Subject: Re: Project Accelerate - Open Rental Revamp Project (Benin) (FST 602 BP JO 64083 TOYOTA PRADO TOJANY WORKSHOP JO 64083)
From: Raphael Peter <[email-masked]>
To: Lucky Umuokoro <[email-masked]>
Cc: Kate Ukwuma <[email-masked]>, Benedict Ochade <[email-masked]>, Obinna Ahaiwe <[email-masked]>, Ifeanyichukwu Udensi <[email-masked]>, Folashade Odutola <[email-masked]>, Okoroafor Igwe <[email-masked]>
Date: Thu, 30 Oct 2025 11:10:02 +0000

Dear Lucky,

284,000.00 Re-approved.

Regards,

Raphael Peter

Risk & Control

C & I Leasing PLC | Off Bisola Durosimi Erri Drive, Lekki Phase 1. Lagos

07031704068 & 08036360053, | [email-masked]

[A white square with blue and black logo  Description automatically generated]

________________________________
From: Lucky Umuokoro <[email-masked]>
Sent: Thursday, October 30, 2025 11:37 AM
To: Raphael Peter <[email-masked]>
Cc: Kate Ukwuma <[email-masked]>; Benedict Ochade <[email-masked]>; Obinna Ahaiwe <[email-masked]>; Ifeanyichukwu Udensi <[email-masked]>; Folashade Odutola <[email-masked]>; Okoroafor Igwe <[email-masked]>
Subject: Re: Project Accelerate - Open Rental Revamp Project (Benin) (FST 602 BP JO 64083 TOYOTA PRADO TOJANY WORKSHOP JO 64083)

Gentle reminder.

Best Regards,

Umukoro Efemena Lucky.
Maintenance Officer| C & I Leasing | 1 Emovon Cresent Off Ihama Road, Benin City.
07031719577| [email-masked]<http://shaba,[email-masked]/> | www.c-ileasing.com<http://www.cileasing.com/>

[A white square with black and yellow text  Description automatically generated]

________________________________
From: Lucky Umuokoro <[email-masked]>
Sent: Wednesday, October 29, 2025 8:25 AM
To: Raphael Peter <[email-masked]>
Cc: Kate Ukwuma <[email-masked]>; Benedict Ochade <[email-masked]>; Obinna Ahaiwe <[email-masked]>; Ifeanyichukwu Udensi <[email-masked]>; Folashade Odutola <[email-masked]>; Okoroafor Igwe <[email-masked]>
Subject: Re: Project Accelerate - Open Rental Revamp Project (Benin) (FST 602 BP JO 64083 TOYOTA PRADO TOJANY WORKSHOP JO 64083)

Dear Raphael,

Kindly reapprove the additional reviewed by ogo Okoroafor.

Best Regards,

Umukoro Efemena Lucky.
Maintenance Officer| C & I Leasing | 1 Emovon Cresent Off Ihama Road, Benin City.
07031719577| [email-masked]<http://shaba,[email-masked]/> | www.c-ileasing.com<http://www.cileasing.com/>

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________________________________
From: Okoroafor Igwe <[email-masked]>
Sent: Tuesday, October 28, 2025 8:56 PM
To: Lucky Umuokoro <[email-masked]>
Cc: Kate Ukwuma <[email-masked]>; Benedict Ochade <[email-masked]>; Obinna Ahaiwe <[email-masked]>; Ifeanyichukwu Udensi <[email-masked]>; Folashade Odutola <[email-masked]>; Raphael Peter <[email-masked]>
Subject: RE: Project Accelerate - Open Rental Revamp Project (Benin) (FST 602 BP JO 64083 TOYOTA PRADO TOJANY WORKSHOP JO 64083)

Additional NGN 50,000 approved.

Best Regards

Igwe Leonard Okoroafor

Fleet Maintenance  | C & I Leasing | Off Bisola Durosinmi Etti Drive, Lekki Phase 1. Lagos

08172116412| [email-masked]<mailto:[email-masked]> | www.c-ileasing.com<http://www.cileasing.com/>

[A white square with black and yellow text    Description automatically generated]

From: Lucky Umuokoro <[email-masked]>
Sent: Tuesday, 28 October 2025 11:18
To: Okoroafor Igwe <[email-masked]>
Cc: Kate Ukwuma <[email-masked]>; Benedict Ochade <[email-masked]>; Obinna Ahaiwe <[email-masked]>; Ifeanyichukwu Udensi <[email-masked]>; Folashade Odutola <[email-masked]>; Raphael Peter <[email-masked]>
Subject: Re: Project Accelerate - Open Rental Revamp Project (Benin) (FST 602 BP JO 64083 TOYOTA PRADO TOJANY WORKSHOP JO 64083)

Dear sir,

The workshop is requesting for an upward review.

Note, that we can't purchase a car stereo gor N210,000 and be accepting below the purchase price.

All we can accepted is N220,000 only.

Kindly add additional N90,000 to enable us settle our Vendor.

Best Regards,

Umukoro Efemena Lucky.

Maintenance Officer| C & I Leasing | 1 Emovon Cresent Off Ihama Road, Benin City.

07031719577| [email-masked]<http://shaba,[email-masked]/> | www.c-ileasing.com<http://www.cileasing.com/>

[A white square with black and yellow text  Description automatically generated]

________________________________

From: Raphael Peter <[email-masked]<mailto:[email-masked]>>
Sent: Wednesday, October 8, 2025 1:40 PM
To: Lucky Umuokoro <[email-masked]<mailto:[email-masked]>>
Cc: Kate Ukwuma <[email-masked]<mailto:[email-masked]>>; Benedict Ochade <[email-masked]<mailto:[email-masked]>>; Obinna Ahaiwe <[email-masked]<mailto:[email-masked]>>; Ifeanyichukwu Udensi <[email-masked]<mailto:[email-masked]>>; Okoroafor Igwe <[email-masked]<mailto:[email-masked]>>; Folashade Odutola <[email-masked]<mailto:[email-masked]>>; Kanu Chukwudi <[email-masked]<mailto:[email-masked]>>
Subject: Re: Project Accelerate - Open Rental Revamp Project (Benin) (FST 602 BP JO 64083 TOYOTA PRADO TOJANY WORKSHOP JO 64083)

Dear Lucky,

See approval below...........

  S/N

Items

Quantity

Estimated amount

Approved amount

Control

1

New complete android car stereo

230,000.00

 150,000.00

 130,000.00

2

Ac evaporator

30,000.00

 25,000.00

 25,000.00

3

A/c freezer

62,000.00

 45,000.00

 35,000.00

4

A/c oil

18,000.00

 4,000.00

 4,000.00

5

A/c gas

25,000.00

18,000.00

18,000.00

6

A/c labour

20,000.00

12,000.00

12,000.00

7

Fixing of car stereo

15,000.00

10,000.00

10,000.00

8

labour

25,000.00

cancelled

cancelled

Total

423,000.00

264,000.00

234,000.00

Regards,

Raphael Peter

Risk & Control

C & I Leasing PLC | Off Bisola Durosimi Erri Drive, Lekki Phase 1. Lagos

07031704068 & 08036360053, | [email-masked]<mailto:[email-masked]>

[A white square with blue and black logo  Description automatically generated]

________________________________

From: Lucky Umuokoro <[email-masked]<mailto:[email-masked]>>
Sent: Wednesday, October 8, 2025 12:16 PM
To: Raphael Peter <[email-masked]<mailto:[email-masked]>>
Cc: Kate Ukwuma <[email-masked]<mailto:[email-masked]>>; Benedict Ochade <[email-masked]<mailto:[email-masked]>>; Obinna Ahaiwe <[email-masked]<mailto:[email-masked]>>; Ifeanyichukwu Udensi <[email-masked]<mailto:[email-masked]>>; Okoroafor Igwe <[email-masked]<mailto:[email-masked]>>; Folashade Odutola <[email-masked]<mailto:[email-masked]>>; Kanu Chukwudi <[email-masked]<mailto:[email-masked]>>
Subject: Re: Project Accelerate - Open Rental Revamp Project (Benin) (FST 602 BP JO 64083 TOYOTA PRADO TOJANY WORKSHOP JO 64083)

Dear Raphael,

Kindly approve for further processing.

Best Regards,

Umukoro Efemena Lucky.

Maintenance Officer| C & I Leasing | 1 Emovon Cresent Off Ihama Road, Benin City.

07031719577| [email-masked]<http://shaba,[email-masked]/> | www.c-ileasing.com<http://www.cileasing.com/>

[A white square with black and yellow text  Description automatically generated]

________________________________

From: Kanu Chukwudi <[email-masked]<mailto:[email-masked]>>
Sent: Wednesday, October 8, 2025 11:05 AM
To: Lucky Umuokoro <[email-masked]<mailto:[email-masked]>>
Cc: Kate Ukwuma <[email-masked]<mailto:[email-masked]>>; Benedict Ochade <[email-masked]<mailto:[email-masked]>>; Obinna Ahaiwe <[email-masked]<mailto:[email-masked]>>; Ifeanyichukwu Udensi <[email-masked]<mailto:[email-masked]>>; Okoroafor Igwe <[email-masked]<mailto:[email-masked]>>; Folashade Odutola <[email-masked]<mailto:[email-masked]>>; Raphael Peter <[email-masked]<mailto:[email-masked]>>
Subject: RE: Project Accelerate - Open Rental Revamp Project (Benin) (FST 602 BP JO 64083 TOYOTA PRADO TOJANY WORKSHOP JO 64083)

See approval below...........

  S/N

Items

Quantity

Estimated amount

Approved amount

1

New complete android car stereo

230,000.00

 150,000.00

2

Ac evaporator

30,000.00

 25,000.00

3

A/c freezer

62,000.00

 45,000.00

4

A/c oil

18,000.00

 4,000.00

5

A/c gas

25,000.00

18,000.00

6

A/c labour

20,000.00

12,000.00

7

Fixing of car stereo

15,000.00

10,000.00

8

labour

25,000.00

cancelled

Total

423,000.00

264,000.00

Chuks Kanu

Head, Safety & Security (CSO)

C & I Leasing PLC | Leasing house, Off Oginigba,Elekahia Link Road, Trans-Amadi, PH.

08172007273 | [email-masked]|<mailto:[email-masked]%7C> www.c-ileasing.com<http://www.c-ileasing.com/>

[A white square with blue and black logo  Description automatically generated]

From: Lucky Umuokoro <[email-masked]<mailto:[email-masked]>>
Sent: Wednesday, 8 October 2025 09:05
To: Kanu Chukwudi <[email-masked]<mailto:[email-masked]>>
Cc: Kate Ukwuma <[email-masked]<mailto:[email-masked]>>; Benedict Ochade <[email-masked]<mailto:[email-masked]>>; Obinna Ahaiwe <[email-masked]<mailto:[email-masked]>>; Ifeanyichukwu Udensi <[email-masked]<mailto:[email-masked]>>; Okoroafor Igwe <[email-masked]<mailto:[email-masked]>>; Folashade Odutola <[email-masked]<mailto:[email-masked]>>; Raphael Peter <[email-masked]<mailto:[email-masked]>>
Subject: Re: Project Accelerate - Open Rental Revamp Project (Benin) (FST 602 BP JO 64083 TOYOTA PRADO TOJANY WORKSHOP JO 64083)

dear sir,

Good morning,

Gentle reminder.

Best Regards,

Umukoro Efemena Lucky.

Maintenance Officer| C & I Leasing | 1 Emovon Cresent Off Ihama Road, Benin City.

07031719577| [email-masked]<http://shaba,[email-masked]/> | www.c-ileasing.com<http://www.cileasing.com/>

[A white square with black and yellow text  Description automatically generated]

________________________________

From: Lucky Umuokoro <[email-masked]<mailto:[email-masked]>>
Sent: Tuesday, October 7, 2025 4:16 PM
To: Kanu Chukwudi <[email-masked]<mailto:[email-masked]>>
Cc: Kate Ukwuma <[email-masked]<mailto:[email-masked]>>; Benedict Ochade <[email-masked]<mailto:[email-masked]>>; Obinna Ahaiwe <[email-masked]<mailto:[email-masked]>>; Ifeanyichukwu Udensi <[email-masked]<mailto:[email-masked]>>; Okoroafor Igwe <[email-masked]<mailto:[email-masked]>>; Folashade Odutola <[email-masked]<mailto:[email-masked]>>; Raphael Peter <[email-masked]<mailto:[email-masked]>>
Subject: Re: Project Accelerate - Open Rental Revamp Project (Benin) (FST 602 BP JO 64083 TOYOTA PRADO TOJANY WORKSHOP JO 64083)

Good afternoon, sir!

Kindly find the table for your approval.

  S/N

Items

Quantity

Estimated amount

Approved amount

1

New complete android car stereo

230,000.00

2

Apc evaporator

30,000.00

3

A/c freezer

62,000.00

4

A/c oil

18,000.00

5

A/c gas

25,000.00

6

A/c labour

20,000.00

7

Fixing of car stereo

15,000.00

8

labour

25,000.00

Total

423,000.00

Best Regards,

Umukoro Efemena Lucky.

Maintenance Officer| C & I Leasing | 1 Emovon Cresent Off Ihama Road, Benin City.

07031719577| [email-masked]<http://shaba,[email-masked]/> | www.c-ileasing.com<http://www.cileasing.com/>

[A white square with black and yellow text  Description automatically generated]

________________________________

From: Benedict Ochade <[email-masked]<mailto:[email-masked]>>
Sent: Thursday, September 25, 2025 2:26 PM
To: Ifeanyichukwu Udensi <[email-masked]<mailto:[email-masked]>>; Obinna Ahaiwe <[email-masked]<mailto:[email-masked]>>; Lucky Umuokoro <[email-masked]<mailto:[email-masked]>>
Cc: Kate Ukwuma <[email-masked]<mailto:[email-masked]>>
Subject: RE: Project Accelerate - Open Rental Revamp Project (Benin)

Dear sir,

Sincere apologies for the miss up.

Find below my updated comment

N

PLATE NUMBER

VEHICLE MAKE

CLIENT/CONTRACT NAME

  LOCATION

Confirm vehicle is under Open Rental Pool  (Y/N)

Is there still business demand for the vehicle? (Y/N)

Recommendation: (Repair/Refurbish/Upgrade or Dispose)

If Yes in ''J". Include Cost of Repair/Refurbish/Upgrade (if available)

1

KJA 863 XZ

TOYOTA HI LUX

OPEN RENTAL

BENIN

NO

NO

 Dispose

Best Regards,

Benedict Ochade
FLEET OFFICER / BUSINESS DEVELOPMENT EXECUTIVE No. 1 EMOVON CRESCENT OFF IHAMA ROAD, GRA BENIN CITY.

09062660982 | [email-masked]<mailto:[email-masked]> | www.c-ileasing.com<http://www.c-ileasing.com/>

[Description: SON Button][Description: IMCA][Trace button]

From: Ifeanyichukwu Udensi <[email-masked]<mailto:[email-masked]>>
Sent: Thursday, 25 September 2025 14:10
To: Obinna Ahaiwe <[email-masked]<mailto:[email-masked]>>; Lucky Umuokoro <[email-masked]<mailto:[email-masked]>>; Benedict Ochade <[email-masked]<mailto:[email-masked]>>
Cc: Kate Ukwuma <[email-masked]<mailto:[email-masked]>>
Subject: Re: Project Accelerate - Open Rental Revamp Project (Benin)

@Benedict Ochade<mailto:[email-masked]>@Lucky Umuokoro<mailto:[email-masked]> Please reconfirm your position on the below listed vehicle. Your comment is showing that the vehicle is not under Open Rental and not fit for business, yet you are advising that it should be refurbished .

Please check again

N

PLATE NUMBER

VEHICLE MAKE

CLIENT/CONTRACT NAME

  LOCATION

Confirm vehicle is under Open Rental Pool  (Y/N)

Is there still business demand for the vehicle? (Y/N)

Recommendation: (Repair/Refurbish/Upgrade or Dispose)

If Yes in ''J". Include Cost of Repair/Refurbish/Upgrade (if available)

1

KJA 863 XZ

TOYOTA HI LUX

OPEN RENTAL

BENIN

NO

NO

 refurbish

Secondly,  the below listed vehicles are under your open rental fleet in the global fleet report but looking at the vehicle mark, they are not the type of vehicle used for open rental business. Please reconfirm that they are originally open rental vehicles

2

KRD 684 CQ

Suzuki Alto

OPEN RENTAL

BENIN

NO

NO

 dispose

3

LSD 438 XP

MITSUBISHI L200

OPEN RENTAL

BENIN

NO

NO

 dispose

4

SMK 525 XY

MITSUBISHI L200

OPEN RENTAL

BENIN

NO

NO

 dispose

Udensi Ifeanyichukwu
Regional Manager, South| Leasing House, Off  Oginigba-Elekahia Link Road, Trans Amadi Industrial Layout. Port Harcourt

08172007237 [email-masked]|<mailto:[email-masked]|> www.c-ileasing.com<http://www.cileasing.com/>

[A white square with blue and black logo  Description automatically generated]

________________________________

From: Obinna Ahaiwe <[email-masked]<mailto:[email-masked]>>
Sent: Friday, September 19, 2025 8:20 AM
To: Lucky Umuokoro <[email-masked]<mailto:[email-masked]>>; Benedict Ochade <[email-masked]<mailto:[email-masked]>>; Ifeanyichukwu Udensi <[email-masked]<mailto:[email-masked]>>
Cc: Kate Ukwuma <[email-masked]<mailto:[email-masked]>>
Subject: RE: Project Accelerate - Open Rental Revamp Project (Benin)

Hello Lucky,

Thanks for the feedback.

@Ifeanyichukwu Udensi<mailto:[email-masked]> please note the recommendation Lucky made.

Best Regards

Obinna Ahaiwe

Team Lead Fleet Operations | C & I Leasing Plc | Off Bisola Durosinmi Etti Drive, Lekki Phase 1. Lagos.

08093909036, 08060132579 | [email-masked]<mailto:[email-masked]> | www.c-ileasing.com<https://us-east-2.protection.sophos.com/?d=c-ileasing.com&u=aHR0cDovL3d3dy5jLWlsZWFzaW5nLmNvbS8=&e=b3ppY2hpLm53YWNodWt3dUBjLWlsZWFzaW5nLmNvbQ==&t=TWlxOHh0YytUSnZld3Y5S3RrQTg5WGkzMnB2MFAyditkMDRUYlFDdTNRQT0=&h=c6e40d66d6014968974577c1c5fa4d02>

[A white square with black and yellow text  Description automatically generated]

From: Lucky Umuokoro <[email-masked]<mailto:[email-masked]>>
Sent: Friday, 19 September 2025 6:58 AM
To: Obinna Ahaiwe <[email-masked]<mailto:[email-masked]>>; Benedict Ochade <[email-masked]<mailto:[email-masked]>>; Ifeanyichukwu Udensi <[email-masked]<mailto:[email-masked]>>
Cc: Kate Ukwuma <[email-masked]<mailto:[email-masked]>>
Subject: Re: Project Accelerate - Open Rental Revamp Project (Benin)

Dear sir,

Good morning,

These vehicles are managed by us in Benin, also the vehicles are in the workshops.

S/N

PLATE NUMBER

VEHICLE MAKE

CLIENT/CONTRACT NAME

  LOCATION

Confirm vehicle is under Open Rental Pool  (Y/N)

Is there still business demand for the vehicle? (Y/N)

Recommendation: (Repair/Refurbish/Upgrade or Dispose)

If Yes in ''J". Include Cost of Repair/Refurbish/Upgrade (if available)

1

KJA 863 XZ

TOYOTA HI LUX

OPEN RENTAL

BENIN

NO

NO

 refurbish

2

KRD 684 CQ

Suzuki Alto

OPEN RENTAL

BENIN

NO

NO

 dispose

3

LSD 438 XP

MITSUBISHI L200

OPEN RENTAL

BENIN

NO

NO

 dispose

4

SMK 525 XY

MITSUBISHI L200

OPEN RENTAL

BENIN

NO

NO

 dispose

Best Regards,

Umukoro Efemena Lucky.

Maintenance Officer| C & I Leasing | 1 Emovon Cresent Off Ihama Road, Benin City.

07031719577| [email-masked]<http://shaba,[email-masked]/> | www.c-ileasing.com<http://www.cileasing.com/>

[A white square with black and yellow text  Description automatically generated]

________________________________

From: Obinna Ahaiwe <[email-masked]<mailto:[email-masked]>>
Sent: Thursday, September 18, 2025 6:50 PM
To: Benedict Ochade <[email-masked]<mailto:[email-masked]>>; Ifeanyichukwu Udensi <[email-masked]<mailto:[email-masked]>>; Lucky Umuokoro <[email-masked]<mailto:[email-masked]>>
Cc: Kate Ukwuma <[email-masked]<mailto:[email-masked]>>
Subject: RE: Project Accelerate - Open Rental Revamp Project (Benin)

Dear @Benedict Ochade<mailto:[email-masked]>and @Lucky Umuokoro<mailto:[email-masked]>,

Who is managing these vehicles below and where is their current location?

S/N

PLATE NUMBER

VEHICLE MAKE

CLIENT/CONTRACT NAME

  LOCATION

Confirm vehicle is under Open Rental Pool  (Y/N)

Is there still business demand for the vehicle? (Y/N)

Recommendation: (Repair/Refurbish/Upgrade or Dispose)

If Yes in ''J". Include Cost of Repair/Refurbish/Upgrade (if available)

1

KJA 863 XZ

TOYOTA HI LUX

OPEN RENTAL

BENIN

NO

NO

2

KRD 684 CQ

Suzuki Alto

OPEN RENTAL

BENIN

NO

NO

3

LSD 438 XP

MITSUBISHI L200

OPEN RENTAL

BENIN

NO

NO

4

SMK 525 XY

MITSUBISHI L200

OPEN RENTAL

BENIN

NO

NO

Best Regards

Obinna Ahaiwe

Team Lead Fleet Operations | C & I Leasing Plc | Off Bisola Durosinmi Etti Drive, Lekki Phase 1. Lagos.

08093909036, 08060132579 | [email-masked]<mailto:[email-masked]> | www.c-ileasing.com<https://us-east-2.protection.sophos.com/?d=c-ileasing.com&u=aHR0cDovL3d3dy5jLWlsZWFzaW5nLmNvbS8=&e=b3ppY2hpLm53YWNodWt3dUBjLWlsZWFzaW5nLmNvbQ==&t=TWlxOHh0YytUSnZld3Y5S3RrQTg5WGkzMnB2MFAyditkMDRUYlFDdTNRQT0=&h=c6e40d66d6014968974577c1c5fa4d02>

[A white square with black and yellow text  Description automatically generated]

From: Benedict Ochade <[email-masked]<mailto:[email-masked]>>
Sent: Thursday, 18 September 2025 3:54 PM
To: Ifeanyichukwu Udensi <[email-masked]<mailto:[email-masked]>>; Lucky Umuokoro <[email-masked]<mailto:[email-masked]>>
Cc: Obinna Ahaiwe <[email-masked]<mailto:[email-masked]>>; Kate Ukwuma <[email-masked]<mailto:[email-masked]>>
Subject: RE: Project Accelerate - Open Rental Revamp Project (Benin)

Dear sir,

Kindly find below and attached as requested.

