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Autochek Acquires Morocco’s KIFAL Auto to Drive North Africa Expansion

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Autochek, the automotive technology company making car ownership more accessible and affordable across Africa, has announced the acquisition of KIFAL Auto, Morocco’s leading automotive technology startup, to drive its expansion into North Africa.

This acquisition represents the first major expansion of a West Africa-based startup into North Africa and it will facilitate effective Pan-African collaboration to drive innovation across the continent’s growing automotive market.

KIFAL Auto was founded by Nizar Abdallaoui Maane (Essec Paris graduate and former BNP Paribas consultant) in 2019 to transform the automotive experience in Morocco by providing a seamless process for buying and selling used cars, and enabling access to financing, warranties, insurance and other value-added services.

The startup was the first to be accepted into the inaugural cohort of CDG Invest’s 212 Founders accelerator programme, which aims to fund and support world-class startups linked to Morocco and Africa.

Morocco is one of the most developed automotive markets in Africa, with more than 180,000 new cars and around 560,000 used cars sold annually.

As a result of various policy developments and investments in infrastructure, Morocco’s automotive sector is set to grow a further $14 billion over the next five years.

The country is home to an innovative technology hub, powered by a thriving startup ecosystem that delivers a wide range of solutions to support the automotive industry.

Over the years, KIFAL Auto has emerged as a trusted partner for individuals and organisations in Morocco seeking to buy and sell used cars, with its transparent, secure and cost-effective processes.

With this acquisition, Autochek is uniquely positioned to tap into the innovation that underpins Morocco’s thriving automotive ecosystem, introduce its market leading solutions to alleviate various challenges across the value chain and further integrate the Pan-African automotive industry to drive shared value for consumers, manufacturers, financial institutions and other stakeholders.

Autochek is building the financial infrastructure to drive the penetration of auto financing across Africa, powered by a data analytics engine that makes it easier for financial institutions to offer credit to consumers.

It has existing operations across West and East Africa (Nigeria, Ghana, Ivory Coast, Kenya and Uganda), a partner-led retail footprint in over 1,500 dealer and workshop locations, and more than 70 banking partners including Access Bank, Ecobank, UBA, Bank of Africa and NCBA Bank.

Commenting on the acquisition, Etop Ikpe, CEO and co-founder of Autochek said, “from my first interaction with Nizar and his team at KIFAL Auto, I was so impressed by their passion for delivering effective solutions and their commitment to innovation.

They have built an excellent platform and we are thrilled to have them onboard at Autochek to support the work we are doing to improve the automotive finance value proposition in Africa. There are so many parallels in our individual stories and I look forward to a long and mutually beneficial relationship for years to come.”

Nizar Abdallaoui Maane, CEO and Founder of KIFAL Auto, said “I have long been an admirer of the work Autochek has done to enable improved experiences across Africa’s automotive value chain.

There is so much we can learn from each other and I am looking forward to bringing my experience and expertise to deliver more game changing innovation in Morocco and beyond.

In our Industry and especially in an African context, it makes a lot of sense to continue growing with a large player. Morocco is a gateway into North Africa and I am confident that we can unlock new value and drive further transformation across the board”.

Yassine Haddaoui, Head of CDG Invest said, “KIFAL Auto is a great example of the real change that innovation and a focus on value creation is driving across Africa today.

Nizar and his team have shown a lot of passion, vision and entrepreneurial spirit to drive the success the company has seen to date and we are confident that this success will continue as they join the Autochek family.”

Nizar and the KIFAL Auto team will join Autochek and continue to explore new opportunities to deliver solutions to drive positive change in the automotive industry in Morocco and beyond.

 


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Nigerians Pay Some N87m in Bribes to Public, Private Officials In 2023

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At least N87 million bribes were paid to Nigerian public and private officials in 2023, according to data from National Bureau of Statistics (NBS).

Nigerians Pay Some N87m in Bribes to Public, Private Officials In 2023

NBS data also indicated that of all Nigerian citizens who had at least one contact with a public official in the 12 months prior to the 2023 survey, 27 per cent paid a bribe to a public official.

According to the Bureau, Nigerians’ confidence in the government’s anti-corruption effort has been declining over time and across regions.

“While in 2019, more than half of all citizens thought that the government was effective in fighting corruption, in 2023, the share declined to less than a third of all citizens.

