ZOLA Electric has signed a memorandum of understanding with Sterling Bank Plc, as part of efforts to deepen the penetration and accessibility of renewable energy in Nigeria.
Speaking at the signing of Memorandum of Understanding between the company and Sterling Bank, Bill Lenihan, the Chief Executive Officer, ZOLA Electric, noted that the gesture would provide opportunity for households and organisations, who are desirous of reliable 24 power supply to own its unique power solutions.
He explained that the MOU was a significant step in the right direction, in view of the energy access crisis confronting Nigeria, which has seriously stalled economic growth, resulted in health hazard as well as climatic challenges to the environment.
He expressed optimism that this would help in making the product affordable and accessible to consumers through its various packages.
In his remarks, Abdallah Khamis, the Managing Director, ZOLA Electric Nigeria, explained that ZOLA remains the pioneer power solutions pioneer, successfully delivering clean, affordable and reliable power solutions across Africa with success stories in Tanzania, Rwanda, Côte d’Ivoire, and Ghana.
“We are super delighted to bring our clean, affordable and reliable 24 power solutions available to Nigerian homes, business and organisations. And while financing has been identified as one of the key limitations for consumers to acquire renewable power solutions, we can now offer through this MOU with Sterling Bank product financing to interested customers.”
He added that the company remains committed to offering these unique solutions to Nigerians on a long term basis adding that products being offered by the company are tailored towards meeting the need of customers depending on their energy needs.
“We strongly believe that the product that we have are developed specifically for the Nigerian market and other markets in Africa to solve the energy problem especially over a long term. Our mission is to deliver clean, 24 hour power to everyone in Nigeria anywhere” he added.
Speaking, Abubakar Suleiman, the Chief Executive of Sterling Bank Plc, stated that the bank considers the MOU as a significant step towards finding lasting solution to one of the major challenges affecting economic growth in Nigeria, explaining that it would go a long way to facilitate easy acquisition of the solutions by Nigerians who are fed up with power supply crisis from both the national grid and other energy sources.
“I think the problem of energy crisis in Nigeria is not a problem a state government or company can deal with. I think it is a crisis that has had a massive impact on every person that does business in Nigeria. If we don’t solve for power, we cannot solve for economic growth. If we don’t solve for power, we cannot solve for employment and have any chance of solving for security. It is one of the big problems of our time. We are not expected to solve for power in everyone’s home but have to find a model that is viable that solve for power in Nigeria. We like to call ourselves as being on ground zero to solve for power”.