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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.

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.

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

President Buhari calls for alignment of capacity, attraction of investments across power sector

President Buhari has called for the alignment of capacity and attraction of investments across components of the Power Sector’s value chain.

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President Muhammadu Buhari has called for the alignment of capacity and attraction of investments across the generation, transmission and distribution components of the Power Sector’s value chain.

This was disclosed by the Minister of Power, Engr Salam Mamman, who represented the President, in a speech read at the  launch of Eko Electricity DisCo’s Supervisory Control and Data Acquisition (SCADA) system in Lagos on Thursday.

He said, “We must ensure that there is an alignment of capacity and attraction of investments across the generation, transmission and distribution components of the Power Sector’s value chain.

“I acknowledge the Central Bank of Nigeria’s (CBN) financial support towards this project through the Nigeria Electricity Market Stabilization Facility granted in 2015. This facility significantly led to the successful completion of this project.

“My administration remains committed to addressing the liquidity challenges which are adversely affecting the Power sector’s viability. We have noted with grave concern: The increased fiscal burden on the Federal Government (FG) occasioned by the tariff shortfalls in the sector which are no longer sustainable.”

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Bottom line

It is obvious that the CBN’s Payment Assurance Facility (CBN PAF) targeted at supporting tariff shortfalls can no longer be extended and must be phased out to allow the sector’s financial independence.

The government is also aware that these tariff shortfalls sit on DisCos’ books and impair their ability to raise capital and invest.

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Corporate Press Releases

PAC Trustees webinar highlights seamless access to credit facilities for organizations  

The webinar was geared towards enlightening the general public about the necessary requirement for ensuring a smooth lending process for corporations irrespective of size.

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PAC Trustees Limited, a leading Trust company in Nigeria on Tuesday 24th November hosted financial experts in a conversation about the role of Corporate Trustees in Credit administration.

The one day-event, which held virtually, was geared towards enlightening the general public about the necessary requirement for ensuring a smooth lending process for corporations irrespective of size.

The Virtual discussion follows the announcement by the Central Bank of Nigeria (CBN) on the reduction of the benchmark interest rate to 11.5%, from 12.5% amongst other updates from the Monetary Policy Committee meeting held in September.

Kicking off the virtual event with his opening remarks, the Managing Director of PAC Trustees, Yinka Adegbola highlighted the current standing of PAC Trustees as a Corporate Trustee to many organizations including the Lagos state government, Ogun State government as well as the 50 Billion Agro Bond when he listed some of the services and products offered.

In his remark, he added that the role of credit administrators is only one of the many services the Trust company offers including products such as, PAC Celebrity Trust, PAC Diaspora Trust and PAC Education Trust can attest to this.

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Taking the first shot as a speaker at the webinar, Heritage Bank’s Acting Chief Risk Officer, Enterprise Bank Management, Kehinde Olugbemi began by stating the relevance of credit administrators in the borrowing process while emphasizing on the necessary qualities these administrators should possess which is mostly obtainable among Trust companies.

During his presentation, using significant scenarios, he reiterated the relevance of Trustees in credit administration. However, he urged Trust Organizations to stay abreast with regulations and governance guidelines.

Trust Companies inclusive of PAC Trustees are regulated by the Securities and Exchange Commission as well as other guidelines. There is therefore an expectation that they work within the confines of the law. As such, the Trust Administration Memo should explicitly capture salient issues and relevant administrative charges as dictated by governing regulations,” he declared.

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On his part, the Global Chairman, Tokunbo Orimobi Legal Group, Michael Orimobi, shed light on security documentation.

The astute commercial lawyer shared that, “nomenclature can be confusing and it has therefore become necessary to go into the substance of the document to actually understand what it is really referring to.”

He concluded by admonishing lawyers to not only focus on documentation but to most importantly advise clients on the appropriate transaction and security structure for the deal which often determines the documentation process and helps in avoiding the common problems of over-collateralisation and under-collateralisation.