S/N

PLATE NUMBER

VEHICLE MAKE

CLIENT/CONTRACT NAME

  LOCATION

Confirm vehicle is under Open Rental Pool  (Y/N)

Is there still business demand for the vehicle? (Y/N)

Recommendation: (Repair/Refurbish/Upgrade or Dispose)

If Yes in ''J". Include Cost of Repair/Refurbish/Upgrade (if available)

1

KRD 37 FZ

TOYOTARAV4

OPEN RENTAL

BENIN

YES

YES

repair of the headlight

2

KJA 863 XZ

TOYOTA HI LUX

OPEN RENTAL

BENIN

NO

NO

3

LSD 763 FW

TOYOTARAV4

OPEN RENTAL

BENIN

YES

YES

high consumption of fuel

4

AME 416 TJ

TOYOTA RAV4

OPEN RENTAL

BENIN

YES

YES

gearbox replacement/Refurbishment

5

KRD 684 CQ

Suzuki Alto

OPEN RENTAL

BENIN

NO

NO

6

LSR 205 FZ

Hyundai Creta

OPEN RENTAL

BENIN

YES

YES

Refurbishment

7

LSD 438 XP

MITSUBISHI L200

OPEN RENTAL

BENIN

NO

NO

8

SMK 525 XY

MITSUBISHI L200

OPEN RENTAL

BENIN

NO

NO

9

EPE 505 YC

TOYOTA HI LUX

OPEN RENTAL

BENIN

YES

YES

Refurbishment

10

FST 479 HD

TOYOTA COROLLA

OPEN RENTAL

BENIN

YES

YES

ok

11

AGL 660 DF

TOYOTA COROLLA

OPEN RENTAL

BENIN

YES

YES

ok. Stopgap Lapo contract

12

AGL 513 FV

TOYOTA COROLLA

OPEN RENTAL

BENIN

YES

YES

ok. Stopgap Lapo contract

13

FST 602 BP

TOYOTA PRADO

OPEN RENTAL

BENIN

YES

YES

Needs upgrade

Best Regards,

Benedict Ochade
FLEET OFFICER / BUSINESS DEVELOPMENT EXECUTIVE No. 1 EMOVON CRESCENT OFF IHAMA ROAD, GRA BENIN CITY.

09062660982 | [email-masked]<mailto:[email-masked]> | www.c-ileasing.com<http://www.c-ileasing.com/>

[Description: SON Button][Description: IMCA][Trace button]

From: Ifeanyichukwu Udensi <[email-masked]<mailto:[email-masked]>>
Sent: Tuesday, 16 September 2025 15:59
To: Benedict Ochade <[email-masked]<mailto:[email-masked]>>; Lucky Umuokoro <[email-masked]<mailto:[email-masked]>>
Cc: Obinna Ahaiwe <[email-masked]<mailto:[email-masked]>>; Kate Ukwuma <[email-masked]<mailto:[email-masked]>>
Subject: Re: Project Accelerate - Open Rental Revamp Project (Benin)

Dear Benedict,

In line with the GMD's instruction and our ongoing efforts to revamp open rental vehicles, please find attached excel sheet and the extract below. Kindly fill in the vacant columns with the required details.

Kindly treat this request as urgent.

S/N

PLATE NUMBER

VEHICLE MAKE

CLIENT/CONTRACT NAME

  LOCATION

Confirm vehicle is under Open Rental Pool  (Y/N)

Is there still business demand for the vehicle? (Y/N)

Recommendation: (Repair/Refurbish/Upgrade or Dispose)

If Yes in ''J". Include Cost of Repair/Refurbish/Upgrade (if available)

1

KRD 37 FZ

TOYOTARAV4

OPEN RENTAL

BENIN

2

KJA 863 XZ

TOYOTA HI LUX

OPEN RENTAL

BENIN

3

LSD 763 FW

TOYOTARAV4

OPEN RENTAL

BENIN

4

AME 416 TJ

TOYOTA RAV4

OPEN RENTAL

BENIN

5

KRD 684 CQ

Suzuki Alto

OPEN RENTAL

BENIN

6

LSR 205 FZ

Hyundai Creta

OPEN RENTAL

BENIN

7

LSD 438 XP

MITSUBISHI L200

OPEN RENTAL

BENIN

8

SMK 525 XY

MITSUBISHI L200

OPEN RENTAL

BENIN

9

EPE 505 YC

TOYOTA HI LUX

OPEN RENTAL

BENIN

10

FST 479 HD

TOYOTA COROLLA

OPEN RENTAL

BENIN

11

AGL 660 DF

TOYOTA COROLLA

OPEN RENTAL

BENIN

12

AGL 513 FV

TOYOTA COROLLA

OPEN RENTAL

BENIN

Regards,

Udensi Ifeanyichukwu
Regional Manager, South| Leasing House, Off  Oginigba-Elekahia Link Road, Trans Amadi Industrial Layout. Port Harcourt

08172007237 [email-masked]|<mailto:[email-masked]|> www.c-ileasing.com<http://www.cileasing.com/>

[A white square with blue and black logo  Description automatically generated]

________________________________

From: Ifeanyichukwu Udensi <[email-masked]<mailto:[email-masked]>>
Sent: Thursday, September 11, 2025 3:24 PM
To: Kanu Chukwudi <[email-masked]<mailto:[email-masked]>>; Vivian Nsofor <[email-masked]<mailto:[email-masked]>>; Adaku Emedosi <[email-masked]<mailto:[email-masked]>>; Kate Ukwuma <[email-masked]<mailto:[email-masked]>>; Ayomide Oyinloye <[email-masked]<mailto:[email-masked]>>; Frank Oputa <[email-masked]<mailto:[email-masked]>>; Happiness Nwafor <[email-masked]<mailto:[email-masked]>>; Chinelo Akinbiyi <[email-masked]<mailto:[email-masked]>>; Babatunde Oguntunrin <[email-masked]<mailto:[email-masked]>>; Oladejo Lasisi <[email-masked]<mailto:[email-masked]>>; 'Nii Noi Narh' <[email-masked]<mailto:[email-masked]>>; 'Cynthia Inwergbu' <[email-masked]<mailto:[email-masked]>>; Yusuff Kareem <[email-masked]<mailto:[email-masked]>>; 'Mary Efua Agbezuge' <[email-masked]<mailto:[email-masked]>>; 'Samuel Anang' <[email-masked]<mailto:[email-masked]>>; Amos Ighaede <[email-masked]<mailto:[email-masked]>>; Okoroafor Igwe <[email-masked]<mailto:[email-masked]>>; Adamu Yusuf <[email-masked]<mailto:[email-masked]>>; Awelekaume Ashi <[email-masked]<mailto:[email-masked]>>; James Anebi <[email-masked]<mailto:[email-masked]>>; Deborah Taiwo <[email-masked]<mailto:[email-masked]>>; Oluwatosin Abati <[email-masked]<mailto:[email-masked]>>; Emmanuel Ilevbaodion <[email-masked]<mailto:[email-masked]>>; Azizat Oladokun <[email-masked]<mailto:[email-masked]>>; Munachiso Ayika <[email-masked]<mailto:[email-masked]>>; Olivia Okeke <[email-masked]<mailto:[email-masked]>>; Emmanuel Okeneye <[email-masked]<mailto:[email-masked]>>; Sweeney Perry <[email-masked]<mailto:[email-masked]>>; [email-masked]' <[email-masked]<mailto:[email-masked]>>; Ejemai Ahimie <[email-masked]<mailto:[email-masked]>>; Ruth Mba <[email-masked]<mailto:[email-masked]>>; Mobolaji Johnson <[email-masked]<mailto:[email-masked]>>; Obinna Ahaiwe <[email-masked]<mailto:[email-masked]>>; Timothy Udoh <[email-masked]<mailto:[email-masked]>>; Mary Udoh <[email-masked]<mailto:[email-masked]>>
Cc: Edward Ibrahim <[email-masked]<mailto:[email-masked]>>; Ayodele Babatunde <[email-masked]<mailto:[email-masked]>>; Alex Mbakogu <[email-masked]<mailto:[email-masked]>>; Marian Abulu <[email-masked]<mailto:[email-masked]>>; Ugoji Ugoji <[email-masked]<mailto:[email-masked]>>; 'Iyke Chiobi' <[email-masked]<mailto:[email-masked]>>; Okey Nnake <[email-masked]<mailto:[email-masked]>>
Subject: Project Accelerate

Good day Team,

Kindly take this as a reminder for our next meeting. Below are the updates and action points.

S/N

Activity/Task

Action-Point/Required Feedback

Responsibility

Timeline

Status

Updates as of 29th August 2025

1

Business Development Review

Are we still the market leader in vehicle fleet leasing industry?

• Who are our competitors? Their financial strength and fleet size in the market

• What is our biggest problem in market share competition?

• Is the vehicle fleet market growing? Is there more request for fleet management services or are businesses looking for alternatives?

• Names of competitors that offer lower rates than us? any other reason why they get more deals than us? what can we do differently?

• Which other area of fleet business, can we venture into?

Fleet BD Team/Ghana BD Team.

30/12/2025

Presentation of Outline for Fleet Management Strategy document was done.

OUTLINES

1.                  Overview of Leasing & Car Rental Business in Nigeria

2.                  Fleet Management & Car Rental Business in C&I Leasing Plc

3.                  Challenges Facing Fleet Management & Car Rental Business in C&I Leasing Plc

4.                  Opportunities available to Fleet Management & Car Rental Business in C&I Leasing Plc

5.                  Strategies for Harnessing Opportunities.

The above listed outline of Fleet Management Strategy Document will form the building block for the full document.

Next week discussion will mainly focus on the below as the first item of the outline:

1.                  Overview of Leasing & Car Rental Business in Nigeria

The Project Team is expected to review the outline and provide feedback for improvement where necessary.

2.                  Challenges faced by C&I Fleet in Nigeria Business environment.

3.                  Aged asset. We are ceding major revenue to Third-Party vendor.

4.                  Competitors are poaching from our team.

Things we can do:

•                     Car Sharing Option

•                     Reactivate C-Ride Pooling option.

•                     Upscaling of our technology support

•                     Consider vehicles that are powered by alternative energy, like electric car, gas powered.

•                     We should outsource the development of C-Ride or buy off-the-shelf ready app like an Uber Clone

Ghana Team presented their survey final report. Summary of the survey company recommendations are here below:

•                     Invest in improving the level of brand awareness.

•                     Develop an App for vehicle reservation or increase awareness on what we already have as existing App

•                     Staff training to develop competency.

•                     There is market opportunity for ride-hailing/on-demand service.

Key findings:

•                     Coaster and Minibuses are in high demand.

•                     Brand visibility for LeaseAfric is low.

•                     Factors that majorly influence rental include Trustworthiness, consistency, competitive rates, and payment flexibility.

•                     Market perception of LeaseAfric remains good and existing customers are happy with the services.

The comprehensive report has been shared with the project team for further review.

There is a need to have a brand awareness strategy. There are intentional advert approaches that can deliver the result on improved brand awareness without big expense.

 Going Forward

Ghana Team to adopt recommendations from the survey report. The Team will have a strategy session to come up with actionable plans to address the recommendations from the survey report with the aim to improve the business.

The ride-hailing project will be rolled out in phase in a way to test the market and have first-hand experience that will guide further business investment.

Ghana have acquired one EV for Switch Rentals. Plans to use EV for the ride-hailing project in place.

GMD have advised that there should be a clear matrix to measure and monitor the performance of the EV against our traditional petrol vehicle.

Parameters to gauge for EV vs ICE:

Maintenance cost

Fuelling/Power cost

Performance

EV performance matrix report for July 2025 presented.

Ghana team to share data collated from inception of the EV test with Corporate Services

GMD advised that a report to compare EV vs ICE for the same period be developed and analyzed to show cost savings.

Comparison analysis done between EV and ICE has shown that EV are more profitable to use.

Ghana have installed two EV charging units.

The marketing team is currently developing on social media campaign plan for EV. Their is plan to launch the campaign in next week

Two EVs have commenced rental transaction on Yango

Refurbishment for the first set of 36 vehicles have been completed and distributed to different clients.

The second set of 20 vehicles have been allocated to different workshops to commence refurbishment.  Repair works have been completed on 13 vehicles out of the 20 vehicles.

What is the impact of the injection of the refurbishment vehicles to Ghana's bottom line/margin? It is accepted that the refurbished vehicles that have returned to contract are expected to improve their revenue and profit. And if the impact is in positive, management can fast-track the refurbishment project for Ghana

Ghana team has so far invested 55,600,000 Cedis in the refurbishment project and need more time to start seeing the positive impact on the business.

There is plan to commence another set of vehicle refurbishment. Update to be shared during the next meeting

They have also embarked on a rate review with their client. Ghana to share report on price review on their contracts

There is discussion/engagement internally to have third-party vehicle owners onboard . This is to reduce dependence on asset acquisition/financing.

Product development is ongoing.

GMD have constituted a team to work on the third-party asset management product paper. Below is the team list:

Edward Ibrahim- Chairman

Nii Noi Narh

Samuel Anang

Olivia Okeke

Yusuff Kareem

Ifeanyichukwu Udensi

Business Development Review

Business discussion and plan

Fleet BD Team/Ghana BD Team.

 Nigeria Business Review Report and Recommendations:

•                     Cost is a major factor that determines rental. Provide competitive pricing.

•                     Full day rental service is the most preferred within C&I leasing customers.

•                     There is an identified market for on-demand services.

•                     Improve Customer Service and Awareness Campaign

•                     Expand our service offerings to include on-demand rental.

Recommendations for Asset Acquisition:

•                     Asset Management Model. Get idle assets from high net-worth individuals and manage it for them for a monthly return.

•                     Third-Party Partners to get specific brand of high-end vehicle

•                     Revamp old vehicle within the fleet

•                     Investor’s model for firm contract.

Service Expansion Offerings

•                     Maintain and Improve of HERTZ brand which is our flagship product

•                     Uberization of a portion of the open rental fleet. This is to meet the demand for ride hailing/on-demand service

•                     Airport transfer, Airline Partnership and Airport Space

•                     Bespoke Lease

Uber/Bolt Model Options:

•                     Tech Only

•                     Tech and Asset Ownership in closed clusters

•                     Tech and Managed Asset

•                     Asset only and Lease Tech

Business Strategies/Plans

Nigeria business plans

Service Expansion Plans:

Car Sharing/On-Demand and Third-Party Asset Management App

The committee met to harmonize Ghana and Nigeria team expectations for the app.

•                     There is an on-going discussion and review with selected app developers.

•                     Two vendors have done their POC with us. We have also engaged Vendor Management

•                     IT and Vendor Management are currently working to finalize with the two vendors that did their POC with us.

•                     IT and the project team have reengaged the app developer to adjust the initial framework of the app to enable it to align with the third-party asset management product and executive management expectations.

•                  We have finalized discussions with the app developers and the updated product paper ready for presentation to the executive committee.

•                  The app development cost is now reviewed downwards to N33.5m

•                  Presentation done to executive management committee. some recommendations were made by the executive committee for adjustment and additions.

•                  Updated product paper have been sent to the executive committee through Head, Corporate Comms.

•                  WIP. Awaiting Executive Management approval on the product paper and go ahead to commission the app developer

Upscaling of our technology support and App for vehicle reservation and increase brand awareness on existing products.

•                     Social media campaign for Hertz products for 2025 have commenced

•                   Marketing of O&M 360 Fleet Management Solution ongoing

•                   New opportunities are coming up for secondary leases.

•                  Organic social media campaign on-going

Alternative powered vehicle: CNG Powered Vehicles

•                     The spread of CNG infrastructure to guarantee easy refill.

•                     Cylinder size and placement impact the truck size.

•                     Cost per Kg. Mileage cover per kg of CNG.

•                     Cost of conversion

•                     Implication of CNG on the engine since it will be hybrid with PMS.

CNG Pilot Project Activity

Refurbishment of 1 vehicle have commenced- timeline is 45 days from 21st May 2024

Refurbishment of vehicle have been completed. The vehicle is currently undergoing conversion.

 Project at CNG conversion stage. Time is 10 days from 3rd July 2024.

We have taken delivery of the converted CNG vehicle on 16th July 2024 as planned.

Management have advised that we test the vehicle internally and in a control environment before deploying for business.

We sent a letter to PCNGi requesting that they allowed us to enjoy the 50% discount incentive from FG. No feedback received yet

The remaining two vehicles have been fully converted to CNG and are currently undergoing testing. Conversion was completed as at 30th October 2024.

Refill infrastructure and non-availability CNG is a major challenge to the CNG project.

One of the converted CNG vehicles have been deployed to Lagos.

There is need to develop marketing plan to promote the CNG vehicles

NIPCO has announced partnership with Mobile Stations to have CNG pumps across their existing stations.

CM have advised that we move one more vehicle to Lagos.

The Regional Manager- North also suggested that we move one to the South but subject to the availability of CNG supply infrastructure in the area.

CNG report for the month of November presented. Summary below:

Parameters

CNG Vehicle

Pet Veh1- AKD669FB

Pet Veh2- KTU208FL

Total KM Covered

885

925

702

Fuel Amt

25,201.10

209,985.00

189,130.00

December Report

Parameters

CNG Vehicle -MUS 970 CY

CNG Vehicle -LSR 950 DF

Pet Veh1- EKY 383 FM

Pet Veh2- KSF 940 FV

Total KM Covered

815

340

841

423

Fuel Amt

24,166.10

11,235.50

299,160.00

133,080.00

Jan/Feb Report

Parameters

CNG Vehicle -MUS 970 CY

CNG Vehicle -LSR 950 DF

CNG Vehicle -AGL 661-DF

Pet Veh1- EKY 383 FM

Pet Veh2- AKD 669 FV

Total KM Covered

864

349

492

1189

508

Fuel Amt

29,458.14

14,996.00

16,661.20

245,850.00

122,640.00

CM advised that we create a product for the CNG vehicle. He also advised that we watch out for policies that might impact further implementation of green energy initiative worldwide due to United States government change

GMD advised that we document all the issues observed during the CNG pilot test. And also do a detailed comparison with other vehicles refurbished at same time the conversion was done to ascertain if the issues noticed are peculiar to the  CNG vehicles alone or a general one.

Next plan to intentionally move the CNG vehicles to revenue generating activity.

Does it CNG vehicle conversion make business sense?

Does it affect the engine and overall value of the vehicle?

What is the sustainability? Is there availability infrastructure to support CNG vehicles?

Is it dependable?

The team request that we run the pilot test for another 6 months.

Carry more research on Electric powered vehicle usage in Nigeria.

•                     Research working on-going.

•                     We have EV price list from Saglev

•                     Meeting with Sterling Qoray team held.

Sterling team sent NDA form for signing. NDA signed and sent to Sterling team.

There are plans to make a business case for acquisition of EV for Nigeria business. this is because of Ghana progress with their EV project.

  *   We have received proposals from two EV companies.
  *   Chrome-park been one of the EV companies, made their presentation to us within the week.
  *   GIC Motors sent a proposal within the week.
  *   EV purchase request memo sent to management
  *   GMD have advised on some adjustments on the EV proposal and the project team is currently reworking the documents.
  *   CM have advised that we explore popular/known brand that clients can relate with, like BYD
  *   MD-LeaseAfric have advised that we move quickly with the acquisition of the EVs.

Some fundamental questions:

•                     How does EV fit into our current business model?

•                     One of the main essences of EV is about cost reduction. Does EV reduce our cost?

•                     Can EV last for five years and above on a commercial operation? What is the second-hand value of these EVs?

10/1/2025

Ghana team have advised that it will be better to acquire big EV Sedan and Mini-SUV as they are more marketable. Nigerian business travelers are very cautious of the vehicles they hire. And they can also be used as Status Vehicles for company executives.

CM advised that while looking at options of EV acquisition in Nigeria, we should consider purchasing a proven brand because businesses would like to associate with globally known brand as it given some kind of comfort.

There is also need to focus on acquisition of high-end vehicles as our experience during the festive period shows a surge in demand of newer SUVs and these were fulfilled using third-party vehicles.

High-end vehicles drive the market more than sedans. There is an opportunity for newer vehicles and people will pay a premium for them.

Regional Manager-North advised that we should do a mix of limited investment in the purchase of brand-new SUVs and activation of our proposed SWITCH product that will enable us to fully utilized third-party asset for rental.

GMD advised that we do analysis to show the target market, foreign companies that can afford to pay premium for the brand-new SUVs. Do proper justification with necessary market insight to executive management to enable us to acquire newer vehicles.

Asset Acquisition Plans:

•                     Investor’s model for firm contract.

•                     GMD advised that the product paper should be finalized and shared for review.

•                     Asset Management Model. Get idle assets from high network individuals and manage it for them for a monthly return.

 Third-Party Partners to get specific brand of high-end vehicle.

•                     We have established firm relationship with some third-party providers for Armoured SUV and High-end SUV

Alternative Source of Funding

  Revamp old vehicle within the fleet.

•                  Vehicles from the existing fleet have been identified and collated for possible refurbishment.

•                  Approval gotten to proceed with refurbishment of the 3 petrol coaster buses. Buses moved to workshop and refurbishment have commenced.

•                  The 16 Coaster Buses have been moved to different workshops to commence refurbishment.

•                  No board approval yet for RAV4s refurbishment.

•                  The disposal list has been complied by the operations team nationwide.

•                  There is an on-going business discussion with Huawei for 16 brand new pick-ups. Terms of contract agreed with Huawei. 16 brand new pick-ups to be deployed to Huawei today (10 for Lagos & 6 for Abuja). Deployment of the Pick-up has commenced to various regional location offices.

•                  Regional Manager- North suggested that we start including EV on our business proposal and while we respond to RFQs, showcasing the benefits of EV usage to their business in terms of cost savings.

•                  MTN team visited our Lagos facility for discussion around fleet management. They are proposing management of over 800 vehicles. Bid response submitted to MTN. Technical bid presentation done as well.

•                  Flour Mills contract finalized and signed

•                  Contract with ExxonMobil fully executed and vehicles deployed and have commence operation since 1st August.

•                  We received assurance from G4S on making some payment for the long outstanding

There is a need to restart open rental business at Lagos Airport.

•                     Airport Manager has asked that we do a proposal to establish a stand or branded cubicle at the airport. The option of get a Lounge space has also been considered.

2

Operational challenges.

•

TREASURY

FLEET MAINTENANCE

SCM

30/12/2025

    WIP

Maintenance Team, Treasury and AC have finally reconciled the aged payables, and they have arrived at any outstanding figure of 37.8m.

10.5m have been paid out of 37.8m on the reconciled amount. Payment is still ongoing.

Another 10m has been paid out of the total outstanding.

1.7m paid in Dec 2024.

Two workshops have come back to submit old outstanding payment. These workshops did not present any outstanding at the time of last reconciliation.   DeFam Workshop presented an outstanding of 3m+ while Friday Workshop 13m+.

Friday Workshop is holding 3 of our vehicles while Defam is with one vehicle.

Maintenance Team is seeking management approval to go ahead and reconcile the outstanding claims.

GMD have instructed that the vehicles in the two workshops that brought their outstanding claims after reconciliations, be retrieved from the workshops immediately, as they do not have any right to seize our vehicles.

Maintenance team have been able retrieve the vehicle in Defen while the three vehicles in Friday workshop will be retrieved within the next week after meeting with the workshop.

Maintenance team have confirmed that three vehicles with Friday Workshop have been retrieved.

Outstanding payment reconciliation for Defen and Friday workshop should be concluded immediately. AC should be carried alone in this process.

Reconciled report for Defen and Friday workshop sent to Treasury for review and confirmation. Work ongoing.

Treasury to share their reconciled report with Maintenance team.

Reconciliation for Friday Workshop have been concluded, and the position is that we are not owing the workshop

Reconciliation for Defen yet to be concluded.

Vendor Management to review all workshop vendors contract to renew expired contract.

There is a need for vendor management source workshops within Akure and Ekiti axis. There also need to get Coaster Bus workshop in Lagos.

Maintenance Team to provide current workshop outstanding payable report weekly.

Maintenance team to provide maintenance report every last Friday of the month.

Treasury team to present Fleet Cash Flow report by 1st week of month.

Cash Flow Report for June 2025 presented by Treasury Unit.

GMD have advised that the cash flow report should include details of vehicle that generated the revenue for open rental business.

Treasury team to liaise with the Management Accountant for fleet to get all required details.

Fleet management presented revenue report for June 2025

GMD have mandated Corporate Services to start collating data on EV and CNG project, Fleet Receivables, Tracking/Telematics Market . This report should be month on month basis.

3

Fleet Management critical vacant roles

Critical vacant roles

HR

30/12/2025

WIP

Critical vacant roles for Fleet:

•                  AC Technician

•                  Electrician

•                  Inspection Officers- HR to note need.

