Author: The Nation

  • FBNInsurance unveils health insurance product

    FBNInsurance unveils health insurance product

    By Omobola Tolu-Kusimo

    FBNInsurance Limited has introduced its health insurance product, SmartHealth International, to insurance brokers.

    The event held during its second Brokers’ Forum, which had over 30 top ranking brokers in attendance, as well as executive members of FBNInsurance and the healthcare solution provider, Collinson, that partnered the insurer to develop the product.

    The Managing Director/Chief Executive Officer of FBNInsurance, Val Ojumah, stated that the company, had over the years, had planned  bridging the gap in the health sector due to the high cost and limited access to medical facilities by the average Nigerian.

    He said: “To this end, we decided to partner an outstanding healthcare provider, Collinson, with over 30 years’ experience, to develop a flexible health insurance solution that provides an end-to-end high-quality service both in Nigeria and internationally.”

    SmartHealth International, according to Mr. Ojumah, is a market- specific and National insurance Commission (NAICOM)-approved  product, designed to complement local healthcare cover by providing cover for employees and their families with affordable international healthcare.

    Ojumah said SmartHealth International covers untreatable illnesses.

    He urged the brokers to promote the product as it would help address the lapses in the health sector.

    The brokers applauded the insurer and its partner for the initiative and pledged to promote SmartHealth International, saying that they were ready to do more for a reputable brand such as FBNInsurance Limited.

  • Anchor Insurance to sponsor play

    Anchor Insurance to sponsor play

    By Omobola Tolu-Kusimo

    To ensure the Nigerian culture does not go into extinction, Anchor Insurance Company Limited is sponsoring a life stage play entitled: Ibiom: When doves fly.

    The play is billed to hold in Uyo, the Akwa Ibom State capital between April 30 and May 1, this year.

    Anchor Insurance Managing Director, Mr. Augustine Ebose, who made this known in Lagos at the weekend, said the support is one of our ways of giving back to the society.

    He stated that the company would further be supporting the producers, Duke of Shomolu Productions, in providing free theatre clinics for 500 selected youths of the origin during the two-day  event.

    He said: “As a corporate citizen with high respect for social responsibility, we see it as an opportunity to support events of this sort, which aim at restoring, keeping and giving meaning to our culture as well as using such events to impact on the lives of the people.

    “As a people, we are fast losing our culture and history to Western narratives. Any race without a sustained culture and history has lost her identity. It is our passionate resolve at Anchor Insurance to be part of any programme that will help to project and ensure that the histories and cultures of the Nigerian ethnic components do not die.’’

  • Custodian and Allied Insurance gets MD

    Custodian and Allied Insurance gets MD

    By Omobola Tolu-Kusimo

    The National Insurance Commission (NAICOM) has approved the appointment of Mr Edeki Isujeh as the new Managing Director/CEO of Custodian and Allied Insurance Limited.

    This followed the retirement of   Mr.  Toye Odunsi last December.

    In a statement, the company said Isujeh has over 30 years’ experience in the industry, having worked in various insurance companies, sales/business development and general management.

    At Custodian, he coordinated the marketing and technical operations of the company.

    A member of the Chartered Insurance Institute, London, Isujeh  holds a Bachelor of Science  in Insurance from the University of Lagos (UNILAG).

     

  • Our pains, by Standard Alliance  policy holders

    Our pains, by Standard Alliance policy holders

    By Omobola Tolu-Kusimo

    Policyholders have lamented the non-payment of claims by Standard Alliance Insurance Plc, The Nation has learnt.

    The underwriting firm has been failing to meet its claims payment obligation to the public.

    This development has been on for more than five years with an outcry from the public to the regulatory authority, the National Insurance Commission (NAICOM), to save policyholders from the menace.

    Policyholders have besieged the company’s headquarters at Plot 1, Block 94, Providence Street, Lekki Scheme 1. Lekki-Epe Expressway Lagos to protest to no avail.

    Sources said the company has been in trouble for more than five years with the chance of recovery deeming yearly.

    This has led to many chief executives of insurance companies to call for the cancellation of the company’s licence, as according to them, it has been tarnishing the image of the industry.

    They said the company is one of the few bad eggs causing distrust in the industry.

