Monday 15 April 2019
COMPANIES&MARKETS
BUSINESS DAY
23
Business Event
TECHNOLOGY
TeamApt secures CBN switching licence to power payment infrastructure solutions MICHAEL ANI
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eamApt, a financial technology company focused on developing digital banking and Payments Infrastructure, has acquired a switching license from the Central Bank of Nigeria (CBN) that will enable it to develop products to provide infrastructure payments solution. The license will power AptPay, one of its products, to provide solutions for different customer segments in the Nigerian society, the firm said in a statement. “It is the highest license awarded to any fintech by the CBN because the license allows it to put all the banks together and be able to debit their banking position with the central bank,” said Tosin Eniolorunda, CEO of TeamApt. What this translates to is that with AptPay, TeamApt can
actually move money across the banks without putting our money down. This license puts TeamApt on the same level as other Tier-1 financial technology companies, according to Eniolorunda. “If through a payment gateway, a buyer pays a merchant for a product and the payment gateway provider needs to pay the merchant instantly, without the license, the provider will have to pay with its own money. But with the license, the provider is merely moving the bank funds around without tying down its money,” he said. TeamApt Limited is a financial technology company in Lagos with a mission to create financial happiness through the development of Digital Banking, Digital Business solutions and running Payment Infrastructure for Africa, with a customer base of 26 banks across Africa, including Zenith, ALAT by Wema, UBA, First Bank, GTBank and Access
Bank. When asked what plans TeamApt has for scaling across Africa, Tosin, explained the company was in advanced talks with six banks in Ghana with expansion plans underway in Tanzania. He also hinted at plans to expand outside Africa before the end of Q4 2020. In February this year, the firm successfully raised a $5.5 million Series A funding from Quantum Capital partners for global expansion. The firm is also eying to raise additional capital next year to develop more products, Eniolorunda said. The firm has overtime engaged in developing varieties of digital financial services solutions including Aptpay, Moneytor, Profectus and Monnify among others. AptPay, is a robust payment infrastructure powering payment used in processing interbank transfers and direct debits.
L-R: Jay Liu, country manager, Infinix Mobility; Amanda Zhang, marketing manager; Opeyemi Adewunmi, marketing executive, Infinix Mobility Nigeria, and Benjamin Jiana, managing director, Infinix Mobility, during the launch of Infinix Mobility S4 in Lagos. Pic by Olawale Amoo
Axxela pioneers mini LNG project to aid industrial growth OLUSOLA BELLO
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he Nigerian Gas Marketing Company has been issued a Gas Purchase Order (GPO) by the Gas Aggregation Company of Nigeria (GACN) for the development of a Liquefied Natural Gas (LNG) Plant in Ajaokuta, Kogi State. The project is a Joint Venture partnership with Transit Gas Nigeria Limited, a subsidiary of Axxela Limited. With gas supply assured, the GPO will help ensure that commercial and industrial businesses across Nigeria that adopt the LNG solution for their power or process needs achieve over 40 percent in cost-savings compared to alternative fuels i.e. diesel. The liquefaction plant is strategically located in the middle of the country to enable easy access of the LNG trucks to the Northern region’s stranded gas market and other parts of the country. LNG storage facilities will also be installed at customer locations to ensure continuous gas supply. Natural gas, predominantly methane, is an environmen-
tally friendly fuel that burns cleaner than other fossil fuels. Gas-fired equipment are more efficient and have significantly contributed to the reduction of greenhouse gas emissions across the world. Recently Oando Plc announced divestment of its residual 25% interest in Axxela Limited held through Glover Gas & Power B.V., to Helios Investment Partners a private equity firm with a focus on investments in Africa. In a statement, the company said the total purchase price for the transaction was USD $41,500,000, thereby optimising value from non-core business activity of the group. According to the release, the net proceeds of the transaction will be applied in partially prepaying the Group’s MediumTerm Loan, MTL. The acquisition by Helios was effected through HIP GLOVER S.à.r.l, a special purpose vehicle incorporated by Helios, which in 2016 had acquired the initial 75% interest in Axxela for $115.8 million. Commenting on the divestment, Oando PLC’s group chief
executive officer, Wale Tinubu said: “The completion of this divestment signifies another win for the Company. We pioneered the development of Nigeria’s foremost natural gas distribution network which has subsequently grown to become the largest private sector gas distributor in Nigeria creating a lasting impact on both the sector and the Nigerian economy. The divestment further reinforces Oando’s ability to create value that can be monetized and the Company’s status as the indigenous partner of choice for international companies looking to invest in Nigeria. This transaction favorably positions us to significantly reduce our debt profile and remain focused on growth through our dollar-denominated businesses. We will continue to maintain significant presence in the Midstream as well as grow our gas aspirations via our Upstream gas assets in our NAOC Joint Venture wherein we have four gas projects within the NNPC’s Seven Critical Gas Development Projects (CGDPs), which are responsible for almost 50% of the 42 TCF that will be delivered by the seven CGDPs by 2020.”
L-R: Dayo Adeshina Programme, manager, National LPG Expansion Plan, Office of the Vice President, Federal Republic of Nigeria; James Rockal, MD/CEO, World LPG Association; Muda Yusuf, director-general, Lagos Chamber of Commerce and Industry (LCCI), and Baylon Duru, chairman, LPG Group, LCCI, during a courtesy visit to LCCI in Lagos.
L-R: Akeem Oyewale, ex-officio; Adebola Adedeji, financial secretary; Taiwo Sonola, president; Aderonke Adetoro, vice president, and Babatunde Majiyagbe, publicity secretary, all of the Association of Assets Custodians of Nigeria (AACN), during a media parley in Lagos.
RENEWABLE ENERGY
Bishopgate MFB, Solar Affairs partner to empower SMEs
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ishopgate MFB Ltd has signed a Memorandum of Understanding (MoU) with Solar Affairs with the sole aim of financing solar renewable energy for SMEs. The purpose of this agreement is to provide renewable energy through solar installations to power SMEs businesses across Nigeria. Dele Ilori, managing director, Bishopgate MFB Ltd, said at the signing ceremony
that one of the main objectives of the bank was to empower the SMEs whose businesses rely more on electricity to function effectively at a cheaper cost. All that is required of an SME is the ability to contribute 30 percent of the cost while the bank will finance the balance without collateral. Francis Oludemi, managing director/CEO, Solar Affairs, also made a commitwww.businessday.ng
ment that such beneficiaries will be able to enjoy 24-hours uninterrupted power supply that will be provided with the solar panel installation and this equipment comes with one-year warranty and oneyear insurance. The partnership is to make uninterrupted power supply available to the SMEs at a cheaper cost in line with the economic development plans of the Federal Government.
L-R: Steve Brice, chief investment strategist; Roop Barua, head credit products wealth management; Ijeoma Anusionwu, head managed investments and advisory–Africa; Simpa Adaba, head wealth management Nigeria, and Ayodeji Adelagun, head, rates and credit-West Africa, all from Standard Chartered Bank, at the Wealth Management 2019 Outlook event organised by the bank in Lagos.
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