4

Plans to adequately fund the business to support operations

CM and Treasury to finalize on the 150m monthly funding arrangement

Treasury/CM

30/12/2025

WIP

132.7m monthly funding arrangement agreed on by Treasury and Fleet.

Treasury is currently funding urgent operational needs and selected refurbishment project. This is in view to increase revenue earnings for fleet.

There is need to have a firm monthly working capital/funding arrangement to cater for basic operation needs.

CM have finally met with Head, Treasury. They agreed that Fleet will be sending their monthly funding request at the beginning of every month. This is to guide adequate funding support from Treasury.

Fleet should provide monthly budget figure for accessories to enable proper funding plan.

Monthly Budget for Accessories @36,160,188.38

GMD and DMD have advised Treasury team to improve on funding support and plans for fleet fueling.

There is significant improvement in funding support from the Treasury team.

There is need to resolve or find alternative solution to recurring bank issue linked with fuel float account. Treasury to liaise with Zenith bank to find a permanent resolution to this.

5

Provide actual fleet size from Fleet via FMS, Citrack and Treasury

•                     All Fleet activity with respect to Operations and Commercials pass through FMS.

•                     Timeliness and effectiveness of FMS usage

•                     Accuracy of generated data

IT to clean up FMS data and create different modules that will warehouse vehicle data in the following categories:   Active, Inactive, Third-Party, Disposed, OM vehicle etc.

Fleet/IT

30/12/2025

WIP

FMS optimization on going

RECOMMENDATIONS (INSURANCE)

Self-Insurance is the more viable option for Fleet.

For the Self-Insurance to work effectively, it is recommended that we have a well-funded sinking fund account to quickly cater for insurance repair payment.

Major challenge on insurance is on the vehicles that are self-insured because our SLA workshops are not adequately funded.

We should re-introduce Non-Accident Bonus for driver and develop a good consequence matrix to penalize and recover the cost of repair from drivers that dent their assigned vehicles. Non-Accident bonus has yet to be developed by HR.

Training for drivers, fleet officers and Inspection officers

There is a need to fully implement assigning a vehicle to a particular driver.

There is a need to develop a consequence matrix for Fleet Officers/Inspection Officer to ensure proper supervision of vehicles under their control.

We should adopt a quick fix and have arrangement with some panel-beater to start fixing our vehicles with dents.

We can also consider employing an in-house technician for vehicle body repairs. But fleet will need to do a business case based on the outcome of incident report analysis to justify setting up an in-house vehicle body repair shop.

Fleet Maintenance to provide cost for setting up a Panel Beat/Vehicle Body Repair Shop

Insurance training for Fleet officer to help them understand our insurance plans/arrangement. Training schedule for next week

Audit raised concerns on delays in recovering insurance settlement for stolen vehicle since 2023. Insurance desk is having challenge getting vehicle document for EPE 494 to finalize with the insurance company. There is a documented evidence that the original copies was sent to the Insurance company.

There is recurring issue with accessing vehicle documents from documentation desk. Most times, it very difficult for documentation officers to promptly provide necessary vehicle papers to effectively process insurance claims.

There is a need for the documentation officers to improve in their responsibilities to ensure smoother operations.

6

Monthly Presentation of Average Vehicle Utilization, Revenue & Operations Cost Analysis Report

IT to fully automate FMS to enable easy generation these report via FM

Fleet Ghana & Nigeria /IT

1 week of the month

Utilization report

Open rental utilization with revenue generated

Fleet Operations presented utilization report

GMD has requested that fleet provide the below report:

Contract & Open Rental Utilization from January 2024 - July, 2025

Detailed Open Rental  Fleet List, showing vehicle details with current status

Separate School Runs and Ikeja Electric from Open Rental fleet list

Regions to extract open rental list for their locations and send to Corporate services

Treasury to provide total amount so far disburse for refurbishment

Treasury to liaise with Maintenance team to provide open rental maintenance cost

Initial presentation of the Utilization report done as requested by the GMD. However, the report was presented with incomplete data.

GMD have given the team more time to work on report and ensure that data/figure are correct without error.

GMD has also advised that the number of days used per month for the utilization calculation should be 30 days and not the budgeted days.

GMD advised that the BD team should up their marketing efforts because utilization of open rental vehicles is below expected margin

GMD also advised that report should be able to show detailed reason why each vehicle recorded downtime, and we should include the actual daily rate for each vehicle

7

 Reward System

Develop a reward system for staff that bring in business deals that are converted to revenue. This is to encourage Cross-Selling within the organization.

Corporate Service

30/12/2025

 The Team to share recommendation with Management for further review

 8

Fleet Officers to give insight on business opportunities within the contract they manage.

Their plan/engagements to explore these business opportunities with aim to bring in new businesses.

Current market movement report and overall market penetration in Q1

Fleet Officers

30/12/2025

There is a need to reengage GE and Baker Hughes to provide wholistic maintenance service.

With more open rental vehicles getting into firm contracts, there is need have a plan to re-fleet the open rental fleet. We need to review our inactive vehicles with the aim to revamp them for open rental business.

Fleet Officers need to engage more with the clients.

For Abuja, there is need to invest more in high-end SUV as they are in high demand for top executives.

It will be good to partner with a choice of hotels within Abuja because top hotels books both room and vehicle reservation for top executive.

•                     Abuja team to provide update next week on efforts made to get a space at Abuja Continental Hotel

DMD have advised we explore the option of using third-party providers to source for High-end vehicles that are currently not in our fleet in order to meet clients’ request.

For the hotel presence in Abuja, DMD have requested that the team come back to Management will cost implication for setting a shop at the hotels with projected income. This will enable Management to take a decision.

There is a vehicle lease opportunity in Bogo Beverages Limited.

Drivers training for Nokia, Wartsila

Ayomide made a presentation for Consumer Lease business opportunity with PZ products. The presentation will be shared with all concerned.

Recommendation to set up a standard maintenance centre within the HO car park.

From: Ifeanyichukwu Udensi <[email-masked]<mailto:[email-masked]>>
Sent: Thursday, 24 April 2025 15:36
To: Vivian Nsofor <[email-masked]<mailto:[email-masked]>>; Adaku Emedosi <[email-masked]<mailto:[email-masked]>>; Kate Ukwuma <[email-masked]<mailto:[email-masked]>>; Vivienne Ahaneku <[email-masked]<mailto:[email-masked]>>; Kanu Chukwudi <[email-masked]<mailto:[email-masked]>>; Ayomide Oyinloye <[email-masked]<mailto:[email-masked]>>; Francis Obuesi <[email-masked]<mailto:[email-masked]>>; Frank Oputa <[email-masked]<mailto:[email-masked]>>; Happiness Nwafor <[email-masked]<mailto:[email-masked]>>; Chinelo Akinbiyi <[email-masked]<mailto:[email-masked]>>; Babatunde Oguntunrin <[email-masked]<mailto:[email-masked]>>; Oladejo Lasisi <[email-masked]<mailto:[email-masked]>>; 'Nii Noi Narh' <[email-masked]<mailto:[email-masked]>>; 'Cynthia Inwergbu' <[email-masked]<mailto:[email-masked]>>; Yusuff Kareem <[email-masked]<mailto:[email-masked]>>; 'Mary Efua Agbezuge' <[email-masked]<mailto:[email-masked]>>; 'Samuel Anang' <[email-masked]<mailto:[email-masked]>>; May Aijanyain <[email-masked]<mailto:[email-masked]>>; Amos Ighaede <[email-masked]<mailto:[email-masked]>>; Okoroafor Igwe <[email-masked]<mailto:[email-masked]>>; Adamu Yusuf <[email-masked]<mailto:[email-masked]>>; Awelekaume Ashi <[email-masked]<mailto:[email-masked]>>; James Anebi <[email-masked]<mailto:[email-masked]>>; Deborah Taiwo <[email-masked]<mailto:[email-masked]>>; Oluwatosin Abati <[email-masked]<mailto:[email-masked]>>; Emmanuel Ilevbaodion <[email-masked]<mailto:[email-masked]>>; Chuks Udemezue <[email-masked]<mailto:[email-masked]>>; Azizat Oladokun <[email-masked]<mailto:[email-masked]>>; Munachiso Ayika <[email-masked]<mailto:[email-masked]>>; Olivia Okeke <[email-masked]<mailto:[email-masked]>>; Emmanuel Okeneye <[email-masked]<mailto:[email-masked]>>; Sweeney Perry <[email-masked]<mailto:[email-masked]>>; [email-masked]' <[email-masked]<mailto:[email-masked]>>
Cc: Edward Ibrahim <[email-masked]<mailto:[email-masked]>>; Ayodele Babatunde <[email-masked]<mailto:[email-masked]>>; Alex Mbakogu <[email-masked]<mailto:[email-masked]>>; Marian Abulu <[email-masked]<mailto:[email-masked]>>; Ugoji Ugoji <[email-masked]<mailto:[email-masked]>>; 'Iyke Chiobi' <[email-masked]<mailto:[email-masked]>>; Okey Nnake <[email-masked]<mailto:[email-masked]>>
Subject: Project Accelerate

Good day Team,

Kindly take this as a reminder for our next meeting. Please find below updates, action points and tasks that require action.

S/N

Activity/Task

Action-Point/Required Feedback

Responsibility

Timeline

Status

Status Updates as of 11th April 2025

1

Business Development Review

Are we still the market leader in vehicle fleet leasing industry?

• Who are our competitors? Their financial strength and fleet size in the market

• What is our biggest problem in market share competition?

• Is the vehicle fleet market growing? Is there more request for fleet management services or are businesses looking for alternatives?

• Names of competitors that offer lower rates than us? any other reason why they get more deals than us? what can we do differently?

• Which other area of fleet business, can we venture into?

Fleet BD Team/Ghana BD Team.

30/12/2025

Presentation of Outline for Fleet Management Strategy document was done.

OUTLINES

  1.  Overview of Leasing & Car Rental Business in Nigeria

2.                  Fleet Management & Car Rental Business in C&I Leasing Plc

3.                  Challenges Facing Fleet Management & Car Rental Business in C&I Leasing Plc

4.                  Opportunities available to Fleet Management & Car Rental Business in C&I Leasing Plc

5.                  Strategies for Harnessing Opportunities.

The above listed outline of Fleet Management Strategy Document will form the building block for the full document.

Next week discussion will mainly focus on the below as the first item of the outline:

  1.  Overview of Leasing & Car Rental Business in Nigeria

The Project Team is expected to review the outline and provide feedback for improvement where necessary.

  1.  Challenges faced by C&I Fleet in Nigeria Business environment.

3.                  Aged asset. We are ceding major revenue to Third-Party vendor.

4.                  Competitors are poaching from our team.

Things we can do:

•                     Car Sharing Option

•                     Reactivate C-Ride Pooling option.

•                     Upscaling of our technology support

•                     Consider vehicles that are powered by alternative energy, like electric car, gas powered.

•                     We should outsource the development of C-Ride or buy off-the-shelf ready app like an Uber Clone

Ghana Team presented their survey final report. Summary of the survey company recommendations are here below:

•                     Invest in improving the level of brand awareness.

•                     Develop an App for vehicle reservation or increase awareness on what we already have as existing App

•                     Staff training to develop competency.

•                     There is market opportunity for ride-hailing/on-demand service.

Key findings:

•                     Coaster and Minibuses are in high demand.

•                     Brand visibility for LeaseAfric is low.

•                     Factors that majorly influence rental include Trustworthiness, consistency, competitive rates, and payment flexibility.

•                     Market perception of LeaseAfric remains good and existing customers are happy with the services.

The comprehensive report has been shared with the project team for further review.

There is a need to have a brand awareness strategy. There are intentional advert approaches that can deliver the result on improved brand awareness without big expense.

 Going Forward

Ghana Team to adopt recommendations from the survey report. The Team will have a strategy session to come up with actionable plans to address the recommendations from the survey report with the aim to improve the business.

Date for the strategy session to be held on 7th – 8th of March 2024 .

Ghana strategy session held as planned. Document presented to the Project team.

Due to the high cost building the riding hailing app in Ghana, which is billed at 80,000 dollars, the committee have been advised to explore alternative options in Nigeria. The option of going back to Oride will be activated by the committee and IT.

A timeline of 3 weeks has been given for this. .

The ride-hailing project will be rolled out in phase in a way to test the market and have first-hand experience that will guide further business investment.

Ghana have acquired one EV for Switch Rentals. Plans to use EV for the ride-hailing project in place.

GMD have advised that there should be a clear matrix to measure and monitor the performance of the EV against our traditional petrol vehicle.

Parameters to gauge for EV vs ICE:

Maintenance cost

Fuelling/Power cost

Performance

Report of the outcome of this comparison is expected during the meeting.

EV performance matrix report for February 2025 presented. The EV has continued to perform well with minimal power cost and zero maintenance cost.

GMD advised that a report to compare EV vs ICE for the same period be developed and analyzed to show cost savings.

GMD further advised that we document the process of testing both the usage of EV and CNG converted vehicle, month on month. This is with the aim of get comprehensive report at the end of the test period, with no details left undocumented.

Ghana have installed two EV charging units.

There is plan acquire two more EV Mini-SUV in Ghana.

The new EV have arrived in Ghana awaiting custom clearance.

There will social media campaign for the new EV

Ghana team presented ROI report during the meeting. Ghana team to do further comparison analysis between EV and ICEV using like for like and total kilometre covered for each.

There is plan to increase utilization of the EV by deploying it for rental transaction through Yango

Ghana team have taken delivery of the two new EV mini-suv and registration is on-going.

The older EV will commence rental transaction with Yango by next week

There is a new project from Huawei that requires 20 vehicles from the existing fleet for 5 months. Third-party vehicles will be used for this project.

Revenue projections for the EVs presented.

One of the newly acquired EV to be deployed to Huawei while Australian High Commission have shown interest in taking one on lease.

A total of 36 vehicles were slated for refurbishment. Refurbishment works have been completed on 31 vehicles and vehicles reengaged to different rental business. while refurbishment works is still on-going on 5 vehicles. ECD is within the next 2 weeks

There is discussion/engagement internally to have third-party vehicle owners onboard . This is to reduce dependence on asset acquisition/financing.

Product development is ongoing.

CM advised that after Vehicle inspection in the process flow, there should be contract terms agreement and signing before On-boarding.

For the Third-Party asset management project, GMD to sync the Nigeria and Ghana team to enable them work together and develop a robust product.

GMD have constituted a team to work on the third-party asset management product paper. Below is the team list:

Edward Ibrahim- Chairman

Nii Noi Narh

Samuel Anang

Olivia Okeke

Yusuff Kareem

Ifeanyichukwu Udensi

The committee met within the week to review the three memos already developed for this product. They have agreed to merge the memos as the similarities are much and work on the product structure as well.

Initial draft product paper presented during the meeting. GMD advised that the product paper be presented to the Executive Management committee first, through the Product review sub-committee. We should liaise with Legal to achieve this.

The product paper is ready for presentation.

The Team has presented the initial draft of the third-party asset management product paper to the executive management committee.

The team is currently finalizing the document based on observation, corrections and recommendation made by the management committee. GMD have given the team a timeline of 2 weeks to conclude.

Ghana have developed a Drivers Mileage and Logbook application. This intends to automate the data capturing.

Live demo done with all stakeholders as scheduled.

Business Development Review

Business discussion and plan

Fleet BD Team/Ghana BD Team.

 Nigeria Business Review Report and Recommendations:

•                     Cost is a major factor that determines rental. Provide competitive pricing.

•                     Full day rental service is the most preferred within C&I leasing customers.

•                     There is an identified market for on-demand services.

•                     Improve Customer Service and Awareness Campaign

•                     Expand our service offerings to include on-demand rental.

Recommendations for Asset Acquisition:

•                     Asset Management Model. Get idle assets from high net-worth individuals and manage it for them for a monthly return.

•                     Third-Party Partners to get specific brand of high-end vehicle

•                     Revamp old vehicle within the fleet

•                     Investor’s model for firm contract.

Service Expansion Offerings

•                     Maintain and Improve of HERTZ brand which is our flagship product

•                     Uberization of a portion of the open rental fleet. This is to meet the demand for ride hailing/on-demand service

•                     Airport transfer, Airline Partnership and Airport Space

•                     Bespoke Lease

Uber/Bolt Model Options:

•                     Tech Only

•                     Tech and Asset Ownership in closed clusters

•                     Tech and Managed Asset

•                     Asset only and Lease Tech

Business Strategies/Plans

Nigeria business plans

Service Expansion Plans:

•                     Car Sharing/C-Ride Pooling option/E-Hailing/On-

•                     We have agreed on another option of collaborating with Ghana team on the app building. This is because they are building a similar app for ride-share, and it will be a shared cost for us.

•                     This option has been rested due to high cost from the app developer in Ghana – 1/11/2024

•                     We have been advised to explore other alternative option of get the ride hailing app in Nigeria. A timeline of 3 weeks was given by GMD for the committee to finalize this.

•                     The committee for riding hailing app development has now been expanded with IT and E-Business included.

•                     IT has presented two options which are currently been reviewed by the team.

The committee met for the second time within the week to harmonize Ghana and Nigeria team expectations from the app.

•                     IT to develop and share the User Requirement within next week. The app will have three major features: Vehicle Rental, Corporate cluster car hailing and third-party asset onboarding and management.

•                     The team is still working with the three weeks' timeline as given by GMD and is hopeful to share the vendors quotations after reviewing the User Requirement by next week.

•                     There is an on-going discussion and review with selected app developers.

•                     Two vendors have done their POC with us. We have also engaged Vendor Management

•                     IT and Vendor Management are currently working to finalize with the two vendors that did their POC with us.

•                     We have received a quote for the App development @43,000,000.00 negotiated to 41,000,000.00. this amount to be presented to Management for approval.

•                     IT and the project team have reengaged the app developer to adjust the initial framework of the app to enable it to align with the third-party asset management product and executive management expectations. Timeline to conclude is 2 weeks

•                     Upscaling of our technology support and App for vehicle reservation and increase brand awareness on existing products.

•                     Social media campaign for Hertz products for 2025 to commence next month.

•                     Marketing of O&M 360 Fleet Management Solution ongoing

•                     New opportunities are coming up for secondary leases.

•

Alternative powered vehicle: CNG Powered Vehicles

•                     The spread of CNG infrastructure to guarantee easy refill.

•                     Cylinder size and placement impact the truck size.

•                     Cost per Kg. Mileage cover per kg of CNG.

•                     Cost of conversion

•                     Implication of CNG on the engine since it will be hybrid with PMS.

CNG Pilot Project Activity

Proof of Concept paper presented and have been reviewed by Management.

Management have advised that we use 3 vehicles for the conversion pilot test (1 per region).

GMD have approved the request for conversion and refurbishment of 3 Corollas.

Fund released.

Refurbishment of 1 vehicle have commenced- timeline is 45 days from 21st May 2024

Refurbishment of vehicle have been completed. The vehicle is currently undergoing conversion.

Project at CNG conversion stage. Time is 10 days from 3rd July 2024.

Conversion at completion stage. Testing has commenced as well, and we are likely to take vehicle delivery within next week.

We have taken delivery of the converted CNG vehicle on 16th July 2024 as planned.

Management have advised that we test the vehicle internally and in a control environment before deploying for business.

We sent a letter to PCNGi requesting that they allowed us to enjoy the 50% discount incentive from FG. No feedback received yet

CM have advised that we ensure that all safety concerns and measures are taken into consideration. And we also ensure that we get insurance desk involved.

Internal testing of the converted vehicle is still ongoing. Initial report to show that spend on CNG refill and mileage covered presented. N8500 for CNG refuel while mileage covered is 496km.

GMD has advised that we do comparison report to show costing saving for PMS vs CNG powered vehicle.

GMD have advised that DD Magic should give a report on the two refurbished vehicles. Ascertaining the status of the engines to be Ok.

The remaining two vehicles have been fully converted to CNG and are currently undergoing testing. Conversion was completed as at 30th October 2024.

The report has also been complied on and expected to be shared on the first week of every month.

Refill infrastructure and constant availability CNG has come up as some of challenges on the CNG project.

CNG report for the month of November presented. Summary below:

Parameters

CNG Vehicle

Pet Veh1- AKD669FB

Pet Veh2- KTU208FL

Total KM Covered

885

925

702

Fuel Amt

25,201.10

209,985.00

189,130.00

December Report

Parameters

CNG Vehicle -MUS 970 CY

CNG Vehicle -LSR 950 DF

Pet Veh1- EKY 383 FM

Pet Veh2- KSF 940 FV

Total KM Covered

815

340

841

423

Fuel Amt

24,166.10

11,235.50

299,160.00

133,080.00

Jan/Feb Report

Parameters

CNG Vehicle -MUS 970 CY

CNG Vehicle -LSR 950 DF

CNG Vehicle -AGL 661-DF

Pet Veh1- EKY 383 FM

Pet Veh2- AKD 669 FV

Total KM Covered

864

349

492

1189

508

Fuel Amt

29,458.14

14,996.00

16,661.20

245,850.00

122,640.00

CM advised that we create a product for the CNG vehicle. He also advised that we watch out for policies that might impact further implementation of green energy initiative worldwide due to United States government change

What is the solution to sourcing during scarcity of CNG? Retainership with CNG station

Review and develop plans to deploy some of the CNG vehicles to other locations.

One of the converted CNG vehicles have been deployed to Lagos.

Revenue expectation/projection required.

There is need to develop marketing plan to promote the CNG vehicles

Carry more research on Electric powered vehicle usage in Nigeria.

•                     Research working on-going.

•                     We have EV price list from Saglev

•                     Meeting with Sterling Qoray team was held as scheduled. Sterling team sent NDA form for signing. NDA signed and sent to Sterling team.

There are plans to make a business case for acquisition of EV for Nigeria business. this is because of Ghana progress with their EV project.

We have received proposals from two EV companies.

Chrome-park been one of the EV companies, made their presentation to us within the week.

GIC Motors sent a proposal within the week.

The project team is currently reviewing both.

Some fundamental questions:

•                     How does EV fit into our current business model?

•                     One of the main essences of EV is about cost reduction. Does EV reduce our cost?

•                     Can EV last for five years and above on a commercial operation? What is the second-hand value of these EVs?

10/1/2025

Ghana team have advised that it will be better to acquire big EV Sedan and Mini-SUV as they are more marketable. Nigerian business travelers are very cautious of the vehicles they hire. And they can also be used as Status Vehicles for company executives.

CM advised that while looking at options of EV acquisition in Nigeria, we should consider purchasing a proven brand because businesses would like to associate with globally known brand as it given some kind of comfort.

There is also need to focus on acquisition of high-end vehicles as our experience during the festive period shows a surge in demand of newer SUVs and these were fulfilled using third-party vehicles.

High-end vehicles drive the market more than sedans. There is an opportunity for newer vehicles and people will pay a premium for them.

Regional Manager-North advised that we should do a mix of limited investment in the purchase of brand-new SUVs and activation of our proposed SWITCH product that will enable us to fully utilized third-party asset for rental.

GMD advised that we do analysis to show the target market, foreign companies that can afford to pay premium for the brand-new SUVs. Do proper justification with necessary market insight to executive management to enable us to acquire newer vehicles.

Asset Acquisition Plans:

•                     Investor’s model for firm contract.

•                     GMD advised that the product paper should be finalized and shared for review.

•                     Asset Management Model. Get idle assets from high network individuals and manage it for them for a monthly return.

•                     Third-Party Partners to get specific brand of high-end vehicle.

•                     We have established firm relationship with some third-party providers for Armoured SUV and High-end SUV

•                     Alternative Source of Funding

•                     Revamp old vehicle within the fleet.

•                     Vehicles from existing fleet have been identified and collated for possible refurbishment.

•                     CM have advised that we do the refurbishment in batches.

•                     43 sedans have been identified from existing for refurbishment. Once refurbished, the 43 sedans will be deployed to LAPO contract.

•                     LAPO fleet size has increased from 25 to 65.