“The downward trend in the citizens’ confidence is observable across the entire country, with all six zones recording reductions of more than 10 percentage points between 2019 and 2023 in terms of the share of citizens who thought the government was effective in fighting corruption,” it stated.


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12 Professors, 15 Others Inducted into Shell Sabbatical, Research Positions

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The Shell Petroleum Development Company of Nigeria Limited (SPDC) Joint Venture has significantly expanded its educational initiatives by inducting 27 Nigerian academics and research interns.

12 Professors, 15 Others Inducted into Shell Sabbatical, Research Positions

A cross section of participants in the Shell Petroleum Development Company (SPDC) Joint Venture’s 2024 sabbatical and research programme in a group photograph with the leadership of SPDC’s Corporate Relations team at the induction ceremony held in Port Harcourt…recently.

This year’s programme, a 35% increase from the previous year, welcomed eight professors, four senior lecturers, and 15 other participants.

Held at the company’s headquarters in Port Harcourt, the induction ceremony marked the beginning of a one-year programme focused on knowledge exchange and skill development.

Drawn from 13 Nigerian universities, these participants will gain valuable industry experience in fields like biodiversity, petroleum engineering, and environmental impact assessment.

“The research and internship programmes are central to our commitment to supporting higher education in Nigeria,” explained Mr. Igo Weli, Shell Nigeria’s Head of Corporate Relations, and SPDC Director.

He described the programme as mutually beneficial nature by offering Shell access to specialised expertise from professors and lecturers, who in turn acquire practical industry knowledge and exposure to cutting-edge technologies.

Despite operational challenges, Mr. Weli reaffirmed Shell’s position as the industry leader in fostering a positive learning environment and empowering people.

Representing Mrs. Bunmi Edith Lawson, NNPC Upstream Investment Management Services, echoed Mr. Weli’s sentiments. She highlighted the programme’s significance in scientific exploration, environmental stewardship, and knowledge advancement.

“This is an investment in the next generation of innovators,” she stated, “and a way for us to give back to our stakeholders.”

The 2024 programme includes participants from a diverse range of universities across Nigeria, including the University of Benin, Rivers State University, University of Ibadan, Niger Delta University, and Ahmadu Bello University.

Others are Bingham University Karu, Federal University Wukari, University of Medical Sciences, Ondo State, Covenant University, Alex Ekwueme Federal University Ndufu-Alike, Ajayi Crowther University, Oyo, University of Uyo, Ladoke Akintola University of Technology, and Michael Okpara University of Agriculture.

 

 


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Ex Power Minister who Allegedly Stole N33Bn Gets N10Bn Bail

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Saleh Mamman, former minister of Power, who was charged for a N33 billion fraud by the Economic and Financial Crimes Commission (EFCC) has been granted bail.

Ex Power Minister who Allegedly Stole N33Bn Gets N10Bn Bail

During a sitting on Friday, at the Federal High Court in Abuja, Mamman was granted N10 billion billion with two sureties in like sum.

Issuing the verdict, James Omotosho, chief judge, held that the sureties must be owners of landed properties within the Federal Capital Territory with a minimum valuation of N750 million.

The judge stated that the sureties must swear an affidavit of means and submit their three-year tax clearance certificates, adding that certified copies of the defendant and sureties’ bank statements and their most recent passport photograph must also be submitted.

In addition, the judge directed the defendant to turn in his international passport to the court’s registrar, stating that the registrar must confirm every document before the defendant is allowed to leave custody.

The court further ordered that the defendant be held in jail until all bail requirements were fulfilled and that the sureties could provide a bank guarantee or bond of N10 billion. The case has been adjourned until September 25, 2024.

On Thursday, July 11, the judge ordered the remand of the former minister at the Kuje Prison after his not-guilty plea to all the 12-count charges preferred against him. His lawyer, Femi Ate, a senior advocate, however, told the court that a bail application had been filed on behalf of his client.

Although the judge stated the bail application had not yet made it into the court file, the lawyer representing the EFCC, Adeyinka Olumide-Fusika, also a senior advocate, admitted that the application had been received.

Meanwhile, the defendant had collapsed outside the courtroom before the hearing on Thursday but was revived with the help of his lawyers and some medical personnel at the court.

 


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