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After 9 Months, NRC Meets 32% of 2020 Revenue Target
By Adedapo Adesanya
The Nigerian Railway Corporation (NRC) generated N1.4 billion in revenue in nine months, a fraction (32 per cent) of the N4.4 billion revenue target for 2020.
The corporation noted that this was caused by the coronavirus pandemic which affected its operations as train services were stopped during its peak, thus affecting the IGR projection for the year.
The Managing Director of NRC, Mr Fidelis Okhiria, at the 2021 Budget Defence to the Joint Committee of Land and Marine transport at the National Assembly in Abuja on Friday, added that a sum of N245 million was remitted to the Treasury Single Account (TSA) as at October 31.
He said, “The Joint Committee should also note that for the year 2020, the corporation presented a separate Internally Generated Revenue & Expenditure Budget. The sum of N1.4 billion has been generated as at September 30 against the projection of N4.4 billion from our core activities, representing 32 per cent performance.
“It is necessary to mention that our train services were stopped and significantly reduced upon resumption due to the impact of COVID-19 pandemic.
“The construction work within the Lagos corridor including access to Apapa Port also impacted on our ability to provide train services.
“It is important to mention that during the period under review, the Corporation started making payments from its IGR into the Federal Government dedicated TSA as directed by the Federal Executive Council. A total sum of about N245.5million has so far been lodged into the account as at October 31.
“The Railway Property Management Company Limited is a wholly-owned subsidiary company of Nigerian Railway Corporation. As at October 31, the company has generated about N1.4 billion representing 91.5 per cent of N1.5 billion which was the revised approved revenue target for 2020.”
He said that the corporation projected N5.3 billion as Internally Generated Revenue for 2021 from its investments.
“For the year 2021, the corporation plans to generate a total of N5.3billion as IGR. More coaches are expected to be deployed to Abuja-Kaduna Train Service, the full commercial operation has commenced between Warri-Itakpe and the Lagos-Ibadan Train Service is expected to commence soon,” Mr Okhiria said.
According to him, the corporation’s operational expenditure remains very high because most of the stations along Abuja-Kaduna Railway line are substantially powered by diesel generators.
He said efforts were, however, being made to ensure that alternative sources through Independent Power Plant (IPP) was explored to service all routes beginning with the Standard gauge lines.
The NRC boss noted that the initial revenue target of N2 billion was reviewed downwards due to the impact of the COVID-19 pandemic.
“In 2021, the company has proposed to generate N2 billion, the total proposed Capital Budget of the Nigerian Railway Corporation is N23.8 billion distributed into 17 budget lines.
“In the year 2021 Budget (Capital and Recurrent) of the Nigerian Railway Corporation for the year 2020 budget, the sum of about N18 billion was appropriated for Capital Budget.
“This amount was subsequently revised downwards to N16 billion due to the economic downturn as a result of the COVID-19 pandemic which led to shutting down of economic activities as well as the dwindling revenue from crude oil.
“As at today, about N15 billion representing 94 per cent of 2020 Capital Appropriation has been released and the procurement process is on-going.
“The sum of N7.1 billion was appropriated for the year 2020 as total Personnel cost for the Corporation and as at September 2020 a total of about N6.47 billion has been paid, leaving a balance of about N627 million,” Mr Okhiria added.
By Adedapo Adesanya
Mobility fintech, Moove, has raised $250 million in a Series C round, valuing the company at $2.1 billion, finally attaining a long-pursued unicorn status.
The round was led by Mubadala Investment Company and co-led by Woven Capital, Toyota’s growth fund, and Ion Pacific. New backers BlueCrest Capital Management, Sona Asset Management and The Raptor Group also joined, alongside existing investors BlackRock, MUFG, Franklin Templeton, Uber and others.
The funding will help Moove expand its autonomous vehicle business by investing in fleet ownership and its robotics-powered depots, known as “Nests,” where autonomous vehicles are charged, maintained, serviced and managed for continuous operation.
Through its partnership with Waymo, Moove is already a leading third-party autonomous fleet operator, with operations live in Phoenix and Miami, and future operations in London.
The capital will also support the company’s expansion into new global markets. As part of the growth plan, Moove expects to increase its autonomous vehicle workforce by more than 220 per cent by the end of the year, growing from about 150 employees to around 500.
Moove said scaling autonomous mobility requires more than just self-driving vehicles. It also needs investment in fleets, charging infrastructure, maintenance facilities and operational systems. The company is building this supporting infrastructure to make autonomous transport reliable and scalable across cities.
Moove started in Africa in 2020 by financing cars for drivers working on ride-hailing platforms. It later entered the UAE, India, the US and the UK. The company also works with Uber, which joined a $100 million funding round in 2024 that valued Moove at $750 million. The new valuation is 2.8 times that level.
Speaking on the deal, the co-chief executive and Advisory Board Chairman of Moove, Mr Ladi Delano, said, “Every major technology revolution becomes an infrastructure race. The internet required data centres. AI required compute. Autonomy requires fleets, charging, maintenance, data systems and 24/7 operations in every city – and that is what Moove is building. In our view, as autonomy scales, infrastructure ownership and operations will define the category leaders. We are building to be one of them.”