•                     The target is to increase our fleet size with LAPO from the current fleet size of 25 to 70 vehicles. Revenue target is to increase from 6m to 20m

•                     We have bided and won Staff bus contract with Huawei with contract value of 185m monthly. Contract execution is going

•                     Huawei Bus contract operations have commenced fully in Abuja and Lagos

•                     Reactivation of parked coaster buses in Port-Harcourt are currently on-going. Maintenance team have engaged workshops for inspection and submission of repair cost.. CM advised that we commence pre-marketing of the buses to enable us have off-takers of the buses once they are ready from the workshops.

•                     Quotation and Amort for refurbishment of 3 coaster buses sent to CM for review and approval.

•                     Approval gotten to proceed with refurbishment of the 3 petrol coaster buses. Buses moved to workshop and refurbishment have commenced.

•                     There is ongoing discussion to get C&I Fuel Cards Solution. This card will be managed by us. This is due to many challenges faced by current providers of ESN fuel cards. A meeting with Interswitch was held within the week for the fuel cards.

•                     One SUV moved to a workshop for refurbishment and upgrade. Awaiting CM approval.

•                     Refurbishment of 16 Coaster Buses in Lagos to commence within the next 3 weeks.

•                     Returned RAV4 from Huawei planned for refurbishment and have them ready for secondary leases

•                     Disposal list has been complied by the operations team nationwide.

There is a need to restart open rental business at Lagos Airport.

•                     Airport Manager has asked that we do a proposal to establish a stand or branded cubicle at the airport. The option of get a Lounge space has also been considered.

2

Operational challenges.

•

TREASURY

FLEET MAINTENANCE

SCM

30/12/2025

    WIP

Maintenance Team, Treasury and AC have finally reconciled the aged payables, and they have arrived at any outstanding figure of 37.8m.

10.5m have been paid out of 37.8m on the reconciled amount. Payment is still ongoing.

Another 10m has been paid out of the total outstanding.

1.7m paid in Dec 2024.

Two workshops have come back to submit old outstanding payment. These workshops did not present any outstanding at the time of last reconciliation.   DeFam Workshop presented an outstanding of 3m+ while Friday Workshop 13m+.

Friday Workshop is holding 3 of our vehicles while Defam is with one vehicle.

Maintenance Team is seeking management approval to go ahead and reconcile the outstanding claims.

GMD have instructed that the vehicles in the two workshops that brought their outstanding claims after reconciliations, be retrieved from the workshops immediately, as they do not have any right to seize our vehicles.

Maintenance team have been able retrieve the vehicle in Defen while the three vehicles in Friday workshop will be retrieved within the next week after meeting with the workshop.

Maintenance team have confirmed that three vehicles with Friday Workshop have been retrieved.

Outstanding payment reconciliation for Defen and Friday workshop should be concluded immediately. AC should be carried alone in this process.

Reconciled report for Defen and Friday workshop sent to Treasury for review and confirmation. Work ongoing.

Treasury to share their reconciled report with Maintenance team.

Reconciliation for Friday Workshop have been concluded, and the position is that we are not owing the workshop

Reconciliation for Defen yet to be concluded.

Vendor Management to review all workshop vendors contract to renew expired contract.

There is a need for vendor management source workshops within Akure and Ekiti axis. There also need to get Coaster Bus workshop in Lagos.

Maintenance Team to provide current workshop outstanding payable report weekly.

Maintenance team to provide maintenance report every last Friday of the month.

Treasury team to present Fleet Cash Flow report by 1st week of month.

Cash Flow Report for March 2025 presented by Treasury Unit

Fleet management presented revenue report for March 2025

GMD have mandated Corporate Services to start collating data on EV and CNG project, Fleet Receivables, Tracking/Telematics Market . This report should be month on month basis.

3

Fleet Management critical vacant roles

Critical vacant roles

HR

30/12/2025

WIP

Critical vacant roles for Fleet:

•                     AC Technician

•                     Electrician

•                     Inspection Officers- HR to note need.

4

Plans to adequately fund the business to support operations

CM and Treasury to finalize on the 150m monthly funding arrangement

Treasury/CM

30/12/2025

WIP

132.7m monthly funding arrangement agreed on by Treasury and Fleet.

Treasury is currently funding urgent operational needs and selected refurbishment project. This is in view to increase revenue earnings for fleet.

There is need to have a firm monthly working capital/funding arrangement to cater for basic operation needs.

CM have finally met with Head, Treasury. They agreed that Fleet will be sending their monthly funding request at the beginning of every month. This is to guide adequate funding support from Treasury.

Fleet should provide monthly budget figure for accessories to enable proper funding plan.

Monthly Budget for Accessories @36,160,188.38

GMD and DMD have advised Treasury team to improve on funding support and plans for fleet fueling.

January 2025 maintenance invoices paid within the week

5

Provide actual fleet size from Fleet via FMS, Citrack and Treasury

•                     All Fleet activity with respect to Operations and Commercials pass through FMS.

•                     Timeliness and effectiveness of FMS usage

•                     Accuracy of generated data

IT to clean up FMS data and create different modules that will warehouse vehicle data in the following categories:   Active, Inactive, Third-Party, Disposed, OM vehicle etc.

Fleet/IT

30/12/2025

WIP

FMS optimization on going

Insurance desk to explain in detail our insurance policy. This is to determine if the current insurance policy is effective and addresses the need of our fleet.

There is need for Insurance desk, RC, Treasury to review our current insurance policy.

•                     Self-Insurance will still be best option for Fleet in terms of cost of premium.

•                     What will be the benefit and implication of doing Third-Party Insurance and have a fund set aside and invested to cater for accident repairs? What will be cost of third-party insurance?

•                     Fleet Maintenance to provide cost for setting up a Panel Beat/Vehicle Body Repair Shop. Location

RECOMMENDATIONS (INSURANCE)

Self-Insurance is the more viable option for Fleet.

For the Self-Insurance to work effectively, it is recommended that we have a well-funded sinking fund account to quickly cater for insurance repair payment.

Major challenge on insurance is on the vehicles that are self-insured because our SLA workshops are not adequately funded.

We should re-introduce Non-Accident Bonus for driver and develop a good consequence matrix to penalize and recover the cost of repair from drivers that dent their assigned vehicles. Non-Accident bonus has yet to be developed by HR.

Training for drivers, fleet officers and Inspection officers

There is a need to fully implement assigning a vehicle to a particular driver.

There is a need to develop a consequence matrix for Fleet Officers/Inspection Officer to ensure proper supervision of vehicles under their control.

We should adopt a quick fix and have arrangement with some panel-beater to start fixing our vehicles with dents.

We can also consider employing an in-house technician for vehicle body repairs. But fleet will need to do a business case based on the outcome of incident report analysis to justify setting up an in-house vehicle body repair shop.

Fleet Maintenance to provide cost for setting up a Panel Beat/Vehicle Body Repair Shop

Insurance training for Fleet officer to help them understand our insurance plans/arrangement.

6

Monthly Presentation of Average Vehicle Utilization, Revenue & Operations Cost Analysis Report

IT to fully automate FMS to enable easy generation these report via FM

Fleet Ghana & Nigeria /IT

1 week of the month

7

 Reward System

Develop a reward system for staff that bring in business deals that are converted to revenue. This is to encourage Cross-Selling within the organization.

Corporate Service

30/12/2025

 The Team to share recommendation with Management for further review

 8

Fleet Officers to give insight on business opportunities within the contract they manage.

Their plan/engagements to explore these business opportunities with aim to bring in new businesses.

Current market movement report and overall market penetration in Q1

Fleet Officers

30/12/2025

There is a need to reengage GE and Baker Hughes to provide wholistic maintenance service.

With more open rental vehicles getting into firm contracts, there is need have a plan to re-fleet the open rental fleet. We need to review our inactive vehicles with the aim to revamp them for open rental business.

Fleet Officers need to engage more with the clients.

For Abuja, there is need to invest more in high-end SUV as they are in high demand for top executives.

It will be good to partner with a choice of hotels within Abuja because top hotels books both room and vehicle reservation for top executive.

•                     Abuja team to provide update next week on efforts made to get a space at Abuja Continental Hotel

DMD have advised we explore the option of using third-party providers to source for High-end vehicles that are currently not in our fleet in order to meet clients’ request.

For the hotel presence in Abuja, DMD have requested that the team come back to Management will cost implication for setting a shop at the hotels with projected income. This will enable Management to take a decision.

There is a vehicle lease opportunity in Bogo Beverages Limited.

Drivers training for Nokia, Wartsila

Ayomide made a presentation for Consumer Lease business opportunity with PZ products. The presentation will be shared with all concerned.

Recommendation to set up a standard maintenance centre within the HO car park.

Udensi Ifeanyichukwu
Regional Manager, South| Leasing House, Off  Oginigba-Elekahia Link Road, Trans Amadi Industrial Layout. Port Harcourt

08172007237 [email-masked]|<mailto:[email-masked]|> www.c-ileasing.com<http://www.cileasing.com/>

[A white square with blue and black logo  Description automatically generated]

________________________________

From: Ifeanyichukwu Udensi
Sent: Thursday, April 10, 2025 2:58 PM
To: Vivian Nsofor; Adaku Emedosi; Kate Ukwuma; Vivienne Ahaneku; Kanu Chukwudi; Ayomide Oyinloye; Francis Obuesi; Frank Oputa; Happiness Nwafor; Chinelo Akinbiyi; Babatunde Oguntunrin; Oladejo Lasisi; 'Nii Noi Narh'; 'Cynthia Inwergbu'; Yusuff Kareem; 'Mary Efua Agbezuge'; 'Samuel Anang'; May Aijanyain; Amos Ighaede; Okoroafor Igwe; Adamu Yusuf; Awelekaume Ashi; James Anebi; Deborah Taiwo; Oluwatosin Abati; Emmanuel Ilevbaodion; Chuks Udemezue; Azizat Oladokun; Munachiso Ayika; Olivia Okeke; Emmanuel Okeneye; Sweeney Perry; [email-masked]'
Cc: Edward Ibrahim; Ayodele Babatunde; Alex Mbakogu; Marian Abulu; Ugoji Ugoji; 'Iyke Chiobi'; Okey Nnake
Subject: Project Accelerate

Good day Team,

Kindly take this as a reminder for our next meeting. Please find below updates, action points and tasks that require action.

Please note that we will be presenting the following reports and status updates:

  1.  EV report from Ghana team
  2.  Cash flow report from Treasury team
  3.  Receivable report from Fleet team
  4.  Status of the Body Repair Workshop
  5.  Insurance update on the Sinking Fund arrangement. Initial projections and performance of the sinking fund so far, showing the benefits in values.
  6.  Status of implementation of Non-Accident Bouns from Fleet team and HR
  7.  Insurance training for Fleet officer to help them understand our insurance plans/arrangement.

S/N

Activity/Task

Action-Point/Required Feedback

Responsibility

Timeline

Status

Status Updates as of 28th March 2025

1

Business Development Review

Are we still the market leader in vehicle fleet leasing industry?

• Who are our competitors? Their financial strength and fleet size in the market

• What is our biggest problem in market share competition?

• Is the vehicle fleet market growing? Is there more request for fleet management services or are businesses looking for alternatives?

• Names of competitors that offer lower rates than us? any other reason why they get more deals than us? what can we do differently?

• Which other area of fleet business, can we venture into?

Fleet BD Team/Ghana BD Team.

30/12/2025

Presentation of Outline for Fleet Management Strategy document was done.

OUTLINES

  1.  Overview of Leasing & Car Rental Business in Nigeria
  2.  Fleet Management & Car Rental Business in C&I Leasing Plc
  3.  Challenges Facing Fleet Management & Car Rental Business in C&I Leasing Plc
  4.  Opportunities available to Fleet Management & Car Rental Business in C&I Leasing Plc
  5.  Strategies for Harnessing Opportunities.

The above listed outline of Fleet Management Strategy Document will form the building block for the full document.

Next week discussion will mainly focus on the below as the first item of the outline:

  1.  Overview of Leasing & Car Rental Business in Nigeria

The Project Team is expected to review the outline and provide feedback for improvement where necessary.

  1.  Challenges faced by C&I Fleet in Nigeria Business environment.
  2.  Aged asset. We are ceding major revenue to Third-Party vendor.
  3.  Competitors are poaching from our team.

Things we can do:

  *   Car Sharing Option
  *   Reactivate C-Ride Pooling option.
  *   Upscaling of our technology support
  *   Consider vehicles that are powered by alternative energy, like electric car, gas powered.
  *   We should outsource the development of C-Ride or buy off-the-shelf ready app like an Uber Clone

Ghana Team presented their survey final report. Summary of the survey company recommendations are here below:

  *   Invest in improving the level of brand awareness.
  *   Develop an App for vehicle reservation or increase awareness on what we already have as existing App
  *   Staff training to develop competency.
  *   There is market opportunity for ride-hailing/on-demand service.

Key findings:

  *   Coaster and Minibuses are in high demand.
  *   Brand visibility for LeaseAfric is low.
  *   Factors that majorly influence rental includes Trustworthiness, consistency, competitive rates, and payment flexibility.
  *   Market perception of LeaseAfric remain good and existing customers are happy with the services.

The comprehensive report has been shared with the project team for further review.

There is need to have brand awareness strategy. There are intentional advert approaches that can deliver the result on improved brand awareness without big expense.

 Going Forward

Ghana Team to adopt recommendations from the survey report. The Team will have a strategy session to come up with actionable plans to address the recommendations from the survey report with aim to improve the business.

Date for the strategy session to hold on 7th – 8th of March, 2024 .

Ghana strategy session held as planned. Document presented to the Project team.

Due to the high cost building the riding hailing app in Ghana, which is  billed at 80,000 dollars, the committee have been advised to explore alternative options in Nigeria. The option of going back to Oride will be activated by the committee and IT.

A timeline of 3 weeks has been given for this. .

The ride-hailing project will be roll out in phase in a way to test the market and have first hand experience that will guide further business investment.

Ghana have acquired one EV for Switch Rentals. Plans to use EV for the ride-hailing project in place.

GMD have advised that there should be clear matrix to measure and monitor the performance of the EV against our traditional petrol vehicle.

Parameters to gauge for EV vs ICE:

Maintenance cost

Fuelling/Power cost

Performance

Report of the outcome of this comparison is expected during the meeting.

EV performance matrix report for February 2025 presented. The EV have continued to perform well with minimal power cost and zero maintenance cost.

GMD advised that a report to compare EV vs ICE for same period be developed and analysed to show cost savings.

GMD further advised that we document the process of testing both the usage of EV and CNG converted vehicle, month on month. This is with the aim of get comprehensive report at the end of the test period, with no details left undocumented.

Ghana have installed two EV charging units.

There is plan acquire two more EV Mini-SUV in Ghana.

The new EV have arrived in Ghana awaiting custom clearance.

There will social media campaign for the new EV

Ghana team presented ROI report during the meeting. Ghana team to do further comparison analysis between EV and ICEV using like for like and total kilometre covered for each.

There is plan to increase utilization of the EV by deploying it for rental transaction through Yango

Ghana team have taken delivery of the two new EV mini-suv and registration is on-going.

The older EV will commence rental transaction with Yango by next week

There is a new project from Huawei that requires 20 vehicles from the existing fleet for 5 months. Third-party vehicles will be used for this project.

Revenue expectation/projections report from EV deployment to Yango transaction required.

Revenue projections for the EVs presented.

One of the newly acquired EV to be deployed to Huawei while Australian High Commission have shown interest in taking one on lease.

A total of 36 vehicles were slated for refurbishment. Refurbishment works have been completed on 31 vehicles and vehicles reengaged to different rental business. while refurbishment works is still on-going on 5 vehicles. ECD is within the next 2 weeks

There is discussion/engagement internally to have third-party vehicle owners onboard . This is to reduce dependence on asset acquisition/financing.

Product development ongoing.

CM advised that after Vehicle inspection in the process flow, there should be contract terms agreement and signing before On-boarding.

For the Third-Party asset management project, GMD to sync the Nigeria and Ghana team to enable them work together and develop a robust product.

GMD have constituted a team to work on the third-party asset management product paper. Below is the team list:

Edward Ibrahim- Chairman

Nii Noi Narh

Samuel Anang

Olivia Okeke

Yusuff Kareem

Ifeanyichukwu Udensi

The committee met within the week to review the three memos already developed for this product. They have agreed to merge the memos as the similarities are much and work on the product structure as well.

Initial draft product paper presented during the meeting. GMD advised that the product paper be presented to Executive Management committee first, through the Product review sub-committee. We should liaise with Legal to achieve this.

The product paper is ready for presentation.

GMD have advised that we liaise his PA to get us a date for the product presentation.

Ghana is developing a Drivers Mileage and Logbook application. This intends to automate the data capturing.

New vendor have been engaged for this app development.

App development is completed. Live demo done with all stakeholders as scheduled.

Business Development Review

Business discussion and plan

Fleet BD Team/Ghana BD Team.

 Nigeria Business Review Report and Recommendations:

  *   Cost is a major factor that determines rental. Provide competitive pricing.
  *   Full day rental service is the most preferred within C&I leasing customers.
  *   There is identified market for on-demand services.
  *   Improve Customer Service and Awareness Campaign
  *   Expand our service offerings to include on-demand rental.

Recommendations for Asset Acquisition:

  *   Asset Management Model. Get idle assets from high net-worth individuals and manage it for them for a monthly return.
  *   Third-Party Partners to get specific brand of high-end vehicle
  *   Revamp old vehicle within the fleet
  *   Investor’s model for firm contract.

Service Expansion Offerings

  *   Maintain and Improve of HERTZ brand which is our flagship product
  *   Uberization of a portion of the open rental fleet. This is to meet the demand for ride hailing/on-demand service
  *   Airport transfer, Airline Partnership and Airport Space
  *   Bespoke Lease

Uber/Bolt Model Options:

  *   Tech Only
  *   Tech and Asset Ownership in closed clusters
  *   Tech and Managed Asset
  *   Asset only and Lease Tech

Business Strategies/Plans

Nigeria business plans

Service Expansion Plans:

  *   Car Sharing/C-Ride Pooling option/E-Hailing/On-
  *   We have agreed on another option of collaborating with Ghana team on the app building. This is because they are building a similar app for ride-share, and it will be a shared cost for us.
  *   This option have been rested due to high cost from the app developer in Ghana – 1/11/2024
  *   We have been advised to explore other alternative option of get the ride hailing app in Nigeria. A timeline of 3 weeks was given by GMD for the committee to finalize this.
  *   The committee for riding hailing app development has now been expanded with IT and E-Business included.
  *   IT have presented two options which are currently been reviewed by team.

The committee met for the second time within the week to harmonize Ghana and Nigeria team expectations from the app.

  *   IT to develop and share the User Requirement within next week. The app will have three major features: Vehicle Rental, Corporate cluster car hailing and third-party asset onboarding and management.
  *   The team is still working with the three weeks timeline as given by GMD and is hopeful to share the vendors quotations after reviewing the User Requirement by next week.
  *   There is on-going discussion and review with selected app developers.
  *   Two vendors have done their POC with us. We have also engaged Vendor Management
  *   IT and Vendor Management are currently working to finalize with the two vendors that did their POC with us.
  *   We have received quote for the App development @43,000,000.00 negotiated to 41,000,000.00. this amount to be presented to Management for approval.

  *   Upscaling of our technology support and App for vehicle reservation and increase brand awareness on existing products.
  *   Social media campaign for Hertz products for 2025 to commence next month.
  *   Marketing of O&M 360 Fleet Management Solution ongoing
  *   New opportunities are coming up for secondary leases.
  *   There is plan to commence another set of refurbishments of idle sedans to have them ready for secondary lease.

Alternative powered vehicle: CNG Powered Vehicles

  *   The spread of CNG infrastructure to guarantee easy refill.
  *   Cylinder size and placement impact the truck size.
  *   Cost per Kg. Mileage cover per kg of CNG.
  *   Cost of conversion
  *   Implication of CNG on the engine since it will be hybrid with PMS.

CNG Pilot Project Activity

Proof of Concept paper presented and have been reviewed by Management.

Management have advised that we use 3 vehicles for the conversion pilot test (1 per region).

Request for approval to commence sent to Management.

GMD have requested for additional details. We will update with requested details and resend for approval.

GMD have approved the request for conversion and refurbishment of 3 Corollas.

Fund released.

Refurbishment of 1 vehicle have commenced- timeline is 45 days from 21st May 2024

Refurbishment of vehicle have been completed. The vehicle is currently undergoing conversion.

Project at CNG conversion stage. Time is 10 days from 3rd July 2024.

Conversion at completion stage. Testing has commenced as well, and we are likely to take vehicle delivery within next week.

We have taken delivery of the converted CNG vehicle on 16th July 2024 as planned.

Management have advised that we test the vehicle internally and in a control environment before deploying for business.

We sent a letter to PCNGi requesting that they allowed us to enjoy the 50% discount incentive from FG. No feedback received yet

CM have advised that we ensure that all safety concerns and measures are taken into consideration. And we also ensure that we get insurance desk involved.

Internal testing of the converted vehicle is still ongoing. Initial report to show that spend on CNG refill and mileage covered presented. N8500 for CNG refuel while mileage covered is 496km.

GMD has advised that we do comparison report to show costing saving for PMS vs CNG powered vehicle.

GMD have advised that DD Magic should give a report on the two refurbished vehicle. Ascertaining the status of the engines to be Ok.

The remaining two vehicles have been fully converted to CNG and currently under-going testing. Conversion was completed as at 30th October 2024.

Report is also been complied and expected to be shared on the first week of every month.

Refill infrastructure and constant availability CNG has come up as some of challenges on the CNG project.

CNG report for the month of November presented. Summary below:

Parameters

CNG Vehicle

Pet Veh1- AKD669FB

Pet Veh2- KTU208FL

Total KM Covered

885

925

702

Fuel Amt

25,201.10

209,985.00

189,130.00

December Report

Parameters

CNG Vehicle -MUS 970 CY

CNG Vehicle -LSR 950 DF

Pet Veh1- EKY 383 FM

Pet Veh2- KSF 940 FV

Total KM Covered

815

340

841

423

Fuel Amt

24,166.10

11,235.50

299,160.00

133,080.00

Jan/Feb Report

Parameters

CNG Vehicle -MUS 970 CY

CNG Vehicle -LSR 950 DF

CNG Vehicle -AGL 661-DF

Pet Veh1- EKY 383 FM

Pet Veh2- AKD 669 FV

Total KM Covered

864

349

492

1189

508

Fuel Amt

29,458.14

14,996.00

16,661.20

245,850.00

122,640.00

CM advised that we create a product for the CNG vehicle. He also advised that we watch out for policies that might impact further implementation of green energy initiative worldwide due to United States government change

What is the solution to sourcing during scarcity of CNG? Retainership with CNG station

Review and develop plans to deploy some of the CNG vehicles to other locations.

One of the converted CNG vehicles will be deployed to Lagos with the week.

Revenue expectation/projection required.

There is need to develop marketing plan to promote the CNG vehicles

Carry more research on Electric powered vehicle usage in Nigeria.

  *   Research working on-going.
  *   We have EV price list from Saglev
  *   Meeting with Sterling Qoray team held as scheduled. Sterling team have sent NDA form for signing. NDA signed and sent to Sterling team.

There are plans to make a business case for acquisition of EV for Nigeria business. this is because of Ghana progress with their EV project.

We have received proposals from two EV companies.

Chrome-park been one of the EV companies made their presentation to us within the week.

GIC Motors sent a proposal within the week.

The project team is currently reviewing both.

Some fundamental questions:

  *   How does EV fit into our current business model?
  *   One of the main essences of EV is about cost reduction. Does EV reduce our cost?
  *   Can EV last for five years and above on a commercial operation? What is the second-hand value of these EVs?

10/1/2025

Ghana team have advised that it will be better to acquire big EV Sedan and Mini-SUV as they are more marketable. Nigerian business travellers are very cautious of the vehicles they hire. And they can also be used as Status Vehicles for company executives.

CM advised that while looking at options of EV acquisition in Nigeria, we should consider purchasing a proven brand because businesses would like to associate with globally known brand as it given some kind of comfort.

