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Sun King Secures $80m to Finance Solar-Powered Products for Customers

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Sun King $80m loan solar products

By Dipo Olowookere

A credit facility worth $80 million but fully Naira-denominated has been secured by Sun King to deepen solar access in Nigeria through its pay-as-you-go model.

The loan was facilitated by International Finance Corporation (IFC) and Stanbic IBTC Bank, with the former contributing $50 million.

Through the funding support, off-grid customers will access affordable solar solutions through Sun King in Nigeria.

The reason for providing the loan in local currency is to protect Sun King from foreign exchange risks, allowing its clients and customers to pay in small instalments, which improves affordability and capital efficiency, particularly for low-income and rural consumers.

The investment supports the Mission 300 initiative, which aims to connect 300 million people in Sub-Saharan Africa to electricity by 2030.

The facility falls under Sun King’s Sustainable Financing Framework, which has received a ‘Very Good’ Sustainable Quality Score from Moody’s, recognising its strong contribution to sustainability and climate goals.

Via flexible pay-as-you-go payment options, customers repay the cost of solar systems over 12 to 24 months through daily, weekly, or monthly instalments. Customers can pay as little as $0.21 a day via mobile money or cash.

This model lowers the financial barrier to clean energy and broadens access among underserved communities. To date, Sun King has extended $1.2 billion in loans to its customers across Africa.

In Nigeria, where nearly 40 per cent of the population lacks access to electricity, demand for affordable solar solutions is growing rapidly. The facility will support Sun King’s expansion in the country, especially in hard-to-reach communities.

“Millions of Nigerians still live without reliable access to electricity, which limits opportunity and undermines resilience.

“This investment enables scalable local-currency solutions that empower households and businesses with clean, affordable solar power.

“Beyond energy access, it supports rural employment, boosts productivity, and brings us closer to our shared goal of inclusive, sustainable development,” the IFC Regional Director for Central Africa and Anglophone West Africa, Dahlia Khalifa, stated.

“At Stanbic IBTC, we are proud to strengthen our partnership with Sun King through this transformative $80 million facility, which will empower millions of Nigerians with access to clean, reliable, and affordable solar energy who would otherwise struggle to access power.

“This collaboration underscores our commitment to fostering innovative solutions that address critical energy challenges in Nigeria while driving economic growth and improving the quality of life for underserved communities.

“By enabling households and small businesses to access solar power through flexible financing options, we are helping to build a more inclusive and sustainable future for Nigeria,” the chief executive of Stanbic Bank IBTC Capital Limited, Oladele Sotubo, said.

The co-founder of Sun King, Anish Thakkar, said, “Off-grid solar provides the fastest and most scalable pathway to universal electrification across Africa.

“This investment exemplifies the kind of bold, all-hands-on-deck approach required to deliver reliable, affordable energy to millions at the pace Mission 300 calls for.

“With structured financing tailored to local needs, we can dismantle affordability barriers and scale up the proven impact of off-grid solar solutions. We commend IFC and Standard Bank for their leadership in advancing sustainable energy access.”

Sun King is a leading off-grid solar provider, which designs, distributes, and finances solar systems across over 40 countries.

With a network of more than 29,500 agents across Africa, the company has sold over 27 million solar products.

The company sells a range of cost-effective solar products, from solar home systems that offer multi-room lighting and phone charging to powerful rooftop solar systems that provide power equity with the grid.

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BMA Tasks Alumni Network on Collective Impact

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BMA Alumni Network

By Adedapo Adesanya

The Brand Management Academy (BMA) held its highly anticipated inaugural Alumni Network ceremony on Saturday, June 14, bringing together some of Africa’s brightest minds in brand and commercial leadership.

Hosted in Lagos, the event officially launched a growing community of over 450 marketing and sales professionals trained by BMA, cutting across key industries including FMCG, tech, finance, telecommunications, and manufacturing.

The ceremony attracted top-tier professionals, C-suite executives, and emerging talents, all bonded by the Academy’s shared mission to drive brand excellence and leadership across the continent.

“This is more than just a reunion,” said Olusegun X. Akinyemiju, the newly inaugurated President of the BMA Alumni Network. “It’s the birth of a movement — a strategic community of commercial leaders committed to raising the bar for brand and business performance in Africa. Our collective impact starts now.”

The event featured inspiring keynote sessions, alumni showcases, industry spotlights, and a vibrant after-party that captured the energy and spirit of the BMA community.

The executive committee of the Alumni Network was also formally unveiled. The team had emerged earlier in February following a fiercely contested election that drew attention from marketing professionals and external observers alike, highlighting how creative campaign strategies can be deployed even in electoral processes.

