Business News
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%.
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 Capital, IC Global Partners, and Illinois-based First MidWest Group.
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:
“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.
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.
Hospitality & Travel
FG lists approved COVID-19 test centres for international travellers, to sanction airlines over non-compliance
The NCAA also warned airlines to desist from flouting COVID-19 protocols.
The Federal Government has listed the approved COVID-19 test centres for international travellers. This was disclosed by the Federal Airports Authority of Nigeria (FAAN) via its Twitter handle on Monday.
According to the agency, some of the 68 centres are: EHA Clinics, The 54gene COVID-19 mobile laboratory, Medicaid Radio-diagnostics Centre, FCT Abuja; SynLab Ikeja, VI, Lekki; 54Gene Lekki, Medbury Medical Services, Imeja & Lekki; Clina Lancet, Maryland, and Biologix Medical Services, Anthony, Lagos, among others.
Approved #COVID-19 Test Centres For International Travelers.https://t.co/7wSiyfCm7G pic.twitter.com/73idKTEZrx
— Federal Airports Authority of Nigeria (@FAAN_Official) September 21, 2020
Also, the FG through the Nigerian Civil Aviation Authority (NCAA) has threatened to revoke the licenses of domestic airline operators over non-compliance with the COVID-19 protocols.
Director-General, NCAA, Mr Musa Nuhu, issued the warning in a letter to all operators (DG39/20), with reference NCAA/DG/AIR/11/16/267 on Monday.
Nuhu said the warning was made necessary because some domestic airlines had been flouting the protocols.
According to him, the continuous non-compliance with the COVID-19 protocols would attract severe penalties up to and including cancellation of approval to resume domestic operations.
He said: “It has been brought to the notice of the Nigerian Civil Aviation Authority that some domestic airline operators have not been complying with the COVID-19 protocols.
“These protocols were released through All Operators Letter (AOL) DG035/20 ref. NCAA/DG/AIR/ 11/16/260, dated Sept. 4 and an Advisory Circular (AC) NCAA-AC-AMS-006, also dated Sept. 4.
“Approval for resumption of domestic operations are predicated on compliance with the above protocols.”
Nuhu added that this was a warning to all domestic operators who were not in compliance to desist from such acts immediately.
Coronavirus
COVID-19 Update in Nigeria
On the 21st of September 2020, 195 new confirmed cases and 2 deaths were recorded in Nigeria.
The spread of novel Corona Virus Disease (COVID-19) in Nigeria continues to record increases as the latest statistics provided by the Nigeria Centre for Disease Control reveal Nigeria now has 57,437 confirmed cases.
On the 21st of September 2020, 195 new confirmed cases and 2 deaths were recorded in Nigeria, having carried out a total daily test of 1,162 samples across the country.
To date, 57,437 cases have been confirmed, 48,674 cases have been discharged and 1,100 deaths have been recorded in 36 states and the Federal Capital Territory. A total of 480,874 tests have been carried out as of September 21st, 2020 compared to 479,712 tests a day earlier.
COVID-19 Case Updates- 21st September 2020,
- Total Number of Cases – 57,437
- Total Number Discharged – 48,674
- Total Deaths – 1,100
- Total Tests Carried out – 480,874
According to the NCDC, the 195 new cases were reported from 11 states- Enugu (51), Gombe (40), Lagos (39), Plateau (23), FCT (15), Rivers (12), Kaduna (8), Ondo (3), Bauchi (2), Edo (1), Ogun (1).
Meanwhile, the latest numbers bring Lagos state total confirmed cases to 18,982, followed by Abuja (5,566), Oyo (3,254), Plateau (3,231), Edo (2,612), Kaduna (2,356), Rivers (2,255), Delta (1,799), Ogun (1,767), Kano (1,734), Ondo (1,600), Enugu (1,285), Ebonyi (1,038), Kwara (1,025), Abia (881), Katsina (848), Gombe (839), Osun (817), Borno (741), and Bauchi (691).
Imo State has recorded 562 cases, Benue (473), Nasarawa (448), Bayelsa (394), Jigawa (322), Ekiti (317), Akwa Ibom (288), Niger (254), Adamawa (234), Anambra (232), Sokoto (161), Taraba (95), Kebbi (93), Cross River (85), Zamfara (78), Yobe (75), while Kogi state has recorded 5 cases only.
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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. Also, on Monday 27th July 2020, the federal government extended the second phase of eased lockdown by an additional one week.
On Thursday, 6th August 2020 the federal government through the secretary to the Government of the Federation (SGF) and Chairman of the Presidential Task Force (PTF) on COVID-19 announced the extension of the second phase of eased lockdown by another four (4) weeks.
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Business
AfCFTA: Nigeria securing approval to ratify agreement – Trade Minister
The Minister revealed that Nigeria has set up a National Action Committee on AfCFTA.
Minister of Trade, Niyi Adebayo said Nigeria is currently in the process of securing approval to ratify the African Continental Free Trade Area (AfCFTA) agreement soon.
The Minister disclosed this during a meeting with the Secretary-General of the African Continental Free Trade Area(AfCFTA), Mene Wamkele on Monday.
The Honourable Minister @NiyiAdebayo_ , welcomed the Secretary General of the African Continental Free Trade Area(AfCFTA) Secretariat, H.E @MeneWamkele, to the Ministry today.
During the meeting, the Honourable Minister informed him that Nigeria has established … pic.twitter.com/vSDnNqcfmE
— FMITI Nigeria (@TradeInvestNG) September 21, 2020
Recall that Nairametrics reported last week Mr. Adebayo said that Nigeria is actively working to attract more foreign direct investments into key industries to meet the demands of the African Continental Free Trade Area (AfCFTA).
“As we gear up to meet the demands of the enlarged continental market which will be fostered by AfCFTA, we are actively working to attract more foreign direct investments into key industries,” the Minister said.
In today’s meeting, The Minister told the delegation that Nigeria has set up a National Action Committee on AfCFTA, which would implement Nigeria’s roll-out strategy in a bid to take advantage of the agreement. He added, “Nigeria is currently in the process of securing approval to ratify the agreement within the shortest possible time”.
The African Union announced in August that the first commercial deal of AfCFTA will be taking off on January 1, 2021.
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