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Nigeria’s Plentywaka Raises $1.2m, Acquires Ghana’s Stabus
By Ashemiriogwa Emmanuel
Nigerian bus hailing startup, Plentywaka, has secured $1.2 million in a seed round to expand its current reach as the provider of a better and safer transportation system for daily commuters in Lagos and Nigeria at large.
The round was led by Canadian Venture Capitalist, The Xchange. Other investors engaged in the seed round were SOSV and Shock Ventures, a follow-on investment from Techstars Toronto and angel investors from Canada, the United States, and several African countries.
It was not restricted to foreign investors as some Nigerian firms also took part in the seed round including Argentil Capital Partners, a boutique investment banking firm, as well as ODBA & Co Ventures.
In addition, the mobility startup also acquired the Ghanaian mobility platform, Stabus, to expand its services to Nigeria’s West African neighbour, Ghana.
This means that the Ghanian-based platform will now become Plentywaka Ghana, while its co-founder, Isidore Kpotufe, has been appointed as the new Country Manager of Plentywaka Ghana.
The development is coming after Stabus’ goal aligns with Plentywaka’s desire to scale up its operations and build a common goal, rather than competing.
Stabus was launched in 2019 and is said to have over 100,000 customers in its database in Accra, Ghana of which MTN Ghana and GB Foods are among its clientele.
The acquisition will see the teaming up of Stabus’ current workers with Plentywaka to help achieve the goal of providing safe and affordable transportation services as its services across Ghana will kick off on Thursday, September 16, 2021.
The acquisition, coupled with the fresh funds raised from its seed round, is considered as one of the strides made by the bus-hailing startup since its inception.
Recall that Business Post had reported two months ago that Plentywaka partnered with a leading interstate transport company, GUO, to expand both companies’ travel offerings.
The partnership saw GUO enabled its ticket booking on the Plentywaka app, therefore, joining its interstate travel network, Travelwaka. It also saw the on-boarding of 600 new buses from GUO onto its platform, leading to the opening up of new routes on the Travelwaka platform.
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.”
By Modupe Gbadeyanka
A bill aimed at prohibiting hawking, trading or preaching inside commercial vehicles in Nigeria has been passed by the Senate.
The bill known as the Federal Road Safety Corps (Amendment) Bill, 2026, imposes fines between N50,000 and N100,000 for violations if assented to by the President.
The piece of legislation was passed by the red chamber of the National Assembly on Thursday and should later be transmitted to President Bola Tinubu for assent.
Members of the upper chamber of the parliament explained that the law was amended to discourage distractions in commercial vehicles and improve the safety of commuters.
In addition, motorists who fail to cooperate with officials of the Federal Road Safety Corps (FRSC) during roadside breath tests conducted on reasonable suspicion are liable to fines or imprisonment or both.
Lawmakers noted that this was to improve compliance with road safety regulations and reduce road crashes, as fines for driving under the influence of alcohol or intoxicating drugs were raised to N100,000 from N5,000, with the risk of spending two years behind bars.
It was also proposed that disobedience to traffic lights, road signs, pavement markings and other traffic control devices will now attract N100,000, while the fine for speed limit violations is now N100,000, with reckless driving now a fine of N100,000 or two years’ imprisonment.
By Dipo Olowookere
Residents and motorists plying the Aina Obembe Road in Baruwa, Ipaja, Lagos, may soon heave a sigh of relief as the excruciating traffic gridlock being experienced in the area both day and night may soon be a thing of the past.
This is because the chairman of Ayobo-Ipaja LCDA, Mr Lukmon Agbaje, has directed those involved in indiscriminate truck parking along the road to remove the heavy-duty vehicles within one week, threatening to invoke appropriate enforcement measures for noncompliance with this directive.
Speaking during a meeting on Wednesday with the management of SENA Company, which owns the affected trucks, as well as the leadership of Oluwadara CDA and other key stakeholders like the Lagos State Traffic Management Authority (LASTMA), at the council’s secretariat, Mr Agbaje frowned at the prolonged inconvenience suffered by the community, stressing that public roads must remain accessible and safe for all users.
He emphasised the need for a collaborative approach in resolving the issue without undermining legitimate business operations, noting that he’s focused on finding a lasting solution to the gridlock experienced between Oluwaga and Aina Obembe, where parked trucks have continued to obstruct traffic, disrupt business activities, and pose safety concerns for residents and motorists.
He tasked the firm and the CDA to jointly identify and implement alternative parking arrangements that would remove all trucks from the affected roads and restore the free flow of traffic.
He declared that, “The welfare of our people remains our highest priority. No individual or corporate organisation should obstruct public infrastructure or create avoidable hardship for residents. We must ensure that economic activities coexist with public safety, order, and convenience.”
The council chief reaffirmed his administration’s commitment to promoting orderly development, ensuring safe and accessible roads, improving traffic management, and creating an environment where businesses can thrive alongside the well-being of residents.