There is also need to focus on acquisition high-end vehicles as our experience during the festive period show a surge in demand of newer SUVs and these were fulfilled using third-party vehicles.

High-end vehicles drives the market more than sedans. There is opportunity for newer vehicles and people will pay premium for them.

Regional Manager-North advised that we should do a mix of limited investment in purchase of brand-new SUVs and activation of our proposed SWITCH product that will enable us fully utilized third-party asset for rental.

GMD advised that we do analysis to show the target market, foreign companies that can afford to pay premium for the brand-new SUVs. Do proper justification with necessary market insight to executive management to enable us acquire newer vehicles.

Asset Acquisition Plans:

  *   Investor’s model for firm contract.
  *   GMD advised that the product paper should be finalized and shared for review.
  *   Asset Management Model. Get idle assets from high network individuals and manage it for them for a monthly return.
  *   Third-Party Partners to get specific brand of high-end vehicle.
  *   We have established firm relationship with some third-party providers for Armoured SUV and High-end SUV

  *   Alternative Source of Funding

  *   Revamp old vehicle within the fleet.
  *   Vehicles from existing fleet have been identified and collated for possible refurbishment.
  *   CM have advised that we do the refurbishment in batches.
  *   43 sedans have been identified from existing for refurbishment. Once refurbished, the 43 sedans will be deployed to LAPO contract.
  *   LAPO fleet size has increased from 25 to 65.
  *   The target is to increase our fleet size with LAPO from the current fleet size of 25 to 70 vehicles. Revenue target is to increase from 6m to 20m
  *   We have bided and won Staff bus contract with Huawei with contract value of 185m monthly. Contract execution is going
  *   Huawei Bus contract operations have commenced fully in Abuja and Lagos
  *   Reactivation of parked coaster buses in Port-Harcourt are currently on-going. Maintenance team have engaged workshops for inspection and submission of repair cost.. CM advised that we commence pre-marketing of the buses to enable us have off-takers of the buses once they are ready from the workshops.
  *   Quotation and Amort for refurbishment of 3 coaster buses sent to CM for review and approval.
  *   Approval gotten to proceed with refurbishment of the 3 petrol coaster buses. Buses moved to workshop and refurbishment have commenced.
  *   There is ongoing discussion to get C&I Fuel Cards Solution. This card will be managed by us. This is due to many challenges faced by current providers of ESN fuel cards. Meeting with Interswitch held within the week for the fuel cards.
  *   One SUV moved to workshop for refurbishment and upgrade. Awaiting CM approval.
  *   Refurbishment of 16 Coaster Buses in Lagos to commence within the next 3 weeks.
  *   Returned RAV4 from Huawei planned for refurbishment and have them ready for secondary leases
  *   Disposal list is been complied by operations team nationwide.

There is need to restart open rental business at Lagos Airport.

  *   Airport Manager has asked that we do a proposal to establish a stand or branded cubicle at the airport. The option of get a Lounge space is also been considered.

2

Operational challenges.

  *

TREASURY

FLEET MAINTENANCE

SCM

30/12/2025

    WIP

Maintenance Team, Treasury and AC have finally reconciled the aged payables, and they have arrived at any outstanding figure of 37.8m.

10.5m have been paid out of 37.8m on the reconciled amount. Payment is still ongoing.

Another 10m have been paid out of the total outstanding.

1.7m paid in Dec 2024.

Two workshops have come back to submit old outstanding payment. These workshops did not present any outstanding at the time of last reconciliation.   DeFam Workshop presented an outstanding of 3m+ while Friday Workshop 13m+.

Friday Workshop is holding 3 of our vehicles while Defam is with one vehicle.

Maintenance Team is seeking for management approval to go ahead and reconcile the outstanding claims.

GMD have instructed that the vehicles in the two workshops that brought their outstanding claims after reconciliations, be retrieved from the workshops immediately, as they do not have any right to seize our vehicles.

Maintenance team have been able retrieve the vehicle in Defen while the three vehicles in Friday workshop will be retrieved within next week after meeting with the workshop.

Maintenance team have confirmed that three vehicles with Friday Workshop have been retrieved.

Outstanding payment reconciliation for Defen and Friday workshop should be concluded immediately. AC should be carried alone in this process.

Reconciled report for Defen and Friday workshop sent to Treasury for review and confirmation. Work ongoing.

Treasury to share their reconciled report with Maintenance team.

Reconciliation for Friday Workshop have been concluded, and the position is that we are not owing the workshop

Reconciliation for Defen yet to be concluded.

Vendor Management to review all workshop vendors contract to renew expired contract.

There is need for vendor management source workshops within Akure and Ekiti axis. There also need to get Coaster Bus workshop in Lagos.

Maintenance Team to provide current workshop outstanding payable report weekly.

Maintenance team to provide maintenance report every last Friday of the month.

Treasury team to present Fleet Cash Flow report by 1st week of month.

Cash Flow Report for January 2025 presented by Treasury Unit

Fleet management presented revenue report for February 2025

GMD have mandated Corporate Services to start collating data on EV and CNG project, Fleet Receivables, Tracking/Telematics Market . This report should be month on month basis.

3

Fleet Management critical vacant roles

Some critical vacant roles are still pending close out.

HR

30/12/2025

WIP

Critical vacant roles for Fleet:

  *   AC Technician
  *   Electrician
  *   Inspection Officers- HR to note need.
  *   Airport Supervisor (Port-Harcourt)- yet to close out

4

Plans to adequately fund the business to support operations

CM and Treasury to finalize on the 150m monthly funding arrangement

Treasury/CM

30/12/2025

WIP

132.7m monthly funding arrangement agreed on by Treasury and Fleet.

Treasury is currently funding urgent operational needs and selected refurbishment project. This is in view to increase revenue earnings for fleet.

There is need to have firm monthly working capital/funding arrangement to cater for basic operation needs.

CM have finally met with Head, Treasury. They agreed that Fleet will be sending their monthly funding request at the beginning of every month. This is to guide adequate funding support from Treasury.

Fleet should provide monthly budget figure for accessories to enable proper funding plan.

Monthly Budget for Accessories @36,160,188.38

GMD and DMD have advised Treasury team to improve on funding support and plans for fleet fuelling.

December 2024 maintenance invoices paid within the week

N10million naira paid for vehicle accessories.

5

Provide actual fleet size from Fleet via FMS, Citrack and Treasury

  *   All Fleet activity with respect to Operations and Commercials pass through FMS.
  *   Timeliness and effectiveness of FMS usage
  *   Accuracy of generated data

IT to clean up FMS data and create different modules that will warehouse vehicle data in the following categories:   Active, Inactive, Third-Party, Disposed, OM vehicle etc.

Fleet/IT

30/12/2025

WIP

FMS optimization on going

 IT to check and resolve incorrect kilometre reporting from Galoli on FMS.

Insurance desk to explain in detail our insurance policy. This is to determine if the current insurance policy is effective and addresses the need of our fleet.

There is need for Insurance desk, RC, Treasury to review our current insurance policy.

  *   Self-Insurance will still be best option for Fleet in terms of cost of premium.
  *   What will be the benefit and implication of doing Third-Party Insurance and have a fund set aside and invested to cater for accident repairs? What will be cost of third-party insurance?
  *   Fleet Maintenance to provide cost for setting up a Panel Beat/Vehicle Body Repair Shop. Location

RECOMMENDATIONS (INSURANCE)

Self-Insurance is the more viable option for Fleet.

For the Self-Insurance to work effectively, it is recommended that we have a well-funded sinking fund account to quickly cater for insurance repair payment.

Major challenge on insurance is on the vehicles that are self-insured because our SLA workshops are not adequately funded.

We should re-introduce Non-Accident Bonus for driver and develop a good consequence matrix to penalize and recover the cost of repair from drivers that dent their assigned vehicles.

Training for drivers, fleet officers and Inspection officers

There is need to fully implement assigning a vehicle to a particular driver.

There is need to develop a consequence matrix for Fleet Officers/Inspection Officer to ensure proper supervision of vehicles under their control.

We should adopt a quick fix and have arrangement with some panel-beater to start fixing our vehicles with dents.

We can also consider employing an in-house technician for vehicle body repairs. But fleet will need to do a business case based on the outcome of incident report analysis to justify setting up an in-house vehicle body repair shop.

Fleet Maintenance to provide cost for setting up a Panel Beat/Vehicle Body Repair Shop

CM to engage Treasury on Insurance funding and Planning for 2024

6

Monthly Presentation of Average Vehicle Utilization, Revenue & Operations Cost Analysis Report

IT to fully automate FMS to enable easy generation these report via FM

Fleet Ghana & Nigeria /IT

1 week of the month

7

 Reward System

Develop a reward system for staff that bring in business deals that are converted to revenue. This is to encourage Cross-Selling within the organization.

Corporate Service

30/12/2025

 The Team to share recommendation with Management for further review

 8

Fleet Officers to give insight on business opportunities within the contract they manage.

Their plan/engagements to explore these business opportunities with aim to bring in new businesses.

Current market movement report and overall market penetration in Q1

Fleet Officers

30/12/2025

There is need to reengage GE and Baker Hughes to provide wholistic maintenance service.

With more open rental vehicles getting into firm contracts, there is need have a plan to re-fleet the open rental fleet. We need to review our inactive vehicles with aim to revamp them for open rental business.

Fleet Officers needs to engage more with the clients.

For Abuja, there is need to invest more in high-end SUV as they are in high demand for top executives.

It will be good to partner with choice hotels within Abuja because top hotels books both room and vehicle reservation for top executive.

  *   Abuja team to provide update next week on efforts made to get a space at Abuja Continental Hotel

DMD have advised we explore the option of using third-party providers to source for High-end vehicles that are currently not in our fleet in order to meet clients’ request.

For the hotel presence in Abuja, DMD have requested that team come back to Management will cost implication for setting a shop at the hotels with projected income. This will enable Management to take a decision.

There is a vehicle lease opportunity in Bogo Beverages Limited.

Drivers training for Nokia, Wartsila

Ayomide made a presentation for Consumer Lease business opportunity with PZ products. The presentation will be shared with all concerned.

Recommendation to set up a standard maintenance centre within the HO car park.

Regards,

Ifeanyichukwu

From: Ifeanyichukwu Udensi
Sent: Friday, 19 April 2024 16:49
To: Vivian Nsofor <[email-masked]<mailto:[email-masked]>>; Adaku Emedosi <[email-masked]<mailto:[email-masked]>>; Kate Ukwuma <[email-masked]<mailto:[email-masked]>>; Vivienne Ahaneku <[email-masked]<mailto:[email-masked]>>; Kanu Chukwudi <[email-masked]<mailto:[email-masked]>>; Ayomide Oyinloye <[email-masked]<mailto:[email-masked]>>; Kadiri Oseni <[email-masked]<mailto:[email-masked]>>; Francis Obuesi <[email-masked]<mailto:[email-masked]>>; Frank Oputa <[email-masked]<mailto:[email-masked]>>; Happiness Nwafor <[email-masked]<mailto:[email-masked]>>; Chinelo Akinbiyi <[email-masked]<mailto:[email-masked]>>; Babatunde Oguntunrin <[email-masked]<mailto:[email-masked]>>; Oladejo Lasisi <[email-masked]<mailto:[email-masked]>>; 'Nii Noi Narh' <[email-masked]<mailto:[email-masked]>>; 'Cynthia Inwergbu' <[email-masked]<mailto:[email-masked]>>; Yusuff Kareem <[email-masked]<mailto:[email-masked]>>; 'Obed Asante' <[email-masked]<mailto:[email-masked]>>; 'Mary Efua Agbezuge' <[email-masked]<mailto:[email-masked]>>; 'Samuel Anang' <[email-masked]<mailto:[email-masked]>>; May Aijanyain <[email-masked]<mailto:[email-masked]>>; Amos Ighaede <[email-masked]<mailto:[email-masked]>>; Okoroafor Igwe <[email-masked]<mailto:[email-masked]>>; Adamu Yusuf <[email-masked]<mailto:[email-masked]>>; Awelekaume Ashi <[email-masked]<mailto:[email-masked]>>; James Anebi <[email-masked]<mailto:[email-masked]>>; Deborah Taiwo <[email-masked]<mailto:[email-masked]>>
Cc: Edward Ibrahim <[email-masked]<mailto:[email-masked]>>; Ayodele Babatunde <[email-masked]<mailto:[email-masked]>>; Alex Mbakogu <[email-masked]<mailto:[email-masked]>>; Marian Abulu <[email-masked]<mailto:[email-masked]>>; Ugoji Ugoji <[email-masked]<mailto:[email-masked]>>; 'Iyke Chiobi' <[email-masked]<mailto:[email-masked]>>; Okey Nnake <[email-masked]<mailto:[email-masked]>>
Subject: RE: Project Accelerate

Good day Team,

Kindly see below additional updates and reports required by next meeting. Please come prepared with comprehensive report.

S/N

Task/Assignment

Required Action

Responsible Party

Comment

1

General Business Development Update

Fleet Officers to give insight on business opportunities within the contract they manage.

Their plan/engagements to explore these business opportunities with aim to bring in new businesses.

Current market movement report and overall market penetration in Q1

Fleet Officers (Ghana & Nigeria)

Business Development Executives (Ghana & Nigeria)

2

Insurance

Review of our current insurance policy for 2024. Strategy and implementation

Report of fleet insurance related incidents/accident within Q1 and how they were resolved

CM/Insurance desk/Maintenace Team

3

Cashflow Report

Treasury to provide Fleet cashflow report by 1st week of May

Treasury Team

4

Maintenance Report

Maintenance team to provide maintenance report to show improvement due to regular payment to workshops

Maintenance Team

.

Regards,

Ifeanyichukwu

From: Ifeanyichukwu Udensi
Sent: Thursday, 18 April 2024 16:10
To: Vivian Nsofor <[email-masked]<mailto:[email-masked]>>; Adaku Emedosi <[email-masked]<mailto:[email-masked]>>; Kate Ukwuma <[email-masked]<mailto:[email-masked]>>; Vivienne Ahaneku <[email-masked]<mailto:[email-masked]>>; Kanu Chukwudi <[email-masked]<mailto:[email-masked]>>; Ayomide Oyinloye <[email-masked]<mailto:[email-masked]>>; Kadiri Oseni <[email-masked]<mailto:[email-masked]>>; Francis Obuesi <[email-masked]<mailto:[email-masked]>>; Frank Oputa <[email-masked]<mailto:[email-masked]>>; Happiness Nwafor <[email-masked]<mailto:[email-masked]>>; Chinelo Akinbiyi <[email-masked]<mailto:[email-masked]>>; Babatunde Oguntunrin <[email-masked]<mailto:[email-masked]>>; Oladejo Lasisi <[email-masked]<mailto:[email-masked]>>; 'Nii Noi Narh' <[email-masked]<mailto:[email-masked]>>; 'Cynthia Inwergbu' <[email-masked]<mailto:[email-masked]>>; Yusuff Kareem <[email-masked]<mailto:[email-masked]>>; 'Obed Asante' <[email-masked]<mailto:[email-masked]>>; 'Mary Efua Agbezuge' <[email-masked]<mailto:[email-masked]>>; 'Samuel Anang' <[email-masked]<mailto:[email-masked]>>; May Aijanyain <[email-masked]<mailto:[email-masked]>>; Amos Ighaede <[email-masked]<mailto:[email-masked]>>; Okoroafor Igwe <[email-masked]<mailto:[email-masked]>>; Adamu Yusuf <[email-masked]<mailto:[email-masked]>>; Awelekaume Ashi <[email-masked]<mailto:[email-masked]>>; James Anebi <[email-masked]<mailto:[email-masked]>>; Deborah Taiwo <[email-masked]<mailto:[email-masked]>>
Cc: Edward Ibrahim <[email-masked]<mailto:[email-masked]>>; Ayodele Babatunde <[email-masked]<mailto:[email-masked]>>; Alex Mbakogu <[email-masked]<mailto:[email-masked]>>; Marian Abulu <[email-masked]<mailto:[email-masked]>>; Ugoji Ugoji <[email-masked]<mailto:[email-masked]>>; 'Iyke Chiobi' <[email-masked]<mailto:[email-masked]>>; Okey Nnake <[email-masked]<mailto:[email-masked]>>
Subject: Project Accelerate

Good afternoon All,

Here is a reminder for our next meeting. Below are the updates, action points and required feedback.

S/N

Activity/Task

Action-Point/Required Feedback

Responsibility

Timeline

Status

Status Updates as at 12th April, 2024

1

Business Development Review

Are we still the market leader in vehicle fleet leasing industry?

• Who are our competitors? Their financial strength and fleet size in the market

• What is our biggest problem in market share competition?

• Is the vehicle fleet market growing? Is there more request for fleet management services or are businesses looking for alternatives?

• Names of competitors that offer lower rates than us? any other reason why they get more deals than us? what can we do differently?

• Which other area of fleet business, can we venture into?

Fleet BD Team/Ghana BD Team.

30/6/2024

Presentation of Outline for Fleet Management Strategy document was done.

OUTLINES

  1.  Overview of Leasing & Car Rental Business in Nigeria
  2.  Fleet Management & Car Rental Business in C&I Leasing Plc
  3.  Challenges Facing Fleet Management & Car Rental Business in C&I Leasing Plc
  4.  Opportunities available to Fleet Management & Car Rental Business in C&I Leasing Plc
  5.  Strategies for Harnessing Opportunities.

The above listed outline of Fleet Management Strategy Document will form the building block for the full document.

Next week discussion will mainly focus on the below as the first item of the outline:

  1.  Overview of Leasing & Car Rental Business in Nigeria

The Project Team is expected to review the outline and provide feedback for improvement where necessary.

  1.  Challenges faced by C&I Fleet in Nigeria Business environment
  2.  Aged asset. We are ceding major revenue to Third-Party vendor
  3.  Competitors are poaching from our team

Things we can do:

  *   Car Sharing Option
  *   Reactivate C-Ride Pooling option.
  *   Upscaling of our technology support
  *   Consider vehicles that are powered by alternative energy, like electric car, gas powered.
  *   We should outsource the development of C-Ride or buy off-the-shelf ready app like an Uber Clone

Ghana Team presented their survey final report. Summary of the survey company recommendations are here below:

  *   Invest in improving the level of brand awareness
  *   Develop an App for vehicle reservation or increase awareness on what we already have as existing App
  *   Staff training to develop competency
  *   There is market opportunity for ride-hailing/on-demand service

Key findings:

  *   Coaster and Mini Buses are in high demand
  *   Brand visibility for LeaseAfric is low.
  *   Factors that majorly influence rental includes Trustworthiness, consistency, competitive rates and payment flexibility
  *   Market perception of LeaseAfric remain good and existing customers are happy with the services

The comprehensive report have been shared with the project team for further review.

There is need to have brand awareness strategy. There are intentional advert approach that can deliver the result on improved brand awareness without big expense.

 Going Forward

Ghana Team to adopt recommendations from the survey report. The Team will have a strategy session to come up with actionable plans to address the recommendations from the survey report with aim to improve the business.

Date for the strategy session to hold on 7th – 8th of March, 2024 .

Ghana strategy session held as planned. Document presented to the Project team.

Ghana team working to develop a Ride-Hailing app.

Meeting with the App developers held as scheduled. Feedback on costing and timeline expected by Monday 15th April, 2024.

Nigeria team is exploring the possibility of collaborating with Ghana team on the app building.

The ride-hailing will be roll out in phase in a way to test the market and have first hand experience that will guide further business investment.

Ghana have acquired one EV for Switch Rentals. Plans to use EV for the ride-hailing project in place.

GMD have advised that there should be clear matrix to measure and monitor the performance of the EV against our traditional petrol vehicle.

Parameters to gauge for EV vs ICE:

Maintenance cost

Fuelling/Power cost

Performance

This report of the outcoming of this comparison is expected during the meeting.

There is plan to commence campaign to increase brand awareness from now till June, 2024.

Refurbishment of selected buses is on going; in preparation for their branding. This is part of Ghana team strategic plans to increase visibility.

Business Development Review

Business discussion and plan

Fleet BD Team/Ghana BD Team.

 Nigeria Business Review Report and Recommendations:

  *   Cost is a major factor that determines rental. Provide competitive pricing.
  *   Full day rental service is the most preferred within C&I leasing customers.
  *   There is identified market for on-demand services.
  *   Improve Customer Service and Awareness Campaign
  *   Expand our service offerings to include on-demand rental.

Recommendations for Asset Acquisition:

  *   Asset Management Model. Get idle assets from high network individuals and manage it for them for a monthly return.
  *   Third-Party Partners to get specific brand of high-end vehicle
  *   Revamp old vehicle within the fleet
  *   Investor’s model for firm contract.

Service Expansion Offerings

  *   Maintain and Improve of HERTZ brand which is our flagship product
  *   Uberization of a portion of the open rental fleet. This is to meet the demand for ride hailing/on-demand service
  *   Airport transfer, Airline Partnership and Airport Space
  *   Bespoke Lease

Uber/Bolt Model Options:

  *   Tech Only
  *   Tech and Asset Ownership in closed clusters
  *   Tech and Managed Asset
  *   Asset only and Lease Tech

CM strongly advised Nigeria team to go through the Ghana Survey Report as it has very useful details that the team can use to improve Nigeria business.

He also advised that we prepare a questionnaire to be administer to targeted companies/audience in the core sectors of the economy; this will help to gather useful data that will be used for Nigeria strategy document.

This also serves as alternative to using a Survey Company which the cost is too high for the business.

Cost for survey sent to management for approval.

Outline of plans to improve the business presented.

Business Strategies/Plans

Nigeria business plans

Service Expansion Plans:

  *   Car Sharing/C-Ride Pooling option/E-Hailing/On-demand Service.
  *   Technology platform for deployment yet to be decided. Three options are currently being explored.
  *   Product paper is currently being reviewed by the team.
  *   The time frame for deploying Uber-Clone app is within 1 month while the option of building a native app will be within 6 months.
  *   Option of partnering with O-ride is still being explored.

  *   Upscaling of our technology support and App for vehicle reservation or increase awareness on what we already have as existing App.
  *   Social media for big buses to commence within next week.
  *   Reworking the proposal for O&M 360 Fleet Management Solution
  *   Liaising with E-Business to develop some promotional items and flyers for all fleet products.

Alternative powered vehicle: CNG Powered Vehicles

  *   The spread of CNG infrastructure to guarantee easy refill.
  *   Cylinder size and placement impact the truck size.
  *   Cost per Kg. Mileage cover per kg of CNG.
  *   Cost of conversion
  *   Implication of CNG on the engine since it will be hybrid with PMS.

Further research on the CNG vehicle conversion have shown the following:

A CNG cylinder stores compressed natural gas in a vehicle. It is made of special steel alloy and is compact. The most commonly used cylinder size is 50 litres with a weight of 48kg. This cylinder can carry 9kg of CNG, equivalent to 12.5 litres of petrol, and allows a medium-sized 1300CC car to run about 150-160km.
IMPACT OF CNG ON VEHICLE ENGINES:

Combustion Characteristics; CNG burns cleaner and more efficiently than gasoline or diesel. This means less engine deposits, carbon buildup and wear, leading to extended engine life and reduced maintenance..

Reduced Lubrication Requirements: CNG engines need less lubrication due to cleaner combustion and reduced wear. This reduces maintenance costs..

Engine Durability: CNG engines are durable and reliable, with less wear and tear than gasoline or diesel engines. Proper maintenance ensures consistent performance over time.

Fuel System Compatibility: CNG fuel systems require regular maintenance and inspections to ensure their safety and integrity during high-pressure operations.

Limited Infrastructure; CNG refuelling infrastructure is not as widespread as gasoline or diesel stations, which can limit the convenience and accessibility of CNG-powered vehicles, especially in regions with sparse refuelling infrastructure. However, there are strong government policies that we aid fast spread of required infrastructure. IPMAN have indicated their intention to collocate CNG refill station with their existing stations.

