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 Aduragbemi Omiyale
In the first quarter of its financial year ended June 30, 2026, Airtel Africa Plc showed resilience in the midst of challenging operating environments, churning out strong operating performance with accelerating customer base growth across all segments.
It was observed that the total customer base in Q1 2027 increased by 11.6 per cent to 189 million, with data customers rising by 15.5 per cent to 87.3 million.
In addition, data usage per customer continued its upward trajectory, rising from 7.8 GB to 10.6 GB per month over the past year, translating into a 56.3 per cent increase in data traffic across the network, underpinning a 10.3 per cent growth in constant currency data ARPU. Smartphone penetration was the key enabler of this increased traffic as penetration increased to 51.0 per cent as digital adoption of our services continues.
A look at the financial performance indicated that revenue in reported currency grew by 31.0 per cent to $1.85 billion, reflecting constant currency growth of 21.1 per cent and macroeconomic tailwinds supporting currency appreciation.
All segments continued to see double-digit constant currency revenue growth, with mobile services revenue growing by 19.1 per cent, and mobile money growing by 25.8 per cent.
Across mobile services, voice continued to see strong constant currency growth of 11.2 per cent and data revenue grew by 27.2 per cent.
In East Africa and Francophone Africa, constant currency revenues grew by 17.8 per cent and 18.0 per cent, respectively, while Nigerian revenues grew by 29.8 per cent, fully reflecting the lapping effect of the tariff adjustments which were implemented in the fourth quarter of 2025.
Constant currency EBITDA went up by 24.4 per cent, with reported currency EBITDA of $928 million growing by 36.6 per cent. The Q1’27 EBITDA margin of 50.1 per cent, an increase of 206bps year-on-year, continues to reflect the success of the company’s ongoing cost optimisation programme, despite the recent energy cost inflation arising from geopolitical developments.
The post-tax profit improved to $198 million from $156 million in the prior period, with higher profit after tax in the current period driven by elevated operating profit partially offset by derivative and foreign exchange losses of $6 million in the current period compared to $22 million derivative and foreign exchange gains in the prior period.
Furthermore, Profit after tax was impacted by the recognition of an exceptional finance cost of $37 million following an in-principle settlement reached during the quarter in respect of a commercial dispute in one of the group’s subsidiaries.
Commenting on the results, the chief executive of Airtel Africa, Mr Sunil Taldar, said, “We have started this year with another pleasing performance. Our continued focus on the customer experience translated into accelerating customer base growth across all business segments.
“As we continue to digitise our business, we are streamlining customer journeys, increasing digital adoption and harnessing data and AI to improve service delivery and support a strong, sustainable growth profile.”
By Aduragbemi Omiyale
One of the nation’s top brewers, Guinness Nigeria Plc, is paying an interim dividend of N7 per share to its shareholders for the period ended June 30, 2026.
The funds should, on August 10, 2026, hit the bank accounts of investors whose names appear in the Register of Members as of the close of business on Wednesday, July 29, 2026, a regulatory note from the organisation disclosed.
The firm has informed shareholders who have yet to complete the e-dividend registration to download the Registrar’s E-Dividend Mandate Activation Form, which is also available on its website, so as not to be left out of the cash reward for the first half of this year.
In the first six months of 2026, Guinness Nigeria grew its net profit by 53.33 per cent to N25.3 billion from N16.5 billion in the same period of 2025, amid improved top line and better management of administrative, marketing and distribution costs.
The revenue for the period under consideration rose to N265.0 billion from N237.0 billion, boosted by domestic sales of its products, which accounted for N260.9 billion compared with N237.0 billion a year earlier. The balance was from its export sales. This showed that over 98 per cent of the company’s earnings are from sales in Nigeria.
In the first half of the year, Guinness Nigeria improved its gross profit to N97.5 billion from N89.4 billion in the same period of 2025, as its finance income, arising from financial assets and others, stood at N1.2 billion compared with N110.7 million in H1 of 2026.
By Adedapo Adesanya
The federal government has reaffirmed its commitment to mobilising domestic capital to finance Nigeria’s long-term development, saying stronger local investment will be critical to accelerating economic transformation and attracting private sector participation.
The Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele, stated this while speaking at the 6th Annual General Assembly of the Association of Nigerian Development Finance Institutions (ANDFI) in Abuja on Thursday.
The Minister’s remarks were contained in a statement on Friday, July 24, by his Senior Special Assistant on Communications and Press Secretary, Mrs Maryann Duke.
Addressing the conference with the theme, Unlocking Domestic Capital for Development Financing, Mr Oyedele said Nigeria must harness its domestic financial resources and strengthen institutions that can channel capital into productive sectors of the economy.
He noted that despite increasingly difficult global financing conditions, the country possesses substantial domestic savings, institutional assets and private capital that can be leveraged to fund infrastructure, industrialisation, agriculture, housing, innovation and other critical sectors.
According to the minister, domestic capital should not be viewed as an alternative to foreign investment but as the foundation for attracting sustainable international investment.
“Our focus is to build an economy where confidence leads capital. By strengthening macroeconomic stability, deepening our financial markets and empowering development finance institutions to catalyse private investment, we are unlocking Nigeria’s enormous domestic potential to finance inclusive and sustainable growth,” Mr Oyedele said.
He said the federal government’s ongoing economic reforms under the Renewed Hope Agenda are beginning to deliver positive outcomes, including improved investor confidence, stronger external reserves, enhanced revenue generation and renewed international confidence in Nigeria’s economy.
The Minister identified five priority areas for unlocking domestic capital, including expanding investment opportunities for households, deepening institutional capital through pension and insurance assets, strengthening credit enhancement mechanisms, broadening local currency financing through the capital market, and building stronger development finance institutions capable of attracting larger volumes of private investment.
Mr Oyedele also called on development finance institutions to move beyond conventional lending by helping to structure bankable projects, reduce investment risks, support policy reforms and create financing ecosystems that encourage greater private sector participation.
He reaffirmed the Federal Government’s commitment to working with development finance institutions, financial regulators, investors and development partners to develop a financing framework that will support businesses, create jobs, accelerate industrialisation and promote inclusive economic growth across the country.
