Economy
ENGIE, Fenix Seal Acquisition to Power African Homes
By Dipo Olowookere
The duo of ENGIE and Fenix International have completed their acquisition agreement aimed at providing delivered clean, safe and affordable energy and financial services to over one million people living in Africa.
The deal will accelerate and expand Fenix’s ability to scale off-grid energy and financial services and allow the firm gain access to ENGIE’s supply chain, expertise, long-term capital investments and talent across the energy value chain.
While ENGIE is a global utility company, Fenix International, on the other hand, is an off-grid energy leader.
Fenix is the first Solar Home System (SHS) company to join a major worldwide energy company.
Aligned with ENGIE’s core values, the Fenix team and mission will remain unchanged and at the heart of the company. Fenix headquarters and key offices are anchored in Africa, close to their customers and operations, so that Fenix can continue its pursuit of an exceptional customer experience.
CEO of ENGIE Africa, Bruno Bensasson, stated that, “Closing this acquisition gives us the go-ahead to accelerate access to energy through Fenix’s strong solar home system model. Until now, availability of capital has been a major hurdle in the solar home system business, a constraint that we are now helping to remove.
“We believe this is a major step along the path to universal energy access. The dramatically falling price of solar panels and batteries, combined with the inclusive “pay-as-you-go” financing platform created by Fenix, make solar home systems a key part of the energy mix for Africa’s future in combination with grid extension and micro-grids.”
“Lyndsay Handler, CEO of Fenix International, said, “It’s unacceptable that over 600 million people across Africa lack access to energy. By joining forces with ENGIE, we aim to bring affordable energy and other life-changing products to millions of people living off-grid.
“Realizing this ambitious vision will require significant commercial investment and innovation in product, last-mile distribution, inclusive financing and customer experience. With this agreement, ENGIE will provide the support, expertise and opportunities the Fenix team needs to innovate in these areas and rapidly scale the business.”
Fenix’s flagship product, ReadyPay Power, is one of the most affordable solar home systems on the off-grid market. Customers pay as little as $0.19 per day to access power for lighting, phone charging, and products such as TVs and radios.
After 24-36 months of payments, customers own the solar home system outright. Based on the credit score customers establish while paying off their power systems, they are able to purchase upgrades to their energy system, energy-efficient appliances, or other life-changing financial products.
ReadyPay Power, by providing off-grid families with clean, affordable energy and a safer home environment, is a natural fit with ENGIE’s goal to provide decarbonised, decentralised energy using the latest digital technologies.
As Fenix officially joins the ENGIE group of companies, Lyndsay said further that, “It is a privilege to be a part of a bold global energy company with over 50 years’ experience with energy in Africa. Over 100 years ago, Ford set out on a mission to make cars affordable in America.
“MTN have made telecommunications and Mobile Money affordable to all across Africa, and today Tesla is working to make rockets and electric cars affordable. Together, Fenix and ENGIE want to make modern energy radically affordable to all.”
By Adedapo Adesanya
The Central Securities Clearing System (CSCS) Plc has declared the first interim dividend in its history after posting its financial results for the first half of 2026, reflecting robust earnings growth, improved operating efficiency and stronger capital market activity.
The board approved an interim dividend of N1.00 per ordinary share for the six months ended June 30, 2026, citing the company’s strong cash generation, resilient balance sheet and confidence in the sustainability of its earnings.
The interim payout represents about 56 per cent of the total dividend of N1.78 per share paid for the 2025 financial year, underscoring its strong earnings momentum while preserving financial flexibility to invest in technology, innovation and future growth.
CSCS recorded one of the strongest financial performances in its history during the review period, with total operating income rising by 92 per cent to N18.51 billion from the corresponding period of 2025.
The growth was driven by higher transaction fee income as capital market activity strengthened, continued expansion in depository services, increased collateral management revenues and stronger contributions from data and technology-enabled services. Investment income also improved as the company optimised its investment portfolio.
Despite the sharp rise in revenue, operating expenses increased by only 38 per cent, reflecting disciplined cost management and the scalability of the company’s business model.
As a result, operating profit surged by 186 per cent to N10.11 billion, while profit before tax climbed by 115 per cent to N13.21 billion. Earnings per share also rose significantly to 190.1 kobo from 109.1 kobo in the corresponding period of 2025.
The organisation also recorded improvements in operating efficiency. Its cost-to-income ratio declined to 45.4 per cent from 63.2 per cent a year earlier, while operating profit margin improved to 54.6 per cent from 36.8 per cent.
According to the company, the results demonstrate not only the benefits of stronger market activity but also the resilience of its operating model and its ability to convert revenue growth into higher profitability, improved shareholder returns and sustainable long-term value creation.
