Connect with us

News

Plentywaka Secures $300,000 Investment, Launches In Abuja

Published

on

Kindly share this post

Plentywaka, the transport startup, has raised a $300,000 pre-seed investment led by EMFATO, Microtraction and Niche Capital. Plentywaka will use the investment to continue to transform the transport system in Nigeria with improved mapping technology and expand into Abuja and other Nigerian states.

 

Following the rapid success of its e-hailing bus service in Lagos, the startup is launching in Abuja with five routes and free travel for a week.

With 70% of people in Nigeria’s capital relying on public transport and in the absence of a robust transport system, Plentywaka has identified a significant gap for a more reliable and efficient bus service in the city. Routes for the Plentywaka branded vehicles will include the busy Lugbe to Area 1.

Since their launch in September 2019, Plentywaka has built a platform of over 40,000 customers, reaching a milestone of 100,000 rides after just 6 months.

As a direct response to the challenges of COVID-19, the startup has also launched solution-driven services such as Logistics by Plentywaka and its Staff Bus Solutions.

The new company’s success is attributed to solving the issues of movement with a hassle free alternative that is steered by technology.

Discussing the investment and launch, Johnny Enagwolor, Plentywaka’s Managing Director and Co-Founder, said “Securing investment and expanding into Abuja within our first year, in the midst of a pandemic speaks volumes of the demand for the service we provide. We are excited to have investment partners on board that see and believe in our vision.

An efficient transport system is fundamental to the prosperity of any city and we believe safe, convenient and comfortable travel should not just be for the few; but for everyone. Plentywaka in Abuja brings us closer to transforming transport in Nigeria, one state at a time.”

The easy-to-use Plentywaka app, available on Google Playstore and IOS App store, requires just a two-step process to schedule a journey and book a seat for convenient movement around the city.

The new funding will build on its customer experience with developments to the app’s mapping technology to provide more precise tracking for journeys. As well as this, faster and simpler payment options will be introduced to pay for the various Plentywaka services aided by new partnerships with fintech platforms.

With COVID-19 still a concern, commuters can expect all buses to be regularly fumigated, free hand sanitisers stocked on board, and a no-mask, no-entry policy, as part of the safety measures being implemented, in line with government regulations.

Additionally, the Waka Purse, the e-wallet payment feature on the Plentywaka app, removes the need to exchange cash on the buses, further eliminating the risk of transmission.

Speaking on the investment, Dayo Koleowo, Partner at Microtraction, says “Plentywaka’s rapid growth since they launched Q3 last year has been tremendous so far. We are glad to be partnering with a very strong team that is passionate about providing convenience, safety, and comfort to everyday commuters.

The distressful and uneasy experience by the majority of these commuters, especially in large cities is evident. We are backing the Plentywaka team to change that experience for commuters progressively by creating a transport system that is efficient”

Plentywaka is currently looking for partners to bring their vehicles on board to join the Plentywaka Vehicle Partnership scheme. The startup is looking to work with individuals, corporates and state governments to expand its technology and fleet to provide better transportation services.

 


Kindly share this post
Continue Reading
Comments

News

Inlaks CEO, Femi Adeoti, Wins Top CEOs & Next Bulls Award

Published

on

Kindly share this post

Femi Adeoti, managing director and CEO, Inlaks, Africa’s foremost Information Technology and Infrastructure solutions provider in West Africa, has been announced as a winner of the 2020 Top CEOs & Next Bulls Awards organised by Business Day Media Limited in collaboration with the Nigerian Stock Exchange (NSE).

The MD/CEO whilst receiving the award dedicated it to the management and staff of Inlaks for their relentless service even during these trying times.

He also appreciated the board of the organization that drove changes within the organisation particularly in the pandemic which led to the company being recognized and the customers who have continued to support Inlaks while being ambassadors of all Inlaks’ solutions.

The CEO and Next Bulls awards, the sixth in its series, recognizes the CEOs of listed companies creating competitive shareholder value through sound strategy, disciplined execution and world class governance. In addition, it celebrates chief executives of quoted companies that have demonstrated the most impressive gains in both share price and service delivery.

Themed “Advancing Against all Odds,” this year’s award particularly recognised businesses that have been thriving in spite of the global harsh economic realities.

According to the organisers of the award, the indomitable Next Bulls are the CEOs raging forward at a time when many businesses are choosing to retreat, thus acknowledging Adeoti’s good leadership in the area of corporate governance, innovation and service delivery.

The CEOs award celebrates the CEOs of successful, privately-owned indigenous companies built by Nigerians, led by Nigerians and poised to lead their categories on the continent.

Established in 1982, Inlaks is Africa’s leading Information Technology systems integrator with presence in Nigeria, Ghana, Kenya, Gambia, Sierra Leone, Guinea, Liberia and Cameroon. As solutions provider, it offers core banking, agency banking, fraud management, cyber-security, cloud, data centre, enterprise risk management and software solutions.