On his part, Mr Ali Eid AlMheiri, Executive Director of Diversified Assets, UAE Investments Platform at Mubadala, said: “As autonomous mobility moves from innovation to scaled deployment, the infrastructure supporting it becomes increasingly important. Moove is building an integrated operating platform that combines fleet ownership, operational capability, and technology to support the next phase of growth in autonomous mobility. This is particularly important for the UAE.”
Adding her input, Ms Betty Lee, Principal at Woven Capital (Toyota’s Growth Fund), said, “Moove has demonstrated an exceptional ability to execute across markets, building a global platform across traditional and autonomous vehicle fleets. The next wave of mobility is an infrastructure problem as much as a software one, and Moove is building the foundational layer to solve it.”
For Mr Michael Joseph, co-CEO & Co-Founder of Ion Pacific Limited, said: “We’ve partnered with the Moove team for more than five years, and their execution has consistently impressed us. As autonomous mobility moves from possibility to reality, Moove is building a critical infrastructure layer for the sector – one that is complex, adaptive and essential to scaling AVs. We’re excited to be part of that journey.”
By Aduragbemi Omiyale
The corporate mobility solution from Bolt, Bolt Business, has expressed its desire to strengthen relationships with existing customers in Nigeria by introducing solutions tailored to industries with frequent employee mobility needs, including healthcare, financial services, legal services and logistics.
This is as the organisation, over the past 12 months, delivered double-digit growth in the country, driven by expanding adoption across multiple industries, growing demand from small and medium-sized enterprises (SMEs), and an increasing number of firms seeking cost-efficient alternatives to managing in-house transport fleets.
The Country Manager for Bolt for Business Nigeria, Mr Isaac Iroko, disclosed that the smarter mobility solutions being planned will improve visibility, simplify expense management and support business growth.
“Our focus remains on building products that create value for organisations of every size while delivering a seamless experience for their employees,” he stated.
Bolt Business has continued to experience an increasing demand from businesses seeking smarter, more efficient ways to manage employee transportation and business travel.
It serves organisations across a broad range of industries, including financial services, technology, healthcare, professional services, manufacturing, logistics, media, real estate and fast-growing consumer businesses.
The growth reflects a broader shift in how Nigerian businesses approach corporate mobility. Rather than maintaining expensive vehicle fleets or relying on fragmented transport arrangements, more organisations are adopting digital mobility platforms that offer greater transparency, control and operational efficiency.
“Businesses today are looking beyond transportation; they’re looking for smarter ways to optimise operations and manage costs.
“We’ve seen organisations across different sectors embrace Bolt Business because it gives them a simple, reliable and transparent way to manage employee travel, whether it’s daily commutes, client meetings or business trips.
“This growth demonstrates that corporate mobility is becoming an increasingly important part of business efficiency in Nigeria,” Mr Iroko stated.
Unlike traditional fleet management, Bolt Business enables companies to centralise transportation through a single platform, providing features such as centralised billing, trip reporting, spending controls and real-time visibility into employee travel. These capabilities help businesses improve oversight while reducing the administrative burden associated with corporate transportation.
By Modupe Gbadeyanka
To boost economic activities in Lagos Island and support residents, the chief executive of the Lagos State Lotteries and Gaming Authority, Mr Bashir Are, sponsored the training of eight persons at the LagRide Drivers Academy through the LagRide Partner Programme.
Mr Are funded both the academy training and the vehicle costs, removing the two barriers that most frequently prevent qualified drivers from entering formal, structured employment in the mobility sector.
The beneficiaries were handed over keys to their vehicles at a ceremony in Lagos on Tuesday, July 21, 2026.
They now operate a LagRide vehicle under the platform’s Drive To Own programme, which allows a Captain to earn daily income while working towards full ownership of the vehicle at the end of the agreed payment term.
“The initial capital required to be onboarded was never going to come from these young men, so we provided that intervention financially so that they can have good employment.
“Lagos is a megacity. My agency runs the largest gaming and fintech conference on the continent every year, and when those delegates arrive, we do not want them driven around in poor vehicles. This is also employment for our own people, and we have a great deal of unemployment and underemployment in this country.
“These Captains are from Lagos Island Local Government, and they can now take care of their own families. Let me be clear about one thing. This is not a project. It is a programme, and it continues,” Mr Are stated.
Also speaking, the chairman of LagRide, Ms Diana Chen, said, “Today is just a new beginning, and more and more people will come. More local governments will join us, and one day we want to bring the Governor here so that this programme runs across the state.
“LagRide is a platform where a person comes to take a job and ends up owning the vehicle. It is also a platform that any government, or any organisation with a social development or CSR mandate, can use to empower the people they want to support. The people get their own asset at the end of it.”
On her part, the lawmaker representing Lagos Island Constituency I in the Lagos State House of Assembly, Mrs Omolara Oyekan-Olumegbon, said, “Everyone keeps saying there are not enough jobs for our youths. This is our own way of ensuring that they are empowered.
“When you give a person money, it is money, and it finishes. This is the difference between giving a man a fish and teaching him how to fish. You are giving these young men something they can use to take care of themselves, their families and their homes.
“We must thank the chief executive of the Lagos State Lotteries and Gaming Authority for doing this, and I must also thank Chief Diana Chen. Lagos Island is a commercial hub, and we intend to keep the flag flying. This is the beginning, and we will be coming back to ask for more.”