    They are calling on NAICOM to do the needful by cancelling the licence of the company.

    Investigation by The Nation shows that the company has not held its Annual General Meeting (AGM) for two years. Also, its account has been hidden from the public.

    Besides, the Nigeria Insurers Association (NIA) also do not have Standard Alliance’s result as shown in their yearly digest.

    An aggrieved policyholder, Shola O’Neil in Warri, Delta State with policy number IPP/10/0009392/WWR in a special appeal The Nation entitled: “Standard Alliance Life Insurance, Pay My Maturity Claim”, said: “I want to use your widely read newspaper to appeal to the management of the National Insurance Commission (NAICOM) to compel Standard Alliance Insurance Plc to pay my Income Assurance Plan maturity claim. The claim matured since May 2020.

    “I took the IPP Policy Number IPP/10/0009392/WWR in June 2010 for a 10-year period to May 31, 2020, and as the name implies, it is meant to protect my income. Nearly one year after maturity, I am yet to get my claims, despite several efforts and visits to the company’s office in Effurun-Warri. On my first visit, I was told it could take up to three months to process my claim. I felt it was irresponsible to have me wait for three months when the company knew from the first day that the policy would mature in May 2010.

    “I have also engaged NAICOM via their twitter handle, but that too has failed to yield any result. My experience with Standard Alliance is a very painful and sad one and it is same for many others like me who besiege their offices daily. The regulatory agency should note that this is one of many reasons Nigerians are skeptical about taking up insurance policies. NAICOM, which has the responsibility of, among others, protecting insurance policyholders, should take up this matter and ensure that Standard Alliance lives up to its commitment to me and pay my overdue maturity claim”, he wrote.

    A visit to the company’s Facebook page showed many aggrieved policyholders have confronted and called out the company, describing it as a scam.

    On the facebook page https://web.facebook.com/SAInsuranceNG/,  Adenle Ademola Kenny-Akon said, “This insurance company is a scam. I don’t know why NAICOM still allows them to keep scamming people.”

    Eniola Nesimone said, “This so-called company doesn’t keep their promises, destroyed family, relationships between marketers and clients, hold clients to ransom by withholding their hard-earned money thereby making people suffer emotionally. Almost a year now, they haven’t paid my money. All their contacts are fake.”

    Danny Morgan said: “They have refused to pay me my claims going to a year now…Initially I want to start a 5 years plan, but since they have refused to pay this very one, how then will I have the balls to continue with them? I’m pleading with you guys to please pay me up…SFAS/18/0006306/LAD”.

    Ogri Peter said: “Standard Alliance is not truthful to their dealings with their clients. They are becoming a big scam. They come up with different flimsy excuses. The Head of SPIS, Chioma don’t respond to her messages. She doesn’t have regards for her clients as she never picks her calls. I have been begging them to pay my claims. Chioma nothing is permanent forever, not even the loss of my job nor that your so much exalted position. Please keep to yours words.”

    Adebisi Ebere Akindele said: “Flee Standard Alliance Insurance Plc for not paying claims. They are criminally minded people that gave their customers heart attack & psychological trauma.”

    Wunmi Chroma said: “SALIFE just scammed me… I contributed for 10 years. Now they are nowhere to be found in Akure. Their number isn’t going through. God punish all of u thieves”

    Ankurufu Tsonga said: “I think and suggest we need to organise protest to make the public aware of what standard alliance is doing with people’s money after they work hard to earn and save money into their company and refuse to pay to the clients as they promised. Facebook shall be used as our TELVISION and we will sponsor it for the whole world to hear our voice and this will also stop those that are still saving with them (sic). SALife in has no fidelity and lacks of integrity.”

    Toyin Olayinka claimed “Standard Alliance Insurance is a scam”

    Dosunmu-Adeyemi Oluwatoyin called Standard Alliance: “One chance insurance” company.

    Dare Babatunde Adekanmbi  based in Ibadan, the Oyo State capital also reported the company to the newspaper.

    In his statement entitled: “Standard Alliance Insurance, pay my money”, he said: “I wish to vent my anger about the wicked refusal of Standard Alliance Insurance to pay my long-due claim on an insurance policy I subscribed to about two years.

