Category: Business

Innoson Vehicle Manufacturing introduces IVM-branded tricycles ‘Keke Marwa’ into the Nigerian market.

The 5-seater joins Innoson lineup of vehicles, including Connect, Caris, G20 Smart, Ikenga, G40 and G80.

Technical details and the prices of IVM-branded three-wheeled vehicles isn’t available yet.

Fondly known as Keke Marwa, the three-wheeler has being a source of livelihood for millions of low-earners in Nigerians.

The popular three-wheeled vehicle is also the cheapest means of transportation to the common man.

Innoson Introduces IVM-branded Tricycles ‘Keke Marwa’ Into The Nigerian Market – autojosh
Innoson Introduces IVM-branded Tricycles ‘Keke Marwa’ Into The Nigerian Market – autojosh

Innoson Vehicle Manufacturing has expanded it portfolios with the introduction of IVM-branded tricycles, popularly known as Keke Marwa, into the Nigerian market.

The 5-seater (4-passenger, a driver) joins Innoson lineup of vehicles, including Connect, Caris, G20 Smart, Ikenga, and SUVs like G40 and G80.

Innoson Introduces IVM-branded Tricycles ‘Keke Marwa’ Into The Nigerian Market – autojosh
Chairman of Innoson Vehicles Manufacturing (IVM), Innocent Chukwuma, behind the wheels
Technical details and the prices isn’t available yet, but the IVM-branded three-wheeled vehicle will compete with fast-selling brands like Bajaj in the Nigeria.

Innoson Introduces IVM-branded Tricycles ‘Keke Marwa’ Into The Nigerian Market – autojosh
In addition to being a source of livelihood for millions of low-earners in Nigerians, the three-wheeler is also the cheapest means of transportation to the common man.

First introduced into Nigeria in the 1990s by the current National Drug Law Enforcement Agency (NDLEA) boss, Buba Marwa, when he was the Military Administrator of Lagos State, Keke have long been an alternative means of transportation for Nigerians.

Innoson Introduces IVM-branded Tricycles ‘Keke Marwa’ Into The Nigerian Market – autojosh
Keke Marwa, seldomly used as Last Mile vehicle, continues to be a favourite for Nigerian users who ply unmotorable roads as well as those who cannot afford taxi or commercial motorcycle fares.

Keke, known by several names around the world including Tuk-tuks as well Keke Napep in Nigeria, is widely used in Lebanon, India, Egypt, Gaza, South Africa, Sudan and in all Nigerian cities.

In the popular Itam Market in Uyo, Akwa Ibom State, a fire has destroyed eight lockup shops with goods worth millions of naira.

The fire, the cause of which was unknown, was said to have started in a section of the market where there was no electrical connection.

On Thursday, a visit to the market revealed that two of the eight affected shops had been demolished before the state fire department arrived.

The fire, which began around 9 p.m., did not spread throughout the market because youths mobilized and evacuated goods from many shops before the fire was put out.

Mr John, who sells stationery, was one of the victims who said he lost everything in the fire.

“I left the market around 7 p.m., and by nine p.m., one of the security men called to tell me that my shop had burned down,” he said. When I returned, I was devastated to see that everything in my shop had been destroyed.

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“The fire department was here when I arrived, but I couldn’t even remove a pin from the shop,” she said, adding, “Honestly, I don’t know where to begin.”

Another victim, Aniekpeno Akra, said he learned about the fire from a phone call, but when he arrived at his shop, he discovered the damage had already been done.

Elder Godwin Ebong, Chairman of the Board of Trustees (BoT) of the market’s Traders Forum Association, said that when the union learned of the fire, it immediately contacted men from the fire service, who arrived within 45 minutes of the blaze breaking out.

He went on to say that the union had reached out to both the local and state governments for assistance for the affected shop owners because of their quick response.
He also stated that preliminary investigations had not revealed the cause of the fire, despite the fact that no electrical wiring was present in the affected area.

“We cannot determine the cause of the fire outbreak until now,” he said. We conducted an internal investigation but were unable to locate the source. We’re still hoping to learn more about what happened in a few days.”

“I called the fire service personnel,” said Mr Idorenyin Raphael, Governor Udom Emmanuel’s Special Assistant on Trade and Investment. They were on the ground in 20 minutes to put an end to the situation.”

