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Stock Exchange Slams N22.1m Fine on RT Briscoe
By Dipo Olowookere
An automobile company listed on the trading platform of the Nigerian Stock Exchange (NSE), R.T. Briscoe Nigeria Plc, has been slammed with a huge monetary fine.
A document sighted by Business Post over the weekend showed that the company was slapped with a sanction to the tune of N22.1 million.
It was gathered that the fine was placed on the firm for its failure to file its financial statements at the due time as required by the listing rules.
Recall that RT Briscoe and five other companies on the exchange were the first set to be suspended by the exchange this year. They were suspended on September 1, 2020.
For the auto firm, trading in its shares was paused by the NSE over its failure to submit its audited financial statements for the 2019 financial year and the results for the first and second quarters of 2020.
After the embargo on the trading of its equities, the organisation took an action by releasing them, which made the suspension to be lifted in compliance with the listing rules.
However, for not doing the needful at the appropriate time, the stock exchange has fined the company and this is expected to be paid from the purse of the organisation.
It was gathered that for filing its 2019 earnings late, the company has been asked to pay a fine of N8.3 million, while the late submission of its Q1 2020 results attracted N8.5 million and the late filing of the Q2 2020 accounts attracted N5.3 million.
Business Post reports that RT Briscoe has been going through a rough time lately.
In its 2019 results, its auditors, PKF Professional Services, warned that the company may be forced to wind down over its inability to meet its obligations because it is not generating enough funds.
According to PKF Professional Services, the group’s current liabilities exceeded its current assets by N14.8 billion versus N13.4 billion in 2018, while its total liabilities exceeded its total assets by N9.5 billion compared with N8.2 billion in 2018.
“Due to the losses incurred over the years, the shareholders’ fund has been totally eroded to the tune of N9.4 billion deficit as at December 31, 2019,” the note from the auditors said.
The auditors had further said the bank overdrafts of RT Briscoe as December 31, 2019, stood at N15 billion, representing 86 per cent of the total liabilities which is significant in the consolidated financial statements.
“The company has not been able to repay the bank overdraft and this has led to winding-up cases by the banks and other creditors.
“There are also issues on penalty charges by the banks. The significant, in relation to the inability to repay the borrowings which led to court litigations and also the going concern issues, make it a key audit matter,” the auditors said in the report.
It has been opined that the latest fine of N22.1 million of the NSE on the company may further compound the woes of RT Briscoe, according to an investor in the nation’s stock market.
“This is not good for the company, especially the shareholders’, who value have been eroded,” Mr Adegbite Salami, informed Business Post on Monday.
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.”
