Carlyle Group Injects $40m into Wakanow

Image

By Modupe Gbadeyanka

The sum of $40 million has been injected into one of the leading online travel agencies based in Nigeria, Wakanow.com Limited.

The amount is aimed at making the firm take a leading role in the sector, which boasts of other strong competitors.

This investment adds to Carlyle’s experience in the online travel sector, where it has invested in companies such as C-trip, one of the major online travel agencies operating across China, the Latin American travel and tour operator CVC Brasil, and Vasco Turismo, one of the largest travel operations groups in Peru.

Managing Director of Carlyle Group, Mr Idris Mohammed, stated that, “Wakanow has experienced incredible growth since inception, disrupting the travel market and taking online and offline market share.

“We believe that this strong growth trajectory will continue as Wakanow benefits from an expanding middle class across the continent in addition to increasing Internet penetration and mobile connectivity, which is driving increased online traffic.

“We look forward to working with Wakanow’s management team to help them deliver on their vision for growth and expansion.”

Also speaking, Chief Investment Officer of Platform Capital, one of Wakanow’s lead investors, Mr Mayowa Ayodele, said, “We are happy to partner with Carlyle and look forward to working with them to strengthen Wakanow’s market position, accelerate innovation, deepen its systems and processes to realise the vision of a world class online travel agency with African roots.”

Founded in 2009 in Nigeria, Wakanow is one of West Africa’s largest full-service online travel companies, providing its customers with a one-stop online booking portal for flights, hotels, holiday packages, and other travel services and ancillaries.

Complementing their online offering, Wakanow also operates a network of traditional brick-and mortar travel centres and has operations in Nigeria, Ghana, Kenya, the United Arab Emirate (UAE) and the United Kingdom.

The firm enjoys strong brand recognition and a scale advantages in its local markets. Co-founder and Chief Executive Officer of Wakanow, Mr Obinna Ekezie, commented that, “We are excited to partner with Carlyle as we continue to grow and expand in Africa and beyond. Carlyle’s global footprint and scale, as well as its extensive experience and network in the online travel sector will help us to further develop our offerings and broaden our customer base.”

Share
Related Stories
Image
19-January-2024

FAAN Relocates Headquarters to Lagos to Cut Costs

By Aduragbemi Omiyale The corporate head office of the Federal Airports Authority of Nigeria (FAAN) has been moved from Abuja to Lagos, where it was in the past, on the directive of the Minister of Aviation and Aerospace Development, Mr Festus Keyamo. This development was confirmed in a statement on Thursday by the Director of Public Affairs and Consumer Protection of FAAN, Mrs Obiageli Orah. The agency explained that the decision to move its corporate headquarters to its original base was taken after consultations with the relevant stakeholders. The statement noted that it was also because the relocation to Abuja

Image
30-November-2023

Yuletide: Emirates Gives Air Travel Guidance to Passengers

By Modupe Gbadeyanka Customers of Emirates Airlines have been advised to plan their travel carefully this December, as departure numbers peak throughout the festive month, including over the UAE National Day and Christmas period. In a statement, the airline operator urged passengers to arrive at the airport up to 3 hours before a flight and take note of their boarding time to ensure they reach the departure gate on time. It noted that travellers could take advantage of a wide array of check-in and baggage drop options from Emirates City Check-In & Travel Store, to newly refurbished First and Business

Image
13-January-2024

William Ruto, A Threat to Kenyan Tourism Industry?

By Kestér Kenn Klomegâh By description, Kenya, at least, has a palpable difference in tourism features compared with its neighbours in the East African Community (EAC), which is an intergovernmental organization composed of seven countries in the region. Kenya, Tanzania and Rwanda enjoy, to a considerable extent, relative peace and stability in the region. Determined to ensure an increasing flow of tourists, travellers and visitors to Kenya, the government supports with consistency the tourism industry by adopting flexible rules and regulations. Up until late November 2023, Kenya maintained strict visa requirements for all foreign and African travellers to the country.