Basil Omiyi has been named as the new independent non-executive chairman of Seplat Energy Plc. Mr. Omiyi takes over from A.B.C. Orjiakor, whose term ended on Wednesday.

Seplat also appointed Charles Okeantalam as the firm’s senior independent non-executive director, a role previously held by Mr Omiyi, according to a notice published by the Nigerian Exchange on Thursday.

The oil and gas firm said the appointment was approved following a unanimous vote by all its directors in compliance with the Companies and Allied Matters Act in Nigeria (“CAMA”).

The appointments are effective right away.

Omiyi Basil

Since March 2013, Mr. Omiyi has served on the board of directors of Seplat Energy, rising to the position of senior independent non-executive director in February 2021.

He has held senior positions in the energy industry in Nigeria and Europe, including becoming the managing director of Shell Petroleum Development Company of Nigeria in 2004.

Until his retirement in 2009, he was also the country chairman of Shell Companies in Nigeria.

Since 2015, he has served as the independent non-executive chairman of Stanbic IBTC Holdings, the local unit of South Africa’s Standard Bank Group. For pioneering leadership in Nigeria’s oil and gas industry, he was awarded the national honour of Commander of the Order of the Niger in 2011.

Charles Okeahalam

Charles Okeahalam, an independent non-executive director who joined the board in March 2013 as chair of Seplat Energy’s finance committee and a member of the Energy Transition, Remuneration, and Nominations & Governance committees.

He has extensive experience in corporate finance and capital markets, as well as a broad understanding of African financial markets, economies, and the investment industry.

“He was a co-founder of AGH Capital Group, a Johannesburg-based private equity and diversified investment holding company with assets in several African countries,” according to the document.

He was a professor of Financial Economics and Banking at the University of the Witwatersrand in Johannesburg before co-founding AGH Capital Group in 2002.

Previously, he advised several African central banks and government ministries, as well as the World Bank and the United Nations.

He has served on several boards and is the former non-executive chairman of Nigeria’s Heritage Bank Limited.

Okeahalam has served as the Nigeria Mortgage Refinance Company’s non-executive chairman.

Farmers who have not paid back loans obtained under the Anchor Borrowers’ Programme (ABP) have been urged to do so by the Central Bank of Nigeria (CBN).

The appeal was made in Ibadan at the Agribusiness Innovation Clinic by Mr Sadeeq Ajayi of the CBN Development Finance Office.

The clinic, titled “Fostering Innovation and Collaboration Across the Agricultural Value Chain,” was organised by the Global Alliance for Improved Nutrition, according to the Nigerian News Agency (NAN) (GAIN).

According to NAN, ABP is an agricultural loan scheme launched by the Federal Government in 2015 through the Central Bank of Nigeria (CBN) to provide loans (in kind and cash) to small holder farmers in order to increase agricultural production, create jobs, reduce food import bills, and conserve foreign reserves.

The majority of farmers in Oyo State who benefited from the scheme, according to Ajayi, have not repaid their loans.

He claimed that the apex bank’s inability to recover loans from defaulting farmers had jeopardised the scheme, and that it had prevented other farmers from using it.

“While the Anchor Borrowers’ Program has had some success, farmers’ failure to repay their loans has been a major setback.”

“Many of the farmers refused to repay their loans because they believed that because the CBN was the lender, the loan was a ‘national cake,’ and they did not have to repay what they considered to be theirs as citizens.”

“This attitude has made it difficult for other farmers who want to take advantage of the loan to do so,” he said.

Stakeholders, including traditional rulers, should urge defaulting farmers to repay their loans quickly for the sake of others, according to Ajayi.

“Of course, we’re talking to a lot of people,” he said, “and we expect the narrative to shift soon so that more people can get access to the fund.”

Mr Olasukanmi Olaleye, the Oyo State Commissioner for Trade, Industry, Investment, and Cooperatives, lauded GAIN’s initiative to combat malnutrition in the country in his keynote address.

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Mr Mukaila Oladipo, a Deputy Director in the ministry, represented Olaleye, who stated that food fortification is one of the safest, most effective, and cost-effective ways to address the country’s micronutrient gaps.

Mr. Godwin Ehiabhi, a Senior Project Manager with GAIN Nigeria, also stated that improved access to safe and nutritious food would help to reduce the country’s high malnutrition rate.