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One year on, Gokada raises $5.3 million in first ever Series A funding

On-demand motorbike hailing service, Gokada, has raised a $5.3 million Series A capital funding to expand its operations and increase daily rides by 1000%.

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Barely one year and some months after bike hailing startup, GoKada, took Nigeria by storm, the company is already on its way to expansion with a $5.3 million Series A capital raise.

Rise Capital, a global investment firm that focuses on making expansion-stage investments in Internet businesses in Emerging Markets, led the Series A investment in conjunction with  Adventure CapitalIC Global Partners, and Illinois-based First MidWest Group.

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Meanwhile, as part of the capital raise agreement, Nigerian entrepreneur and Co-Founder of Jobberman, Ayodeji Adewunmi will be joining Gokada as a Co-CEO.

How the funding will be deployed: Gokada plans to use the fund to increase its fleet and ride volume, and at the same time, develop a network that offers goods and services to its drivers.

The fund is also aimed at increasing daily rides by 1000 percent, and acquisition of local talents. According to Gokada‘s Co-Founder, Fahim Saleh:

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“We’re going to start a Gokada club in each of the cities with a restaurant where drivers can relax, and we’ll experiment with a Gokada Shop, where drivers can get things they need on a regular basis, such as plantains, yams, and rice.”

Gokada’s success story: Following its establishment early last year, Gokada has already acquired approximately 1,000 motorcycles that are manned by trained, insured and verified drivers, kitted out with helmets which are DOT (US Department of Transportation) approved and certified.

The company has also completed nearly one million rides since inception, getting riders to their destination 50 percent quicker than travel by car.

With combined app downloads of close to 200,000, Gokada currently ranks as the most popular motorcycle-hailing app in Nigeria and a top 100 app, overall.

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About Gokada: Gokada is an on-demand motorbike hailing service headquartered in Lagos, Nigeria. Customers can order a motorbike ride through the company’s website, or by using the company’s geo-location -based smartphone Gokada mobile app.

It was founded in 2018 by Nigerian entrepreneurs. The service was launched originally and started operations in Yaba Axis of Lagos state and has since extended their operations to Victoria Island – Lekki Axis Lagos, Nigeria.

The company uses bikes with engine capacities of 200 cc and above meeting government standards for load-bearing on major Lagos roads.

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Patricia

Famuyiwa Damilare is a trained journalist. He holds a Higher National Diploma (HND) in Mass Communication at the prestigious Nigerian Institute of Journalism (NIJ). Damilare is an innovative and transformational leader with broad-based expertise in journalism and media practice at large. He has explored his proven ability in the areas of reporting, curating and generating contents, creatively establishing social media engagements, and mobile editing of videos. It is safe to say he’s a multimedia journalist.

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Energy

NNPC quells fears over leaking Lagos pipeline

The Corporation says it was on the last stage of completing repairs which includes hydro testing.

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The Nigerian National Petroleum Corporation (NNPC) urged Nigerians to ignore reports of a possible fire outbreak from a vandalized pipeline at Aboru Canal in Alimosho Local Government Area of Lagos state. 

“There is no such hazard as the line in question has since been shut down for repairs and presently contains only water,” NNPC said. 

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NNPC said that the Atlas Cove-Mosimi stretch of the system 2B pipeline was shut down on June 25, 2020, to enable the comprehensive maintenance of some segment of the pipeline. 

The Corporation says it was on the last stage of completing repairs which includes hydro testing (a process of pumping water through the entire pipeline to leak detection and for integrity tests). 

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Revealing that they stopped pumping water 9:27 am Thursday morning to enable necessary repairs after patrol team made a report about leakage at a point in the Aboru Canal. 

NNPC urges residents of the community to remain calm “as there is no possibility of a fire erupting from the leakage point”. 

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Real Estate and Construction

FIRS introduces stamp duty on house rent and C of O transactions

FIRS explained that the new policy was necessary so as to give the instruments the legal backing required.

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FIRS introduces stamp duty on house rent and C of O transactions

The Federal Inland Revenue Service (FIRS), as part of measures to reduce disputes in real estate related transactions and generate more revenue, has announced that stamp duty will be paid on house rent and Certificate of Occupancy (C of O), in line with its new adhesive duty.

This was disclosed in a press statement by the FIRS Director for Communication and Liaison Department, Mr Abdullahi Ahmad, in Abuja, on Thursday July 2, 2020, as reported by the News Agency of Nigeria (NAN).

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READ MORE: Devaluation: Experts highlight trends clouding economy’s growth in 2020 

He explained that the new policy was necessary so as to give the instruments the legal backing required, and make them legally binding on all parties involved in such transactions.