Image
10-November-2023

Emirates Rakes $18.3bn in Six Months on Strong Demand for International Travel

By Aduragbemi Omiyale The strong demand for international travel across regions, especially as the airline business recovers from the COVID-19 pandemic of 2020, has helped Emirates Group, one of the big players in the aviation industry, to generate about $18.3 billion in the first six months of the financial year of the firm. On Thursday, the company released its financial statements for the 2023/24 fiscal year, with earnings rising by 20 per cent from the $15.3 billion achieved a day ago. The organisation, in the period under review, illustrated its strong profitability, as net profit went up by 138 per

More Stories
Image
14-December-2023

Sports on the Verge of Evolution: What’s Changing Daily

The world of sports is in a perpetual state of evolution. With advancements in technology, shifting societal norms, and a growing focus on inclusivity, many sports are undergoing transformative changes. In this article, we will explore several sports on the verge of significant evolution in terms of rules, equipment, and the overall fan experience. Struggles to find best bet companies in Nigeria? Don’t worry cause we have you on our back — click the link above to find higher odds and an outstanding betting experience. Esports: The Rise of Competitive Gaming Esports, or electronic sports, have rapidly gained popularity, becoming

Image
23-May-2022

FG Moves to Improve Midstream, Downstream Operations

By Adedapo Adesanya The federal government, through the Nigeria Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), has disclosed plans to unveil six regulations on midstream and downstream operations. The regulations are being put in place to bring clarity to the sector as well as improve business processes and ease of doing business in the sector. According to the Authority Chief Executive (ACE) of NMDPRA, Mr Farouk Ahmed, in a statement after a meeting with the Independent Petroleum Producers Group (IPPG), said the regulations are gas pricing, environmental management plan, environmental remediation fund, decommissioning and abandonment, gas infrastructure fund, and natural

Image
07-December-2022

FedEx Fully Enters Nigerian Market to Meet International Shipping Demands

By Adedapo Adesanya FedEx Express (FedEx), a subsidiary of FedEx Corporation, the world’s largest express transportation company, has announced establishing a direct commercial presence in Nigeria to meet the country’s growing international shipping demands. Although FedEx has been facilitating trade in Nigeria since 1994, offering its international solutions through Red Star Express Plc; with this latest initiative, FedEx will continue to leverage the capabilities and infrastructure of the service provider, Red Star Express Plc, that will continue to provide pick-ups, deliveries, customs clearance services, and retail locations across the country. In a press release seen by Business Post on Wednesday,

Image
02-November-2021

Nearly Four Million Nigerians Register for CVR—INEC

By Ashemiriogwa Emmanuel The Independent National Electoral Commission (INEC) has disclosed that nearly four million Nigerians have enrolled for the ongoing nationwide Continuous Voter Registration (CVR) as the record on the number of fresh registrants has reached 3,899,238. According to the commission weekly CVR update: Quarter 2, Week 4, released on Monday, November 1, 2021, the highest number of online registrants was recorded in Osun State with 453,949, ahead of Delta which recorded 297,396, then followed by Bayelsa at 252,534. On the other hand, Yobe and Abia recorded the lowest number of online registration with 18,600 and 19,308 respectively but

Image
02-December-2016

Court Orders Immediate Release of El-Zakzaky

By Dipo Olowookere Federal Government has been directed to release leader of Shiite sect in Nigeria, Mr Ibrahim El-Zakzaky, with immediate effect. The directive was given on Friday, December 2, 2016, by a Federal High Court sitting in Abuja. The court said Mr El-Zakzaky should be released from detention unconditionally. Giving the judgement today, Justice Gabriel Kolawole also ordered the government to release the wife of Mr El-Zakzaky, Mrs Malama Zeatudden, who also has been kept in detention by the FG. Justice Kolawole further directed the government to pay the sum of N50 million as general damages to Mr El-Zakzaky

Image
22-November-2023

Reps Tell Minister to Intervene in DStv, GOtv Tariff Hike

By Bliss Okperan The House of Representatives has asked that the Minister of Communication and Digital Economy, Mr Bosun Tijani, intervene in, halt and reverse the increase in the DSTV/GOTV tariffs by MultiChoice Nigeria. A member of the House, Mr Umar Ajilo, moved the motion on Tuesday on the floor, saying the prevailing economic hardship has made it difficult for subscribers to meet up with the increment. Recall that earlier this month, MultiChoice Nigeria introduced new rates for its DSTV and GOTV packages in the country, blaming rising costs of business operations for its action. “On Monday, November 6, 2023,