Reduced Driving Range: CNG vehicles often have a shorter driving range compared to gasoline or diesel vehicles due to the lower energy density of natural gas. This may require more frequent refuelling stops, especially for long-distance travel.

Initial Cost: CNG vehicles require additional equipment for natural gas storage and delivery, such as high-pressure fuel tanks and fuel system modifications, resulting in higher upfront costs compared to gasoline or diesel counterparts.

Storage Space: CNG fuel tanks take up space in smaller vehicles, reducing cargo capacity or passenger room, especially in smaller vehicles.

CNG Pilot Project Activity

Proof of Concept paper presented and have been reviewed by Management.

Management have advised that we use 3 vehicles for the conversion pilot test (1 per region).

Request for approval to commence sent to Management.

GMD have requested for additional details. We will update with requested details and resend for approval.

Carry more research on Electric powered vehicle usage in Nigeria.

  *   Research working on-going.
  *   We have EV price list from Saglev

Asset Acquisition Plans:

  *   Investor’s model for firm contract.
  *   GMD advised that the product paper should be finalized and shared for review.
  *   Asset Management Model. Get idle assets from high network individuals and manage it for them for a monthly return.
  *   Third-Party Partners to get specific brand of high-end vehicle.
  *   Alternative Source of Funding
  *   Revamp old vehicle within the fleet.
  *   Vehicles from existing fleet have been identified and collated for possible refurbishment.
  *   CM have advised that we do the refurbishment in batches.
  *   Some vehicle refurbishments currently on-going.

2

Operational challenges.

  *

TREASURY

FLEET MAINTENANCE

SCM

30/6/2024

    WIP

Maintenance Team, Treasury and AC have finally reconciled the aged payable and they have arrived at any outstanding figure of 37.8m.

28m+  from the aged payables is now with accounts for payment. Update required on the payment status.

10.5m have been paid out of 37.8m on the reconciled amount. Payment is still ongoing.

Maintenance Team to provide current workshop outstanding payable report weekly.

Maintenance team to provide maintenance report every last Friday of the month.

Weekly update of receivables position for 6 months & above and 12 months & above.

Update on payments expected and received within the week.

Meeting with SCM and Fleet team held as scheduled and was very productive. Ways to improve vehicle documentation on FMS agreed and plans for IT to optimise the documentation module and activate new features as advised by CM.

3

Fleet Management critical vacant roles

Some critical vacant roles are still pending close out.

HR

30/6/2024

WIP

Critical vacant roles for Fleet:

  *   Business Development Officer (Enugu)
  *   AC Technician
  *   Electrician
  *   Inspection Officers- HR to note need.
  *   Fleet Officers – to resume first week in May.

4

Plans to adequately fund the business to support operations

CM and Treasury to finalize on the 150m monthly funding arrangement

Treasury/CM

30/6/2024

WIP

132.7m monthly funding arrangement agreed on by Treasury and Fleet.

Treasury is currently funding  urgent operational needs and selected refurbishment project. This is in view to increase revenue earnings for fleet.

There is need to have firm monthly working capital/funding arrangement to cater for basic operation needs.

CM have finally met with Head, Treasury. They have agreed that Fleet will be sending their monthly funding request at the beginning of every month. This is to guide adequate funding support from Treasury.

5

FMS Ghana Revamp

Invoicing platform on FMS Ghana

Fleet Head of Operations/Ghana Team/FINCON

30/6/2024

 WIP

Due to general revamp of FMS Ghana, commencement of invoicing and all commercial activity via FMS will now take effect from 30th Sept 2023.

Some rework and corrections were made on the Invoicing module to perfect the system.

Data upload on the application on-going.

Monitor the progress on the new Ghana FMS and adopt same for Nigeria FMS if need be.

6

Provide actual fleet size from Fleet via FMS, Citrack and Treasury

  *   All Fleet activity with respect to Operations and Commercials pass through FMS.
  *   Timeliness and effectiveness of FMS usage
  *   Accuracy of generated data

IT to clean up FMS data and create different modules that will warehouse vehicle data in the following categories:   Active, Inactive, Third-Party, Disposed, OM vehicle etc.

Fleet/IT

30/6/2024

WIP

 IT is currently working on the Profitability and Utilization module on FMS

Fleet/AC/IT meeting have been scheduled for every last Wednesday of the month to review FMS performance for continuous improvement and data accuracy

Insurance desk to explain in details our insurance policy. This is to determine if the current insurance policy is effective and addresses the need of our fleet.

There is need for Insurance desk, RC, Treasury to review our current insurance policy.

  *   Self-Insurance is still be best option for Fleet in terms of cost of premium.
  *   What will be the benefit and implication of doing Third-Party Insurance and have a fund set aside and  invested to cater for accident repairs? What will be cost of third-party insurance?
  *   Fleet Maintenance to provide cost for setting up a Panel Beat/Vehicle Body Repair Shop. Location

RECOMMENDATIONS (INSURANCE)

Self-Insurance is the more viable option for Fleet.

For the Self-Insurance to work effectively, it is recommend that we have a well-funded sinking fund account to quickly cater for insurance repair payment.

Major challenge on insurance is on the vehicles that are self-insured because our SLA workshops are not adequately funded.

We should re-introduce Accident Bonus for driver and develop a good consequence matrix to penalize and recover the cost of repair from drivers that dent their assigned vehicles.

Training for drivers, fleet officers and Inspection officers

There is need to fully implement assigning a vehicle to a particular driver.

There is need to develop a consequence matrix for Fleet Officers/Inspection Officer to ensure proper supervision of vehicles under their control

We should adopt a quick fix and have arrangement with some panel-beater to start fixing our vehicles with dents.

We can also consider employing an in-house technician for vehicle body repairs. But fleet will need to do a business case based on the outcome of incident report analysis to justify setting up an in-house vehicle body repair shop.

Fleet Maintenance to provide cost for setting up a Panel Beat/Vehicle Body Repair Shop

CM to engage Treasury on Insurance funding and Planning for 2024

7

Monthly Presentation of Average Vehicle Utilization, Revenue & Operations Cost Analysis Report

IT to fully automate FMS to enable easy generation these report via FM

Fleet Ghana & Nigeria /IT

1 week of the month

10

CITRACK BUSINESS

Understanding Fleet business as provider of ancillary service to Fleet

Improve cross-selling activities .

CITRACK Team

 11

 Reward System

Develop a reward system for staff that bring in business deals that are converted to revenue. This is to encourage Cross-Selling within the organization.

Corporate Service

30/6/2024

 The Team to share recommendation with Management for further review

Regards,

Ifeanyichukwu

From: Ifeanyichukwu Udensi
Sent: Thursday, February 1, 2024 2:08 PM
To: Vivian Nsofor <[email-masked]<mailto:[email-masked]>>; Adaku Emedosi <[email-masked]<mailto:[email-masked]>>; Kate Ukwuma <[email-masked]<mailto:[email-masked]>>; Boris Nwaoroko <[email-masked]<mailto:[email-masked]>>; Vivienne Ahaneku <[email-masked]<mailto:[email-masked]>>; Kanu Chukwudi <[email-masked]<mailto:[email-masked]>>; Ayomide Oyinloye <[email-masked]<mailto:[email-masked]>>; Kadiri Oseni <[email-masked]<mailto:[email-masked]>>; Francis Obuesi <[email-masked]<mailto:[email-masked]>>; Frank Oputa <[email-masked]<mailto:[email-masked]>>; Happiness Nwafor <[email-masked]<mailto:[email-masked]>>; Babatunde Oluwakemi <[email-masked]<mailto:[email-masked]>>; Chinelo Akinbiyi <[email-masked]<mailto:[email-masked]>>; Babatunde Oguntunrin <[email-masked]<mailto:[email-masked]>>; Oladejo Lasisi <[email-masked]<mailto:[email-masked]>>; Nii Noi Narh <[email-masked]<mailto:[email-masked]>>; Cynthia Inwergbu <[email-masked]<mailto:[email-masked]>>; Yusuff Kareem <[email-masked]<mailto:[email-masked]>>; [email-masked]<mailto:[email-masked]>; Obed Asante <[email-masked]<mailto:[email-masked]>>; Mary Efua Agbezuge <[email-masked]<mailto:[email-masked]>>; Samuel Anang <[email-masked]<mailto:[email-masked]>>; May Aijanyain <[email-masked]<mailto:[email-masked]>>; Amos Ighaede <[email-masked]<mailto:[email-masked]>>; Okoroafor Igwe <[email-masked]<mailto:[email-masked]>>; Adamu Yusuf <[email-masked]<mailto:[email-masked]>>; Awelekaume Ashi <[email-masked]<mailto:[email-masked]>>
Cc: Edward Ibrahim <[email-masked]<mailto:[email-masked]>>; Ayodele Babatunde <[email-masked]<mailto:[email-masked]>>; Okey Nnake <[email-masked]<mailto:[email-masked]>>; Alex Mbakogu <[email-masked]<mailto:[email-masked]>>; Marian Abulu <[email-masked]<mailto:[email-masked]>>; Ugoji Ugoji <[email-masked]<mailto:[email-masked]>>; Iyke Chiobi <[email-masked]<mailto:[email-masked]>>
Subject: Project Accelerate

Good day Team,

Kindly take this as reminder for our next meeting. Below are the updates, action points and required feedback.

S/N

Activity/Task

Action-Point/Required Feedback

Responsibility

Timeline

Status

Status Updates as at 26th January, 2024

1

Business Development Review

Are we still the market leader in vehicle fleet leasing industry?

• Who are our competitors? Their financial strength and fleet size in the market

• What is our biggest problem in market share competition?

• Is the vehicle fleet market growing? Is there more request for fleet management services or are businesses looking for alternatives?

• Names of competitors that offer lower rates than us? any other reason why they get more deals than us? what can we do differently?

• Which other area of fleet business, can we venture into?

Fleet BD Team/Ghana BD Team.

30/1/2024

Presentation of Outline for Fleet Management Strategy document was done.

OUTLINES

  1.  Overview of Leasing & Car Rental Business in Nigeria
  2.  Fleet Management & Car Rental Business in C&I Leasing Plc
  3.  Challenges Facing Fleet Management & Car Rental Business in C&I Leasing Plc
  4.  Opportunities available to Fleet Management & Car Rental Business in C&I Leasing Plc
  5.  Strategies for Harnessing Opportunities.

The above listed outline of Fleet Management Strategy Document will form the building block for the full document.

Next week discussion will mainly focus on the below as the first item of the outline:

  1.  Overview of Leasing & Car Rental Business in Nigeria

The Project Team is expected to review the outline and provide feedback for improvement where necessary.

  1.  Challenges faced by C&I Fleet in Nigeria Business environment
  2.  Aged asset. We are ceding major revenue to Third-Party vendor
  3.  Competitors are poaching from our team

Things we can do:

  *   Car Sharing Option
  *   Reactivate C-Ride Pooling option.
  *   Upscaling of our technology support
  *   Consider vehicles that are powered by alternative energy, like electric car, gas powered.
  *   We should outsource the development of C-Ride or buy off-the-shelf ready app like an Uber Clone

Ghana Team presented their survey final report. Summary of the survey company recommendations are here below:

  *   Invest in improving the level of brand awareness
  *   Develop an App for vehicle reservation or increase awareness on what we already have as existing App
  *   Staff training to develop competency
  *   There is market opportunity for ride-hailing/on-demand service

Key findings:

  *   Coaster and Mini Buses are in high demand
  *   Brand visibility for LeaseAfric is low.
  *   Factors that majorly influence rental includes Trustworthiness, consistency, competitive rates and payment flexibility
  *   Market perception of LeaseAfric remain good and existing customers are happy with the services

The comprehensive report have been shared with the project team for further review.

There is need to have brand awareness strategy. There are intentional advert approach that can deliver the result on improved brand awareness without big expense.

Nigeria Business Review Report and Recommendations:

  *   Cost is a major factor that determines rental. Provide competitive pricing.
  *   Full day rental service is the most preferred within C&I leasing customers.
  *   There is identified market for on-demand services.
  *   Improve Customer Service and Awareness Campaign
  *   Expand our service offerings to include on-demand rental

Recommendations for Asset Acquisition:

  *   Asset Management Model. Get idle assets from high network individuals and manage it for them for a monthly return.
  *   Third-Party Partners to get specific brand of high-end vehicle
  *   Revamp old vehicle within the fleet
  *   Investor’s model for firm contract.

Service Expansion Offerings

  *   Maintain and Improve of HERTZ brand which is our flagship product
  *   Uberization of a portion of the open rental fleet. This is to meet the demand for ride hailing/on-demand service
  *   Airport transfer, Airline Partnership and Airport Space
  *   Bespoke Lease

Uber/Bolt Model Options:

  *   Tech Only
  *   Tech and Asset Ownership in closed clusters
  *   Tech and Managed Asset
  *   Asset only and Lease Tech

 Going Forward

Ghana Team to adopt recommendations from the survey report. The Team will have a strategy session to come up with actionable plans to address the recommendations from the survey report with aim to improve the business.

Date for the strategy session yet to be decided by senior management.

CM strongly advised Nigeria team to go through the Ghana Survey Report as it has very useful details that the team can use to improve Nigeria business.

CM also mandate the committee for Nigeria to double up their effort in reviewing the survey report and come up with market insight analysis for Nigeria.

He also advised that we prepare a questionnaire to be administer to targeted companies/audience in the core sectors of the economy; this will help to gather useful data that will be used for Nigeria strategy document.

This also serves as alternative to using a Survey Company which the cost is too high for the business.

Plans and budget to deploy the questionnaire have been agreed on.

CM have advised that a fleet business platform be created to quickly coordinate this activity.

Agencies that will deploy the questionnaires have been sourced and engaged.

Business Development Review

Business discussion and plan

Fleet BD Team/Ghana BD Team.

Business Discussions @ 15th September, 2023

Major challenges and solutions in closing out business deals.

     *   General change in business environment with respect to cost of asset and government policies
     *   Tenure of closed bids. Once we are unable to win bid, we are locked out for another 3-4 years window with the company
     *   There is need to refocus our Business development approach.
     *   We need to improve our internal relationship and PR to our intending prospect.
     *   We need to develop a deliberate entry strategy to penetrate our corporate target prospects.
     *   Improve of internal process to aid in facilitating business opportunity smoothly and operation support to maintain existing customers.
     *   Grow and power a stronger Business Development team that can penetrate a wider market area. A team that the market can identify with.
     *   There should be more collaboration across units and staff in getting inside contact of prospects.
     *   Fleet Officers as customer facing staff should be able to sniff out new business opportunities in their assigned companies and assist in business development efforts for the company.
     *   Fleet Officer should be trained to be business oriented
     *   Corporate Services should develop a Reward System for Cross-selling.
     *   SCM to provide better vendor management approach.
     *   Right attitude and good collaboration is very key to our success story going forward. We must renew our team spirit

Business Discussions @ 29th September, 2023

Telecom industry remain major sector that uses our services

Vendor’s Credit from vehicles vendors is greatly challenged currently

Demand is largely dependent on use of vehicle as work tool

Vehicle stock level in-country is very low due to high cost of vehicles.

We should have vehicle purchase strategy to cover brand new vehicle and refurbishment of existing fleet.

Need to justify investment in brand new vehicles with data to show expected investment amount, expected revenue and ROI tenure

Business discussion as @13th October, 2023

C&I to consider building a database via GetaJob NG to pool vehicle repair technicians. Brand Name @GetaJob-Technical

Vehicle maintenance business in Nigeria is mostly run at informal level with non-professionals and road-side workshop without proper process of vehicle maintenance.

C&I coming in to that sector will create a value chain that will have professionals and restore some confidence to vehicle owners where they are sure that the process of fault diagnosis and quality of spares are handle by professionals

Maintenance team to consider training our in-house mechanics at our OEM partner workshops.

Business discussion as @ 4th November

CM’s contribution:

Where is our market? Do we still have market for big ticket operating lease? Yes, we still have.

Multinational companies and Financial institutions are organizations that can give big ticket transactions.

We have a new entry into the Stock Exchange that is a competitor- VFD Group. VFD group has Atit Leasing as part of the group.

So we are no longer the only leasing company listed  on the Stock Exchange. We are reviewing that competition

EV hybrid vehicles are part of our future strategy. Fleet team is monitoring the EV market as it relates to Nigeria fleet market.

The Global direction is tending more towards EV than CNG powered vehicle as main alternative

LeaseAfric still pose as leading Leasing company in Ghana in terms of size, volume of deals and number of offerings

The ongoing survey will help ascertain the current pulse of the market, market preferences, any shift in demand, new offerings and competitors business strategies. Data gathered will help LeaseAfric consolidate their market lead.

2

Operational challenges with reference to agreed deliverables per contract and internal issues.

  *

TREASURY

FLEET MAINTENANCE

SCM

30/1/2024

    WIP

Zenith Bank token for fuelling reimbursement is  still not working effectively. Issue is from the bank.

Treasury should engage the bank and resolve this issue as soon as possible.

Treasury should also notified bank to not personalize the token so that it can be easy to hand over without board resolution

Maintenance Team have finally reconciled the aged payable and they have arrived at any outstanding figure of 40.228m

17m cleared for payment. Maintenance have commenced processing payment for the cleared 17m and also getting commitment formal letters from the workshops to confirm that we are no longer indebted to them till Dec, 2022.

AC have concluded the pending reconciliation. Report and breakdown of reconciled payable sent to fleet for payment processing.

Weekly update of receivables position for 6 months & above and 12 months & above.

Update on payments expected and received within the week.

3

Fleet Management critical vacant roles

Some critical vacant roles are still pending close out.

HR

30/1/2024

WIP

Critical vacant roles for Fleet:

  *   Business Development Officer (Enugu) – Update expected.
  *   Fleet Officers (Lagos)-Very critical- Sourcing of candidates on-going
  *   Accounts Officer- Medicals on-going
  *   Data Analyst- Medicals on-going
  *   AC Technician
  *   Electrician
  *   Inspection Officers- HR to note need.

For workshop technicians: As directed by GMD, HR and Maintenance should source and closed out before next meeting on 2nd February, 2024.

4

Plans to adequately fund the business to support operations

CM and Treasury to finalize on the 150m monthly funding arrangement

Treasury/CM

30/1/2024

WIP

132.7m monthly funding arrangement agreed on by Treasury and Fleet.

Treasury is currently funding  urgent operational needs and selected refurbishment project. This is in view to increase revenue earnings for fleet.

Progress report from the strategic fund injection:

  1.  Three Coaster Buses and one Hiace Bus undergoing refurbishment. Fund injection required to fast-track repairs.

ECD is 1st week in October

  1.  There is funding need for vehicle paper renewals, fuelling and accessory restock.

Inadequate funding of fleet operation is heavily impacting revenue generation for the business.

The estimated average fleet age is 11 - 12 years and requires regular maintenance to keep them running.

Delayed payment to workshops is not allowing the workshop to support the fleet adequately.

This is increasing number of inactive vehicles and contributing to service failures and escalations from customers.

Workshops are still been owed for August, 2023 till date

There is need to have firm monthly working capital/funding arrangement to cater for basic operation needs.

GMD have advised that there is need to re-evaluation maintenance vendors as we do not get quality service from them.

There are obvious issues of poor services from maintenance vendors that needs to be urgently addressed by maintenance team.

Fleet officers have a critical roles to play in vehicles maintenance and inspection.

HR should close out routine disciplinary processes within 3 weeks

5

FMS Ghana Revamp

Invoicing platform on FMS Ghana

Fleet Head of Operations/Ghana Team/FINCON

30/1/2024

 WIP

Due to general revamp of FMS Ghana, commencement of invoicing and all commercial activity via FMS will now take effect from 30th Sept 2023.

Some rework and corrections were made on the Invoicing module to perfect the system.

Data upload on the application on-going.

Expected completion date is 31st January, 2024

Monitor the progress on the new Ghana FMS and adopt same for Nigeria FMS if need be.

6

Provide actual fleet size from Fleet via FMS, Citrack and Treasury

  *   All Fleet activity with respect to Operations and Commercials pass through FMS.
  *   Timeliness and effectiveness of FMS usage
  *   Accuracy of generated data

IT to clean up FMS data and create different modules that will warehouse vehicle data in the following categories:   Active, Inactive, Third-Party, Disposed, OM vehicle etc.

Fleet/IT

30/1/2024

WIP

 IT is currently working on the Profitability and Utilization module on FMS

Fleet/AC/IT meeting have been scheduled for every last Wednesday of the month to review FMS performance for continuous improvement and data accuracy

Insurance desk to explain in details our insurance policy. This is to determine if the current insurance policy is effective and addresses the need of our fleet.

There is need for Insurance desk, RC, Treasury to review our current insurance policy.

  *   Self-Insurance is still be best option for Fleet in terms of cost of premium.
  *   What will be the benefit and implication of doing Third-Party Insurance and have a fund set aside and  invested to cater for accident repairs? What will be cost of third-party insurance?
  *   Fleet Maintenance to provide cost for setting up a Panel Beat/Vehicle Body Repair Shop. Location

RECOMMENDATIONS (INSURANCE)

Self-Insurance is the more viable option for Fleet.

For the Self-Insurance to work effectively, it is recommend that we have a well-funded sinking fund account to quickly cater for insurance repair payment.

Major challenge on insurance is on the vehicles that are self-insured because our SLA workshops are not adequately funded.

We should re-introduce Accident Bonus for driver and develop a good consequence matrix to penalize and recover the cost of repair from drivers that dent their assigned vehicles.

Training for drivers, fleet officers and Inspection officers

There is need to fully implement assigning a vehicle to a particular driver.

There is need to develop a consequence matrix for Fleet Officers/Inspection Officer to ensure proper supervision of vehicles under their control

We should adopt a quick fix and have arrangement with some panel-beater to start fixing our vehicles with dents.

We can also consider employing an in-house technician for vehicle body repairs. But fleet will need to do a business case based on the outcome of incident report analysis to justify setting up an in-house vehicle body repair shop.

Fleet Maintenance to provide cost for setting up a Panel Beat/Vehicle Body Repair Shop

CM to engage Treasury on Insurance funding and Planning for 2024

Fleet vehicles requirement by regions

REGION

NORTH

SOUTH

WEST

COMMENT

COROLLA

HIACE

COASTER BUS

PRADO

COASTER

HIACE

LANDCRUISER

PRADO

PRADO

RAV4 (Cross-Overs)

Regions to provide their Turn-Down Request report to show the vehicles that are more in demand but not available in the fleet. This is to enable management take an informed decision while making investment for re-fleet.

Henry Ashaka to work with Fleet BD on the Call Centre

7

Monthly Presentation of Average Vehicle Utilization, Revenue & Operations Cost Analysis Report

IT to fully automate FMS to enable easy generation these report via FM

Fleet Ghana & Nigeria /IT

1 week of the month

10

CITRACK BUSINESS

Understanding Fleet business as provider of ancillary service to Fleet

Improve cross-selling activities .

CITRACK Team

 11

 Reward System

Develop a reward system for staff that bring in business deals that are converted to revenue. This is to encourage Cross-Selling within the organization.

