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Treepz Transports over 1.2 million Passengers in 2023

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Treepz, Africa’s leading shared mobility platform, stands tall as it releases its resilient 2023 Year in Review Report, showcasing its resilience, growth and transformative impact.

Treepz Founders L-R Johnny Ena, Afolabi Oluseyi, John Atumeyi and Onyeka Akumah.

Onyeka Akumah, Co-Founder & CEO, Treepz in a zoom meeting on Thursday shared the firm’s 2023 report – achievements and milestone, as well as 2024 projections and prospects.

According to him, “the year 2023 posed significant challenges in the transportation industry, particularly in Africa, with frequent petrol price hikes impacting the movement of people.

“However, despite these challenges, we navigated through the complexities and emerged at the end of the calendar year as a stronger industry player than ever before”.

He also spoke on the firm’s expansion drive, according to him “what began as a simple vision to solve the transportation challenges in Lagos, Nigeria with technology, we evolved into a global phenomenon, providing better transportation solutions for more than 4 million customers across 6 countries and 3 continents.

“Our expansion beyond Nigeria is a testament to the scalability and effectiveness of the Treepz platform in meeting the diverse needs of users globally.

“Earlier in the year, we expanded our footprints to East Africa with the launch of Treepz in Kenya. This strategic expansion marked a significant stride in expanding the company’s presence in East Africa, enhancing accessibility and tailoring transportation solutions to diverse commitments.

“We also solidified our foundation for long-term sustained growth and governance by appointing 5 reputable professionals to our board of directors. They include Ebenezer Arthur, Managing Partner of Wangara Capital Partners and Managing Director of Wangara Green Ventures, who brings 18 years of experience in sales, transportation, and technology, focusing on impact investing. Adejare Rasheed Olaoluwa, former CEO of the Bank of Industry in Nigeria, offers strategic management and financial expertise. Laura Venasse, a Partner at LaBarge Weinstein, brings her legal and business acumen to provide governance oversight. Jane Egerton-Idehen, Chair of the Board, is an experienced Fortune 500 technology executive with a telecommunications background, promising valuable insights for Treepz’s strategic direction.

Sharing insights on their Financial Milestones and Self-Sustainability, Akumah said, “one of the pivotal achievements in 2023 was the attainment of financial milestones, with revenues for both Nigeria and Kenya reaching the break-even point.

“This marked a crucial step toward achieving a 100% self-sustaining position for Treepz. The financial stability achieved in 70% of all markets, including our home base in Nigeria and the newly launched Kenya operations, positions Treepz for sustained growth and resilience in the dynamic landscape of shared mobility.

Moreover, in less than a year since the launch of Treepz’s marketplace in 2023, our platform generated over $1.2 million in earnings for our hosts (vehicle owners), demonstrating our commitment to uplifting and empowering lives and livelihoods across the globe economically.

Treepz Usage Statistics

A total of 1,2960,611 passenger trips were facilitated and completed in 2023, seamlessly connecting people across cities. In 2023 alone, we also added 6 new cities to our platform, increasing Treepz’s footprints to 16 cities, across 3 regions worldwide.

668 vehicles were onboarded on the Treepz marketplace within 8 months, to offer wide transportation options for our diverse user base. Customers across the continent have used Treepz technology to commute better over 4 million times since launch.

Beyond Transportation:

The tale with Treepz doesn’t end with commuting alone. Treepz now extends its reach beyond transportation alone, positively impacting various facets of users’ lives and the environment.

At the heart of our mission is a steadfast commitment to environmental sustainability, showcased by a remarkable reduction of 922,124 Kg of carbon emissions in 2023. Treepz actively contributes to fostering a greener environment, aligning our efforts with global initiatives to combat climate change and alleviate the ecological impact of transportation.

Furthermore, Treepz has played a pivotal role in supporting businesses by ensuring the safe daily commutes of 5,127 employees. This initiative underscores Treepz’s broader impact in addressing crucial transportation needs and enhancing the efficiency and well-being of employees across diverse organizations. Overall, Treepz continues to play a transformative role in the broader spectrum of users’ lives, forging a path towards a sustainable and connected future.