Image
22-October-2016

Nigeria Will Get Out Of Recession March 2017—Dangote

By Modupe Gbadeyanka President/Chief Executive Officer of Dangote Group, Mr Aliko Dangote, has predicted that Nigeria will be out of its present economic recession “at about the first quarter of next year.” The Africa’s richest man believes Nigeria has all it takes to bounce back, pointing out that the private sector in the country was huge. Mr Dangote made these comments on Monday when he hosted staff, participants and some members of alumni of Lagos Business School (LBS) at his Dangote Refinery in the Lekki Free Trade Zone, Lagos. The business mogul, who delivered a lecture titled ‘The Role of

Image
09-November-2020

Five Stocks Contribute to N8.01bn Loss at NASD Exchange

By Adedapo Adesanya The sum of N8.01 billion was lost by investors at the NASD Over-the-Counter (OTC) last week, which was the 45th week of trading at the bourse in 2020. The huge loss was partly caused by the poor performance of five stocks admitted on the exchange, reducing the market capitalisation to N528.38 billion from N536.39 billion it closed the preceding week. In the same vein, the outcome of the the five equities weakened that NASD Security Index (NSI) by 1.49 per cent or 10.91 points to 719.31 points from 730.22 points in week 44. The five stocks that

Ad
Ad
Recent Stories
Image
28-February-2024

Dangote Cement Wins Environmental Sustainability Award

By Aduragbemi Omiyale NatureNews has announced Dangote Cement Plc as the winner of the 2023 NatureNews Environmental Sustainability Award at its 3rd anniversary themed Climate Change and Energy Transition in Nigeria. At the Anniversary Lecture and Presentation of the Hero of Environmental Actions for Development (HEAD) held on Tuesday at the Shehu Musa Yar’Adua Centre, Abuja, the news platform said Dangote Cement was nominated for the category following a thorough screening by eminent professionals. The Publisher and Editor-in-Chief of NatureNews, Mr Aliyu Akoshile, disclosed that during the screening, it was discovered that the cement maker had deployed cutting-edge technology to

Image
28-February-2024

Nigeria’s Stock Market Stands Still to Honour Ogunbanjo’s Legacy

By Aduragbemi Omiyale The stock market in Nigeria stood still for the late former chairman of the Nigerian Exchange (NGX) Group Plc, Mr Abimbola Ogunbanjo, on Tuesday, February 27, 2024. The day was set aside to pay homage to the enduring legacy of the esteemed luminary, who died in a helicopter crash in the United States a few weeks ago along with the group chief executive of Access Holdings, Mr Herbert Wigwe, his wife and son. The NGX Group held an Afternoon of Tributes and Closing Gong Ceremony yesterday for him in collaboration with the Coronation Group. In a poignant

Image
28-February-2024

Fans Anticipate ‘Return of Maleeka (Atupa)’ by Mobolaji Samuel

By Modupe Gbadeyanka Some movie lovers are already calling on a movie producer in Nigeria, Ms Mobolaji Samuel, to release the sequel to her captivating film, Maleeka, Return of Meleeka (Atupa). The quest to see the second part of the flick is due to the exploits of the Nollywood filmmaker in the first part. However, she has called for calm, assuring her fans that the release date of her latest work of art would be announced very soon. Speaking recently on the Return of Maleeka (Atupa), the charming movie maker described the film as a story of faith and resilience,

Image
28-February-2024

FG Selects Learning Community Managers for 3MTT Initiative

By Modupe Gbadeyanka The federal government has selected Learning Community Managers for the 3MTT Initiative for all 36 states of the federation and the Federal Capital Territory (FCT). The managers were picked for the programme by the Federal Ministry of Communications, Innovation & Digital Economy, which is handling the initiative. Recall that the government secured N1 billion in partnership with IHS Nigeria to support the 3MTT Learning Community. The selection of Learning Community Managers marks a significant milestone in the government’s efforts to empower Nigeria’s tech talents. These individuals will play a crucial role in managing and assisting participants in