    “I subscribed to two policies with the company in April 2018. The first is a one-year policy with the number SFAS/18/0005800/IBD (Special Flexible Assurance Scheme) at the Ibadan regional office of the company.  For the one-year policy, I paid N50, 000 monthly without fail into the firm’s Ecobank (0942000200), Zenith (1011813306) and UBA (1017621521) accounts (the company intermittently changed the account into which to pay midway into the policy).

    “The second policy is a five-year plan of N70, 000 monthly which I also paid into the aforementioned bank accounts without defaulting for 12 months. I have so far paid N840, 000 on this policy. Upon maturity of the one-year policy, I ought to have been paid my N650, 000 contribution plus accrued interest by May, this year, having paid N50, 000 for 13 months instead of 12. All the necessary paperwork to fast-track the payment was done early in May. As I write this letter on November 7, my money has not been paid and there is no official word as to when it will be paid.

    “Countless visits to the firm’s regional office, which ought to liaise with the headquarters in Lagos to quicken the payment, have been fruitless.The regional head no longer picks my calls nor does he respond to WhatsApp and text messages sent to his two telephone numbers. During some of my visits to the Ibadan office of the company, I met a couple of equally frustrated clients whose claims are being held on to. They painted a gloomy picture about the company. Tales were also told of how clients had to storm the Lagos headquarters of the company and create scenes before a tiny percentage of them got paid.

    “But unable to continue to wait, I petitioned the Ibadan zonal office of the Economic and Financial Crimes Commission (EFCC) on August 22, after all means to get the company to pay my money failed. On the day the EFCC officials and I went to the Ibadan office, the regional head was said to be unavailable. I am not aware he has since honoured the invitation of the EFCC officials. One of the staff boasted that the company had got a blanket court order purportedly restraining the EFCC from ‘harassing’ its staff over matters like this,” he added.

     

    Company’s 2017 Auditors’ report

    Meanwhile, the company’s independent auditor, BDO Professional Services, in its report signed by Olugbemiga A. Akibayo on August 7, 2018, read: “We have audited the financial statements of Standard Alliance, which comprise, the statement of financial position as at 31 December 2017, statement of profit or loss and other comprehensive income, statement of changes in equity, and statement of cash flows for the year then ended; and notes to the financial statements, including a summary of significant accounting policies and other explanatory notes.

    “Without qualifying our opinion, we draw attention to the shortfall of N1.477 billion in assets cover indicating that the company was not able to generate adequate liquid assets to cover the policy holders’ funds. Due to the large number of policies underwritten by the company, there is a risk that the revenue recorded in the financial statements and the flow of premium information from the underwriting systems to the financial reporting ledger may not be completely accounted for,” the report read.

    All efforts to get reaction of the company from the Divisional Head, Human Capital Management/Adminitration, Richard Ohoreoghene,who speaks for the company, via calls, SMS and WhatsApp messages, failed as he did not respond as at press time.

    The newspaper, however, sought NAICOM’s reaction from the Head, Corporate Communications, Mr Rasaaq Salami, asking why the commission has allowed the company continue business, having not been able to pay claims for many years.

    The newspaper also inquired  about what the commission was doing to stop unsuspecting public from becoming victims to Standard Alliance.

    Salami stated: “Your complaint has been forwarded to the Compliant Bureau Unit of the commission for necessary action. They will reach out to him.”

     

     

  • Asus takes tech bull by horns

    Asus takes tech bull by horns

     

    The firm which unveiled the ZenBook Flip S (UX371EA) two-in-one ultrabook that can double as a tablet also transform into a full-fledged tablet with a stylus, said despite this unique form factor, the device does not feel bulky. It is, in fact, one of the lightest and most powerful portable computers at the moment.

    The ASUS ZenBook Flip S is an extremely well-designed device that comes with a 4K OLED display. Using a Red Copper diamond-cut on a Black Matte finish body, the device has hues of the colour Gold on the hinge, edges around the screen and the chassis.

    The lid has concentric ring patterns with ASUS logo on the left.

    The lightweight ultrabook, merely 1.2kgs, is very sleek at 14mm thickness and can easily fit in a bag; portable and easy to carry around without worrying about any noticeable weight in the bag.