Following the presentations, attendees of the virtual event were given the opportunity to ask questions, many of which were succinctly answered by Mr. Orimobi.

After which, the Executive Director of PanAfrican Capital Holdings Limited, Eric Okoruwa shared a vote of thanks with honourable accolades to attendees and panelists.

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PAC Trustees Limited is a wholly owned subsidiary of PanAfrican Capital Holdings Limited. Incorporated with the Corporate Affairs Commission and duly registered with the Securities & Exchange Commission (SEC), the organization focuses on providing Trust services in three (3) major areas – Private Trust, Public Trust and Corporate Trust

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A recording of the session can be found here https://bit.ly/2JaSbb4 using the code, FkTw7iO!

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Corporate Press Releases

Benefits of having an immutable ledger to the healthcare system

EHR Data’s vision is for both the healthcare industry and individual patients to benefit from the blockchain platform housing healthcare records.

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Technological progress has paved the way for advancements in medical science; and ample healthcare data that has made momentous contributions in the treatment of various diseases. However, there is still a lot more to be done. The current pandemic has shown everyone that data silos are not equipped to handle a huge amount of healthcare information. So many people are dying all over the world; and many of these can be prevented with enough transparent patient data within the healthcare sector.

In the latest Bitcoin news, on the second day of the CoinGeek Live conference, data platform EHR Data presented their concept of clinical healthcare data that are stored, shared and managed at an individual level on the blockchain, which is a globally distributed digital ledger.

Currently, healthcare data are stored and accessed only on private servers and transferred to third parties who request for the data. According to Chief Clinical Officer Cheryl Jorgenson, real-time clinical information cannot be accessed, clinical services cannot be tracked and there is nonexistent workflow integration in data structures at present. Patients also have no say in how their healthcare history is stored. Many even find themselves in a bind when trying to access their own personal healthcare data.

Blockchain Technology Used for Healthcare Data

Satoshi Nakamoto first used blockchain technology as an immutable database where all Bitcoin transactions are stored. It is distributed in that all nodes on the Bitcoin SV (BSV) network have a copy of the blockchain; and it is immutable because data recorded on the blockchain cannot be changed or altered.

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Headed by Jorgenson, Chief Scientist & Consultant Ron Austring and Director of Product Design Joseph Eckstein, EHR Data proposed that a marriage between healthcare data and blockchain technology is the solution to the lack of transparent healthcare data. This will then create the world’s biggest health data set. EHR Data envisions healthcare records to be stored at a personal level, meaning patients will have control over who can access their data, on what terms and for how long.

Healthcare data on the blockchain can have multiple uses through micro transactions and smart contracts. In building this blockchain platform, EHR Data said they hope to improve the way private healthcare data is accessed, managed and even monetized. This is certainly big Bitcoin news for blockchain technology to be used in such a relevant manner.

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Benefits of Housing Healthcare Data on the Blockchain Platform

EHR Data’s vision is for both the healthcare industry and individual patients to benefit from the blockchain platform housing healthcare records.

  • This data model is built with the capacity to assimilate to the various systems being used by hospitals and other medical organizations. Inter- and intra-operability of data is the main objective—being able to provide “a single source of truth powered by the BSV blockchain.”
  • Through the use of the BSV blockchain, which is highly scalable, this new data system can widen its range to more states, more countries and more drug types. It will consolidate healthcare data and systems into a more practical and accessible format.
  • Consumers of healthcare need not remain as mere consumers anymore. This proposed model allows patients to benefit from more positive health results and lowered healthcare costs brought about by an upgraded data structure. Individuals can also earn money by allowing medical and pharmaceutical institutions to gain access to their personal healthcare data for research and other uses.

This most recent Bitcoin news could not have come at a better time. With the ongoing pandemic, this proposed model of using the BSV blockchain to power a new healthcare data system not only serves to benefit national and global healthcare, but also provides individuals with a new source of income.

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