Drivers on e-ride hailing apps under the aegis of ‘Amalgamated Union of App-Based Transport Workers of Nigeria’ (AUATWON) have demanded a fare increase of 200% from ride-hailing companies which include Uber, Bolt, and Rida, amongst others following the increase in fuel price.

The Union expressed their concerns over the increase in fuel price which impacts earnings and affects the profitability of drivers. The call for a 200% increase is to cushion the effect of the removal of fuel subsidy, which they noted that trip fares should be set at a minimum of N2,000.

Speaking at a meeting held on Thursday by the AUATWON, the union leader Damola Adeniran said,

“Due to the lack of control over transportation prices offered to passengers, unlike independent cab drivers, branded taxi drivers, and bus drivers, the fuel price in different states across Nigeria have significantly impacted app-based transport workers.

“Moreover, there has been an alarming 200 percent increase in the prices of vulcanizers, motor spare parts, and labor costs. Consequently, the profitability of AUATWON members have been severely diminished by more than 300 percent, while the ride- hailing companies continue to charge between 20-25 percent commission leaving the hardworking workers in pain.”

The association said;

“All app companies should immediately set their commission at a flat rate of 10 percent or reduce their commission by 50 percent without any hidden charges, considering the uniform commission charges that have rendered their business unprofitable.

In addition to the price increase, the union demanded a reduction in the commission charged by app companies and asked for a 5% subsidy to cushion the effect of the fare increase on riders.

The union, therefore, insists that no app company should deactivate any of the drivers as a result of fuel subsidy removal or for carrying out their lawful business unless they fail to act on the union’s demands.

Investors King understands that the lingering fuel scarcity rocking the nation is taking a huge toll on the ride-hailing industry with many drivers unable to meet up with daily targets and scheduled loans for repayment. Owing to the non-availability of fuel, many drivers have resorted to buying from black marketers at very exorbitant prices.

On the other hand, thousands of working-class Nigerians who rely heavily on ride-hailing companies for their daily commuting are reportedly abandoning them for alternative transport modes, following the increase in the fare price.

Nigerian Breweries Plc has announced it was considering acquiring an 80% stake in Distell Wines and Spirits Nigeria Limited.

According to a disclosure signed by Uaboi Agbebaku, the company secretary, the brewer informed the group and the investing public that at a specially convened meeting of the Board of Directors held on 30th May 2023, the Board was presented with an offer from Heineken Beverages, South Africa.

The statement read in part, “Nigerian Breweries Plc hereby informs the Nigerian Exchange Limited and the investing public that at a specially convened meeting of the Board of Directors of the Company held on 30th May 2023, the Board was presented with an offer from Heineken Beverages (Holdings) Limited (Heineken Beverages) of South Africa, for NB to acquire Heineken Beverages’ majority interests (via Distell International Limited) in Distell Wines & Spirits Nigeria Limited (Distell Nigeria).”

The board has however resolved to consider the offer in detail with support from external legal and financial advisers before making a decision. It stated also that the outcome of the decision will be communicated in due course.

Notably, Distell Nigeria is a subsidiary of International Limited, which is 100% owned by Heineken Beverages. Its operations are in two folds namely; the Local production of wines (still and sparkling) and ciders and Importation of wines, spirits and flavoured alcoholic beverages from Distell Group in South Africa.

Founded in 2018 with its headquarters in Lagos, Nigeria, Distell International Limited owns 80% shareholding in Distell Nigeria. Its brand portfolio includes Amarula, JC Leroux, Nederburg, Drostdy Haf, 4th Street, Bain’s, Knights, Chamdor, Hunters and Savanna.

With a diverse portfolio of brands with rich provenance and authenticity geared toward enriching lives, its products are priced across the pricing continuum to cater to a broad spectrum of consumers.

Wema Bank has appointed Dr. (Mrs.) Oluwayemisi Olorunshola as its board’s Chairman as Mr. Babatunde Kasali, the current Board Chairman, prepares for retirement in compliance with the Bank’s Articles of Association.

Johnson Lebile, Company Secretary/General Counsel, Wema Bank disclosed this in a statement obtained by Investors King on the Nigerian Exchange Group.

Background of Dr. (Mrs.) Oluwayemisi Olorunshola

Dr. (Mrs) Oluwayemisi Olorunshola joined the Bank as a Non-Executive Director in year 2022 and until her new appointment, was the Chairman, of the Board’s Nomination and Governance Committee.

Prior to her joining the Bank, Dr. (Mrs) Olorunshola had worked with Unilever Nigeria Plc for fifteen (15) years with experience spanning across supply chain, business re-engineering and process management. She has over ten (10) years of boardroom experience and business management.

She possesses a B.Sc. degree in Education & Economics from the prestigious Obafemi Awolowo University, Ile Ife, a Master of Business Administration degree from University of Liverpool, UK, and a Doctorate degree in Business Administration from Walden University, USA.

She is a well trained professional in various aspects of business management and corporate governance practices from various training facilities such as Four Acres Training Facility, Unilever UK, FITC, Leishton Academy, H Pierson, and her work experience spans every aspect of supply chain including Business & Production Planning, Procurement, Distribution, Import & Export, and Logistics Services.

She is a lover of education. Her widely read publication on small business sustainability strategies published in the Journal of Functional Education (JFEAcademia), Proquest.com, and Academia.edu, has been referenced by many scholars.

Dr. Olorunshola is a Director and a fellow of the International Institute for African Scholars, Fellow, Institute of Management Consultants, Member, Institute of Directors, and a chartered member of the Nigerian Chartered Institute of Personnel Management. An ardent believer in community development and in pursuant of this interest, she is a volunteer in many civic activities where she has contributed greatly to the development of her community and other areas of influence.