Consequently, Ahmad asked Nigerians to ensure that documents that relate to rent and lease agreements for homes or offices, C of O, and other common business-related transaction instruments were authenticated with the new FIRS Adhesive Stamp Duty.

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While quoting the Executive Chairman of FIRS, Ahmed said, “The following are the chargeable transactions in the Fixed Duty Instruments category, Power of Attorney (PoA), Certificate of Occupancy (C of O), Proxy form; Appointment of Receiver, Memorandum of Understanding (MoU), Joint Venture Agreements (JVA), Guarantor’s form, and Ordinary Agreements Receipts.

READ MORE: FIRS tightens noose on deduction of stamp duty, CIT, others 

“While ad-Valorem Instruments chargeable under the Stamp Duties Act are Deed of Assignment, Sales Agreement, Legal Mortgage or Debentures, Tenancy or Lease Agreement, Insurance Policies, Contract Agreements, Vending Agreement, Promissory Notes, Charter-Party and Contract Notes.

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“Stamp duty is basically charged in two forms, either ad valorem where duty payable is a percentage of the consideration on an instrument or a fixed sum irrespective of the consideration on dutiable instrument or document.’’

It can be recalled that a few days ago, an Inter-Ministerial Committee on Audit and Recovery of Back Years Stamp Duties was inauguated; the new FIRS Adhesive Stamp Duty was introduced then. The committee consists of representatives from the FIRS, the CBN, the Federal Ministry of Justice and the Federal Ministry of Finance, Budget and National Planning.

The committee is tasked primarily with enforcing those sections of the Stamp Duties Act that empower the Federal Government to recover stamp duties, as well as the accompanying fines and penalties for up to 5 years.

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The back-years recovery is targeted mostly at financial institutions like deposit money banks, Nigerian Interbank Settlement System (NIBSS), Central Securities Clearing System (CSCS), Corporate Affairs Commission (CAC) and so on, in respect of stamp duties already collected but not yet remitted.

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Coronavirus

COVID-19 Update in Nigeria

On the 2nd of July 2020, 626 new confirmed cases and 13 deaths were recorded in Nigeria bringing the total confirmed cases recorded in the country to 27,110.

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The spread of novel Corona Virus Disease (COVID-19) in Nigeria touched a new milestone as the latest statistics provided by the Nigeria Centre for Disease Control reveal Nigeria now has 27,110 confirmed cases.

On the 2nd of July 2020, 626 new confirmed cases and 13 deaths were recorded in Nigeria, having carried out a total daily test of 3,063 samples across the country.

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To date, 27110 cases have been confirmed, 10801 cases have been discharged and 616 deaths have been recorded in 35 states and the Federal Capital Territory. A total of 141,525 tests have been carried out as of July 2nd, 2020 compared to 138,462 tests a day earlier.

COVID-19 Case Updates- 2nd July 2020

  • Total Number of Cases – 27,110
  • Total Number Discharged – 10,801
  • Total Deaths – 616
  • Total Tests Carried out – 141,525

According to the NCDC, the 626 new cases were reported from 20 states- Lagos (193), FCT (85), Oyo (41), Edo (38), Kwara (34), Abia (31), Ogun (29), Ondo (28), Rivers (26), Osun (21), Akwa Ibom (18), Delta (18), Enugu (15), Kaduna (13), Plateau (11), Borno (8), Bauchi (7), Adamawa (5), Gombe (4), Sokoto (1).

Meanwhile, the latest numbers bring Lagos state total confirmed cases to 10,823, followed by Abuja (2,020), Oyo (1,432), Kano (1,257), Edo (1,203), Delta (1,149) Rivers (1,114), Ogun (898),  Kaduna (818), Katsina (578), Bauchi (512), Gombe (511), Borno (501), Ebonyi (438), Plateau (393), Ondo (353), Imo (352), Abia (351), Enugu (342), Jigawa (318).

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Kwara state has recorded 269 cases, Bayelsa (234), Nasarawa (213), Sokoto (152), Osun (148), Niger (116), Akwa Ibom (104), Adamawa (89), Kebbi (81), Zamfara (76), Anambra (73), Benue (65), Yobe (61), Ekiti (43), Taraba (19), while Kogi state has recorded 4 cases.

 

READ ALSO: COVID-19: Western diplomats warn of disease explosion, poor handling by government

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Lock Down and Curfew

In a move to combat the spread of the pandemic disease, President Muhammadu Buhari directed the cessation of all movements in Lagos and the FCT for an initial period of 14 days, which took effect from 11 pm on Monday, 30th March 2020.