Corporate Service

30/1/2024

 The Team to share recommendation with Management for further review

Regards,

Ifeanyichukwu

From: Ifeanyichukwu Udensi
Sent: Thursday, August 17, 2023 10:51 AM
To: Vivian Nsofor <[email-masked]<mailto:[email-masked]>>; Esther aideyan <[email-masked]<mailto:[email-masked]>>; Adaku Emedosi <[email-masked]<mailto:[email-masked]>>; Kate Ukwuma <[email-masked]<mailto:[email-masked]>>; Boris Nwaoroko <[email-masked]<mailto:[email-masked]>>; Vivienne Ahaneku <[email-masked]<mailto:[email-masked]>>; Kanu Chukwudi <[email-masked]<mailto:[email-masked]>>; Ayomide Oyinloye <[email-masked]<mailto:[email-masked]>>; Kadiri Oseni <[email-masked]<mailto:[email-masked]>>; Francis Obuesi <[email-masked]<mailto:[email-masked]>>; Frank Oputa <[email-masked]<mailto:[email-masked]>>; Happiness Nwafor <[email-masked]<mailto:[email-masked]>>; Babatunde Oluwakemi <[email-masked]<mailto:[email-masked]>>; Chinelo Akinbiyi <[email-masked]<mailto:[email-masked]>>; Babatunde Oguntunrin <[email-masked]<mailto:[email-masked]>>; Oladejo Lasisi <[email-masked]<mailto:[email-masked]>>; Nii Noi Narh <[email-masked]<mailto:[email-masked]>>; Cynthia Inwergbu <[email-masked]<mailto:[email-masked]>>; Yusuff Kareem <[email-masked]<mailto:[email-masked]>>; [email-masked]<mailto:[email-masked]>; Obed Asante <[email-masked]<mailto:[email-masked]>>; Mary Efua Agbezuge <[email-masked]<mailto:[email-masked]>>; Samuel Anang <[email-masked]<mailto:[email-masked]>>; May Aijanyain <[email-masked]<mailto:[email-masked]>>; Amos Ighaede <[email-masked]<mailto:[email-masked]>>
Cc: Edward Ibrahim <[email-masked]<mailto:[email-masked]>>; Ayodele Babatunde <[email-masked]<mailto:[email-masked]>>; Okey Nnake <[email-masked]<mailto:[email-masked]>>; Alex Mbakogu <[email-masked]<mailto:[email-masked]>>; Marian Abulu <[email-masked]<mailto:[email-masked]>>; Ruth Nwigwe <[email-masked]<mailto:[email-masked]>>; Ugoji Ugoji <[email-masked]<mailto:[email-masked]>>; Iyke Chiobi <[email-masked]<mailto:[email-masked]>>
Subject: RE: Project Accelerate

Good morning Team,

Kindly take this as reminder for our next meeting. Below are the updates, action points and required feedback.

S/N

Activity/Task

Action-Point/Required Feedback

Responsibility

Timeline

Status

Status Updates as at 11th August, 2023

1

Business Development Review

Are we still the market leader in vehicle fleet leasing industry?

• Who are our competitors? Their financial strength and fleet size in the market

• What is our biggest problem in market share competition?

• Is the vehicle fleet market growing? Is there more request for fleet management services or are businesses looking for alternatives?

• Names of competitors that offer lower rates than us? any other reason why they get more deals than us? what can we do differently?

• Which other area of fleet business, can we venture into?

Fleet BD Team/Ghana BD Team.

30/7/2023

Presentation of Outline for Fleet Management Strategy document was done.

OUTLINES

  1.  Overview of Leasing & Car Rental Business in Nigeria
  2.  Fleet Management & Car Rental Business in C&I Leasing Plc
  3.  Challenges Facing Fleet Management & Car Rental Business in C&I Leasing Plc
  4.  Opportunities available to Fleet Management & Car Rental Business in C&I Leasing Plc
  5.  Strategies for Harnessing Opportunities.

The above listed outline of Fleet Management Strategy Document will form the building block for the full document.

Next week discussion will mainly focus on the below as the first item of the outline:

  1.  Overview of Leasing & Car Rental Business in Nigeria

The Project Team is expected to review the outline and provide feedback for improvement where necessary.

  1.  Challenges faced by C&I Fleet in Nigeria Business environment
  2.  Aged asset. We are ceding major revenue to Third-Party vendor
  3.  Competitors are poaching from our team

Things we can do:

  *   Car Sharing Option
  *   Reactivate C-Ride Pooling option.
  *   Upscaling of our technology support
  *   Consider vehicles that are powered by alternative energy, like electric car, gas powered.
  *   We should outsource the development of C-Ride or buy off-the-shelf ready app like an Uber Clone

Discussion Lines:

  *   Do we agree that Cash Flow is a challenge for companies?
  *   There is need to develop strategies that will aid companies reduce their rentals and earn extra revenue from the vehicles.
  *   There is need to review different sectors of the market and develop strategies that will create value for the customer.
  *   What do we need to do to improve our market share
  *   Review the Leasing Law

  *   Ghana market perspective:
  *   How is the market in Ghana?
  *   What are we doing now?
  *   What new can we bring to the market in Ghana?
  *   What do we suggest we do differently?

Major car dealer and Banks are also offering lease options in Ghana

Ride Hailing Services offering rides at lower rate to corporate organizations.

High Cost of Funds. Access to cheaper funding have giving our competitors edge to offer cheaper rates

A Sub team to be set up to further analyse the Corporate Ride Hailing Services option, with available data. The aim is to present the viability of this service option to management.

Areas of possible discussion, however not limited to the below listed:

Review Ride Hailing model

Customer Buying Pattern/Consumer Behaviour

Profitability of the product

Determine the area of market we can deploy the service

Discuss cheaper funding arrangement

2

Operational challenges with reference to agreed deliverables per contract and internal issues.

  *   Feedback from meeting with Zenith Bank team on resolving the issue with account token– Open
  *   To confirm that Treasury have provided short-term funding cushion, pending when Zenith bank token challenge is resolved – Open
  *   Monitor and give improvement feedback on fuel float reimbursement.  – Open
  *   Maintenance team to provide plan for internal workshop expansion to enable it carry out more routine service internally- Closed Out.
  *   Strategy for provision of stop-gap vehicles for contract fleet – Open
  *

TREASURY

FLEET MAINTENANCE

SCM

30/7/2023

    WIP

RC token have been transferred to Mr. Amos (Boris replacement).

RC to confirm that the token is working.

SCM token (formerly with Kemi) to be transferred to Kelechi Ibe.

Fleet and SCM team to confirm that fuel float reimbursement can now be successfully initiated with tokens via Zenith Bank Online.

Maintenance Team to forward the reconciled maintenance payable of 45.7m to Treasury and AC for further review and close out.

Timeline is 15th August, 2023.

Weekly update of receivables position for 6 months & above and 12 months & above.

Update of payments expected and received within the week.

3

Fleet Management critical vacant roles and timeline for close out

Candidates for BD Executive and Receivables Officers  shorted listed

HR/CM

30/7/2023

WIP

Receivable Officer to resumed by 4th August,2023

Candidate for the BD Executive has been schedule for an interview with CM on Friday 21st July.

HR is working to close out on pending roles by August ending.

Vacant Roles:

  *   BD Executive
  *   Accounts Executive
  *   Electrician
  *   Receivables Officer
  *   AC technician
  *   Maintenance Officer for Enugu.
  *   BD Executive for Enugu

4

Plans to adequately fund the business to support operations

CM and Treasury to meet next week and finalize on the 150m monthly funding arrangement. Feedback expected during next meeting

Treasury/CM

30/7/2023

WIP

132.7m monthly funding arrangement agreed on by Treasury and Fleet.

Treasury is currently funding  urgent operational needs and selected refurbishment project. This is in view to increase revenue earnings for fleet.

Progress report from the strategic fund injection:

  1.  13 Toyota Conquest refurbished and deployed to LAPO. Target is to have 30 Toyota Conquest on the contract.
  2.  Three Coaster Buses and one Hiace Bus undergoing refurbishment. Fund injection required to fast-track repairs.
  3.  There is funding need for vehicle paper renewals, fuelling and accessory restock.

5

Provide utilization average for the fleet. Average revenue and cost per vehicle

Complete report to be presented during Q1 performance review on the 21st April for both Nigeria and Ghana

Fleet Head of Operations/Ghana Team/FINCON

30/7/2023

 WIP

Due to general revamp of FMS Ghana, commencement of invoicing and all commercial activity via FMS will now take effect from 30th Sept 2023.

IT has commenced work on the invoicing module on 1st July, 2023 as scheduled. And live testing is also on-going.

Progress update required.

6

Provide actual fleet size from Fleet via FMS, Citrack and Treasury

Audit, IT and Fleet to meet within the week to review and ascertain following:

  *   All Fleet activity with respect to Operations and Commercials pass through FMS.
  *   Timeliness and effectiveness of FMS usage
  *   Accuracy of generated data

And any observed challenges should be reported during next meeting.

IT to clean up FMS data and create different modules that will warehouse vehicle data in the following categories:   Active, Inactive, Third-Party, Disposed, OM vehicle etc.

MD/CM/IT

30/7/2023

WIP

A team comprising of Madam Ruth, Julius Oni and Kate Ukwuma have been set up to meet and come up with a holistic process and approach of identifying our vehicles, disposal of same and accounting for them always.

Julius Oni to be replaced by Oluwakemi Babatunde and Azizat.

Fleet team is working on reconciling the fleet size.

IT  have been able to close out all 13 recommendations made by Fleet.

Live testing will continue within the next week.

IT and Fleet to conclude the Utilization report update on FMS by first week in August.

Timeline is 5th August, 2023

7

Monthly Presentation of Average Vehicle Utilization, Revenue & Operations Cost Analysis Report

IT to fully automate FMS to enable easy generation these report via FM

Fleet Ghana & Nigeria /IT

1 week of the month

Report is expected by 10th August, 2023

8

Customer Experience Report

How do we relate with our client?

Feedback mechanism

Improvement areas

Fleet CS Team

30/7/2023

There is need to improve our Client Complain Portal.

We need to have a single source of receiving client’s escalation on complains officially

  *   Summarized Customer Experience Report.
  *   Highlighted critical complains and escalation that required management intervention.
  *   Highlight practical ways that we can use to improve and change Customer Experience with our clients

Web link : https://c-ileasing.com/hertz-helpdesk/scp

10

CITRACK

Understanding Fleet business as provider of ancillary service to Fleet

Improve cross-selling activities .

CITRACK Team

Regards,

Ifeanyichukwu

From: Ifeanyichukwu Udensi
Sent: Thursday, August 10, 2023 12:59 PM
To: Vivian Nsofor <[email-masked]<mailto:[email-masked]>>; Esther aideyan <[email-masked]<mailto:[email-masked]>>; Adaku Emedosi <[email-masked]<mailto:[email-masked]>>; Kate Ukwuma <[email-masked]<mailto:[email-masked]>>; Boris Nwaoroko <[email-masked]<mailto:[email-masked]>>; Vivienne Ahaneku <[email-masked]<mailto:[email-masked]>>; Kanu Chukwudi <[email-masked]<mailto:[email-masked]>>; Ayomide Oyinloye <[email-masked]<mailto:[email-masked]>>; Kadiri Oseni <[email-masked]<mailto:[email-masked]>>; Francis Obuesi <[email-masked]<mailto:[email-masked]>>; Frank Oputa <[email-masked]<mailto:[email-masked]>>; Happiness Nwafor <[email-masked]<mailto:[email-masked]>>; Babatunde Oluwakemi <[email-masked]<mailto:[email-masked]>>; Chinelo Akinbiyi <[email-masked]<mailto:[email-masked]>>; Babatunde Oguntunrin <[email-masked]<mailto:[email-masked]>>; Oladejo Lasisi <[email-masked]<mailto:[email-masked]>>; Nii Noi Narh <[email-masked]<mailto:[email-masked]>>; Cynthia Inwergbu <[email-masked]<mailto:[email-masked]>>; Yusuff Kareem <[email-masked]<mailto:[email-masked]>>; [email-masked]<mailto:[email-masked]>; Obed Asante <[email-masked]<mailto:[email-masked]>>; Mary Efua Agbezuge <[email-masked]<mailto:[email-masked]>>; Samuel Anang <[email-masked]<mailto:[email-masked]>>; May Aijanyain <[email-masked]<mailto:[email-masked]>>; Amos Ighaede <[email-masked]<mailto:[email-masked]>>
Cc: Edward Ibrahim <[email-masked]<mailto:[email-masked]>>; Ayodele Babatunde <[email-masked]<mailto:[email-masked]>>; Okey Nnake <[email-masked]<mailto:[email-masked]>>; Alex Mbakogu <[email-masked]<mailto:[email-masked]>>; Marian Abulu <[email-masked]<mailto:[email-masked]>>; Ruth Nwigwe <[email-masked]<mailto:[email-masked]>>; Ugoji Ugoji <[email-masked]<mailto:[email-masked]>>; Iyke Chiobi <[email-masked]<mailto:[email-masked]>>
Subject: RE: Project Accelerate

Good day Team,

Kindly take this as reminder for our next meeting. Below are the updates, action points and required feedback.

S/N

Activity/Task

Action-Point/Required Feedback

Responsibility

Timeline

Status

Status Updates as at 04th August, 2023

1

Business Development Review

Are we still the market leader in vehicle fleet leasing industry?

• Who are our competitors? Their financial strength and fleet size in the market

• What is our biggest problem in market share competition?

• Is the vehicle fleet market growing? Is there more request for fleet management services or are businesses looking for alternatives?

• Names of competitors that offer lower rates than us? any other reason why they get more deals than us? what can we do differently?

• Which other area of fleet business, can we venture into?

Fleet BD Team/Ghana BD Team.

30/7/2023

Presentation of Outline for Fleet Management Strategy document was done.

OUTLINES

  1.  Overview of Leasing & Car Rental Business in Nigeria
  2.  Fleet Management & Car Rental Business in C&I Leasing Plc
  3.  Challenges Facing Fleet Management & Car Rental Business in C&I Leasing Plc
  4.  Opportunities available to Fleet Management & Car Rental Business in C&I Leasing Plc
  5.  Strategies for Harnessing Opportunities.

The above listed outline of Fleet Management Strategy Document will form the building block for the full document.

Next week discussion will mainly focus on the below as the first item of the outline:

  1.  Overview of Leasing & Car Rental Business in Nigeria

The Project Team is expected to review the outline and provide feedback for improvement where necessary.

  1.  Challenges faced by C&I Fleet in Nigeria Business environment
  2.  Aged asset. We are ceding major revenue to Third-Party vendor
  3.  Competitors are poaching from our team

Things we can do:

  *   Car Sharing Option
  *   Reactivate C-Ride Pooling option.
  *   Upscaling of our technology support
  *   Consider vehicles that are powered by alternative energy, like electric car, gas powered.
  *   We should outsource the development of C-Ride or buy off-the-shelf ready app like an Uber Clone

Discussion Lines:

  *   Do we agree that Cash Flow is a challenge for companies?
  *   There is need to develop strategies that will aid companies reduce their rentals and earn extra revenue from the vehicles.
  *   There is need to review different sectors of the market and develop strategies that will create value for the customer.
  *   What do we need to do to improve our market share
  *   Review the Leasing Law

  *   Ghana market perspective:
  *   How is the market in Ghana?
  *   What are we doing now?
  *   What new can we bring to the market in Ghana?
  *   What do we suggest we do differently?

2

Operational challenges with reference to agreed deliverables per contract and internal issues.

  *   Feedback from meeting with Zenith Bank team on resolving the issue with account token– Open
  *   To confirm that Treasury have provided short-term funding cushion, pending when Zenith bank token challenge is resolved – Open
  *   Monitor and give improvement feedback on fuel float reimbursement.  – Open
  *   Maintenance team to provide plan for internal workshop expansion to enable it carry out more routine service internally- Closed Out.
  *   Strategy for provision of stop-gap vehicles for contract fleet – Open
  *

TREASURY

FLEET MAINTENANCE

SCM

30/7/2023

    WIP

RC token have been transferred to Mr. Amos (Boris replacement).

Fleet and SCM team to confirm that fuel float reimbursement can now be successfully initiated with tokens via Zenith Bank Online.

Maintenance Team to forward the reconciled maintenance payable of 45.7m to Treasury and AC for further review and close out.

IT Unit go give Expense PRO-TBS access to Maintenance Team. This is to enable them trace old outstanding payment.

Treasury to upload/update vendor’s payment on SAGE to avoid having wrong amount on the application

Weekly update of receivables position for 6 months & above and 12 months & above.

Update of payments expected and received within the week.

3

Fleet Management critical vacant roles and timeline for close out

Candidates for BD Executive and Receivables Officers  shorted listed

HR/CM

30/7/2023

WIP

Receivable Officer to resumed by 4th August,2023

Candidate for the BD Executive has been schedule for an interview with CM on Friday 21st July.

HR is working to close out on pending roles by August ending.

Vacant Roles:

  *   BD Executive
  *   Accounts Executive
  *   Electrician
  *   Receivables Officer
  *   AC technician
  *   Maintenance Officer for Enugu.
  *   BD Executive for Enugu

4

Plans to adequately fund the business to support operations

CM and Treasury to meet next week and finalize on the 150m monthly funding arrangement. Feedback expected during next meeting

Treasury/CM

30/7/2023

WIP

132.7m monthly funding arrangement agreed on by Treasury and Fleet.

Treasury is currently funding  urgent operational needs and selected refurbishment project. This is in view to increase revenue earnings for fleet.

Progress report from the strategic fund injection:

  1.  13 Toyota Conquest refurbished and deployed to LAPO. Target is to have 30 Toyota Conquest on the contract.
  2.  Three Coaster Buses and one Hiace Bus undergoing refurbishment. Fund injection required to fast-track repairs.
  3.  There is funding need for vehicle paper renewals, fuelling and accessory restock.

5

Provide utilization average for the fleet. Average revenue and cost per vehicle

Complete report to be presented during Q1 performance review on the 21st April for both Nigeria and Ghana

Fleet Head of Operations/Ghana Team/FINCON

30/7/2023

 WIP

Due to general revamp of FMS Ghana, commencement of invoicing and all commercial activity via FMS will now take effect from 30th Sept 2023.

IT has commenced work on the invoicing module on 1st July, 2023 as scheduled. And live testing is also on-going.

Progress update required.

6

Provide actual fleet size from Fleet via FMS, Citrack and Treasury

Audit, IT and Fleet to meet within the week to review and ascertain following:

  *   All Fleet activity with respect to Operations and Commercials pass through FMS.
  *   Timeliness and effectiveness of FMS usage
  *   Accuracy of generated data

And any observed challenges should be reported during next meeting.

IT to clean up FMS data and create different modules that will warehouse vehicle data in the following categories:   Active, Inactive, Third-Party, Disposed, OM vehicle etc.

MD/CM/IT

30/7/2023

WIP

A team comprising of Madam Ruth, Julius Oni and Kate Ukwuma have been set up to meet and come up with a holistic process and approach of identifying our vehicles, disposal of same and accounting for them always.

Julius Oni to be replaced by Oluwakemi Babatunde and Azizat.

Fleet team is working on reconciling the fleet size.

IT  have been able to close out all 13 recommendations made by Fleet.

Live testing will continue within the next week.

IT and Fleet to conclude the Utilization report update on FMS by first week in August.

Timeline is 5th August, 2023

7

Monthly Presentation of Average Vehicle Utilization, Revenue & Operations Cost Analysis Report

IT to fully automate FMS to enable easy generation these report via FM

Fleet Ghana & Nigeria /IT

1 week of the month

Report is expected by 10th August, 2023

8

Customer Experience Report

How do we relate with our client?

Feedback mechanism

Improvement areas

Fleet CS Team

30/7/2023

There is need to improve our Client Complain Portal.

We need to have a single source of receiving client’s escalation on complains officially

  *   Summarized Customer Experience Report.
  *   Highlighted critical complains and escalation that required management intervention.
  *   Highlight practical ways that we can use to improve and change Customer Experience with our clients

10

CITRACK

Understanding Fleet business as provider of ancillary service to Fleet

Improve cross-selling activities .

CITRACK Team

Regards,

Ifeanyichukwu

From: Ifeanyichukwu Udensi
Sent: Thursday, August 3, 2023 5:45 PM
To: Vivian Nsofor <[email-masked]<mailto:[email-masked]>>; Esther aideyan <[email-masked]<mailto:[email-masked]>>; Adaku Emedosi <[email-masked]<mailto:[email-masked]>>; Kate Ukwuma <[email-masked]<mailto:[email-masked]>>; Boris Nwaoroko <[email-masked]<mailto:[email-masked]>>; Vivienne Ahaneku <[email-masked]<mailto:[email-masked]>>; Kanu Chukwudi <[email-masked]<mailto:[email-masked]>>; Ayomide Oyinloye <[email-masked]<mailto:[email-masked]>>; Kadiri Oseni <[email-masked]<mailto:[email-masked]>>; Francis Obuesi <[email-masked]<mailto:[email-masked]>>; Frank Oputa <[email-masked]<mailto:[email-masked]>>; Happiness Nwafor <[email-masked]<mailto:[email-masked]>>; Babatunde Oluwakemi <[email-masked]<mailto:[email-masked]>>; Chinelo Akinbiyi <[email-masked]<mailto:[email-masked]>>; Babatunde Oguntunrin <[email-masked]<mailto:[email-masked]>>; Oladejo Lasisi <[email-masked]<mailto:[email-masked]>>; Nii Noi Narh <[email-masked]<mailto:[email-masked]>>; Cynthia Inwergbu <[email-masked]<mailto:[email-masked]>>; Yusuff Kareem <[email-masked]<mailto:[email-masked]>>; [email-masked]<mailto:[email-masked]>; Obed Asante <[email-masked]<mailto:[email-masked]>>; Mary Efua Agbezuge <[email-masked]<mailto:[email-masked]>>; Samuel Anang <[email-masked]<mailto:[email-masked]>>; May Aijanyain <[email-masked]<mailto:[email-masked]>>
Cc: Edward Ibrahim <[email-masked]<mailto:[email-masked]>>; Ayodele Babatunde <[email-masked]<mailto:[email-masked]>>; Okey Nnake <[email-masked]<mailto:[email-masked]>>; Alex Mbakogu <[email-masked]<mailto:[email-masked]>>; Marian Abulu <[email-masked]<mailto:[email-masked]>>; Ruth Nwigwe <[email-masked]<mailto:[email-masked]>>; Ugoji Ugoji <[email-masked]<mailto:[email-masked]>>; Iyke Chiobi <[email-masked]<mailto:[email-masked]>>
Subject: RE: Project Accelerate

Good day Team,

Please take this as reminder for our meeting tomorrow 4th August, 2023. Below are the updates, action points and required feedback.

S/N

Activity/Task

Action-Point/Required Feedback

Responsibility

Timeline

Status

Status Updates as at 21st  July, 2023

1

Business Development Review

Are we still the market leader in vehicle fleet leasing industry?

• Who are our competitors? Their financial strength and fleet size in the market

• What is our biggest problem in market share competition?

• Is the vehicle fleet market growing? Is there more request for fleet management services or are businesses looking for alternatives?

• Names of competitors that offer lower rates than us? any other reason why they get more deals than us? what can we do differently?

• Which other area of fleet business, can we venture into?

Fleet BD Team/Ghana BD Team.

30/7/2023

Presentation of Outline for Fleet Management Strategy document was done.

OUTLINES

  1.  Overview of Leasing & Car Rental Business in Nigeria
  2.  Fleet Management & Car Rental Business in C&I Leasing Plc
  3.  Challenges Facing Fleet Management & Car Rental Business in C&I Leasing Plc
  4.  Opportunities available to Fleet Management & Car Rental Business in C&I Leasing Plc
  5.  Strategies for Harnessing Opportunities.

The above listed outline of Fleet Management Strategy Document will form the building block for the full document.

Next week discussion will mainly focus on the below as the first item of the outline:

  1.  Overview of Leasing & Car Rental Business in Nigeria

The Project Team is expected to review the outline and provide feedback for improvement where necessary.

Things we can do:

  *   Car Sharing Option
  *   Reactivate C-Ride Pooling option.
  *   Upscaling of our technology support
  *   Consider vehicles that are powered by alternative energy, like electric car, gas powered.
  *   We should outsource the development of C-Ride or buy off-the-shelf ready app like an Uber Clone

Discussion Lines:

  *   Do we agree that Cash Flow is a challenge for companies?
  *   There is need to develop strategies that will aid companies reduce their rentals and earn extra revenue from the vehicles.
  *   There is need to review different sectors of the market and develop strategies that will create value for the customer.

  *   Ghana market perspective:
  *   How is the market in Ghana?
  *   What are we doing now?
  *   What new can we bring to the market in Ghana?
  *   What do we suggest we do differently?

2

Operational challenges with reference to agreed deliverables per contract and internal issues.