    The laptop features a 360° ErgoLift hinge design which enables the display to be flipped to any position. This allows the ZenBook Flip S (UX371EA) to turn into a 2-in-1 convertible laptop, with a screen that can be swivelled full 360-degree.

    Once the display is flipped back, the laptop can be used in different modes, including a tablet with touch and pen support. This can also be used as a simple laptop, placed on a desk or lap while on the go. This feature ensures that there is sufficient airflow for the device’s heat management. Though almost unnoticeable, the design also lifts the keyboard a bit to raise the typing position. Asus has tested the hinge for over 20,000 open/close cycles to clear any doubt around durability.

    Asus ZenBook Flip S (UX371EA) comes with an edge-to-edge keyboard design. It is backlit to ensure smooth typing even in dark environments. The keys are well-spaced and do not squeeze. The keypad is integrated into the touchpad with NumberPad 2.0, an LED-illuminated numeric keypad. The touchpad functions smoothly and is glass covered for added protection. Brightness regulator and a calculator that pops-up with a simple touch and gestures are smart controls available on the touchpad.

    Considering its slim form factor, Flip S (UX371EA) also offers a lot of connectivity options, two Thunderbolt 4 USB Type-C port, one USB 3.2 Gen 1 Type-A port and a standard HDMI port. The ports offer “ultrafast speeds” and also support USB-C Power Delivery. The notebook also gets support for connecting external 4K UHD displays and provide up to 40 Gbps data-transfer speeds for high-performance peripherals. On the right edge is the power button while the LED indicator is placed on the left edge. The laptop comes with USB Type-C to 3.5mm dongle for those who want to use a 3.5mm audio device with the device.

    As for the display, the ASUS ZenBook Flip S features a 13.3-inch 4K OLED touchscreen with support for a high resolution of 3840 x 2160 pixels. The display offers high colour reproduction with 100 per cent DCI-P3 colour gamut coverage. This OLED panel is calibrated to accurately reproduce colours in a 3D colour volume – ensuring that the panel covers 100 per cent DCI-P3 colour gamut regardless of the brightness level. Also, the panel features a high 1,000,000:1 contrast ratio and is certified to supports up to 500 nits of brightness and 0.0005 nits of deep black levels for an immersive viewing experience.

    Content, both videos and images on this 4k resolution screen are sharp and rich. Viewing angles are fine and the screen is bright enough to use even in the broad daylight. For movies and game lovers, when it comes to the display, size and quality of the panel, the ASUS ZenBook Flip S emerges as an ideal choice with decent viewing angles.

    The hardware inside the ZenBook Flip S is also equally impressive. This new laptop packs within its sleek frame the latest 11th Generation Intel Core Tiger Lake processors – i7-1165G7 CPU. If purchased for general use, the Flip S (UX371EA) processor can handle pretty much anything you throw at it. For gamers, it can handle most e-sports and AAA titles decently well.

    The processor comes paired with Intel Iris X integrated graphics and can deliver up to 20 per cent higher computing performance than previous generation laptops. There is also a 1TB PCIe 3.0 NVMe SSD on-board, as well as a Gen 3 PCIe X4 storage for a fast read, write speed and load time. The Flip S also packs an ultrafast PCIe 3.0 x4 SSD, up to 16GB of 4266MHz LPDDR4X RAM and hardware for Wi-Fi 6 (802.11ax) connectivity. It functions without any lag even with multiple tabs opened.

    The ultrabook ZenBook Flip S (UX371EA) offers a 67Wh battery power pack which is rated to provide up to 10 hours, with a minimum runtime of around 6-7 hours, usage on a single charge. It supports fast charging and can charge to full capacity in an hour, using the supplied charger. It comes with a 65watt fast charge adapter which charges the battery up to 70 per cent in 50 minutes. The laptop comes with USB Type-C Easy Charge support which means it can be used with any standard USB Type-C chargers with a range of 5V-20V.

    ASUS ZenBook Flip S (UX371EA) runs on Windows 10 Home. Its touch screen has a 0.2 ms response time and it comes with TUV Rheinland certification for low blue light and flicker-free visuals. This is to ensure less strain on the eyes even after long hours of use.

    Sound output levels are loud enough despite the speaker being placed at the bottom side. The laptop comes with Harman Audio certified audio system which delivers rich sounds. ASUS ZenBook Flip S (UX371EA) is equipped with AI-noise cancelling mic which will come in handy during video calls and meetings. There is also an in-built fan to dissipate excess heating.

