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MAX, Africa’s First Mobility Tech Platform, Reaches 100 Million KM Milestone

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Metro Africa Xpress Inc. (“MAX”) – Africa’s first mobility technology platform – announces its drivers have completed over 100 million KM of journeys.

To put the milestone in perspective, drivers using MAX have travelled a distance equivalent to the Earth to the Moon, and back, over 130 times.

MAX is Africa’s largest, low-to-zero emission vehicle subscription and mobility platform. Founded in 2015 by Adetayo Bamiduro and Chinedu Azodoh, MAX’s mission is to disrupt Africa’s transportation sector via smart technologies. The Company is building the rails for mobility in Africa by delivering integrated, affordable and collateral-free vehicle subscription packages including low to zero-emission vehicles, healthcare, insurance, maintenance, and licensing. This helps drivers maximise their revenues and minimise costs while providing material benefits of improved availability, journey times and safety to their customers.

MAX’s innovative technology platform leverages alternative data sets to power driver onboarding, dynamic credit assessment, fleet optimization, digital payments and advanced risk management. The Company has pioneered this operating model and its technology is powered in partnerships with global OEMs such as Yamaha, ride-hailing platforms such as Bolt, financial services strategic partners, payment infrastructure providers and clean energy providers.

MAX’s market is over 15 million independent commercial drivers across Africa’s $250 billion mobility industry, and the company has grown rapidly. Currently, it serves over 15,000 drivers, with over 50,000 prospective drivers in the pipeline.

MAX aims to scale its current fleet of 8,000 vehicles – including the revolutionary M3 Electric Motorcycle – to 100,000 by the end of 2023, and to grow its footprint to 10 cities across Africa.

Adetayo Bamiduro, co-founder and Chief Executive Officer at MAX, said: “We are extremely pleased to announce MAX drivers have completed over 100 million KM in our vehicles and using our platform. We are also very proud to have helped them make a significant contribution to their lives and our economy. It is another significant milestone in MAX’s growth journey and further validates our business model and vision. It coincides with a very exciting time for the Company as we look to scale our current fleet and anticipate new market entries by the end of 2023.

 “This achievement demonstrates the impact MAX is having in Africa, by powering transportation and driving economic growth, but also how we are making mobility safer, more affordable, accessible and sustainable across the continent.”

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Merger and Acquisition

Access Bank Plans Expansion Into Angolan Market

Access Holdings Plc has announced its planned acquisition of  a 51 percent majority equity stake in Angolan Bank, Finibanco.

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Access Holdings Plc has announced its planned acquisition of  a 51 percent majority equity stake in Angolan Bank, Finibanco.

Investors King learnt that Access Bank Plc is expanding its presence to Angola through the acquisition of a 51 percent stake in Finibanco.

The acquisition of Finibanco was disclosed in a filing to the Nigerian Exchange Limited by Access Holdings Plc.

Finibanco is a full-service commercial bank with over 20 branches and around $300 million in total assets in Angola.

According to Access Holding Secretary, Mr Sunday Ekwochi, the Angolan market as the sixth largest economy in Africa and the seventh largest country overall, with a vast and diversified natural resource base and a growing population, represents a strong potential for the bank’s growth aspirations

The Secretary further stated that the transaction is subject to regulatory approvals in Nigeria and Angola. The transaction is expected to be completed during the first half of 2023. This will however be subjected to customary conditions.

Access Bank has been on an acquisition spree since the beginning of 2021. The acquisition of a majority stake in Finibanco makes it Access’s sixth acquisition in the last 18 months.

In June 2022, it acquired a $37 million stake in Kenya Sidian Bank. Other acquisitions include African Banking Corporation of Botswana Limited, African Banking Corporation Zambia Limited, as well as Cavmont Bank.

Access bank is one of the leading banks in Nigeria. As a commercial bank, it operates through a network of more than 700 branches and service outlets, spanning 3 continents, 17 markets and 45 million customers.

