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MAX.ng Sells N400m Bonds from N10bn Debt Scheme
By Adedapo Adesanya
Metro African Xpress, otherwise known as MAX.ng, has announced the successful issuance of a N400 million one-year fixed-rate notes series 1 bond, making it the first bond issued by a mobility company in Africa.
The bond is the first tranche of its newly N10 billion ($22 million) multicurrency Private Company Bond (PCB) programme and was offered to pre-selected investors.
The Nigerian mobility startup made the disclosure on Monday, September 28, 2020, adding that the transaction was arranged by DLM Advisory Limited, a developmental investment bank regulated by the Securities and Exchange Commission (SEC).
In the notice seen by Business Post, MAX noted that proceeds from the papers will be used to fund its growing asset financing program across 2-wheeler, 3-wheeler and other vehicle classes in Nigeria and beyond, as MAX continues to institutionalize driver financing across the continent.
It added that despite the challenging global economic backdrop, “the bond, distributed through a private placement, received strong interest from highly reputable local and international fixed-income investors that are seeking exposure to a high-quality issuer like MAX.”
Speaking on the success of the milestone, Mr Adetayo Bamiduro, CEO and co-founder of MAX.ng noted, “MAX is extremely pleased with the successful bond issuance, which reflects the market confidence in MAX’s mission, strategy and execution capabilities.
“This is further evidence that MAX remains at the forefront of technology, financial and business model innovation to solve a fundamental aspect of Africans’ lives.”
Also, Chief Growth Officer and co-founder of MAX.ng, Mr Chinedu Azodoh said, “the fully integrated and innovative nature of MAX’s DVC [driver-vehicle-collection] technology stack was essential to demonstrating our ability to scale and manage an ever-growing pool of financed drivers across six cities with unmatched efficiency, speed and agility.
“This funding was delivered on the basis of those proprietary technology capabilities that enable heightened levels of portfolio scrutiny and monitoring. These were fundamental to successfully closing this trailblazing transaction.”
Mr Sonnie Ayere, Group CEO of DLM Capital Group, added; “This is a bold step in advancing DLM’s developmental driven mandate by providing innovative solutions to meet the funding needs of players in key sectors of the economy, through the capital markets. MAX has positioned itself at the forefront of its industry with its unique business model that deploys technology to cater to the peculiarity of mobility within Nigeria’s major cities.
“In addition to this, the MAX funding program has played positively in the aspect of employment creation. Given the average cost of the vehicles financed, the capital unlocked through the Series 1 Bond will lead to the creation of close to 1,400 additional jobs, which in turn has a positive multiplier effect on the Nigerian economy.
“As a developmental Investment Bank committed to creating direct impacts to the lives of people, we have put our money where our mouth is and have taken a credit decision to support their inaugural issuance, due to its strong credit fundamentals and the social and economic impact it brings. We are delighted to have assisted MAX on this significant stride.”
On his part, Mr Guy-Bertrand Njoya, Chief Financial Officer of MAX.ng, “most exciting for us about this ground-breaking funding structure is being able to close it amidst the current social and economic uncertainty.
“We are deeply honoured by the confidence shown by the investment community in our ability to continue leveraging access to wholesale finance as well as other internal capabilities — including proprietary technology solutions, exclusive vehicle manufacturer deals, low-cost credit, discounted insurance and other financial services — to serve the growing group of overlooked, underserved, unbanked or underbanked Africans like it has never been done before.”
Mr Emeka Ngene, the head of DLM Advisory also commented that “This is in keeping with the vision of the DLM brand. With a commitment to increasingly deepen the penetration of the domestic capital markets with every new project we undertake, delivering this assignment for MAX further helps in driving that concept. It will be good to also make special mention of the team at the Shell Foundation who played a key role in the delivery of this mandate by the provision of catalytic capital.
“At DLM we have always believed that local currency funding is the way to go for businesses like MAX with significant impact potential. Our hope now is that the success of this deal further paves the way for more collaboration towards providing similar solutions for other businesses with clear development objectives.”
MAX forayed into the mobility scene to ease the transportation problem in Lagos, but it has since moved to various offerings in other transport and logistics services following the restriction of commercial motorcycles and tricycles by the Babajide Sanwo-Olu administration earlier this year.
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InDrive Fetes Abuja Drivers in Ramadan Shukran Campaign
InDrive, a leading global ride-hailing platform operating in nine African countries, is celebrating Ramadan season with a targeted driver appreciation programme in Abuja, tagged’Ramadan Shukran campaign’, with active Muslim drivers on the platform to receive curated food hampers and personalised thank-you cards.
The initiative, designed to strengthen the company’s relationship with its driver community at a time when many are working long hours while observing the fast, is not based on financial incentives or performance-based rewards but on practical support for the month and a direct expression of appreciation for the role drivers play in the platform’s daily operations.
Four Abuja-based Muslim content creators who understand the social and religious considerations of the period have been delivering 200 hampers across key districts in the city. The hampers, which contain everyday Ramadan essentials to support suhoor and iftar, including staple foods and beverages commonly consumed during the fasting period, come in warm-toned Ramadan packaging and include a handwritten-style card from Indrive with the message “Shukran,” which means thank you.