    The ASUS ZenBook Flip S is, undoubtedly, a delightful machine that looks as good as it works. It is packed with more power and primed for work on the go as well as casual gaming. It is definitely among the top picks. The powerful design, great display and impressive performance justify the price tag.

     

  • Hutchlam seeks tech support for kids

    Hutchlam seeks tech support for kids

    Foremost service support provider specialising in end-to-end information technology (IT) services within enterprise organisations, Hutchlam Services Limited, has stressed the need to give technology support for kids to guarantee a bright future.

    Its Managing Partner, Mr. Mesahidu Elamah, who spoke when the firm paid  a visit to Living Fountain Orphanage in Lekki, Lagos, the children are the future of the country, adding that it is, therefore, imperative that they be supported.

    He said: “Our children are the future of our great nation and we recognise  the need to nurture and support the next generation and what better time than now in the spirit of the Easter festivities to reach out and share our love for these precious little children. From our entire staff and management, we want to wish them a happy Easter and it is our hope that our gifts will put a smile on their faces as they celebrate this Easter.”

    Ms. Tonia Uchenna urged more corporates and individuals to emulate Hutchlam Services by lending support to orphanages. “I am pleased about this laudable initiative from Hutchlam Services, I want to implore other corporates and indeed individuals who have the capacity to support orphanages across the length and breadth of Nigeria to do so,”she said.

     

  • Roaddo unveils app for jobs

    Roaddo unveils app for jobs

    The development of the relevant application to attend to the needs of people is one way to address the youth unemployment in the country, a firm, Roaddo App has said.

    Its founder, Roaddo App, Fred Adun, who spoke during the unveiling of Roaddo, a digital ecosystem which connects buyers and sellers and also offers instant delivery of goods and services, said the app is conceived to ensure the convenience of the shopper and to unlock market access to the sellers and service providers.

    He said the app which will go live on April 6, said aside the convenient shopping experience for buyers, the app will also address widespread youth unemployment by giving Nigerians a platform where they can leverage their skills to sustainably earn a living.

    Adun said: “In addition to unlocking market access, Roaddo had also leveraged technology to affordably make a variety of on-demand services; including cab rides, hourly help, beauty services and artisans readily available to Nigerians.”

    With over 60 products and services available on the app, the shopper with an uncompromising eye for quality is assured of convenience, ease of access and prompt delivery to preferred locations, thereby elevating the shopping experience.

    He said: “Roaddo, a wholly Nigerian brand offers buyers a chance to shop from the comfort of their homes and have the items delivered within one hour.”

    “With our network of partners and service providers, our commitment is to ease logistic challenges encountered by buyers as well as to offer prompt and efficient delivery of goods and services. When life gets busier, get back some “me time” with the Roaddo; a multiple on-demand services app,” Adun said.

    With the current public health challenge, Roaddo app is a timely solution to ensure exposure to crowded spaces remain limited while goods and services remain readily accessible to buyers.

  • Breaking fetters to innovation

    Breaking fetters to innovation

    Use of stablecoins continues to grow alongside cryptocurrencies such as Bitcoin and Ethereum. Last year, transaction volume grew by 316 per cent, from $248 billion to more than $1 trillion. Experts seek regulatory review, reports LUCAS AJANAKU.

    Global crypto platforms such as Malta-based Binance initiated efforts to comply with the Central Bank of Nigeria’s (CBN’s)  new directive, by informing customers of service suspension “until further notice”.

    Local crypto-startups such as BuyCoins have integrated Peer-2-Peer (P2P) systems where trade is facilitated directly without involving local exchanges. A few Nigerian-based crypto startups such Bundle and Quidax are already considering moving their operations to other African markets, according to Quartz Africa report.

    But the world’s largest payment company, PayPal recently announced that it has agreed to acquire Curv, an Israeli-based crypto-security firm as it expands its portfolio in cryptocurrencies and digital assets.

    It is a deal that could potentially open up new use cases for the crypto market. PayPal had recently created a new business unit focused on blockchain, crypto, and digital currencies. Curv will be joining the newly formed group.

    Founded in 2018, Curv provides companies with digital asset security technology that is delivered as a cloud service. The acquisition by PayPal presents Curv with an opportunity to expand into a global market while providing the service to over 325 million PayPal users around the world.

    “Great step by PayPal and this certainly makes me bullish on payment use cases in general,” Jonathan Habicht, founder of MoonRock Capital, a blockchain investment advisory firm, said.

    PayPal is not the only investor deepening the use case for the crypto market. In February, global music icon and rapper, Jay Z and Twitter CEO, Jack Dorsey announced they were putting together 500 bitcoin, which is worth $27.2 million in an endowment called trust.

    According to Dorsey, the fund will be set up as a blind irrevocable trust used to fund development in Africa and India. Dorsey also donated $1 million to cryptocurrency policy think tank Coin Center, according to an announcement tweeted by the organisation’s director Jerry Brito.

    Prior to now, use cases for cryptocurrencies have been limited by their potential to yield high returns. For instance, the price of bitcoin, Ethereum, Litecoin, BNB, and several cryptocurrencies have been moving upward since the beginning of 2021. For many investors, the surging price movement is the biggest attraction to the market and therefore constitutes for them a primary use case – trading.

    However, most decentralised cryptocurrencies, such as bitcoin, were created to solve problems and so have a wide range of powerful use cases.

    “While cryptocurrencies are most often recognized as new monetary systems and financial networks, the public blockchain networks that they secure can be used to power diverse use cases and create new applications across industries,” said researchers at the World Economic Forum (WEF).

    Apart from being a store of value, experts say cryptocurrencies can help address financial inclusion, particularly in regions like Africa. Crypto firms on the continent are coming up with financial tools that enable individuals to access financial services without opening bank accounts or visiting a local branch of a financial institution.

    Luno, for instance, launched a Savings Wallet which allows users to save their crypto assets at an interest rate of between four per cent and seven per cent. The company, in March 2021, said it has paid out $500,000 in interest alone and will be adding Ethereum and USDC to the wallet. Binance also offers a flexible and locked savings feature called ‘Binance Earn’ which provides an interest of up to seven per cent per annum on some cryptocurrencies.

    There are also features that offer loans to consumers. For example, Binance launched a loan service to satisfy funding requirements, requiring users to pledge corresponding digital assets as collateral to borrow Binance loans. The loan terms of seven,14, 30, and 90 days are available and users can always repay in advance and the interest is calculated based on the days borrowed.

    A popular use case for cryptocurrencies is the ability to send and receive money at low cost and high speed. This is particularly suited for people living outside the continent who always have a need to send money back home.

    The low fees associated with transactions using coins such as litecoin (LTC), stellar (XLM), or bitcoin cash (BCH) make them excellent payment systems for international money transfers. In one particular transaction, a $99 million LTC transaction took only two and a half minutes to process and cost the sender only $0.40 in transaction fees.

     

  • My story, by budding entrepreneur

    My story, by budding entrepreneur

    For more than five years, some of the world’s most renowned investors have invested in ecommerce. One of the entrepreneurs benefiting from this is Etop Ikpe, who owns an online cars marketplace, DANIEL ESSIET reports.

    Young entrepreneurs are attracting a lot of capital from investors that could catapult them into the exclusive club of Nigeria’s internet commerce firms. One of them is Etop Ikpe, whose unique management style, has helped to form an online cars’ platform at a rapid pace.

    Ikpe, the Chief Executive, Autochek Africa, has been driving growth to catapult the company to profitability,

    Before founding Autochek Africa Chief Executive, Etop Ikpe worked at DealDey and Cars45 and the Zinox-owned Konga.   Indeed, he got his first job in 2006 in a communications company called Click Mobile Communications. Despite not having an engineering or teleccommunications background, Ikpe loves technology.

    This drove him to start Click Mobile with a partner trained in software.Two years later, he launched Tinker and Bell Media. The same year, he established Three Stitches, an ecommerce startup. Still bubbling with ideas, he started Cars45, a startup that helps users evaluate, buy and sell used cars.  Ikpe co-founded Cars45 in 2016 with Ikpe with Iyamu Mohammed, Sujay Tyle, and Peter Lindholm.

    These young entrepreneurs had experience in startups and ecommerce. The business did well and attracted investors. At one point investors put in $5million, which was one of the largest Series A funding in Nigeria. The startup raised the huge cash from the Frontier Cars Group supported by Balderton Capital, EchoVC, and TPG Growth. Cars45’s model involved scheduling physical inspections with potential car sellers before offering a deal for the car, which is in turn, sold to prospective buyers.The company expanded its tentacles to Ghana and Kenya. Autochek is one of the largest African online cars market places. Recently, it announced the acquisition of Cheki Nigeria and Cheki Ghana. Ringier One Africa Media (ROAM Africa), which is Cheki’s parent company, transferred its ownership to Autochek. By this deal, outlets are rebranded as Autochek.

    However, Cheki Kenya remains fully owned by ROAM Africa.  Last year, Autochek Africa completed its pre-seed round of $3.4 million.

    It was co-led by Lagos, London, and Nairobi-based TLCom Capital and United States-based 4DX Ventures. Japanese VC firm, Kepple Africa; sub-Saharan-focused firm, Lateral Capital; Ghana-based Golden Palm Investments; Chinese VC firm, MSA Capital; and several local angel investors participated in the round.

    Ikpe said: “Building on the solid work that the Cheki Nigeria and Ghana teams have done over the last 10 years, we are already dispersed across multiple locations. And applying the technology built and developed by our Autochek auto-tech experts, we are well-positioned to scale quickly, as the demand for reliable and well-priced cars on the continent grows.

    “With this pre-seed round and our seasoned strategic investors on board, we are working to transform the automotive sector on the continent.”

    Autochek has an app and website where consumers get access to loans, auctions, trade-ins and maintenance.

    It also has a unit where automotive dealers get access to real-time car auctions, fleet management, and marketing support. Already, over 20,000 unique vehicles are listed on the Autochek platform. More than 12,000 dealers and private sellers can be found on the platform too.

    The company has announced the launch of its online truck loans marketplace in Nigeria and Ghana, in a bid to migrate the trucking industry to online transactions and increase financing penetration.

    The first-of-its-kind truck loans marketplace on the continent, the launch follows Autochek’s recent expansion to Ghana; one of Africa’s most advanced automotive markets.

    With hundreds of truck dealers across Nigeria and Ghana on its platform, the fleet ranges from flatbeds, semi-trailers, tankers, heavy, garbage to panel trucks.

    As part of the roll-out, Autochek is partnering key logistics stakeholders, including Kobo360,to finance trucks for African e-logistics transporters and truck owners. This means that customers interested in owning a truck can do that with financing at the best rates. The platform is available via the Autochek Android app or website.Trucks undergo a150-point checks before being listed to guide the customers on their state.

  • Amosun didn’t properly capture Ogun debt profile – Gov Abiodun

    Amosun didn’t properly capture Ogun debt profile – Gov Abiodun

    By Ernest Nwokolo, Abeokuta

    Ogun Governor Dapo Abiodun has stated the handover note given to him by his predecessor, Senator Ibikunle Amosun, did not capture the entire liabilities left behind.

    Abiodun said his administration inherited N50billion in financial liabilities from Amosun, which were largely unaccounted for in the financial report handed over to him.

    The Governor, in a statement by his Chief Press Secretary Mr Kunle Somorin, alleged the omitted amount N50bn was financial liabilities incurred by Amosun’s administration due to unpaid pensions, gratuities and outstanding staff salaries, “which surprisingly were not captured in the books left behind for the new government.”

    “We only got to know about this amount in the course of our carrying out due diligence on Ogun State finances shortly after we took over.

    “And as a transparent government, committed to being accountable, we had to disclose this for the first time, to give a true picture of the State’s indebtedness.

    “Governor Dapo Abiodun has started paying the retirees and pensioners affected with the first tranche of N500million paid to them last month.

    *Every quarter the governor has promised to pay them at least N500million until everyone is paid.”

    While noting the recent report by the Debt Management Office (DMO) on the state’s domestic debt, the statement said the omitted figures by the immediate past administration in the state had an impact on the DMO report.

    Abiodun reiterated his administration’s commitment to transparency and accountability in all matters while remaining steadfast in the completion of all projects inherited as well as those initiated by the present government.