Economy
Startup Firm Secures $20m for Renewable Energy in Nigeria
By Adedapo Adesanya
Nigeria’s top energy startup company, Rensource, has raised a $20 million Series A investment from African venture capital fund, CRE Venture Capital and impact investor, the Omidyar network, to expand its footprint in the power sector of Nigeria, which is presently in comatose.
Rensource is a solar energy firm dedicated to providing effective and efficient renewable energy to enterprises with a special focus on small and medium enterprises (SMEs) across the country. It was established in 2016.
The new funding comes on the heel of the company’s need to stamp its foothold, scale up its technology offerings and expand its reach across Nigeria and eventually Africa.
It was learned that contributions to the funding also came from other investors such as Inspired Evolution, Proparco, EDPR, I&P, Sin Capital and Yuzura Honda.
With a flexible payment scheme; daily, weekly, or monthly fees, Rensource saves merchants from the extra costs of fuelling their generators, which is important to most businesses in Nigeria.
According to founder and Chief Executive Officer of the startup, Mr Admeola Adesina, decentralizing the power is the best solution to Nigeria’s energy woes.
“We believe that simultaneously greening and decentralizing its power infrastructure is the only way to navigate Nigeria out of its current state of energy poverty.
“Pursuing this with a focus on the millions of small-businesses that drive our economy creates a massive multiplier effect whose benefit accrues to all,” he said.
Rensource sees green and decentralised energy as the solution to Nigeria and Africa’s electricity problem, noting that 1000 megawatts of power are needed for one million people and in a country like Nigeria with 200 million, 200,000 Megawatts of power is required.
However, there is a serious shortage as the country’s grid has 12,000 Megawatts of installed capacity, with only about 4,000 produced for its citizens.
The secured $20 million fund, according to Rensource, will expand its offerings to businesses beyond energy and offer them B2B (Business-to-Business) services and using the new service called “Spaces O2O” (Spaces Offline to Online), the company wants to provide SMEs with supply-chain services, business-analytics and working capital options, to accelerate their productivity.
“Our push into O2O is a natural step that leverages our existing infrastructure to further empower the merchants we serve. We aim to bring connect over one-million merchants in the next 5 years,” Mr Ademola said.
The company operates in six Nigerian states; Lagos, Kano, Ogun, Ondo, Oyo, and Edo where it builds and deploys micro-utilities: solar-panels, batteries, and a power management system to the areas it serves.
With the new capital in place, Rensource plans to expand to 100 markets within Nigeria, and to additional African countries within the next 3 years.
By Aduragbemi Omiyale
The N230 billion 10-year bond issued to investors by the Lagos State government has been listed on the Nigerian Exchange (NGX) Limited.
It was the Series 4 of the state government’s N1 trillion Debt and Hybrid Instruments Issuance Programme, which was sold at a coupon rate of 16.25 per cent.
It was offered for sale to bondholders in November 2025, with Chapel Hill Denham Advisory Limited as the leading issuing house and bookrunner.
The joint issuing houses and bookrunners were Asset & Resources Management Limited, Capital Bancorp Plc, Cardinal Stone Partners Limited, Cedrus Capital Limited, Comercio Partners Capital Limited, Cordros Advisory Services Limited, Coronation Merchant Bank Limited, Dynamic Portfolio Limited, FCMB Capital Markets Limited, FCSL Asset Management Company Limited, FirstCap Limited, G.A. Capital Limited, LeadCapital Plc, Light House Capital Limited, Phoenix Global Capital Markets Limited, Quantum Zenith Capital and Investments Limited, Radix Capital Partners Limited, SFS Financial Services Limited, Stanbic IBTC Capital Limited, United Capital Plc, and, Vetiva Advisory Services Limited.
The debt instruments are callable at par after 60 months, on any coupon payment date, subject to the issuer having obtained prior regulatory approvals and upon issuance of the requisite notice to bondholders.
Business Post reports that the bond was sold at a unit price of N1,000, with the interest to be paid to investors on every May 20 and November 20 until maturity.
According to the Governor of Lagos State, Mr Babajide Sanwo-Olu, proceeds from the exercise would be used for critical infrastructure in transportation, housing, the environment, healthcare, education, urban renewal, and the provision of other sustainable infrastructure that would serve the future needs of the state.
The listing of the debt instrument on the stock exchange today, Monday, February 9, 2026, allows investors to trade the bond at the secondary market.
By Adedapo Adesanya
The Central Bank of Nigeria (CBN) has announced plans to hold its 304th Monetary Policy Committee (MPC) meeting on Monday, February 23 and Tuesday, February 24, 2026.
This information was disclosed in a circular published on the apex bank’s official website on Monday. This will be the first meeting of 2026.
The gathering comes amid sustained efforts by the CBN to rein in inflation, stabilise the foreign exchange market, and strengthen macroeconomic conditions.
At its last MPC meeting in November 2025, the central bank retained the Monetary Policy Rate (MPR) at 27 per cent, maintaining its restrictive posture in a bid to curb inflationary pressures and stabilise the foreign exchange (FX) market.
The MPC is one of the bank’s highest policy-making bodies, responsible for formulating monetary and credit policies aimed at ensuring price stability.
Through key instruments such as the MPR, Cash Reserve Ratio (CRR), and Liquidity Ratio (LR), the committee guides interest rate conditions and overall monetary direction in the economy.
Comprising the CBN Governor, Deputy Governors, Board members, and appointed external members, the committee meets periodically to review critical economic indicators, including inflation, gross domestic product, and exchange rate developments, before taking policy decisions.
The apex bank outlined the timetable and venue in its official notice.
“The 304th meeting of the Monetary Policy Committee (MPC) is scheduled to hold as follows,” the CBN said.
“Day 1: Monday, February 23, 2026 – Time: 10.00 a.m.”
“Day 2: Tuesday, February 24, 2026 – Time: 8.00 a.m.”
According to the circular, the meeting will take place at the MPC Meeting Room on the 11th floor of the CBN Head Office in Abuja.
By Aduragbemi Omiyale
The suspension placed on trading in the shares of Fortis Global Insurance Plc has been lifted by the Nigerian Exchange (NGX) Limited after six years.
The embargo arose from the company’s violation of Rule 3.1: Rules for Filing of Accounts and Treatment of Default Filing (Default Filing Rules).
The underwriting firm, formerly known as Standard Alliance Insurance Plc, was suspended by the exchange on July 2, 2019, after the board failed to file the necessary financial statements.
Rule 3.1 provides that if an issuer fails to file the relevant accounts by the expiration of the cure period, the exchange will: a) send to the issuer a second filing deficiency notification within two business days after the end of the cure period, b) suspend trading in the issuer’s securities, and c) notify the Securities and Exchange Commission (SEC) and the market within 24 hours of the suspension.
A notice from the bourse last week disclosed that the company has now filed all outstanding financial statements due to the NGX, and in view of this, the embargo has been lifted pursuant to Rule 3.3 of the Default Filing Rules.
This section states that, “The suspension of trading in the issuer’s securities shall be lifted upon submission of the relevant accounts, provided the exchange is satisfied that the accounts comply with all applicable rules of the exchange.
“The exchange shall thereafter also announce through the medium by which the public and the SEC were initially notified of the suspension, that the suspension has been lifted.”
The bourse informed trading license holders and the investing public “that the suspension placed on trading on the shares of Fortis Global Insurance was lifted on Wednesday, February 4, 2026.”
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