Looking Ahead to 2024

As Treepz looks ahead to 2024, the focus is crystal clear—centred on the customer and the bottom line. The year will witness us sharing brand stories better through customer experiences, with milestones set for Treepz’s 5th year in business by Q4 2024

Ajoke Yusuf and Sani Chanchangi’s appointments align with this forward-looking vision, contributing to Treepz’s commitment to innovation, customer satisfaction, and continued success.


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Ugo Onwuaso is an ICT enthusiast. He believes technology should be used for general good. He holds a Master of Public Administration (MPA) degree from the Lagos state University. Dear Reader, Your support matters. But we believe that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. That is why, we have devoted our energy to independent reportage of technology and finance and how they affect lives. Our incisive and analytical view of how technology news affects the daily life help individuals and organizations make up their minds. Quality journalism costs money. Today, we're asking that you support us to do more. Kindly support our effort to deliver technology and finance journalism to everyone in the world. Donate as little as N1,000. Bank transfers can be made to: UBA Plc 1017156876 Communication Week Media Ltd

Telecom

Wole Abu Takes over as Funke Opeke Resigns as MD of MainOne

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Funke Opeke, founder/CEO, MainOne, Nigerian internet connectivity giant, has stepped down from her role after 14 years – two years after Equinix, digital infrastructure business, bought her company, albeit news reports indicate that the completion of MainOne’s full integration with Equinix, was more recent, taking place this month.

Wole Abu Takes over as Funke Opeke Reisgns as MD of MainOne

Wole Abu

MainOne will retain its brand as MainOne, Solutions by Equinix, while its data centre division, MDXi, will operate under the Equinix name.

The development comes two weeks after the firm finalised its post-acquisition integration with Equinix Inc., a digital infrastructure company.

Recall that in 2022, Equinix Inc. announced that it had completed a deal to acquire MainOne, a West African data centre and connectivity solutions provider, for $320 million.

Speaking on her resignation in a statement on Tuesday, Equinix said Opeke will be replaced by Wole Abu as the new managing director in West Africa and lead the expansion of digital infrastructure in the region.

According to the organisation, Abu will oversee the Equinix business in Nigeria, Ghana, and Cote d’Ivoire; while Opeke will remain a strategic advisor for the company in the West African region through March 2026.

 

“Wole is a seasoned professional with over 20 years’ experience in the Nigerian Telecoms Industry,” the statement reads.

“He joins Equinix from Liquid Intelligent Technologies where he held the position of CEO for Nigeria and Africa Data Centre (ADC).

“As well as driving business success, Wole is passionate about driving societal and social change through technology and is focused on driving a successful strategy for connectivity and digital access in West Africa.

“Wole will also lead Equinix’s key local engagements to make a meaningful impact to society through the support of initiatives focused on education, sustainability, and the betterment of society as well as driving the vital environmental and community initiatives so crucial to the sustainable goals and vision of Equinix.”

Speaking on the appointment, Judith Gardiner, vice-president for growth and emerging markets at Equinix, said Abu’s expertise will help the company expand its reach.

“We are delighted to have Wole join Equinix as the leader driving our operations in West Africa,” Gardiner said.

“With his expertise, we will support local businesses and multinational companies in expanding into Africa and beyond through Equinix.

“This marks a significant milestone for Equinix as we continue to develop our presence in Africa, establishing crucial strategic data hubs, accelerating digital technology development, supporting our customers, and contributing to the continent’s immense growth potential through robust digital infrastructure.”

On his part, Abu expressed eagerness to contribute to Equinix’s transformative work and help create a more connected, accessible digital landscape throughout Africa.

“I’m excited to be joining Equinix, as we share a common vision for expanding digital infrastructure across Africa,” he said.

“This mission is crucial for bringing life-enhancing services to the region and bridging the digital divide. By empowering both enterprises and individuals, we’re enabling broader participation in the global digital economy.”