Each creator is assigned a specific coverage area to ensure broad reach and local relevance, with deliveries taking place around prayer times and fasting schedules, which are captured with the participating drivers’ consent. The campaign, serving as a broader positioning goal to publicly recognise drivers through creator-led storytelling, will further reinforce inDrive’s people-first identity and increase awareness among drivers who are not currently on the platform.
The campaign reflects inDrive’s deliberate shift toward relationship-building through culturally relevant engagement during one of the most significant periods in the Muslim calendar.
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Glovo Unveils New Road Safety Feature for Safety of Nigerian Riders
By Modupe Gbadeyanka
To enhance the safety of riders in Nigeria, a leading multicategory technology company, Glovo, has launched a new road safety feature on its mobile application.
The initiative was introduced in collaboration with the Federal Road Safety Corps (FRSC). It was designed to address key challenges in Nigeria’s fast-growing e-commerce and mobility ecosystem by implementing data-driven preventive measures to enhance road safety.
Also, Glovo has concluded plans with the FRSC to organise a road safety training. This has already been done in Lagos, with the training coming to Abuja on Friday, strengthening rider protection and road safety standards across Nigeria.
The Interim General Manager for Glovo Nigeria, Ms Reni Onafeko, said the new feature reflects the company’s long-term investment in safety, innovation, and responsible business growth in Nigeria.
Ms Onafeko explained that the feature combines advanced technology with structured training to ensure safer roads for riders and the broader public, highlighting the feature’s voluntary opt-in nature, explaining that riders can use it to improve their safety.
“The launch of this new feature reflects our commitment to building a culture of prevention rather than reaction. By equipping riders with real-time data about their riding behaviour, we are empowering them to make safer decisions every day. This initiative is about protection, education, and continuous improvement.
“Our approach combines innovation, partnership, and human-centred design. We are not just introducing a feature; we are reinforcing our responsibility to protect the people who power our platform every day.
“By working closely with regulators and organising safety training for riders, we are contributing to safer roads and a more sustainable ecosystem in Nigeria,” she stated.
In his remarks, the Senior Special Assistant to the Lagos State Governor on Transportation Education and Innovation, Mr Oluwatobi Idowu, noted that the training was a good initiative by Glovo Nigeria, urging riders to take advantage of the unique opportunity to familiarise themselves with the necessary safety rules while driving.
On his part, the Assistant Corps Commander for the Lagos Sector Command of the FRSC, Mr Philip Ogah, who represented the Lagos State Sector Commander, Mr Kehinde G. Hamzat, commended Glovo Nigeria for facilitating a refresher course for riders.
He noted that the training was necessary to help riders be really conscious about their safety, stating that it was better for them to be equipped with such interactive safety tools.
“There are levels of preparation before driving on the road. As a rider, learning is key and a continuous process. This kind of training makes you more informed as you drive.
“As a technological platform, it is good to see that Glovo keeps on ensuring that riders are trained to have a better usage of and better behaviour on Nigerian roads,” the FRSC chief in Lagos stated.
Also speaking, the Head of Operations at Glovo Nigeria, Oluwaseun Okugboye-Bello, explained that the introduction of the safety feature on the Glovo app has become an essential new addition for riders’ self-improvement while collaborating with the platform, noting that it was incorporated into the app to protect riders, commuters, and pedestrians.
At the end of the training session, certificates were presented to 70 participants.
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LAMATA to Boost Red Line Rail Capacity With 24 New Coaches
By Adedapo Adesanya
The Lagos Metropolitan Area Transport Authority (LAMATA) has announced plans to deploy 24 new coaches to boost the capacity of the Red Line rail by the third quarter of 2026.
In a Wednesday statement signed by its Head of Corporate Communications, LAMATA said it acknowledged recent reports and social media footage highlighting passenger discomfort on the Oyingbo-Agbado train service due to technical issues affecting the air conditioning system.
It noted that the plan to provide the 24 new coaches forms part of its long-term strategy to enhance capacity, comfort and service reliability.
“We sincerely apologise to our valued commuters for the heat and inconvenience experienced during their journey.
“As part of our long-term strategy to enhance capacity, comfort, and service reliability, LAMATA is pleased to announce the expected delivery and operationalisation of additional rolling stock by the third quarter of 2026.
“The new acquisition will comprise three train sets, each with eight coaches, bringing a total of 24 additional coaches to strengthen the existing fleet and improve passenger experience across the Red Line corridor,” the organisation stated.
The statement further revealed that the agency has deployed a technical team to diagnose and resolve the cooling system’s failure to return affected coaches to optimal operating conditions.
“In the immediate term, our technical and engineering teams have been deployed to diagnose and resolve the root cause of the cooling system failure. Restoration works are ongoing, and efforts are being intensified to return the affected coaches to optimal operating condition as swiftly as possible.
“LAMATA remains firmly committed to delivering safe, efficient, and world-class rail services. We continue to take proactive measures to minimise technical disruptions and improve overall service quality.
“We appreciate the patience, understanding, and continued support of the public as we complete these essential repairs. The comfort, safety, and well-being of all passengers remain central to our operations,” the statement concluded.
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