Commenting on the interim dividend, the Chairman of CSCS Plc, Mr Temi Popoola, said the board’s decision reflected confidence in the firm’s financial strength, earnings quality and long-term strategic direction.
He said the strong performance was driven not only by increased market activity but also by sustained improvements in operational efficiency, disciplined cost management and the continued diversification of revenue streams.
Mr Popoola noted that the Board remained committed to balancing shareholder returns with investments in technology, innovation, resilience and new growth opportunities that would strengthen CSCS’ position as Nigeria’s leading financial market infrastructure and one of Africa’s foremost post-trade institutions.
The chief executive of CSCS Plc, Mr Shehu Yahaya Shantali, attributed the strong performance to the resilience of the entity’s business model, the dedication of its workforce and the confidence of market participants.
He said the first-ever interim dividend demonstrated the company’s ability to translate strong earnings growth and improved operating efficiency into enhanced shareholder value.
Mr Shantali added that CSCS would continue to strengthen its core market infrastructure, invest in technology and innovation, diversify its revenue base and enhance value creation for stakeholders while supporting the development of Nigeria’s capital market.
By Aduragbemi Omiyale
The national scale long-term issuer rating of Axxela Limited has been upgraded by GCR Rating to A+(NG), just as its short-term issuer rating was affirmed with a stable outlook.
The rating firm upgraded the long-term issue rating for Axxela Funding 1 Plc’s N16.4 billion series 1 senior unsecured bond to A+(NG), while the N11.5 billion series 1 senior secured bond was lifted to A+(NG)(EL).
GCR noted in a note that the actions reflect the leading gas and power portfolio company’s robust business model, strong earnings performance, and sustained financial profile, reinforcing its ability to deliver long-term value while maintaining financial discipline.
Axxela’s recent achievements have been driven by its continued focus on responsible growth, customer satisfaction, and creating lasting value for national development.
“The ratings upgrade by GCR is a strong endorsement of Axxela’s disciplined approach to business. Beyond recognising our financial strength, it reflects the resilience of our business model and the confidence in our strategic direction.
“Over the past few years, we have continued to make significant strides across the business by expanding our natural gas infrastructure, strengthening our operational footprint, advancing our sustainability agenda, and maintaining an unwavering commitment to operational excellence and safety,” the chief executive of Axxela, Mr Moshood Olajide, commented on the development.
As the company continues to advance its long-term growth strategy, the upgraded ratings reinforce confidence in Axxela’s credit profile, financial resilience, and ability to create enduring value for investors, customers and other stakeholders.
By Adedapo Adesanya
The Ministry of Solid Minerals Development and the National Identity Management Commission (NIMC) have strengthened their partnership to deploy digital identity technology, aiming to combat illegal mining and enhance security in Nigeria’s mining sector.
Speaking while receiving the Director-General and management of NIMC on a courtesy visit to his office in Abuja, the Minister of Solid Minerals Development, Mr Dele Alake, described the commission as a critical institution in Nigeria’s development architecture, stressing that effective governance could not be achieved without a credible identity management system.
“NIMC occupies a critical position in translating policy into reality. It is pivotal to the development of any nation because governance today is driven by data, technology and credible identity systems,” he added.
He noted that inadequate identification systems had weakened enforcement efforts over the years, allowing illegal mining activities to flourish in mineral-rich communities.
“Without identification, we cannot trace or track, and insecurity will flourish. In the solid minerals sector, we need effective monitoring of both legal and illegal operations.
“A credible identity ecosystem will strengthen regulation, improve enforcement and support our efforts to sanitise the sector,” Mr Alake said.
The minister identified technology, statistics, data gathering and digital identity as critical enablers for evidence-based policymaking, improved regulatory oversight, efficient licensing, investment promotion and national development.
On her part, the DG of NIMC, Mrs Abisoye Coker-Odusote, highlighted several opportunities for collaboration between both institutions, noting that the newly enacted NIMC Act has positioned Nigeria to fully embrace a digital governance ecosystem.
She explained that deeper integration of identity management into the solid minerals sector would facilitate database integration across government institutions, enhance regulatory compliance, strengthen security and law enforcement, improve monitoring of operators, and provide stronger support for the implementation of Community Development Agreements (CDAs) in mining host communities.
Mrs Coker-Odusote added that NIMC’s upgraded digital infrastructure is capable of supporting government institutions in building reliable databases, improving transparency and delivering more efficient public services.
Both institutions said they would immediately begin implementing technology-driven initiatives under the partnership, expressing confidence that expanding access to trusted digital identities for miners and other eligible residents would enhance accountability and strengthen governance in the solid minerals sector.
