By Adedapo Adesanya

Arnergy, a cleantech startup, has raised a $15 million Series B extension, on top of a $3 million B1 round last year, bringing its total for the round to $18 million to boost solar energy access in Nigeria.

According to TechCrunch, the new funding round was led by Nigerian private equity firm CardinalStone Capital Advisers (CCA) and saw participation from Breakthrough Energy Ventures as well as British International Investment, Norfund, EDFI MC, and All On.

Launched in 2013, Arnergy was established to provide solar systems to homes and businesses across sectors like hospitality, education, finance, agriculture, and healthcare.

The firm raised a $9 million Series A in 2019 backed by Bill Gates’s Breakthrough Energy Ventures.

The Lagos-based cleantech is in talks to raise additional local debt from banks and development financial institutions (DFIs) to support some of its projects including energy-as-a-service (EaaS) solutions for multinationals.

The cleantech is planning to install more than 12,000 systems by 2029 to help boost access to solar energy, which Nigerians have began to adopt increasingly following policy shifts, particularly the removal of fuel subsidies, that led to rise in energy costs.

Arnergy has so far deployed over 1,800 systems across 35 Nigerian states, totaling 9MWp of solar and 23MWh of battery storage.

Over the next four years, it will be targeting a 567 per cent increase to the set 12,000 systems goal.

According to the founder, Mr Femi Adeyemo, there has been increased adaptation of solar energy and this presents the perfect opportunity.

Its lease-to-own product, Z Lite, has gained more traction as customers pay fixed monthly fees over 5 to 10 years before owning the system while outright purchases comprised 60 per cent to 70 per cent of revenue in 2023, accounting for just 25 per cent of sales last year, as per TechCrunch.

“Imagine paying N200,000 (~$125) every month for power. With our product, that drops to N96,000 (~$60). Over five years, it’s a no-brainer what you’ll save,” Mr Adeyemo told the tech publication.

Recall that the federal government has also announced plans to ban importation of solar panels as part of efforts to boost local capacity. This has been projected to see a substantial increase in prices.

Speaking on this, Mr Adeyemo said, “We’re advocates for local manufacturing. But let’s build capacity before shutting the door on imports. Otherwise, we risk doing more harm than good, both to the industry and to the millions of Nigerians who now rely on solar as their primary energy source.”

By Adedapo Adesanya

The total value of stocks at the NASD Over-the-Counter (OTC) Securities Exchange increased by 0.40 per cent or N9.21 billion to N1.919 trillion in the 15th trading week of 2025 from the N1.911 trillion it ended in Week 14.

The growth was mainly influenced by the inclusion of new shares of Infrastructure Credit Guarantee Company Plc (InfraCredit) to the trading platform in the week.

InfraCredit joined the alternative stock market on March 6 and last week, it brought addition 11.166 million equities, which increased its total securities at the NASD OTC exchange to 26.421 million units.

However, the NASD Unlisted Securities Index (NSI) went down by 0.20 per cent or 31.89 points to 3,277.57 points from the 3,309.46 points it ended a week earlier.

In the week, the total value of trades ballooned by 29,234.5 per cent to N4.79 billion from the N16.3 million recorded in the previous week, and the total volume of transactions increased by 1,485.1 per cent to 171.4 million units from 10.8 million units.

The bourse recorded seven price losers led by Nipco Plc, which depreciated by 20.2 per cent to close at N199.00 per share versus N220.00 per share, Central Securities Clearing System (CSCS) Plc lost 2.5 per cent to finish at N22.70 per unit versus N25.21 per unit, FrieslandCampina Wamco Nigeria Plc shed 1.3 per cent to sell for N35.55 per share against the former value of N36.80 per share, and Afriland Properties Plc went down by 0.6 per cent to N17.80 per unit from N18.42 per unit.

Further, Geo-Fluids Plc slipped by 0.5 per cent to N2.00 per share from N2.48 per share, Acorn Petroleum Plc slid by 0.2 per cent to N1.17 per unit from N1.30 per unit, and InfraCredit Plc declined by 0.09 per cent to N2.34 per share from N2.43 per share.

On the flip side, Mixta Real Estate Plc improved by 0.4 per cent to N4.55 per unit from N4.14 per unit, Lagos Building Investment Company (LBIC) Plc expanded by 0.2 per cent to N2.63 per share from N2.80 per share, First Trust Microfinance Bank Plc appreciated by 0.04 to 62 Kobo per unit from 58 Kobo per unit, and Paintcom Investment Plc gained 0.02 per cent to end at N10.74 per share compared with the preceding week’s N10.72 per share.

The most active stock in the week by value was Okitipupa Plc with N4.6 billion, Paintcom Investment Plc recorded N190.9 million, FrieslandCampina Wamco Nigeria Plc traded N28.0 million, Nipco Plc transacted N3.5 million, and 11 Plc recorded N1.7 million.

Okitipupa Plc was also the most traded stock by volume with 152.1 million units, Paintcom Investment Plc transacted 17.8 million units, FrieslandCampina Wamco Nigeria Plc recorded 0.751 million, Geo-Fluids Plc traded 0.356 million units, and Food Concepts Plc exchanged 0.180 million units.

By Dipo Olowookere

Last week, investors traded 2.094 billion shares worth N52.967 billion in 64,612 deals on the floor of the Nigerian Exchange (NGX) Limited compared with the 1.183 billion shares valued at N28.868 billion in 42,397 deals a week earlier.

Nigerian stocks witnessed higher turnover in the week due to panic selling by the market participants, triggered by happenings in the global scene, especially as regards the trade war between the United States and China.

Analysis showed that the financial services sector was the busiest in the period under review, trading 1.539 billion units valued at N36.353 billion in 36,013 deals, contributing 73.49 per cent and 68.63 per cent to the total trading volume and value, respectively.

The agriculture industry recorded the sale of 98.884 million units worth N 1.344 billion in 2,772 deals, and the services counter exchanged 93.000 million units for N522.147 million in 3,012 deals.

Access Holdings, GTCO, and Zenith Bank led the activity chart with 629.327 million units worth N25.820 billion in 12,742 deals, contributing 30.06 per cent and 48.75 per cent to the total trading volume and value, respectively.

Business Post reports that 27 equities appreciated in the week versus 23 equities in the previous week, 56 equities depreciated versus 51 equities in the previous week, and 64 equities remained unchanged versus 73 equities a week earlier.

VFD Group topped the gainers’ log after chalking up 53.86 per cent to close at N87.70, Union Dicon expanded by 31.03 per cent to N7.60, Abbey Mortgage Bank jumped by 29.60 per cent to N6.13, FTN Cocoa rose by 18.75 per cent to N1.90, and TotalEnergies grew by 9.61 per cent to N745.00.

The losers’ chart was led by Royal Exchange after it lost 20.79 per cent to settle at 80 Kobo, Cornerstone Insurance declined by 15.15 per cent to N2.80, Sovereign Trust Insurance tumbled by 15.00 per cent to 85 Kobo, Lasaco Assurance shed 12.82 per cent to finish at N2.04, and CAP dwindled by 11.70 per cent to N41.50.

Data showed that the All-Share Index (ASI) and the market capitalisation depreciated by 0.90 per cent and 0.67 per cent each to 104,563.34 points and N65.707 trillion, respectively.

Similarly, all other indices finished lower apart from the growth and sovereign bond indices, which appreciated by 0.37 per cent and 3.42 per cent, respectively, while the AseM index closed flat.