By Adedapo Adesanya
Nigerian prop-tech startup, Spleet, has closed a $2.6 million seed round to scale its residential rent-focused products.
The funds were provided by MaC Venture Capital, Noemis Ventures, Plug and Play Ventures, Assembly Fund, Ajim Capital, Francis Fund, as well as Metaprop VC and HoaQ Fund.
This fresh injection followed the $625,000 pre-seed funding round raised by the company in March.
Since its inception, Spleet has processed millions in rent, housed over 1,000 tenants and onboarded over 35 individual and corporate landlords.
With the funding, the startup plans to expand its product offerings to include Collect, a service that automatically receives rent payments on behalf of landlords; Verify, a tool that enables landlords and real estate agents to vet and carry out adequate background checks on tenants before offering lease agreements; and Rent Now Pay Later, a no collateral, affordable-interest rate rental loan product.
The Rent Now, Pay Later, which has been in the testing phase since December, gives renters access to no-collateral loans up to N3 million with an interest of about 3.5 per cent monthly to finance rent payments.
It is built on the back of payroll access, with a handful of users who make a one-month down payment while the company finances the remaining 11 months.
Speaking on the funding, Mr Tola Adesanmi said, “This funding would go into deepening our product offerings for landlords, real estate agents and tenants across Nigeria and testing out new markets.”
“The housing crisis is an enormous problem that impacts us at a global scale, and Africa is no exception,” said Mr Marlon Nichols, co-founder and managing general partner at MaC Venture Capital.
“In countries like Nigeria, the requirement for tenants to provide 12-to-24 months of rent payment in advance creates a barrier for large parts of the population in accessing the rental market and essentially renders them homeless. MaC is proud to partner with Spleet as it continues to bring forward a comprehensive solution that effectively serves both sides of the housing market and makes true deposits to combating homelessness,” he added.
Founded by Mr Adesanmi in 2018 from the need to find rentals with flexible payment options in Lagos as opposed to the usual one or two-year upfront payment options, Spleet allows homeowners to rent their apartments to vetted individuals while also helping people easily find places to stay.
The startup enables landlords to verify and scrutinise tenants and also automates rent collections. Its nonperforming loans ratio recorded so far stands at 1.2 per cent.
GE Reduces Emissions With Mobile Gas Turbines
By Adedapo Adesanya
General Electric (GE) has announced that its mobile gas turbines, typically used for emergency use, cannot only meet the emissions requirements in line with World Bank Standards but even surpass them and meet the most stringent emissions standard requirements.
In the State of California, GE developed an innovative technical solution on four TM2500 aero-derivative gas turbines deployed at the Department of Water Resources (DWR) sites in Yuba City and Roseville. The solution reduced nitrogen oxide (NOx) and carbon monoxide (CO) emissions by over 90 per cent, surpassing World Bank Emissions Standards. It marked the world’s first-of-a-kind solution on a GE mobile TM2500. The technology helped lower emissions while supporting the statewide energy grid during extreme climate-driven events, including drought or wildfires.
Speaking on the advancement, Mr Clive Nickolay, CEO of GE Gas Power’s Aeroderivative business line, said, “GE’s aero-derivative mobile technology, typically used for emergency power, represents a perfect complement to renewable energy and peaking power use cases worldwide.
“We’re excited about GE’s efforts to provide power plant operators with a technical solution that will allow them to quickly install peak power when needed while drastically reducing NOx and CO emissions levels to low single digits.”
The technical solution includes engineering studies for the integration and installation of a Selective Catalytic Reduction (SCR) technology system—a proven and effective solution to limit post-combustion emissions.
The technology works by removing common emissions through a catalytic converter transforming the nitrogen oxides contained in the exhaust gas into water vapour and nitrogen. The new solution unlocks dramatic enhancements to emissions performance while ensuring the TM2500 can provide reliable, affordable, and lower-carbon electricity to the grid.
At Yuba and Roseville, GE worked with the engineering, procurement, and construction company Kiewit Power Constructors Co. to install the world’s first-of-this-kind solution on a GE mobile gas power turbine to solve DWR’s emissions challenge. The emissions control solution includes 11-meter-high modules and a 22-meter-high stack. Each of the four TM2500 can produce up to 34 megawatts (MW) of electricity for a total of 136 MW and is now equipped with a system to reduce pollutants to 2.5 parts per million, the legal limit set by the state of California.
Adding his input, Mr Nosizwe Dlengezele, Regional Sales Executive for GE Gas Power business in Sub-Saharan Africa, said, “Sub-Saharan Africa has one of the world’s fastest-growing populations, and natural gas offers a solution that’s more efficient and flexible to enable the integration of more renewables to the grid and ultimately reduce emissions.
“Our TM2500 aero-derivative gas turbines are installed in countries such as Nigeria, Angola, and Ghana, to provide much-needed power because of its enhanced mobility, easy installation and critical grid backup. It also has lower emissions than diesel generators when operating on gas, and the availability of an SCR solution will now enable our customers to further reduce NOx and CO emissions by 90 per cent.”
A key feature of the TM2500 units is its fast start ability providing full power in five minutes. This provides utilities and grid operators like California Independent System Operator (CAISO) or the Western Area Power Authority (WAPA) the ability to quickly support the grid in case of emergencies or loss of intermittent power.
The quick start capability was successfully put to use when the units were brought online to support a strained statewide energy grid during California’s extreme heat wave on Sept 6, 2022.
