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Autocheck Acquires Moroccan KIFAL Auto to Expand into North Africa

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Autochek has entered into the North African auto market with the acquisition of Morocco’s KIFAL Auto for an undisclosed fee. This comes seven months after it entered the East African market with the acquisition of Cheki Kenya and Cheki Uganda from Ringier One Africa Media, and 20 months after it acquired Cheki Nigeria.

Launched in 2020, Autochek combines technology, underpinned by data analytics to deepen auto finance penetration across the continent.

With this acquisition, Autochek wants to tap into the budding automotive industry in Morocco which was valued at $4 billion in 2021 and is expected to reach $5.5 billion by 2027. In 2021, car sales in Morocco exceeded 160,000 units, creating more than 220,000 direct jobs. The industry is also expected to contribute as much as 24% to the Moroccan GDP by 2022.

This acquisition now makes Autochek present in six African countries, including Ghana, Côte d’Ivoire, and Uganda.

Autochek co-founder and CEO, Etop Ikpe, said in a statement that the acquisition will help the auto company to tap into huge opportunities that abound in the Moroccan auto market.

“From my first interaction with Nizar and his team at KIFAL Auto, I was so impressed by their passion for delivering effective solutions and their commitment to innovation. They have built an excellent platform and we are thrilled to have them onboard at Autochek to support the work we are doing to improve the automotive finance value proposition in Africa. There are so many parallels in our individual stories and I look forward to a long and mutually-beneficial relationship for years to come.

“I have long been an admirer of the work Autochek has done to enable improved experiences across Africa’s automotive value chain. There is so much we can learn from each other, and I am looking forward to bringing my experience and expertise to deliver more game changing innovation in Morocco and beyond,” he said.

KIFAL Auto was founded in 2019 by Nizar Abdalaoui Maane, and it has grown since then to become one of the biggest players in the Moroccan auto market. Maane said the acquisition will boost KIFAL’s growth potential.

“In our Industry and especially in an African context, it makes a lot of sense to continue growing with a large player. Morocco is a gateway into North Africa and I am confident that we can unlock new value and drive further transformation across the board,” he said.

Nigerian Airlines Again Raise Fare As Fuel Crisis Persists

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A week after the Nigerian National Petroleum Company (NNPC) intervened to resolve the aviation fuel crisis in the country, investigations revealed that supply from the NNPC has been used up as airlines grappled with price hikes amid scarcity.

The fuel scarcity forced most airlines to increase their fare to N55,000 as the base fare benchmark. Just recently, with the fuel scarcity still ravaging the aviation sector, domestic airlines in Nigeria have further raised their fare above the N50,000 base fare, with some airline tickets sold up to N60,000, as the fuel crisis in the industry continues to linger.

The scarcity has greatly affected the aviation sector on seamless conduct of air transport operations, which has led to a lot of flight cancellations and rescheduling. These airlines are also faced with the issue of low patronage, as not everyone can afford the base fare, and things have gone worse as most airlines have raised their fare to even N80,000.

There have been complaints from a lot of Nigerians as their plans and schedules have been altered due to the outrageous amount of airline fare prices. Recall that two weeks ago, airlines in the country threatened to shut down operations due to an increase in aviation fuel prices, but after swift intervention from the Nigerian National Petroleum Corporation (NNPC), the house of representatives, and the aviation ministry, the airlines had to desist from shutting down to continue operating.

The fuel crisis disrupting airline operations in the country is simply a result of the failure of the leadership. I am always perplexed as to why a country so rich in crude oil will be faced with shortage of fuel. What an irony! The government has to be blamed for not building a functioning refinery that would have helped to mitigate the fuel crisis.

Despite the huge billions of naira being invested in building a refinery over the years, there has been a lot of sabotage which has made things not work. There is an urgent need for Nigeria’s local refineries to be fixed as a matter of national emergency, to put an end to this reoccurring fuel crisis.

This aviation fuel crisis negatively impacts the nation’s economy as air transportation, with its associated complex networks, is a major source of transportation for people, goods, and services. The air transport sector contributes about N59 billion to the national GDP of Nigeria, which supports about 159,000 jobs and pays about N8.5 billion in tax annually.

Jet fuel scarcity leads to consequential flight disruptions and cancellations which have mostly become a yearly occurrence in the country. The government must understand that adequate fuel supply and availability of fuel for airlines in the country is very vital for economic sustainability.

