Economy
Lumos Boosts SMEs in Nigeria with Affordable Power
By Dipo Olowookere
Off-grid solar system has been tipped to transform Nigeria’s small-business economy because access to power has been a major constraint for Nigeria’s SMEs.
However, thousands are now using the Lumos Mobile Electricity service, which provides customers with reliable, clean, affordable solar electricity.
A recent survey conducted by NOIPolls revealed that 61 percent of SMEs in Nigeria spend between N500 – N1000 per day on fuel, and an ODI survey has indicated that as many as 85 percent of micro and small businesses rely on generators for supply of electricity.
With the Mobile Electricity service, costs are as low as N150 per day, or just N4,500 per month, which SMEs owners can easily afford.
According to the CEO of Lumos Nigeria, Mr Yuri Tsitrinbaum, availability of solar solutions will play an essential role in efforts to bridge the nation’s electricity supply gap.
Mr Tsitrinbaum noted that businesses without access to the grid find alternative electricity sources expensive, unreliable and dirty – many are now discovering that the clean energy wave sweeping across Africa can transform their fortunes.
Lumos’ Mobile Electricity service, in partnership with MTN, is an alternative to noisy, polluting generators. Available at MTN stores nationwide, the Y’ello Box is providing a solution to millions of Nigerians who don’t have access to reliable electricity.
Lumos, which has attracted major investors into the Nigerian economy, has witnessed a rapid rise in the number of SMEs thriving thanks to safe, reliable and affordable power from the Y’ello Box.
SMEs have found the Mobile Electricity service attractive as they can benefit both from its affordability and reliability, doing away with fuel and maintenance costs. With the Y’ello box, SMEs can increase their trading hours, and their profits.
On a visit to SMEs and health clinics using the Y’ello Box earlier this year, US Ambassador to Nigeria Stuart Symington praised the service for helping people keep their premises open later, adding that the service would help Nigeria “fulfil its full economic potential”.
Mr Tsitrinbaum further said, “We are witnessing a power revolution in Nigeria. Our everyday lives demand more access to electricity, and we need to meet that demand in order for businesses to grow. If we are to meet the true potential of the thriving business community here, access to power must follow the path of the mobile revolution.
“Today, Lumos is already providing clean and affordable solar power to more than 200,000 people, many of whom are business owners and households. By the end of the year, Lumos aims to provide 1 million Nigerians with access to reliable, clean and affordable electricity.”
By Aduragbemi Omiyale
The pre-registration training and examination for capital market operators (CMOs) for the second quarter of 2026 has been postponed.
Business Post gathered that the new date for the exercise is now Monday, June 15, 2026.
This information was disclosed by the Securities and Exchange Commission (SEC) through a circular on Monday, June 8, 2026.
The Nigerian capital market regulator stated that this postponement has also resulted in the extension of the deadline for registration to Friday, June 12, 2026.
In the notice today, the SEC expressed its regret for the inconvenience this action may cause operators, who had prepared for the initial date of the training and examination.
“Further to the recent circular on Q2 2026 Pre-registration Training and Examination, the Securities and Exchange Commission (SEC) hereby informs all eligible applicants for the Q2 2026 Pre-registration Training and Examination that the commencement date has been postponed to Monday, June 15, 2026.
“Registration on the designated portal has also been extended to Friday, June 12, 2026. All other conditions contained in the circular remain unchanged.
“The commission regrets any inconvenience this postponement may cause and appreciates the understanding of all applicants,” the disclosure noted.
By Aduragbemi Omiyale
One of the leading healthcare firms in Nigeria, Fidson Healthcare Plc, has listed additional shares on the Nigerian Exchange (NGX) Limited.
The new stocks absorbed into the stock market were 600 million units, raising the total issued and fully paid-up shares of Fidson to 3,000,000,000 ordinary shares of 50 Kobo each from 2,400,000,000 ordinary shares of 50 Kobo each.
The fresh equities came from the company’s rights issue of 600,000,000 ordinary shares of 50 Kobo each at N35.00 per share.
They were issued to existing investors on the basis of one new ordinary share for every existing four ordinary shares held as of the close of business on Wednesday, November 12, 2025.
Confirming the development, the regulator in a notice said, “Trading licence holders are hereby notified that an additional 600,000,000 ordinary shares of 50 Kobo each of Fidson Healthcare Plc were on Tuesday, June 2, 2026, listed on the daily official list of Nigerian Exchange Limited.
“The additional shares arose from the company’s rights issue of 600,000,000 ordinary shares of 50 Kobo each at N35.00 per share on the basis of one new ordinary share for every existing four ordinary shares held as at the close of business on Wednesday, November 12, 2025.
“With the listing of the additional 600,000,000 ordinary shares, the total issued and fully paid-up shares of Fidson Healthcare Plc have now increased from 2,400,000,000 to 3,000,000,000 ordinary shares of 50 Kobo each.”
By Modupe Gbadeyanka
This news will surely excite local contractors with verified claims of N100 million or less, as the federal government has approved their payments.
This approval for the disbursement was given by the Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele.
This followed a verification and reconciliation exercise designed to ensure only validated claims qualify for payment.
The beneficiaries cover contractors across multiple ministries, departments and agencies. The release of the funds is expected to enable contractors to return to project sites, pay workers, settle suppliers and meet outstanding financial commitments.
In an announcement on Monday, the Federal Ministry of Finance also said this latest batch of payments would ease liquidity pressure on small businesses and accelerate economic activity nationwide.
It was noted that the payments for verified claims of N100 million below were strategically done to spread economic impact broadly rather than concentrate disbursements among a handful of large firms.
The payments form part of a broader push to clear inherited contractor obligations, with over N700 billion verified in recent months.
“For many beneficiaries, the release of funds represents more than a financial transaction. It provides the certainty needed to sustain operations, preserve jobs, complete ongoing projects, and contribute to economic recovery and growth,” the ministry said in a statement.
-
Feature/OPED6 years agoDavos was Different this year
-
Travel/Tourism10 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz3 years agoEstranged Lover Releases Videos of Empress Njamah Bathing
-
Banking8 years agoSort Codes of GTBank Branches in Nigeria
-
Economy3 years agoSubsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking3 years agoSort Codes of UBA Branches in Nigeria
-
Banking3 years agoFirst Bank Announces Planned Downtime
-
Sports3 years agoHighest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn