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Autochek Acquires ROAM Africa’s Online Car Platforms Cheki Kenya and Cheki Uganda

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Autochek, the automotive technology company facilitating auto financing across Africa and ROAM Africa (Ringier One Africa Media) have entered into an agreement for Autochek to acquire automotive marketplaces Cheki Kenya and Cheki Uganda, as Autochek expands further into the African market.

The deal will be finalised within the following weeks and will see Cheki Kenya and Uganda’s operations integrate with the wider Autochek operations. The move comes just one year after Autochek successfully acquired Cheki Nigeria and Ghana as part of its launch in West Africa.

Launched in 2020, and backed by notable investors such as TLcom Capital and 4DX Ventures, Autochek combines technology, underpinned by data analytics to deepen auto finance penetration across the continent. With a presence in Nigeria and Ghana, the company’s 360-degree automotive solution also provides a strong network of after-sales services that preserves and eases vehicle ownership experience across Africa.

The acquisition of East Africa’s leading online auto marketplace is the next step for Autochek as it expands its footprint in the region and continues its mission to provide seamless access to auto financing across the continent. Building on Cheki’s 10 years of experience, Autochek is set to introduce additional technology solutions that will integrate the auto ecosystem as well as increase market adoption for auto loan financing. As part of the agreement, ROAM Africa will transfer ownership and operational control to Autochek.

Speaking on the acquisition, Etop Ikpe, Founder and CEO of Autochek, said, “The acquisition of Cheki Kenya and Uganda is an important milestone for us, and we are excited to be working with ROAM Africa once again, building on their achievements over the past years. ROAM Africa has an unrivalled track record of operating and scaling some of Sub-Saharan Africa’s most innovative classified marketplaces and we look forward to leveraging on this solid business foundation”

“Autochek’s mandate is to accelerate the ability of African consumers to access better quality and affordable vehicles by providing access to financing, while also derisking the auto lending process for financial institutions. We are long-time admirers and collaborators of the Cheki brand; following today’s news, we intend to provide even more trust and transparency in East Africa’s automotive sector, leveraging the unique networks we are now joining together.”

Founded in 2010, Cheki Kenya has built a network of hundreds of dealers, more than 12,000 vehicles listed monthly and 700,000 monthly unique users on its platform with 80% plus year-on-year growth in the last two years.

Clemens Weitz, CEO of ROAM Africa, says, “Across the world, we see a new evolution of digital automotive platforms, requiring deep specialization. Specifically in Africa, we believe that Autochek is the one player with the best team and expertise to truly create a game-changing consumer experience. Our Cheki team has built a unique, market-leading brand and a truly remarkable business. Most importantly I want to thank everyone in the team who contributed to this success. Now we are excited to see that taken to the next level. Whilst this is good news for everyone directly involved, the ultimate benefactor will be African car buyers and sellers.”

“For ROAM Africa, this deal is more than a very good transaction: It unleashes even more focus on the strategic playbook for our core businesses. We have a clear strategy that will further strengthen our leading marketplaces and invest into innovative product solutions. The opportunity is now bigger than ever, since the pandemic has vastly accelerated digitization across the continent. In the last two years, our businesses recorded unprecedented growth. Thus, our commitment to connect Africans to opportunities remains strong.”

With credit penetration in Kenya at 27.5%, significantly higher than the West African market which stands at 5%, East Africa’s growing market is positioned as a key auto financing hub and Autochek is now strategically positioned to scale as it becomes a pan-African player.

ROAM Africa remains committed to connecting Africans to opportunities and will focus on strengthening the autonomy of its existing portfolio companies across East and West African countries such as Jobberman.com in Nigeria and Ghana, BrighterMonday.co.ke, Brightermonday.co.ug, Expat Dakar.com, BuyRentKenya.com and others.

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Transport

Federal Government To Launch Out 2700 CNG Buses, Tricycles Ahead Of First anniversary Of Tinubu’s Administration

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The Presidency on Sunday said it was ready to launch about 2,700 CNG-powered buses and tricycles before May 29 when President Bola Tinubu turns one year in office.

“All is now ready for delivery of the first set of critical assets for deployment and launch of the CNG initiative ahead of the first anniversary of the Tinubu administration on May 29.”

It said the Federal Government is set to deliver 100 conversion workshops and 60 refuelling sites spread across 18 states before the end of 2024.

The Special Adviser to the President on Information and Strategy, Mr. Bayo Onanuga, revealed this in a statement he signed Sunday titled ‘Presidential CNG initiative set for rollout.’

“From the end of May, Nigeria will take some baby steps to join such nations that already have large fleets of CNG vehicles.

The CNG tricycle
The CNG buses

“All is now ready for delivery of the first set of critical assets for deployment and launch of the CNG initiative ahead of the first anniversary of the Tinubu administration on May 29.

“About 2,500 of the tricycles will be ready before May 29, 2024…working towards delivering 200 units before the first anniversary of the Tinubu administration,” said the Presidency.

He also said that over 600 buses are targeted for production in the first phase which will be accomplished in 2024.

In October 2023, about five months after the removal of the petrol subsidy, President Tinubu launched the Presidential CNG Initiative to deliver cheaper, safer and more climate-friendly energy.

The CNG Initiative was designed to deliver compressed natural gas, especially for mass transit.

The Federal Government earmarked N100bn (part of the N500bn palliative budget) to purchase 5500 CNG vehicles (buses and tricycles), 100 Electric buses and over 20,000 CNG conversion kits, with plans to develop CNG refilling stations and electric charging stations nationwide.

The FG had said the initiative would ease the burden of the increased pump price on the masses.More information added that the creation of a new plant on the Lagos-Ibadan Expressway that will assemble the tricycles while Brilliant EV will assemble electric vehicles when it receives the Semi Knocked Down components.

The Presidency explained further, “The SKD parts manufactured by the Chinese company LUOJIA in partnership with its local partner to support the consortium of local suppliers of CNG tricycles are set for shipment to Nigeria and expected to arrive early in May.

It is expected that before 2027, There’ll be a considerable wave of these buses and tricycles in use.

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Transport

Lagos State Governor, Babajide Sanwo-Olu Unveils First Set of Electric Buses In Lagos

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The Governor of Lagos State, Babajide Sanwo-Olu, has announced the first set of electric buses for the state’s mass transit scheme.

Sanwo-Olu announced this on his Instagram page on Sunday, as he shared pictures of the buses.

He partly wrote, “I am excited to announce the first set of electric buses in the Lagos Mass transit master plan as part of our increased effort to modernise every sector of Lagos.

“Thanks to our partnership with #Oando_PLC, Lagosians can expect a cleaner and greener public transportation system.

“With the ability to travel 280 km at full charge, taking into account our unique travel times in Lagos, our electric buses are a game-changer.”

Here are pictures of the electric bus.

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Transport

Federal Executive Council Approve the sum of N453.90bn for Kano Rail Line under construction

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The Federal Executive Council has approved the sum of N453.90bn for the procurement of rolling stock, operation and maintenance equipment for the Kano-Maradi standard gauge rail line currently under construction.

The Minister of Transportation, Mu’azu Sambo, disclosed this to State House correspondents on Wednesday, March 22, after this week’s Council meeting chaired by President Muhammadu Buhari at the Presidential Villa, Abuja.

The approved sum also includes N510.93m meant for procuring four customised fire service/search and rescue vans in seaports at Port Harcourt, Lagos Port Complex, Tincan Island port and the Marina headquarters of the Nigerian Ports Authority.

The 248km rail line will traverses Kano, other cities such as Kazaure in Bauchi State, Daura and Mashi in Katsina State; Dutse in Jigawa State, the border town of Jibia, before terminating in Niger Republic’s trade and agricultural hub of Maradi.

According to a former Transport Minister, Rotimi Amaechi, the line has 15 stations along its path with a forecasted daily traffic of 9,364 passengers and approximately 3000 metric tons of cargo.

However, the project has been fraught with resistance, especially from lawmakers.

However, on Wednesday, Sambo said: “The memorandum sought council’s consideration and approval for the award of contract for the procurement of rolling stock, operation or maintenance equipment for the Kano-Maradi standard gauge rail line that is currently under construction.

“The contract was awarded to MSSRs Mota-Engil Nigeria Limited, who are the contractors handling this particular project in the sum of $984,722,302.5 inclusive of seven and a half per cent VAT with a completion period of four years.”

Sambo also revealed that the Transport ministry presented another memo on behalf of the Nigerian Ports Authority “for the award of contract for the construction and supply of four customised Fire Service search and rescue vans for extrication of accident victims for Rivers Ports in Port Harcourt, Lagos Port complex, Tincan Island Port and the Marina headquarters of the NPA, all in Lagos.

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