It might interest you to know that all jet fuel consumption in Nigeria is imported, which creates pressure on the jet fuel supply chain. Hence, importation may not always be sufficient to meet the needs of the airlines in the country. The government must be hell-bent on building refineries, not just to refine fuel, but also to produce jet fuel locally, to mitigate the issue of the jet fuel crisis, as sometimes the process of obtaining jet fuel takes a lot of time which is not ideal for a nation’s airline sector.

Air transportation is critical to businesses and other economic activities in Nigeria, as it is one of the major sources of revenue for the country which generates earnings from both passengers and cargo movements.

Tekedia Capital Makes Investment in a Biomed and Clinical Service Startup

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Evidence-based precision medicine with doctors performing scientific miracles in operating rooms. As an engineering student who was creating technologies for operating rooms, I was involved in some of those experiments, to engineer tools of the future, to make doctors stars before patients. Through abdominal, thoracic, etc  surgeries on pigs, I have tested tools, in operating rooms, which end up being used by the experts on humans.

But doing them in America does not remove the fact that Africa needs modern healthcare. Next quarter, we will unveil an amazing healthcare company. It is a biomedical research and clinical services startup that  integrates biomedical research insights with clinical service to advance precision medicine for improved patient outcomes.

It will save lives at scale in Africa. Stay tuned as we continue to build a new Africa through entrepreneurial capitalism. Tekedia Capital >> building the NEXT Africa.

Photo: testing a medical tool in operating room on a pig

Eintracht Frankfurt claim highly deserved Europa League title

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Frankfurt were triumphant in the UEL final last night as they successfully vanquished Scottish side, Rangers F.C to claim their second UEL title.

Oliver Glasner and his men had their dreams come true as they were able to go all the way, clinching the second tier European trophy. The German side who were unbeaten throughout the entirety of the competition stunned Rangers, coming from behind to level at 1-1, and eventually seeing their opponents out of the room with a 5-4 spot-kick win

For the second time in a row, the Europa winner was decided on penalties as Villareal also needed an 11-10 nail-biting shoot out to beat Manchester United to the gold last year. But this time around, the winner didn’t start the shoot-out.

Rangers had gone ahead with forward, Joe Aribo capitalizing on a mishap at Eintracht’s defence but the latter fought back thanks to an acute Rafael Borre equalizer that caught Calvin Bassey and his partner sleeping.

Both teams fought to the end, nailing, clawing and in the ensuing penalty shoot-out, Kevin Trapp denied Rangers’ Aaron Ramsey while Frankfurt converted all five kicks to win the competition

Speaking of Trapp, the German shot stopper, who was named the man of the match, was highly instrumental in his side’s ambitions saving a potential extra time winner from Ryan Kent before ultimately foiling Ramsey’s penalty.

The hero of the moment had his words to pour out post match, saying: It feels incredible. I’m still trying to catch my breath. For us, for Frankfurt, for the region – for the whole of Germany, I think it’s a wonderful thing. To be able to give back to our fans this way is so special. We believed that we could do it, but you saw we had to dig deep for this win. We never gave up on ourselves, we always believed. It was the most intense experience of our lives for many of us and we’ll need time to recover. This is not my night. It’s everyone’s night. It doesn’t come down to one player, it comes down to a whole team. The league season was a disappointment because we didn’t qualify for Europe, now the euphoria is huge as we look forward to the UEFA Champions League. It’s hard to find the words.”

Oliver Glasner also commented on their prestiged victory saying: “It was our 13th game in Europe and we didn’t lose any of them. We came from behind today, so I can’t find the words to describe what the boys did today and this season, and they don’t often fail me. I’m proud for my players and my work. It was exactly the game we expected. They are very physical, they play long balls. We had to dictate the pace. Our penalties were very good. We have been practising in the last month. Did I think about the UEFA Champions League next season? No. I never talk about the future because we don’t know what happens in the next months. I told the players we had a fantastic journey and that journey should not end in Seville, but tomorrow when we come home with the trophy.”

As earlier mentioned, it is quite interesting to note that Frankfurt didn’t lose a single match en route to the trophy and were sensational in their campaign. They were the true meaning of undefeated. Conquering Betis in the last 16, upsetting Catalan Titans, Barcelona, knocking out English sensation, Westham, Glasner and co did a near perfect, near 100% job and were rewarded with the gold for their efforts with. The win also meant Frankfurt automatically qualified for the UCL next season having failed to do so via the canonical pathway.

Frankfurt first won the UEL in 1980, defeating German counterparts, Monchengladbach 3-3 on aggregate in a two legged final.