The lending bank employs 28,000 people in its operations in Nigeria and has subsidiaries in sub-Saharan Africa and the United Kingdom. It also has a branch in Dubai, UAE and representative offices in China, Lebanon and India.

As at 31 March 2022, Access Bank had total assets of approximately US $28.8 billion.

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Kogi Government Seals Dangote’s Largest Cement Factory

The largest cement factory in Nigeria owned by Aliko Dangote, the richest black man, has been shut down by the Kogi State Internal Revenue Service (KGIRS) for tax evasion and acquisition controversy.

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Dangote Cement Obajana 1

The largest cement factory in Nigeria owned by Aliko Dangote, the richest black man, has been shut down by the Kogi State Internal Revenue Service (KGIRS) for tax evasion and acquisition controversy.

A staff, who works at Dangote Cement factory in Obajana, Kogi State, confirmed the development, saying “in fact, I’m on my way home as we speak”.

The decision, which was obviously backed by the Kogi State House of Assembly, was supported by Kingsley Fanwo, the Kogi State Commissioner for Information, who said the decision was taken after an investigation was conducted into the acquisition of Obajana Cement Company by Dangote.

He said: “Pursuant to the Constitutional authorities of the Kogi State House of Assembly, and upon petition by the people of Kogi State, an investigation was carried out on the acquisition of Obajana Cement Company by Dangote Company.

“It was found that no valid acquisition took place, as Dangote could not show evidence of what was paid as consideration for the acquisition.

“The legislators invited the Chairman of the Company, Aliko Dangote, before the house for explanations but he failed to appear before the state assembly, giving excuses.

“The House of Assembly, therefore, ordered the closure of the company pending when they are able to present it with credible evidence of a valid acquisition.”

The cement factory was estimated at 16.25Mta capacity across five lines of production, making it the largest cement factory in Nigeria.

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NNPCL Acquires 380 Oando Retail Stations Among Other Assets

The Nigerian National Petroleum Company Limited (NNPCL) has acquired all 380 Oando retail outlets among other assets which include eight Liquefied Petroleum Gas (LPG) plants and three lube blending plants. 

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The Nigerian National Petroleum Company Limited (NNPCL) has acquired all 380 Oando retail outlets among other assets which include eight Liquefied Petroleum Gas (LPG) plants and three lube blending plants. 

The Nigerian National Petroleum Company Limited has acquired OVH Energy, a major downstream player in the oil and gas industry.

OVH Energy (OVH) Limited owns Onado and operates all the Oando- branded retail service stations across the country.

Speaking at the unveiling of one of the new NNPC Ltd stations formerly Oando in Abuja on Saturday, the Group Chief Executive Officer NNPC Limited, Mele Kyari, said, “The acquisition will bring over 380 additional filling stations under NNPC Retail brand in Nigeria and Togo”. 

He added that NNPC Limited has a target to attain 1,500 retail oil stations. The recently rebranded company aims to be the largest petroleum product retail network in Africa.

“It is absolutely not about assets, we are building relationships. At this moment, we are the largest downstream company in Nigeria and by this merger.  We are also likely going to be the largest downstream company in Africa.” the GCEO, Mele Kyari stated.

Other assets acquired under the OVH Energy deal include a reception jetty (ASPM) with 240,000 metric tons monthly capacity. The deal also included eight Liquefied Petroleum Gas (LPG) plants, three lubes blending plants, three aviation depots, and 12 warehouses. 

Investors King could recall that the passage of the Petroleum Industrial Act, 2021 has transformed NNPC into NNPC Limited. 

Hence NNPCL is expected to operate as a commercial and profit-focused company. Unlike NNPC which ran for the government by remitting to the Federation Account, NNPCL has no mandate to do so.

The acquisition of OVH Energy Marketing Limited by the Nigerian National Petroleum Company Limited (NNPCL) is considered a landmark deal as NNPCL is set to refocus into retail oil marketing. 

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