component includes establishing a Federal Project Management Unit and Technical Units at both federal and state levels.