Equinix also said Wole’s appointment as managing director for West African business follows shortly after the opening of its newest data center in Johannesburg.

 


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MTN Nigeria Posts N514.9Bn Loss as Subscribers Drop in Q3

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MTN Nigeria Communications Plc has reported a loss after tax of N514.9 billion for the nine months ending September 30, 2024, driven largely by the naira’s devaluation.

MTN Nigeria Posts N514.9Bn Loss as Subscribers Drop in Q3

Despite recording a Q3 profit after tax of N4.1 billion, MTN’s Profit After Tax (PAT), adjusted for net forex loss, was down 59.2% to N118.5 billion, reflecting the ongoing currency challenges.

The telecom giant’s half-year results previously reported a loss of N519.1 billion, with the recent figure reflecting a slight decrease.

Additionally, MTN’s total subscriber base fell by 0.9% to 77.0 million as the regulatory-driven National Identification Number-SIM linkage led to the deregistration of certain Subscriber Identity Modules (SIMs).

In contrast, active data users rose by 5.1% to 45.3 million, while active mobile money (MoMo PSB) wallets declined by 21.8% to 2.8 million.

Earnings before interest, tax, depreciation, and amortisation (EBITDA) dropped by 5.3% to N860.2 billion, with the EBITDA margin shrinking by 14.9 percentage points to 36.3%.

Karl Toriola, CEO, MTN Nigeria described the results as “resilient,” attributing the performance to the company’s adaptability despite high inflation, naira depreciation, and regulatory constraints.

He noted that inflation averaged 32.8% during the period, up from 24.5% in 2023, prompting the Central Bank of Nigeria (CBN) to increase the Monetary Policy Rate by 8.5 percentage points to 27.25%, impacting funding costs.

As part of efforts to shore up working capital, MTN Nigeria has launched a new commercial paper issuance, aiming to raise N50 billion under its N250 billion Commercial Paper Issuance Programme.

The Series 11 and 12 issuances are part of MTN’s ongoing debt-market strategy to address short-term financial needs.

The telecom company, which recorded a net forex loss of N740.4 billion in 2023—a sharp rise from N81.8 billion in 2022—has been significantly impacted by the naira’s depreciation.

Following the Central Bank’s decision to float the currency in June 2023, the exchange rate rose from N461.1 per dollar in December 2022 to N907.1 by December 2023, impacting earnings and dividend declarations for shareholders.

 

 


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New Winners of Glo Jolly Win Promo Receive Millions in Prizes

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The Glo Jolly Win promo by Globacom has again made new millionaires who were presented their prizes at an event recently held in Lagos.

The presentation was conducted in conjunction with NCC-licensed Nitroswitch, an aggregator company, and Tetragrammaton, as the value-added service provider for these services. The five winners received their cheques and were instantly credited with their winnings at the ceremony.

Last September, Mr.Olieh Somtochukwu, a member of staff of a real estate company in Anambra State, became the first winner of the sum of N1 million naira in the promo.

Mrs. Adebayo Idowu, a recently retired school teacher, found it hard to believe her good fortune in September when she should have received her money despite several voice and video calls to her. She was full of appreciation to Globacom when she eventually came for the presentation of her prize at the ceremony last week.

Glo Jolly Win also produced other millionaires including Ganiu Bayo, a Lagos-based printing and publishing specialist, Abdul Mumuni Oseni, a corporate driver, Abiodun Oluwasanmi Temitayo, a mechanical engineer and Ashimiu Aminat Idowu, a teacher.

Mr. Mojeed Aluko of the Value Added Services Department of Globacom, noted at the ceremony that “the Glo Jolly Win is a lottery service in which subscribers can answer trivia questions or spin a wheel to win loads of airtime, data and cash prizes for as low as N100/day, with no need for downloads or any storage usage on their phones.

Subscribers can select their preferred services from the options of Jolly Trivia, Wheel, Win & Life to join in the fun and excitement of the lottery with the potential to become millionaires”.

Subsribers who desire to be part of the promo are enjoined to   dial *20152# or send JWD to 20152 on their Glo lines.


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