Zola Electric and Sterling Bank have entered into a partnership to solve power problems.
According to the two companies, households and businesses suffer from lack or inadequate power supply and spend huge amounts to enjoy substantial electricity supply.
Speaking during the signing of a memorandum of understanding (MoU) in Lagos to seal the deal, Zola Electric Chief Executive Officer, Bill Lenihan, explained the edge Zola has over its contemporaries, including the durability and cost-efficiency of the panels and batteries.
Sterling Bank Managing Director Abubakar Suleiman assured of the bank’s readiness to fund purchase and installation of Zola solutions to Nigerians who cannot afford to pay for the product so they can pay back in installments.
Lenihan said: “We have a business model that will solve the energy problem of Nigeria. We have studied market for about a year and everybody wants the power problem in Nigeria solved. Over 2.2 billion people across the globe, including Nigerians, don’t have access to power and many other also don’t have access to reliable power supply and that is the problem we love to solve as an organisation.
“Our mission is simple, to offer 24-hour clean energy. Today, we use our solution to solve power problems across Africa. In Nigeria, we want to solve the problems of those who have access to grid and unreliable power supply. Average households in Lagos have an average grid power supply of about between four and eight hours.
“Our solutions are designed and built for purpose to your energy needs and economic situation. Every single home and business is treated in this way. It is autonomous with seamless interoperable integration with solar grid and generations with smart connected technology providing optimisation
“Only Zola has a product offering that spans the 2.2 billion people that don’t have access to power. It provides power independence at your fingertips, power for purpose and scalable with customer needs. The software synchronises all power sources, controls frequency and ensures consistent, safe and reliable power. Our product offering is not just durable, it is a life-time solution”
Suleiman said: “Zola is not another service provider that is leveraging solar. It is an energy solutions provider that can solve Nigeria’s energy problems. Nigeria’s energy problem is a crisis of great magnitude. It is important that we have that understanding. It is not a small crisis that a company, state government or ministry of power can deal with. It is something that has massive impact on any single person that does business in Nigeria. If you don’t solve the problem of power, you cannot solve the problem of unemployment, if you don’t solve the problem of unemployment, you don’t have the chances of solving the problem of security. Massive unemployment, this is one big problem of our time.
“As a bank, this is one of our concerns, to solve unemployment but we cannot solve that without solving the problem of power. You cannot solve the power problems in millions of homes and business but can find a model that can help solve it, hence the partnership with Zola. I will not describe the challenges we face in power sector privatisation or the lack of investment in the grid, among others, those are major challenges. Some smaller countries such as United Kingdom have far more advanced grids because they invest heavily in them. Beside the problems of reliable power supply and unemployment, is the climate change challenge, which increasingly calls for adoption of clean energy.