The movement restriction, which was extended by another two-weeks period, has been partially put on hold with some businesses commencing operations from May 4. On April 27th, 2020, Nigeria’s President, Muhammadu Buhari declared an overnight curfew from 8 pm to 6 am across the country, as part of new measures to contain the spread of the COVID-19. This comes along with the phased and gradual easing of lockdown measures in FCT, Lagos, and Ogun States, which took effect from Saturday, 2nd May 2020, at 9 am.

On Monday, 29th June 2020 the federal government extended the second phase of the eased lockdown by 4 weeks and approved interstate movement outside curfew hours with effect from July 1, 2020.

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READ ALSO: Bill Gates says Trump’s WHO funding suspension is dangerous

DateConfirmed caseNew casesTotal deathsNew deathsTotal recoveryActive casesCritical cases
July 2, 2020271106266161310801156937
July 1, 2020264847906031310152157297
June 30, 202025694561590179746153587
June 29, 20202513356657389402151587
June 28, 20202486749056579007149957
June 27, 20202407777955848625148947
June 26, 20202329868455458253144917
June 25, 20202261459454977822142437
June 24, 20202202064954297613138657
June 23, 20202137145253387338135007
June 22, 20202091967552577109132857
June 21, 202020242436518126879128477
June 20, 202019808661506196718125847
June 19, 202019147667487126581120797
June 18, 20201848074547566307116987
June 17, 202017735587469145967112997
June 16, 202017148490455315623110707
June 15, 20201665857342445349108857
June 14, 202016085403420135220104457
June 13, 20201568250140785101101747
June 12, 20201518162739912489198917
June 11, 2020145546813875449496737
June 10, 20201387340938217435191407
June 9, 2020134646633654420688937
June 8, 2020128013153617404084007
June 7, 20201248626035412395981737
June 6, 2020122333893429382680657
June 5, 20201184432833310369678157
June 4, 2020115163503238353576467
June 3, 2020111663483151332975227
June 2, 20201081924131415323972667
June 1, 20201057841629912312271579
May 31, 20201016230728714300768687
May 30, 2020985555327312285667267
May 29, 202093023872612269763447
May 28, 202089151822595259260647
May 27, 202087333892545250159787
May 26, 2020834427624916238557107
May 25, 202080682292337231155247
May 24, 202078393132265226353607
May 23, 202075262652210217451317
May 22, 2020726124522110200750337
May 21, 2020701633921111190748987
May 20, 202066772842008184046377
May 19, 202064012261921173444757
May 18, 202061752161919164443407
May 17, 202059593881826159441837
May 16, 202056211761765147239737
May 15, 202054452881713132039544
May 14, 202051621931683118038154
May 13, 202049711841646107037374
May 12, 20204787146158695936704
May 11, 202046412421521090235894
May 10, 202043992481421777834794
May 9, 202041512391271174532784
May 8, 202039123861181067931154
May 7, 20203526381108460128184
May 6, 20203145195104553425071
May 5, 2020295014899548123704
May 4, 2020280224594641722912
May 3, 2020255817088240020702
May 2, 20202388220861735119522
May 1, 20202170238691035117512
April 30, 2020193220459731715562
April 29, 2020172819652730713692
April 28, 2020153219545425512322
April 27, 20201337644102559942
April 26, 20201273914152399942
April 25, 20201182873632229252
April 24, 202010951143312088552
April 23, 20209811083231977532
April 22, 2020873912931976482
April 21, 20207821172631975602
April 20, 2020665382311884662
April 19, 2020627862221704362
April 18, 2020541482021663562
April 17, 2020493511841593172
April 16, 2020442351311522772
April 15, 2020407341211282672
April 14, 202037330111992632
April 13, 202034320100912422
April 12, 20203235100852282
April 11, 202031813103702382
April 10, 20203051770582402
April 9, 20202881471512302
April 8, 20202742260442262
April 7, 20202541661442042
April 6, 2020238650351982
April 5, 20202321851331942
April 4, 2020214540251850
April 3, 20202092542251800
April 2, 20201841020201620
April 1, 2020174352091630
March 31, 202013982091280
March 30, 2020131202181210
March 29, 2020111221031070
March 28, 20208919103850
March 27, 2020705103660
March 26, 20206514102620
March 25, 2020517102480
March 24, 2020444102410
March 23, 20204010112370
March 22, 2020308002280
March 21, 20202210001210
March 20, 2020124001110
March 19, 20208000170
March 18, 20208500170
March 17, 20203100030
March 16, 20202000020
March 15, 20202000020
March 14, 20202000020
March 13, 20202000020
March 12, 20202000020
March 11, 20202000020
March 10, 20202000020
March 9, 20202100020
March 8, 20201000010
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March 5, 20201000010
March 4, 20201000010
March 3, 20201000010
March 2, 20201000010
March 1, 20201000010
February 29, 20201000010
February 28, 20201100010

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