No doubt, players like Kamada, Borre, Filip Kostic were of great essence in helping their club achieve this feat. 5 of Frankfurt’s goals came from Kamada, who tied with Patson for fourth highest goalscorer of the competition and was the highest for his team

Rafael Borre had 4 goals to his name, including the all-important final goal while Kostic had the highest number of assists in the competition at 6. The Serbian was also the mastermind behind the elimination of their greatest threat and cup favorite, Barcelona as he bagged a brace to capitulate the Spanish giants 4-3 on aggregate.

Frankfurt have done it, they have achieved what they’ve been dreaming about all season long. This fall, the German side would have the chance to feature in the classic UCL and they will look to build on their growing reputation. If not win, at least make a name and advance as far as ability and fate can drive them.

 

 

 

 

 

 

 

 

 

 

 

 

As 5G Gathers Momentum, Industry Moves Toward 6G

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Though the Fifth-Generation (5G) network is still in its early days and the full potential of the technology is far from being realized, the mobile industry is already preparing for what comes next given the typical 10-year technology cycle.

While 5G promises download speeds many times faster than current speeds offered by 4G Long Term Evolution (LTE) networks and significantly lower latency times, 6G is set to raise the bar even higher, with much faster speeds and increased bandwidth to keep consumers more connected than ever before.

According to the Global System for Mobile telecommunications Association (GSMA), there has been a flurry of announcements related to 6G in recent months, with governments and industry players outlining plans to move the concept beyond just a vision to identify use cases and roadmaps.

GSMA disclosed that the ITU-R 6G Vision Group had been tasked with defining the technology and its capabilities as the industry moves towards 6G standardization.

It added that Orange has laid out its view of future 6G use cases, including holoportation and large-scale digital twin technology.

In the Mobile Economy Report 2022 authored by GSMA, released to newsmen over the weekend, the body informed that the government in China plans to prioritize development of 6G to 2025 in a bid to make 6G part of its wider digital strategy.

According to it, in North America, the Next G Alliance has started working groups on the 6G roadmap and ‘Green G’, which is reportedly focused on achieving energy efficiency.

GSMA said the University of Texas had already launched a 6G-research centre (6G@UT) with the support of AT&T, Samsung, Qualcomm, Nvidia and InterDigital. It added that Oppo has established a research team to conduct preliminary research on 6G technology.

The report claimed that MIT and Ericsson had entered into a research collaboration to design new hardware for 5G and 6G networks.

“It is worth mentioning that the mobile industry is currently focused on 5G deployments and use cases, despite the growing enthusiasm and commitment to 6G.

“Since it takes nearly a decade to move from research to commercialization, today’s 6G discussions are timely and necessary to ensure equal opportunities and a global approach to 6G standardization and development.” GSMA noted.

GSMA, which represents the interests of mobile operators worldwide, uniting over 750 operators with nearly 400 companies in the broader mobile ecosystem, disclosed that 5G had become mainstream in many pioneer markets, notably China, South Korea and the US, and was making considerable progress elsewhere.

According to it, at the end of 2021, 176 mobile operators in 70 markets around the world had launched commercial 5G services. This includes 68 operators that offer 5G fixed wireless access (FWA) services. The body noted that 5G adoption is also rising and would reach double-digit figures this year, on average.

“Momentum has been boosted by a number of factors, including the economic recovery from the pandemic, rising 5G handset sales, network coverage expansions and overall marketing efforts.

“For example, Samsung has revealed that it expects 5G smartphones to account for more than half of all smartphone sales in its portfolio in 2022.” it further stated.

GSMA stated that a new wave of 5G rollouts in large markets with modest income levels, such as Brazil, Indonesia and India, could further incentivise the mass production of more affordable 5G devices to cater for consumers in lower-income brackets. It noted that this could also drive the development of new 5G applications for consumers and enterprises in emerging markets.

The telecoms association said this was significant, given that the majority of 5G applications and use cases to date had been focused on more advanced markets.

Meanwhile, GSMA further hinted that the average retail price for a 5G phone had now fallen below $500, with devices under $150 available from some vendors, such as Realme.

“This bodes well for 5G adoption in less wealthy markets and opens the door to innovative services built around the technology,” it stressed.

As other countries are already thinking towards the fate of the nearest future, the relevant authorities in Nigeria are equally enjoined to key into the practice of being concerned about what tomorrow holds for the country’s telecom space.

It’s pathetic that the country’s teeming telecom subscribers are yet to fully key into the Fourth Generation (4G) network, let alone the 5G that’s already in vogue across the global community. Now, the topic of discourse has transcended to the anticipated 6G.