Image
28-February-2024

Renowned Embryologist Dr Marta Jansa Perez Visits Bridge Clinic Nigeria

By Modupe Gbadeyanka A renowned embryologist, Dr Marta Jansa Perez, has visited the Bridge Clinic Nigeria in Lagos, reinforcing its commitment to excellence in reproductive healthcare. Ms Perez is the Director of Embryology at Bridge Clinic London. Her visit to the Nigerian affiliate of the foremost healthcare organisation is a testament to the partnership between the two clinics, opening new avenues for the exchange of expertise and resources. The health practitioner arrived at Bridge Clinic Nigeria on Monday, February 19, 2024. Her week-long visit was meticulously structured around training, process and quality improvement, research and development, and guidance on best

Image
28-February-2024

Zero Routine Gas Flares and Delta Communities

By Jerome-Mario Utomi It is common knowledge that in pursuit of meeting the targets of 20 per cent (unconditional) and 47 per cent (conditional) greenhouse gas emission reduction as contained in the Nationally Determined Contribution under the Paris Accord reportedly signed by the President Bola Tinubu administration, the Nigerian National Petroleum Company Limited/TotalEnergies joint venture recently achieved zero routine gas flare in all its assets. While it is obvious that “the significance of this achievement is that the last routine flare volume of about 12MMscf/d (12 million standard cubic feet per day) of gas has now been eliminated giving rise

Image
28-February-2024

70 Active Stanbic IBTC Bank Customers Grab N7m in January Draws

By Aduragbemi Omiyale The sum of N7 million has been won by 70 active customers of Stanbic IBTC Bank in its ongoing Reward4Saving Promo. The money was won in the January 2024 draw, bringing the total number of beneficiaries since the inception of the promo in 2021 to 1,424 valued at N234 million, a statement from the company said. The Reward4Saving Promo was created to foster disciplined saving habits among Nigerians, offering them rewards for achieving specified savings targets. In the January draw, 10 winners were selected from each of the seven business regions operated by the bank in Nigeria,

Image
28-February-2024

Firms in Nigeria to Pay Annual Levy for Hiring Foreigners

By Aduragbemi Omiyale A new tax known as Expatriate Employment Levy (EEL) has been introduced by the federal government and it is to be paid by companies, which hire foreigners to work in Nigeria. The scheme was launched on Tuesday in Abuja by President Bola Tinubu and it is to close wage gaps between expatriates and Nigerian workers. The government explained that the policy aims to find a balance between leveraging foreign expertise and fostering local talent in Nigeria’s job market through the EEL, emphasising that it is not to discourage foreign investments. It was stressed that the level would

Image
28-February-2024

Senate Advocates Introduction of Food Stamps in Nigeria

By Adedapo Adesanya The Senate has urged the federal government to introduce the Nigerian version of the “food stamps programme” as an interim intervention to cushion the effects of food shortages in the country. This followed the adoption of a motion on the Introduction of Food Stamps in Nigeria as an Interim Measure to Address Imminent Food Insecurity in the country, by Mr Ali Ndume, the Senate Chief Whip at plenary on Tuesday. Presenting the motion, Mr Ndume said that in other countries, like the United States, food stamps were government-issued coupons that had been in use since 1939. “This is

Image
28-February-2024

Trucks Transit Parks Reflects Industry Impact, Future Opportunities

By Modupe Gbadeyanka A leading technology company specializing in mobility solutions, Trucks Transit Parks (TTP) Limited, is marking its third year of operations. As part of this, the firm is reflecting on the significant impact it has made in the maritime and logistics industry. TTP, since its inception to revolutionize the maritime and logistics sector in Nigeria through truck mobility solutions powered by technology, has emerged as a key player in driving port terminal efficiency, reducing traffic congestion, and creating new business opportunities within the Apapa port economic zone. “Our third anniversary of operations provides us an opportunity to reflect