Economy

Panasonic Donates 1,584 Solar Lanterns to S/Africa, Others

Published

8 years ago

27/03/2017

By Modupe Gbadeyanka

Since 2012, Panasonic Corporation has been working on the 100 Thousand Solar Lanterns Project, a project that aims to donate a total of 100 thousand solar lanterns to the world’s non-electrified areas by 2018, which is the centennial of Panasonic’s foundation.

As part of the effort, the company donated a total of 1,584 solar lanterns for the first time to three nonprofit organizations (NGOs) working in the three countries of the Republic of South Africa, Kingdom of Swaziland, and Kingdom of Lesotho. Today, a donation ceremony was held at the Nelson Mandela Foundation in South Africa.

The donation ceremony, held by the Nelson Mandela Foundation in South Africa, was attended by government officials from the Republic of South Africa and Shigeyuki Hiroki, Ambassador of Japan in the Republic of South Africa.

Shigeyuki Hiroki said in his speech that “We expect to further promote more effective use of donated solar lanterns in these three countries as a promising renewable energy.”

Sello Hatang, CEO of the Nelson Mandela Foundation, noted in his speech that 2018 would mark the 100th birthday of Nelson Mandela himself and said that “We are challenging to change the quality of living in South Africa. The lighting would contribute to improve daily life. The Foundation supports Panasonic’s solar lantern project activities and helps people’s better living by the donations of the lanterns to non-electrified areas.”

At present, approximately 1.2 billion people are living in areas without electricity*, which accounts for about 16% of the world population, of which approximately 600 million people are in African countries. Although many households in these areas without electricity use kerosene lamps for lighting, its smoke poses a health hazard and exposes people to the risk of fire.

By utilizing solar lanterns, children will be able to learn safely and women’s groups can engage in activities that create income at night in the community, which will help them improve their lives and help a sustainable society. Moreover, this reduces the economic burden of fuel purchase costs.

In order to contribute to resolving these social issues, Panasonic has been promoting corporate social responsibility (corporate citizenship activities) by proactively using the company’s core technologies and products, and as part of this, has been implementing the 100 Thousand Solar Lanterns Project. This donation activity is an initiative to contribute to the global goals of Poverty, Health Care and Welfare, Education, Energy, etc. that constitute the Sustainable Development Goals (SDGs) put into effect by the United Nations in 2016.

Through this project, the company has donated a total of approximately 81,000 units to 19 countries so far. In Africa, about 15,000 units have been donated already to 10 countries through international organizations and NGOs. This donation to three African countries now makes the total of donated lanterns approximately 83,000 units to 22 countries, and among them, about 16,000 units have been delivered to 13 African countries.

In addition, at the Sasol Solar Challenge, a solar car race held in South Africa last year, a solar car team from Tokai University equipped with Panasonic’s solar cell module HIT(R) and a high-capacity lithium-ion battery finished second after completing 4,544.2 km.

Panasonic will accelerate this activity until 2018, in order to deliver a better life to the people living in the regions without electricity through the 100 Thousand Solar Lantern Project utilizing the company’s core products and technologies.

Economy

Secure Electronic Technology Seeks Approval to Merge Every Four Shares Into One

Published

1 hour ago

13/03/2025

Aduragbemi Omiyale

By Aduragbemi Omiyale

Secure Electronic Technology (SET) Plc is planning to reconstruct its shares at the Nigerian Exchange (NGX) Limited by merging four stocks into one.

However, this exercise is subject to the approval of shareholders of the company and the board is proposing an Extraordinary General Meeting (EGM) to be held on or before April 17, 2025.

Business Post reports that the decision to reconstruct the shares of the organisation was reached at the board meeting of the firm on Friday, MArch 7, 2025.

In a notice to the stock exchange, SET Plc said it was agreed that the proposed share reconstruction and recapitalisation of the company shall be by way of one or a combination of the following; an offer for subscription, rights offering or private placement, upon terms agreed by both parties under the definitive agreement.

It further said, “The issued and share capital of the company be reduced from N2,815,770,000, represented by 1,407,885,000 ordinary shares of 50 Kobo each, subject to the approval of the Federal High Court, Securities and Exchange Commission (SEC), and relevant regulatory authorities.”

“This restructuring share result in the cancellation of 4,223,655,000 units of shares and the portion of the share capital cancelled, being valued at N2,111,827,500 be transferred to a special reconstruction reserve,” it noted.

The disclosure also said, “There shall be a proportional upward adjustment in the share price of SET on the NGX to be reflected after the conversion, so that the value of one converted share shall be equal to the market price of four pre-reconstruction shares, and at the end of the reconstruction, SET market capitalisation and each shareholder’s percentage holding shall remain unchanged.”