Part of the criteria for selecting winners of this year’s awards held virtually on September 5, are stock price appreciation, Profit After Tax (PAT) growth, an unblemished regulatory compliance record, and positive marketplace reputation among customers in the period under review.

Winners are also selected based on significant interest shown by active and informed investors on the Nigerian Stock Exchange to invest in their stock should their boards ever decide to take them public.


Kindly share this post
Continue Reading

News

Transcorp Hotels Hard Hit by COVID-19, Mulls Restructuring

Published

on

Kindly share this post

The novel COVID-19 pandemic has caused the African Hotel and Tourism industry to lose over $50bn in revenue.

Transcorp Hotels Hard Hit by COVID-19, Mulls Restructuring

Dupe Olusola, MD, Transcorp Hotels

Amidst this, Transcorp Hotels Plc has suffered unprecedented losses and is looking to restructure the business strategy of its hotels and optimize its operations.

The management of Transcorp Hotels Plc has announced that it will be taking steps to ensure business continuity in the wake of the losses recorded due to the COVID-19 pandemic.

To this end, the hotelier is diversifying its portfolio and reducing its workforce as part of its cost management initiatives.

Mrs Dupe Olusola, managing director, Transcorp Hotels Plc, disclosed this during a Press Conference on Thursday saying “The impact of COVID-19 on the business is like nothing the company has ever witnessed. The hotel and hospitality industry in Nigeria has never faced a crisis that brought travel to a standstill, including the Ebola Virus Outbreak of 2014 and the recession of 2015. The slow pick up of international travel, restriction on large gatherings, the switch to virtual meetings and fear of the virus, has drastically reduced demand for our hotels and occupancy levels to its lowest of less than 5%.”

According to her “Despite the losses incurred we have fulfilled our obligations to staff. At the inception of the pandemic, we maintained a 100% salary payment to our over 900 employees in March and April. We also activated various cost-saving initiatives such as renegotiations of service contracts and restructuring of our loans. We suspended further commitment to buy fixed assets and operating equipment as well as reducing our energy consumption and maintenance costs. Despite undertaking these, it has become apparent that more fundamental changes need to be made for the business to survive. To this end, our workforce headcount will be reduced by at least 40%, and our reward system will be optimized.”

Mrs Olusola further disclosed that negotiations are ongoing to ensure that our colleagues who will be impacted are adequately compensated given the peculiarities of the economy at this time.

A health insurance package to reduce their health burden costs, especially during the pandemic, amongst other payment settlements, will be activated.

Equally, all Executives of Transcorp Hilton Abuja have now taken a pay cut.

As one of the leading hospitality brands in Africa, Transcorp Hotels Plc has stated its commitment to uphold service standards and ensure that all guests continue to experience the warmth and hospitality that it is known for.


Kindly share this post
Continue Reading

News

LCCI Announces Date for Virtual Edition of ICTEL Expo

Published

on

Kindly share this post

The Lagos Chamber of Commerce and Industry (LCCI), the premier Chamber of Commerce and a leading voice in the organised private sector (OPS) in Nigeria, is set to host the 6th edition of the Information, Communication, Technology and Telecommunications (ICTEL) Expo.

The tech event is scheduled to take place virtually on Tuesday 22ndand Wednesday 23rd September at 9am daily. To this end, interested participants are urged to register online via www.ictelexpo.com.ng

Muda Yusuf, director general of the Lagos Chamber of Commerce and Industry (LCCI) said: “The ICTEL EXPO is positioned to be a veritable platform for both operators and regulators to network, showcase and explore with technology with the view to repositioning the ICT sector of the economy.”

Yusuf added “that this year’s edition promises to be the best ever in the series with the theme “Exploring Opportunities in the Digital Economy” This is intended to create a platform to discuss strategies for economic diversification and business sustainability with particular focus on ICT, especially with the current challenges posed by the COVID-19 pandemic. There would also be virtual conferences and exhibition during the two-day event.

Yusuf also emphasized that relevant agencies and departments of Government will be exhibiting and attending to other exhibitors and participants.

He stated that the Government Ministries, Departments and Agencies that have confirmed attendance to participate are Ministry of Communications; Nigerian Communications Commission (NCC) amongst others.

In addition, the Honourable Minister of Communications and Digital Economy, Dr. Isa Ali Pantami and the Executive Vice Chairman, Nigerian Communications Commission, Prof. Umar GarbaDanbatta, are expected as Special Guests.

Mrs. Funke Opeke, managing director, MainOne Cable and chairman, Presidential Committee on National Broadband Plan, is expected to deliver the Keynote Address on the first day.

While Mr. Victor Eburajolo, deputy group managing director, Kewalram Group, will be delivering the Keynote Address on the second day at the virtual Expo.

Yusuf stated that “so far, so good the excitement that the virtual Expo has generated has been phenomenal and we are indeed happy about it.”


Kindly share this post
Continue Reading
Advertisement

Social

Advertisement
Advertisement
Advertisement
Advertisement
Advertisement
Advertisement

Trending