Economy
Azuri Simplifies Rural Electrification With HomeSmart Technology
By Dipo Olowookere
There is no doubt that there are several communities in Nigeria yet to be connected to the national grid and government is still finding it difficult to bring them in.
But a commercial provider of PayGo solar systems to rural off-grid communities, Azuri Technologies Limited, has made that very easy and affordable with its Azuri Quad.
At a media briefing in Lagos on Tuesday, the company’s executives disclosed that since its launch in 2016, Nigerians already enjoying its services have had sweet stories to tell to the world.
According to the General Manager of the firm in charge of the West African region, Mrs Vera Nwanze, over 300 people subscribed to its PayGo solar system in the first three weeks of the launch in Kano, adding that over 100,000 people spread across sub-Sahara Africa are already enjoying the services of the firm.
Mrs Nwanze disclosed that Azuri Technologies Ltd has the mandate to deploy 20,000 units of the system to northern part of the country within a year.
The General Manager further said that firm’s PayGo solar system has made it possible for students in rural areas of the country to study at night, excelling in schools because of this, while the system has also helped parents save money as well as reduce health hazards associated with kerosene explosions and others.
Explaining what makes Azuri Technologies different from other brands already in the market, Mrs Nwanze said the Azuri Quad is simple to install with all components provided.
She added that when properly used, the solar system can last more than 10 years, pointing out that the system has a HomeSmart intelligence technology, a unique control system which adapts its output depending on weather conditions and customers’ energy usage patterns, which is unique to the company.
In addition, the company’s Vice President of Market Development, Mr Paul Foster, who also addressed the media yesterday, disclosed that subscribers can have their battery box (Azuri Quad) changed if faulty.
He assured Nigerians that they can never regret obtaining the solar system from company because it was made of high quality and due diligence.
The PayGo system, the 10W Azuri Quad, has a lithium battery, a solar panel fixed outside and four individually powered high brightness LED lamps to illuminate the home.
It also has a USB port, with charging cable and connectors for most mobile phones, making it possible for users to stay in touch with friends and family.
In addition, the customer enjoys a payment plan spread over three years, after which the system is unlocked to use for free thereafter.
It is also important to stress that the unit comes with a transistor radio to keep users abreast with happenings around the world.
The system has full digital switching, allowing the user to control all lights and charging from the central unit.
Mrs Nwanze, who appealed to the government to put in place stable policies, disclosed that an enabling environment will help grow the renewable energy sector, which she said can be the solution to Nigeria’s power problem.
She said the Azuri Quad system, since its launch last year, has helped boost the country’s economy, which fell into recession in 2016.
Mrs Nwanze explained that this was made possible with the employment created such as agents of the firm who help in recharging accounts of customers.
She further noted that the firm regularly sensitise its customers on how to maximally use the product.
The General Manager said the company, in partnership with the Niger Delta Power Holding Company (NDPHC), will illuminate rural areas in the region.
Yesterday’s briefing, which took place in Lagos, was attended by the company’s Operations Manager, Ochai Adejoh; Vice-President of Market Development, Paul Foster; General Manager Nigeria/Ghana, Vera Nwanze; and the Business Development Manager, Lande Abudu.
By Adedapo Adesanya
The duo of 11 Plc and Central Securities Clearing System (CSCS) Plc helped flip the NASD Over-the-Counter (OTC) Securities Exchange from a three-day losing streak to a 0.27 per cent gain on Thursday, August 13.
11 Plc, which used to be known as Mobil Nigeria, garnered N22.28 to close at N245.03 per unit compared with the preceding day’s N222.75 per unit, and CSCS Plc appreciated by N3.76 to N109.76 per share from N106.00 per share.
The gains offset the N10.00 loss recorded by FrieslandCampina Wamco Nigeria Plc, closing at N160.00 per unit compared with N170.00 per unit it finished at midweek.
When the bourse closed for the day, the market capitalisation increased by N7.31 billion to N2.727 trillion from N2.720 trillion, and the NASD Security Index (NSI) went up by 12.17 points to 4,544.20 points from 4,532.03 points.
Yesterday, the volume of securities exchanged by investors skyrocketed by 1,173.8 per cent to 1.9 million units from 150,340 units, the value of securities jumped by 1,029.5 per cent to N210.8 million from N18.7 million, and the number of deals soared by 6.3 per cent to 34 deals from 32 deals.
Great Nigeria Insurance (GNI) Plc remained the most active stock by value on a year-to-date basis, with 3.4 billion units worth N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units valued at N6.5 billion, and CSCS Plc with 79.1 million units exchanged for N5.7 billion.