Speaking at the event, Dr. Abiodun Ajiborode, Founder of BMA, emphasized the importance of the Alumni Network to the Academy’s long-term vision.

“The alumni network was always part of the plan. We didn’t just want to produce skilled professionals, we wanted to build an ecosystem of brand custodians. A platform where leaders can grow, collaborate, and influence the industries they serve.”

The Network is already gearing up for impact, with plans for mentorship programs, thought leadership sessions, community outreach, and strategic partnerships to drive marketing innovation across Africa.

The inaugural ceremony was more than a celebration, it was a declaration of intent. The BMA Alumni Network is stepping into its new chapter with clarity, purpose, and momentum.

“We are just getting started,” said President Akinyemiju. “The real power of BMA is not only in what we learned, but in what we will build together.”

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GOtv Customers to Enjoy Free Package Upgrade from June 16

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GOtv

From Monday, 16 June to Thursday 31 July, when you pay your subscription, you will get upgraded to the next package. No charge. No extra step. Just more shows, more channels, and more to come home to. That’s not all, if you need to get GOtv, for a limited time, the decoder is available for N9,000 only.

Why? Because we’ve got you!

So, here’s what you can watch during this period.

Club World Cup – The first of its kind, with teams from all over the world. Your favourite teams (just the big ones) – Real Madrid, PSG, Man City, Chelsea, Atletico Madrid etc. It runs from June 15 to July 16.

Shaka Ilembe Season 2 – The best (and by a huge mile) epic drama series created in Africa. It’s a gritty biopic of one Africa’s most celebrated heroes. This second season, the story reaches its climax as Shaka unites the Zulu nation. Shaka Ilembe season 2 started on June 15, and airs by 10:00 PM every Sunday on Africa Magic Showcase and Epic.

Nigerian Idol Season 10 – The tenth season of Nigerian Idol is delivering what we expected and more. The quality of contestants on the show at the moment all have what it takes to win the show. Now every episode feels like a fight to win it!

BBNaija No Loose Guard Reunion – While BBNaija No Loose Guard felt like a hangout with friends; the reunion is a totally different firecracker! It’s one last chance to let the world know how they truly feel about some of their fellow housemates, and they didn’t hold anything back.

BBNaija Season 10 – The most anticipated season of the biggest reality TV show in Africa. If there’s one thing we can all count on,

If these are not your piece of cake, then there’s a new era of rich and deep drama series on Africa Magic Showcase between 8:00 PM and 9:00 PM every week day.

Manage your account with the MyGOtv App and take your content wherever you go with GOtv Stream both available for download on the Android or iOS store. Login or register your profile and always stay on top of your account and viewing needs. Reconnect and get boosted so you can watch more without paying more because we’ve got you everyday!

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Akabanga Lagos Now Sole Distributor of Rwanda’s Chili Oil in Nigeria

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Akabanga Chili Oil

By Modupe Gbadeyanka

The iconic chili oil from Rwanda, Akabanga Chili Oil, will now be solely distributed in Nigeria by Akabanga Lagos, following the 100 per cent stake acquisition of Akabanga 4U Limited.

To deepen market penetration and create strategic partnerships to position Akabanga Chili Oil as a household staple in Nigerian homes and restaurants, Akabanga Lagos is launching an aggressive dealer mobilisation campaign across the 36 states of the federation, aimed at boosting nationwide availability and visibility of the product.

Crafted in Rwanda by the renowned Sina Gérard/Entreprise Urwibutso, Akabanga Chili Oil is a premium blend of yellow African habanero peppers, sunseed oil, and natural spices.

Available in 20ml and 100ml bottles, the oil is cherished for its distinct smoky, earthy flavour and versatility perfect as a condiment or cooking oil across a variety of local and international dishes.

“Nigerians are known for their love of flavour-packed, spicy food, and Akabanga hits the right note with just a few drops.

“This acquisition is a dream realized. Having championed this product in Nigeria for years, we are honoured to now lead its national distribution.

“Fondly called Rwanda’s little secret, we’re excited to help more Nigerians discover its magic,” the founder of Akabanga Lagos, Ms Temitope Mudabai, stated.

Also, the founder of Sina Gérard/Entreprise Urwibutso, Mr Sina Gerard, said, “Nigeria boasts one of the largest consumer markets in Africa and is well known for its mouthwatering and diverse gastronomy.

“We are excited to partner with Akabanga Lagos to introduce this delicious tasting product to the market and we are confident that our product will feel right at home here in Nigeria.”

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