The company emphasised that it would “consolidate its issued shares at a basis of 1 for 4 ratio, meaning every four shares of SET Plc currently held by a shareholder shall be converted to one share and shareholdings that result in fractional shares post-reconstruction shall be rounded up to the nearest whole number.”

It was disclosed that this exercise was suggested by Gamma Civic Limited, a part of Gamma Group, a company listed on the Mauritius Stock Exchange and represented by Cruzan Investment Limited, a company incorporated in Nigerian under the Companies and Allied Matters Act 2020.

Economy

FrieslandCampina Wamco Weakens NASD OTC Exchange by 0.06%

Published

4 hours ago

13/03/2025

Adedapo Adesanya

By Adedapo Adesanya

FrieslandCampina Wamco Nigeria Plc brought down the NASD Over-the-Counter (OTC) Securities Exchange by 0.06 per cent on Wednesday, March 12.

Business Post reports that the share price of FrieslandCampina Wamco Nigeria Plc slumped by N1.26 during the session to N37.45 per unit from the preceding day’s N38.71 per unit.

However, Geo-Fluids Plc gained 27 Kobo to trade at N2.95 per share versus Tuesday’s closing price of N2.68 per unit, and First Trust Microfinance Bank Plc appreciated by 3 Kobo to close at 56 Kobo per share, in contrast to the previous day’s rate of 53 Kobo per share.

When the platform ended trading activities yesterday, its value went down by N1.17 billion to settle at N1.955 trillion compared with the preceding day’s N1.956 trillion and the NASD Unlisted Security Index (NSI) decreased by 2.03 points to close at 3,385.50 points, in contrast to the previous trading day’s 3,387.53 points.

The volume of securities traded at the bourse dropped by 36.3 per cent to 298,845 units from the 469,185 units published on Tuesday, the value of securities decreased by 4.8 per cent to N10.4 million from the N10.9 million quoted at the preceding session, and the number number of deals moderated by 34.2 per cent to 25 deals from 38 deals.

At the close of business, Impresit Bakolori Plc was the most active stock by value (year-to-date) with 533.9 million units worth N520.9 million, followed by FrieslandCampina Wamco Nigeria Plc with 12.5 million units valued at N484.0 million, and Afriland Properties Plc with 17.2 million units sold for N352.8 million.

Also, Impresit Bakolori Plc was the most active stock by volume (year-to-date) with 533.9 million units worth N520.9 million, trailed by Industrial and General Insurance (IGI) Plc with 69.9 million units sold for N23.7 million, and Afriland Properties Plc with 17.2 million units valued at N352.8 million.

Economy

Reps Approve Conditions to Revoke Licences of Insurance Companies

Published

5 hours ago

13/03/2025

Aduragbemi Omiyale

By Aduragbemi Omiyale

The House of Representatives has passed Nigeria Insurance Industry Reform Act, 2024, repealing Act, Cap 117, Laws of the Federation of Nigeria, 2004; the Marine Insurance Act, Cap M3, Laws of the Federation of Nigeria, 2004; The Motor Vehicle (Third Party) Insurance Act, Cap M22, Laws of the Federation of Nigeria, 2004; the National Insurance Corporation of Nigeria Act, Laws of the Federation of Nigeria, 2004 and the Nigerian Insurance Reinsurance Corporation Act, Cap N131, Laws of the Federation of Nigeria, 2004.

At the plenary on Wednesday, the green chamber of the National Assembly approved some conditions the operating licence of an insurance company can be revoked by the National Insurance Commission (NAICOM).

The new piece of legislature, which provides for a comprehensive legal and regulatory framework for insurance business in Nigeria, was enacted yesterday after the consideration of the Senate bill.

During the presentation by House Leader, Mr Julius Ihonvbere, yesterday, for a clause-by-clause consideration, it was agreed that NAICOM can withdraw the licence of an insurer or reinsurer if it is not conducting insurance business in accordance with sound insurance principles.

In addition, this action can be carried out if the licence holder has “failed to satisfy the capital or solvency requirement as prescribed by the commission and has ceased to carry on the business of insurance and the primary purpose for which it was registered for at least one year in Nigeria.”

The lower chamber of the parliament also concurred with the Senate that for obtaining an operating licence, “An application for licensing as an insurer shall be made to the commission in the prescribed form and accompanied by such other documents or information as the commission may from time to time require.

“The commission shall publish and make available to the general public a service charter which shall provide for products and services of the commission and the complete list of requirements to obtain the products and services.”

However, no person or organisation is allowed to “commence or carry out insurance, reinsurance or related business in Nigeria unless licensed by the commission as an insurer or a reinsurer under this bill.”

NAICOM was given the power to “regulate the insurance industry [in Nigeria] in order to develop the insurance sector and to protect the interest of policyholders, prospective policyholders and other stakeholders under insurance policies in ways that are consistent with the continued development of a viable, competitive and innovative insurance industry.”