GNI Plc also closed the day as the most traded stock by volume on a year-to-date basis, with 3.4 billion units sold for N8.4 billion, followed by Infracredit Plc with 2.3 billion units transacted for N6.5 billion, and Resourcery Plc with 1.1 billion units traded for N415.7 million.
By Adedapo Adesanya
The Naira-US Dollar exchange rate remained unchanged in the black market segment of the foreign exchange (FX) market on Thursday, August 13, at N1,395/$1.
But at the GTBank forex desk, the Nigerian currency gained N3 against the greenback during the session to settle at N1,367/$1, in contrast to Wednesday’s rate of N1,370/$1.
Similarly, the local currency further appreciated against the Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) yesterday by N2.93 or 0.22 per cent to trade at N1,357.65/$1 compared with the previous day’s N1,360.58/$1.
Equally, the Nigerian Naira improved its value against the Pound Sterling at the official market by N6.94 to quote at N1,834.05, in contrast to the preceding session’s N1,840.99/£1, and against the Euro, it firmed up by N5.01 to close at N1,567.00/€1 versus Wednesday’s N1,572.01/€1.
Data from the Central Bank of Nigeria (CBN) revealed that interbank FX transactions plunged by 53 per cent to $79.097 million from $168.758 million, as banks recorded a sharp cutback in customers’ US dollar demand, with the number of deals down to 98 from 190.
The apex bank announced the removal of restrictions preventing financial institutions that accessed its Standing Lending Facility (SLF) from participating in primary government securities transactions and FX.
Under a revised framework, institutions that accessed the CBN’s discount window will no longer lose access to the facility because of their participation in the NAFEM or primary auctions of government securities.
As for the cryptocurrency market, prices fell as the expected US inflation report failed to push the asset beyond its established trading range.
The US Bureau of Labour Statistics reported that headline inflation rose 0.1 per cent month over month in July and slowed to 3.4 per cent annually from 3.5 per cent in June. Core CPI, which excludes food and energy, increased 0.2 per cent during the month and 2.5 per cent from a year earlier.
Cardano (ADA) lost 1.3 per cent to close at $0.1821, TRON (TRX) also shrank by 1.3 per cent to $0.3335, Solana (SOL) fell by 1.0 per cent to $75.60, Dogecoin (DOGE) also declined by 1.0 per cent to $0.06981, Bitcoin (BTC) dropped 0.9 per cent to sell at $63,152.59, Ethereum (ETH) dipped by 0.8 per cent to $1,877.07, Binance Coin (BNB) slumped by 0.7 per cent to $608.42, and Ripple (XRP) depreciated by 0.5 per cent to $1.00, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 apiece.
By Dipo Olowookere
Weak investor sentiment further crumbled Nigeria’s stock exchange by 0.39 per cent on Thursday, as sell-offs persisted.
Data showed that all the major sectors of the Nigerian Exchange (NGX) Limited ended in the red, with the consumer goods index down by 1.22 per cent. The industrial goods space retreated by 0.75 per cent, the insurance segment depreciated by 0.55 per cent, the banking sector tumbled by 0.27 per cent, and the energy counter receded by 0.07 per cent.
At the close of business, the All-Share Index (ASI) went down by 949.71 points to 243,017.38 points from 243,967.09 points, and the market capitalisation dipped by N613 billion to N156.881 trillion from N157.494 trillion.
Unilever Nigeria led the losers’ chart after it depleted by 9.97 per cent to N118.30, Chellarams dropped 9.66 per cent to close at N10.75, NDIF slumped by 9.55 per cent to N147.70, DAAR Communications crashed by 9.25 per cent to N1.57, and Cornerstone Insurance slipped by 9.09 per cent to N5.00.
On the flip side, International Energy Insurance topped the gainers’ log after it grew by 10.00 per cent to N4.84, John Holt expanded by 9.89 per cent to N10.00, Trans-Nationwide Express rose by 9.75 per cent to N2.59, SUNU Assurances gained 8.48 per cent to settle at N3.58, and NEM Insurance appreciated by 6.25 per cent to N34.00.
Business Post reports that there were 16 appreciating stocks and 41 depreciating stocks, representing a negative market breadth index.
Yesterday, 4.2 billion equities worth N50.7 billion were transacted in 41,454 deals versus the 1.5 billion equities valued at N20.9 billion that exchanged hands in 39,085 deals at midweek.
This indicated that the trading volume, value, and number of deals surged by 180.00 per cent, 142.58 per cent, and 6.06 per cent, respectively.
Cornerstone Insurance was the busiest equity on Thursday, with a turnover of 3.6 billion units valued at N18.4 billion, VFD Group exchanged 151.8 million units worth N1.9 billion, Chams sold 33.8 million units for N153.7 million, First Holdco transacted 28.3 million units worth N3.9 billion, and CMFC traded 24.6 million units valued at N78.2 million.
