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E-logistics firm, Kobo360 raises $30 million

Kobo360, an e-logistics hauling firm has raised the sum of $30 million dollars to help vehicle owners and cargo recipients.

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Kobo360

Kobo360, an e-logistics hauling firm has raised the sum of $30 million dollars to help vehicle owners and cargo recipients.

The funding is a collective effort of a $20 million Series A equity round backed by Goldman Sachs and a $10 million working capital acquired from Nigerian banks.

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Kobo360 is the beneficiary of a Series A funding from Asia Africa Investment and Consulting, TLcom Capital, Y Combinator and the International Finance Corporation.

Value extension: Kobo360 is looking to extend its services, from providing hauling services for articulated vehicles to delivery, while extending its operation to 10 new countries beyond the reach of Kenya and a vibrant West African market trio of Nigeria, Togo and Ghana. It also plans to hire 25,000 drivers to power their ever-growing fleet.

To be able to achieve this growth expansion, Kobo360 is looking to explore the African’s Continental Free Trade Area Agreement (AfCTA), signed by all African countries to promote Pan-African economic activities.

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[READ ALSO: Gokada suspends operation in Nigeria two years after establishment]

With a renewed interest of customer service in the era of innovation, Kobo360 launched its app with a view to offering services in pidgin and Hausa, making it easy for users to communicate effectively and take advantage of their products.

New products added: They have also added KoPay, KoboSafe Insurance and KoboCare – a range of services that stretches from driving services to insurance and HMO packages.

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Global outlook: With the company’s growing interest in mobile technology, it is looking to make use of a certain part of the $30 million funding to create a global logistics operating system tagged GLOS making the company’s services global in its outlook.

“We are definitely thinking global, we just want to make sure we close out our home market first,” Obi Ozor, Co-founder of Kobo360 said.

Launched by Obi Ozor and Ife Oyedele, Kobo360 is a hub that connects shippers and transporters. As a digital logistics platform, it harmonizes hauling efforts to help cargo owners, truck owners and drivers to enjoy free flow in the supply of service.

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[READ ALSO: Ebola: NCAA warns Airline operators to be on the alert]

Patricia

Reincarnated as a lover of stocks, Angel investors, seed funds, and anything aligned to tech or startups raising money, Joseph's work at Nairametrics involves following the money to wherever it leads. Before joining Nairametrics, he won an investigative journalism fellowship with ICIR, appeared in several national dallies, with hard-hitting opinions, features and investigative pieces. He has also engaged in content marketing and copywriting for a top e-commerce firm in Nigeria.

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Energy

FG approves new board for NLNG, BGT

The change was necessary because the current board members had been in office since 2005.

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Federal Government has approved the newly reconstituted boards of Nigeria Liquified Natural Gas(NLNG) and Bonny Gas Transport Limited (BGT).

This was disclosed in a statement issued by the Minister of State for Petroleum Resources, Chief Timipre Sylva, in Abuja on Monday.

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According to him, the new board, which was approved by President Muhammadu Buhari, was necessary because the current board members had been in office since 2005.

He disclosed that the new board members for the NLNG include Dr Edmund Daukoru as Chaiman, Mr Henry lkem-Obih as a Member and Dr Rabiu Sulaiman as a Member.

Other Members include the Group Managing Director of the Nigerian National Corporation (NNPC), Malam Mele Kyari and the Permanent Secretary, Ministry of Petroleum Resources, Mr Bitrus Nabasu.

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He also said that Daukoru was also approved as the President of the Board of BGT while Doyin Akinyanju and Abdul Abba are members.

The minister noted that Kyari and Nabasu were also members of the board.

“I will like to use this opportunity to thank the chairman and other outgoing board members of NLNG for steering the companies to record successes, particularly the Train 7 FID.

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“l wish the exiting members good health and more successes in their future endeavors.

“To the incoming members of the board, I congratulate you on this appointment; your selection is based on your experience, integrity and expertise.

“I, therefore,urge you to bring all these to bear in the discharge of your responsibilities in line with the progressive agenda of Mr President,” he said.

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The News Agency of Nigeria(NAN) reports that some of the new board members had worked in the industry in the past.

Daukoru was a former Minister of State for Energy and also Secretary General of the Organisation of the Petroleum Exporting Countries in 2006.

He became the Amayanabo, or traditional ruler, of Nembe Kingdom in 2008.

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Also, Ikem-Obih was a former Chief Operating Officer, Downstream of the NNPC and Rabiu a former Group Executive Director at the corporation.

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Hospitality & Travel

Passengers can now arrive 90 minutes before departure for domestic flights – FG

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international passengers, Coronavirus: FG enforces immediate screening of travellers at airports with new directive

The Federal Government has announced the reduction of arrival time for passengers from three hours to one hour and a half before departure for domestic flights.

This was disclosed in a tweet post by the Minister for Aviation, Hadi Sirika, through his Twitter handle on Monday, July 13, 2020.

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The minister said that the decision was arrived at after they have reviewed passenger facilitation at the airport while noting that passengers should check-in online.

In the tweet post, Sirika said, ‘’My colleagues and I have reviewed passenger facilitation at our airports, consequently I am happy to announce that, henceforth travellers are to arrive one hour and half before their departure time for domestic flights. Travellers are advised to check-in online, please.’’

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It can be recalled that the Federal Airports Authority of Nigeria (FAAN) had earlier in June issued flight resumption protocol for both international and local passengers across the country, advising passengers to arrive at the airport three hours before their time due to the new COVID-19 safety checks for domestic flight operations and five hours for international flight operations.

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Economy & Politics

Seyi Makinde Proposes N3 billion investment plan for water supply

The local governments in Oyo are advised to submit a list of 10 faulty boreholes in the LG. 

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Seyi Makinde Proposes N3 Billion plan for water supply

The Governor of Oyo State, Seyi Makinde announced the proposal of a N3 billion investment plan dedicated to water supply in rural and urban areas of the state.

Speaking through the Chairman of Rural Water Supply and Sanitation Agency (RUWASSA), Mr. Najeem Omirinde in Ibadan on Monday, he added that N500 million of the N3 billion would be used for repairing broken and faulty state-owned boreholes.

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All Chairmen of each of the Local Governments in Oyo are advised to submit a list of 10 faulty boreholes in the Local governments.

The Oyo State governor also ordered that all new boreholes must be compliant with solar-powered pumps, to enable their longevity and save costs.

Urging residents to patronize the agency if they need to dig up boreholes for water, citing that it would be cheaper if done through the state agency than with private drilling companies.

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Minister of Finance, Zainab Ahmed stated last year that Nigeria needs an estimated N36 trillion annually for the next 30 years to solve Nigeria’s infrastructure problem. The investment, although a tiny fraction of what Nigeria needs is a bold step by the Oyo State government.

 

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