GE’s trailer-mounted TM2500 is derived from jet-engine technology powering the world’s airlines and is mounted on a wheeled trailer for ultimate mobility. With more than 20 years of experience and over 300 units installed around the world, GE’s TM2500 is a proven solution for providing a baseload bridge to permanent power installations or for generating backup/peak power in the wake of natural disasters, plant shutdowns, grid instability or in isolated locations.
GE powers plants that deliver flexible, efficient, and reliable power to millions of people around the world. With almost 70 years of presence in Sub-Saharan Africa, GE has been collaborating with energy stakeholders to deploy innovative technologies tailored to respond to the needs of the Sub-Saharan Africa region with reliable baseload and flexible power. GE delivers across the entire energy ecosystem from generation to transmission and distribution, and throughout the region, GE-built technologies are supported by GE local service and maintenance teams working together to help ensure access to reliable and sustainable energy.
Senate Threatens to Withhold 2023 Capital Budget of State House, Others
By Adedapo Adesanya
The Senate has threatened to withhold the 2023 capital budget of 100 federal Ministries, Departments and Agencies (MDAs) until they answer the queries raised against them by the Auditor General for the Federation.
Senate President, Mr Ahmad Lawan, issued this threat on the floor of the upper chamber of the National Assembly on Wednesday while ruling on a point of order.
The threat followed a point of order raised by the Chairman of the Senate Committee on Public Accounts, Mr Matthew Urhoghide, who informed his colleagues that some agencies refused to appear before the team despite invitations sent to them.
Some of the MDAs include the State House, Office of the Accountant General of the Federation, Ministries of Interior, Transportation, Mines and Solid Mineral Development, Information, Communication, Petroleum, Defence, Police Affairs, and Sports.
Others are Works and Housing, Women Affairs, the State House, Presidential Fleet, Nigeria Security and Civil Defence Corps, Independent National Electoral Commission, North East Development Commission, Nigerian Intelligence Agency, and the Nigerian Air Force, among others.
The queries covered in the auditor general’s report are from 2015-2018.
Speaking, Mr Lawan upheld Mr Urhoghide’s point of order and insisted that the public officers who utilised funds appropriated to their MDAs must give account.
He said, “Your point of order is sustained fully and completely, totally sustained; you are right on the dot to bring to the plenary your grievances.
“Secondly, I once served as Chairman of the Public Accounts Committee for eight years. My only problem is when you write agencies, and they refuse to honour the invite, you’d many times be forced to bring them through a warrant of arrest.
“Reading this list at plenary gives the agencies the opportunity to know now if they were not aware before for those that may claim ignorance.”
The Senate then gave the agencies a one-week deadline to communicate with the committee and set a date to appear before them or have their capital budgets withheld.
“I am taking the opportunity here to advise that in the next one week, if the name of any agency is here, that agency should reach the Committee on Public Accounts of the Senate to sort out when the agency would appear before the committee.
“If there is no communication whatsoever and no cogent and verifiable reason are given, we will slash the agencies’ budget.”
EFCC Auctions 435 Cars in Lagos [Photos]
By Modupe Gbadeyanka
About 435 cars will be auctioned by the Economic and Financial Crimes Commission (EFCC) in Lagos between Wednesday, December 7 and Thursday, December 8, 2022.
A statement issued by the commission said this is in line with the EFCC (Establishment) Act 2004, Public Procurement Act 2007, and the Proceeds of Crimes (Recovery and Management) Act 2022.
The vehicles are among those forfeited by corrupt persons, and the courts have given the agency the authority to seize them.
The cars, which pictures were conspicuously displayed with allocated lot numbers for public inspection, were allocated to auctioneers based on assessed values and an open ballot system.
The display was to provide an opportunity for interested bidders to view and indicate interest in any car of their choice.
In the statement released today, the EFCC said Nigerians would be able to acquire the cars through auction at 40 Bourdillon Road, Ikoyi, Lagos; 15A Awolowo Road, Ikoyi, Lagos; 14 Cameroon Road, Ikoyi Lagos and CVU Obalende, Ikoyi, Lagos.
The nine auctioneers who were allocated to the Lagos Zonal Command of the EFCC to dispose of the 435 cars at the designated Centre on 14 Cameron Road, Ikoyi, Lagos, are Rihanna Auction Limited; Kamyus Consult Limited; Areogun Resources Limited; BIS N JEG; Integrated Services Nigeria Ltd; Mau & Sons Ltd; Langar Aghaji & Co; Fagobe Company Ltd and Musa Kira and Co.
At the inspection of the items for sale on Tuesday in Lagos, the Secretary to the Commission and Chairman of EFCC Asset Disposal Committee (ADC), Mr George Ekpungu, said, “the exercise, which is the first of the planned auction of forfeited properties across EFCC Zonal Commands and EFCC headquarters, is being carried out in accordance with the (Establishment) Act, 2004, Public Procurement Act, 2007 and Proceeds of Crimes (Recovery and Management) Act, 2022.
“It is being conducted in conjunction with the Bureau of Public Procurement to ensure compliance with all extant laws.”
While welcoming the auctioneers to the centre, he expressed his gratitude to sister agencies, including the Nigerian Army, who were invited to provide adequate security and ensure orderliness.
Mr Ekpungu also appealed to the members of the public present at the auction to listen carefully to the auctioneers and comply with all stipulated guidelines.
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