  *   Feedback from meeting with Zenith Bank team on resolving the issue with account token– Open
  *   To confirm that Treasury have provided short-term funding cushion, pending when Zenith bank token challenge is resolved – Open
  *   Monitor and give improvement feedback on fuel float reimbursement.  – Open
  *   Maintenance team to provide plan for internal workshop expansion to enable it carry out more routine service internally- Closed Out.
  *   Strategy for provision of stop-gap vehicles for contract fleet – Open
  *

TREASURY

FLEET MAINTENANCE

SCM

30/7/2023

    WIP

Efosa/Boris to confirm that RC token is Ok for use now. RC Token to be hand over to Boris replacement.

Fleet and SCM team to confirm that fuel float reimbursement can now be successfully initiated with tokens via Zenith Bank Online.

Maintenance Team to forward the reconciled maintenance payable of 45.7m to Treasury and AC for further review and close out.

Timeline for close out is 1 week. Date is 28th July.

Treasury to upload/update vendor’s payment on SAGE to avoid having wrong amount on the application

Weekly update of receivables position for 6 months & above and 12 months & above.

Update of payments expected and received within the week.

3

Fleet Management critical vacant roles and timeline for close out

Candidates for BD Executive and Receivables Officers  shorted listed

HR/CM

30/7/2023

WIP

Receivable Officer to resumed by 4th August,2023

Candidate for the BD Executive has been schedule for an interview with CM on Friday 21st July.

HR is working to close out on pending roles by August ending.

Vacant Roles:

  *   BD Executive
  *   Accounts Executive
  *   Electrician
  *   Receivables Officer
  *   AC technician
  *   Maintenance Officer for Enugu.
  *   BD Executive for Enugu

4

Plans to adequately fund the business to support operations

CM and Treasury to meet next week and finalize on the 150m monthly funding arrangement. Feedback expected during next meeting

Treasury/CM

30/7/2023

WIP

132.7m monthly funding arrangement agreed on by Treasury and Fleet.

Treasury is currently funding  urgent operational needs and selected refurbishment project. This is in view to increase revenue earnings for fleet.

Progress report from the strategic fund injection:

  1.  13 Toyota Conquest refurbished and deployed to LAPO. Target is to have 30 Toyota Conquest on the contract.
  2.  Three Coaster Buses and one Hiace Bus undergoing refurbishment. Fund injection required to fast-track repairs.
  3.  There is funding need for vehicle paper renewals, fuelling and accessory restock.

5

Provide utilization average for the fleet. Average revenue and cost per vehicle

Complete report to be presented during Q1 performance review on the 21st April for both Nigeria and Ghana

Fleet Head of Operations/Ghana Team/FINCON

30/7/2023

 WIP

Due to general revamp of FMS Ghana, commencement of invoicing and all commercial activity via FMS will now take effect from 30th Sept 2023.

IT has commenced work on the invoicing module on 1st July, 2023 as scheduled. And live testing is also on-going.

Progress update required.

6

Provide actual fleet size from Fleet via FMS, Citrack and Treasury

Audit, IT and Fleet to meet within the week to review and ascertain following:

  *   All Fleet activity with respect to Operations and Commercials pass through FMS.
  *   Timeliness and effectiveness of FMS usage
  *   Accuracy of generated data

And any observed challenges should be reported during next meeting.

IT to clean up FMS data and create different modules that will warehouse vehicle data in the following categories:   Active, Inactive, Third-Party, Disposed, OM vehicle etc.

MD/CM/IT

30/7/2023

WIP

A team comprising of Madam Ruth, Julius Oni and Kate Ukwuma have been set up to meet and come up with a holistic process and approach of identifying our vehicles, disposal of same and accounting for them always.

Julius Oni to be replaced by Oluwakemi Babatunde and Azizat.

Fleet team is working on reconciling the fleet size.

IT  have been able to close out all 13 recommendations made by Fleet.

Live testing will continue within the next week.

IT and Fleet to conclude the Utilization report update on FMS by first week in August.

Timeline is 5th August, 2023

7

Monthly Presentation of Average Vehicle Utilization, Revenue & Operations Cost Analysis Report

IT to fully automate FMS to enable easy generation these report via FM

Fleet Ghana & Nigeria /IT

1 week of the month

Report is expected by 10th August, 2023

8

Customer Experience Report

How do we relate with our client?

Feedback mechanism

Improvement areas

Fleet CS Team

30/7/2023

There is need to improve our Client Complain Portal.

We need to have a single source of receiving client’s escalation on complains officially

  *   Summarized Customer Experience Report.
  *   Highlighted critical complains and escalation that required management intervention.
  *   Highlight practical ways that we can use to improve and change Customer Experience with our clients

10

CITRACK

Understanding Fleet business as provider of ancillary service to Fleet

Improve cross-selling activities .

CITRACK Team

Regards,

Ifeanyichukwu

From: Ifeanyichukwu Udensi
Sent: Thursday, July 27, 2023 11:17 AM
To: Vivian Nsofor <[email-masked]<mailto:[email-masked]>>; Esther aideyan <[email-masked]<mailto:[email-masked]>>; Adaku Emedosi <[email-masked]<mailto:[email-masked]>>; Kate Ukwuma <[email-masked]<mailto:[email-masked]>>; Boris Nwaoroko <[email-masked]<mailto:[email-masked]>>; Vivienne Ahaneku <[email-masked]<mailto:[email-masked]>>; Kanu Chukwudi <[email-masked]<mailto:[email-masked]>>; Ayomide Oyinloye <[email-masked]<mailto:[email-masked]>>; Kadiri Oseni <[email-masked]<mailto:[email-masked]>>; Francis Obuesi <[email-masked]<mailto:[email-masked]>>; Frank Oputa <[email-masked]<mailto:[email-masked]>>; Happiness Nwafor <[email-masked]<mailto:[email-masked]>>; Babatunde Oluwakemi <[email-masked]<mailto:[email-masked]>>; Chinelo Akinbiyi <[email-masked]<mailto:[email-masked]>>; Babatunde Oguntunrin <[email-masked]<mailto:[email-masked]>>; Oladejo Lasisi <[email-masked]<mailto:[email-masked]>>; Nii Noi Narh <[email-masked]<mailto:[email-masked]>>; Cynthia Inwergbu <[email-masked]<mailto:[email-masked]>>; Yusuff Kareem <[email-masked]<mailto:[email-masked]>>; [email-masked]<mailto:[email-masked]>; Obed Asante <[email-masked]<mailto:[email-masked]>>; Mary Efua Agbezuge <[email-masked]<mailto:[email-masked]>>; Samuel Anang <[email-masked]<mailto:[email-masked]>>; May Aijanyain <[email-masked]<mailto:[email-masked]>>
Cc: Edward Ibrahim <[email-masked]<mailto:[email-masked]>>; Ayodele Babatunde <[email-masked]<mailto:[email-masked]>>; Okey Nnake <[email-masked]<mailto:[email-masked]>>; Alex Mbakogu <[email-masked]<mailto:[email-masked]>>; Marian Abulu <[email-masked]<mailto:[email-masked]>>; Ruth Nwigwe <[email-masked]<mailto:[email-masked]>>; Ugoji Ugoji <[email-masked]<mailto:[email-masked]>>; Iyke Chiobi <[email-masked]<mailto:[email-masked]>>
Subject: RE: Project Accelerate

Good morning Team,

This is to inform you that our next meeting will be on the 4th August, 2023. Our GMD have allowed this to give the team more time to complete all assigned task and presentation.

Regards,

Project Secretary General.

From: Ifeanyichukwu Udensi
Sent: Wednesday, July 26, 2023 7:07 PM
To: Vivian Nsofor <[email-masked]<mailto:[email-masked]>>; Esther aideyan <[email-masked]<mailto:[email-masked]>>; Adaku Emedosi <[email-masked]<mailto:[email-masked]>>; Kate Ukwuma <[email-masked]<mailto:[email-masked]>>; Boris Nwaoroko <[email-masked]<mailto:[email-masked]>>; Vivienne Ahaneku <[email-masked]<mailto:[email-masked]>>; Kanu Chukwudi <[email-masked]<mailto:[email-masked]>>; Ayomide Oyinloye <[email-masked]<mailto:[email-masked]>>; Kadiri Oseni <[email-masked]<mailto:[email-masked]>>; Francis Obuesi <[email-masked]<mailto:[email-masked]>>; Frank Oputa <[email-masked]<mailto:[email-masked]>>; Happiness Nwafor <[email-masked]<mailto:[email-masked]>>; Babatunde Oluwakemi <[email-masked]<mailto:[email-masked]>>; Chinelo Akinbiyi <[email-masked]<mailto:[email-masked]>>; Babatunde Oguntunrin <[email-masked]<mailto:[email-masked]>>; Oladejo Lasisi <[email-masked]<mailto:[email-masked]>>; Nii Noi Narh <[email-masked]<mailto:[email-masked]>>; Cynthia Inwergbu <[email-masked]<mailto:[email-masked]>>; Yusuff Kareem <[email-masked]<mailto:[email-masked]>>; [email-masked]<mailto:[email-masked]>; Obed Asante <[email-masked]<mailto:[email-masked]>>; Mary Efua Agbezuge <[email-masked]<mailto:[email-masked]>>; Samuel Anang <[email-masked]<mailto:[email-masked]>>; May Aijanyain <[email-masked]<mailto:[email-masked]>>
Cc: Edward Ibrahim <[email-masked]<mailto:[email-masked]>>; Ayodele Babatunde <[email-masked]<mailto:[email-masked]>>; Okey Nnake <[email-masked]<mailto:[email-masked]>>; Alex Mbakogu <[email-masked]<mailto:[email-masked]>>; Marian Abulu <[email-masked]<mailto:[email-masked]>>; Ruth Nwigwe <[email-masked]<mailto:[email-masked]>>; Ugoji Ugoji <[email-masked]<mailto:[email-masked]>>; Iyke Chiobi <[email-masked]<mailto:[email-masked]>>
Subject: RE: Project Accelerate

Good evening Team,

Please take this as reminder for our next meeting. Below are the updates, action points and required feedback.

S/N

Activity/Task

Action-Point/Required Feedback

Responsibility

Timeline

Status

Status Updates as at 21st  July, 2023

1

Business Development Review

Are we still the market leader in vehicle fleet leasing industry?

• Who are our competitors? Their financial strength and fleet size in the market

• What is our biggest problem in market share competition?

• Is the vehicle fleet market growing? Is there more request for fleet management services or are businesses looking for alternatives?

• Names of competitors that offer lower rates than us? any other reason why they get more deals than us? what can we do differently?

• Which other area of fleet business, can we venture into?

Fleet BD Team/Ghana BD Team.

30/7/2023

Presentation of Outline for Fleet Management Strategy document was done.

OUTLINES

  1.  Overview of Leasing & Car Rental Business in Nigeria
  2.  Fleet Management & Car Rental Business in C&I Leasing Plc
  3.  Challenges Facing Fleet Management & Car Rental Business in C&I Leasing Plc
  4.  Opportunities available to Fleet Management & Car Rental Business in C&I Leasing Plc
  5.  Strategies for Harnessing Opportunities.

The above listed outline of Fleet Management Strategy Document will form the building block for the full document.

Next week discussion will mainly focus on the below as the first item of the outline:

  1.  Overview of Leasing & Car Rental Business in Nigeria

The Project Team is expected to review the outline and provide feedback for improvement where necessary.

Things we can do:

  *   Car Sharing Option
  *   Reactivate C-Ride Pooling option.
  *   Upscaling of our technology support
  *   Consider vehicles that are powered by alternative energy, like electric car, gas powered.
  *   We should outsource the development of C-Ride or buy off-the-shelf ready app like an Uber Clone

Discussion Lines:

  *   Do we agree that Cash Flow is a challenge for companies?
  *   There is need to develop strategies that will aid companies reduce their rentals and earn extra revenue from the vehicles.
  *   There is need to review different sectors of the market and develop strategies that will create value for the customer.

  *   Ghana market perspective:
  *   How is the market in Ghana?
  *   What are we doing now?
  *   What new can we bring to the market in Ghana?
  *   What do we suggest we do differently?

2

Operational challenges with reference to agreed deliverables per contract and internal issues.

  *   Feedback from meeting with Zenith Bank team on resolving the issue with account token– Open
  *   To confirm that Treasury have provided short-term funding cushion, pending when Zenith bank token challenge is resolved – Open
  *   Monitor and give improvement feedback on fuel float reimbursement.  – Open
  *   Maintenance team to provide plan for internal workshop expansion to enable it carry out more routine service internally- Closed Out.
  *   Strategy for provision of stop-gap vehicles for contract fleet – Open
  *

TREASURY

FLEET MAINTENANCE

SCM

30/7/2023

    WIP

Efosa/Boris to confirm that RC token is Ok for use now. RC Token to be hand over to Boris replacement.

Fleet and SCM team to confirm that fuel float reimbursement can now be successfully initiated with tokens via Zenith Bank Online.

Maintenance Team to forward the reconciled maintenance payable of 45.7m to Treasury and AC for further review and close out.

Timeline for close out is 1 week. Date is 28th July.

Treasury to upload/update vendor’s payment on SAGE to avoid having wrong amount on the application

Weekly update of receivables position for 6 months & above and 12 months & above.

Update of payments expected and received within the week.

3

Fleet Management critical vacant roles and timeline for close out

Candidates for BD Executive and Receivables Officers  shorted listed

HR/CM

30/7/2023

WIP

Receivable Officer to resumed by 4th August,2023

Candidate for the BD Executive has been schedule for an interview with CM on Friday 21st July.

HR is working to close out on pending roles by August ending.

Vacant Roles:

  *   BD Executive
  *   Accounts Executive
  *   Electrician
  *   Receivables Officer
  *   AC technician
  *   Maintenance Officer for Enugu.
  *   BD Executive for Enugu

4

Plans to adequately fund the business to support operations

CM and Treasury to meet next week and finalize on the 150m monthly funding arrangement. Feedback expected during next meeting

Treasury/CM

30/7/2023

WIP

132.7m monthly funding arrangement agreed on by Treasury and Fleet.

Treasury is currently funding  urgent operational needs and selected refurbishment project. This is in view to increase revenue earnings for fleet.

Progress report from the strategic fund injection:

  1.  13 Toyota Conquest refurbished and deployed to LAPO. Target is to have 30 Toyota Conquest on the contract.
  2.  Three Coaster Buses and one Hiace Bus undergoing refurbishment. Fund injection required to fast-track repairs.
  3.  There is funding need for vehicle paper renewals, fuelling and accessory restock.

5

Provide utilization average for the fleet. Average revenue and cost per vehicle

Complete report to be presented during Q1 performance review on the 21st April for both Nigeria and Ghana

Fleet Head of Operations/Ghana Team/FINCON

30/7/2023

 WIP

Due to general revamp of FMS Ghana, commencement of invoicing and all commercial activity via FMS will now take effect from 30th Sept 2023.

IT has commenced work on the invoicing module on 1st July, 2023 as scheduled. And live testing is also on-going.

Progress update required.

6

Provide actual fleet size from Fleet via FMS, Citrack and Treasury

Audit, IT and Fleet to meet within the week to review and ascertain following:

  *   All Fleet activity with respect to Operations and Commercials pass through FMS.
  *   Timeliness and effectiveness of FMS usage
  *   Accuracy of generated data

And any observed challenges should be reported during next meeting.

IT to clean up FMS data and create different modules that will warehouse vehicle data in the following categories:   Active, Inactive, Third-Party, Disposed, OM vehicle etc.

MD/CM/IT

30/7/2023

WIP

A team comprising of Madam Ruth, Julius Oni and Kate Ukwuma have been set up to meet and come up with a holistic process and approach of identifying our vehicles, disposal of same and accounting for them always.

Julius Oni to be replaced by Oluwakemi Babatunde and Azizat.

Fleet team is working on reconciling the fleet size.

IT  have been able to close out all 13 recommendations made by Fleet.

Live testing will continue within the next week.

IT and Fleet to conclude the Utilization report update on FMS by first week in August.

Timeline is 5th August, 2023

7

Monthly Presentation of Average Vehicle Utilization, Revenue & Operations Cost Analysis Report

IT to fully automate FMS to enable easy generation these report via FM

Fleet Ghana & Nigeria /IT

1 week of the month

Report is expected by 10th August, 2023

8

Customer Experience Report

How do we relate with our client?

Feedback mechanism

Improvement areas

Fleet CS Team

30/7/2023

There is need to improve our Client Complain Portal.

We need to have a single source of receiving client’s escalation on complains officially

  *   Summarized Customer Experience Report.
  *   Highlighted critical complains and escalation that required management intervention.
  *   Highlight practical ways that we can use to improve and change Customer Experience with our clients

10

CITRACK

Understanding Fleet business as provider of ancillary service to Fleet

Improve cross-selling activities .

CITRACK Team

Regards,

Ifeanyichukwu

From: Ifeanyichukwu Udensi
Sent: Thursday, June 1, 2023 3:02 PM
To: Esther aideyan <[email-masked]<mailto:[email-masked]>>; Adaku Emedosi <[email-masked]<mailto:[email-masked]>>; Kate Ukwuma <[email-masked]<mailto:[email-masked]>>; Julius Oni <[email-masked]<mailto:[email-masked]>>; Boris Nwaoroko <[email-masked]<mailto:[email-masked]>>; Vivienne Ahaneku <[email-masked]<mailto:[email-masked]>>; Kanu Chukwudi <[email-masked]<mailto:[email-masked]>>; Ayomide Oyinloye <[email-masked]<mailto:[email-masked]>>; Kadiri Oseni <[email-masked]<mailto:[email-masked]>>; Francis Obuesi <[email-masked]<mailto:[email-masked]>>; Akpovwerha ikenye <[email-masked]<mailto:[email-masked]>>; Frank Oputa <[email-masked]<mailto:[email-masked]>>; Vivian Nsofor <[email-masked]<mailto:[email-masked]>>; Happiness Nwafor <[email-masked]<mailto:[email-masked]>>; Babatunde Oluwakemi <[email-masked]<mailto:[email-masked]>>; Chinelo Akinbiyi <[email-masked]<mailto:[email-masked]>>; Babatunde Oguntunrin <[email-masked]<mailto:[email-masked]>>; Oladejo Lasisi <[email-masked]<mailto:[email-masked]>>; Nii Noi Narh <[email-masked]<mailto:[email-masked]>>; Cynthia Inwergbu <[email-masked]<mailto:[email-masked]>>; Yusuff Kareem <[email-masked]<mailto:[email-masked]>>; [email-masked]<mailto:[email-masked]>; Obed Asante <[email-masked]<mailto:[email-masked]>>; Mary Efua Agbezuge <[email-masked]<mailto:[email-masked]>>; Samuel Anang <[email-masked]<mailto:[email-masked]>>
Cc: Edward Ibrahim <[email-masked]<mailto:[email-masked]>>; Ayodele Babatunde <[email-masked]<mailto:[email-masked]>>; Adetutu Sanni <[email-masked]<mailto:[email-masked]>>; Okey Nnake <[email-masked]<mailto:[email-masked]>>; Alex Mbakogu <[email-masked]<mailto:[email-masked]>>; Marian Abulu <[email-masked]<mailto:[email-masked]>>; Ruth Nwigwe <[email-masked]<mailto:[email-masked]>>; Ugoji Ugoji <[email-masked]<mailto:[email-masked]>>; Iyke Chiobi <[email-masked]<mailto:[email-masked]>>
Subject: RE: Project Accelerate

Good day Team,

Here is a reminder for our meeting tomorrow 2nd June, 2023 and action points below. Attached is our last meeting report for review and correction where need be.

Regards,

Ifeanyichukwu

From: Ifeanyichukwu Udensi
Sent: Friday, May 26, 2023 4:54 PM
To: Esther aideyan <[email-masked]<mailto:[email-masked]>>; Adaku Emedosi <[email-masked]<mailto:[email-masked]>>; Kate Ukwuma <[email-masked]<mailto:[email-masked]>>; Julius Oni <[email-masked]<mailto:[email-masked]>>; Boris Nwaoroko <[email-masked]<mailto:[email-masked]>>; Vivienne Ahaneku <[email-masked]<mailto:[email-masked]>>; Kanu Chukwudi <[email-masked]<mailto:[email-masked]>>; Ayomide Oyinloye <[email-masked]<mailto:[email-masked]>>; Kadiri Oseni <[email-masked]<mailto:[email-masked]>>; Francis Obuesi <[email-masked]<mailto:[email-masked]>>; Akpovwerha ikenye <[email-masked]<mailto:[email-masked]>>; Frank Oputa <[email-masked]<mailto:[email-masked]>>; Vivian Nsofor <[email-masked]<mailto:[email-masked]>>; Happiness Nwafor <[email-masked]<mailto:[email-masked]>>; Babatunde Oluwakemi <[email-masked]<mailto:[email-masked]>>; Chinelo Akinbiyi <[email-masked]<mailto:[email-masked]>>; Babatunde Oguntunrin <[email-masked]<mailto:[email-masked]>>; Oladejo Lasisi <[email-masked]<mailto:[email-masked]>>; Nii Noi Narh <[email-masked]<mailto:[email-masked]>>; Cynthia Inwergbu <[email-masked]<mailto:[email-masked]>>; Yusuff Kareem <[email-masked]<mailto:[email-masked]>>; [email-masked]<mailto:[email-masked]>; Obed Asante <[email-masked]<mailto:[email-masked]>>; Mary Efua Agbezuge <[email-masked]<mailto:[email-masked]>>; Samuel Anang <[email-masked]<mailto:[email-masked]>>
Cc: Edward Ibrahim <[email-masked]<mailto:[email-masked]>>; Ayodele Babatunde <[email-masked]<mailto:[email-masked]>>; Adetutu Sanni <[email-masked]<mailto:[email-masked]>>; Okey Nnake <[email-masked]<mailto:[email-masked]>>; Alex Mbakogu <[email-masked]<mailto:[email-masked]>>; Marian Abulu <[email-masked]<mailto:[email-masked]>>; Ruth Nwigwe <[email-masked]<mailto:[email-masked]>>; Ugoji Ugoji <[email-masked]<mailto:[email-masked]>>; Iyke Chiobi <[email-masked]<mailto:[email-masked]>>
Subject: RE: Project Accelerate

Good day Team,

Please find below update, action points and required feedback for next week. The meeting report will follow shortly.

Thank you all for attending.

S/N

Discussion points for Business Development

Comment

1

Are we still the market leader in vehicle fleet leasing industry?

2

Who are our competitors? Their financial strength and fleet size in the market

3

What is our biggest problem in market share competition?

4

Is the vehicle fleet market growing? Is there more request for fleet management services or are businesses looking for alternatives?

5

What is the shape of our competition?

6

Names of competitors that offer lower rates than us? any other reason why they get more deals than us? what can we do differently?

7

Which other area of fleet business, can we venture into?

S/N

Activity/Task

Action-Point/Required Feedback

Responsibility

Timeline

Status

Status Updates as at 26th May, 2023

1

Operational challenges with reference to agreed deliverables per contract and internal issues.

  *   Feedback from meeting with Zenith Bank team on resolving the issue with account token– Open
  *   To confirm that Treasury have provided short-term funding cushion, pending when Zenith bank token challenge is resolved – Open
  *   Monitor and give improvement feedback on fuel float reimbursement.  – Open
  *   Maintenance team to provide plan for internal workshop expansion to enable it carry out more routine service internally- Closed Out.
  *   Strategy for provision of stop-gap vehicles for contract fleet – Open

TREASURY

FLEET MAINTENANCE

CM

31/5/2023

WIP

Treasury team have one more week to fully resolve pending token issue with Zenith Bank. Pending issue is on RC verifier token.

Kate’s token pin to be reset and handle over to Kemi. Kemi will to take over payment approval on fuel float account.

Agreed timeline to finalize on all maintenance outstanding reconciliation is 31st May, 2023.

Report expected by next meeting.

Reconcile aged outstanding receivable with client and have a final position by 31st May, 2023

Report expected by next meeting.

2

Fleet Management critical vacant roles and timeline for close out

Candidates for BD Team-Lead and BD Executive shorted listed

HR/CM

02/6/2023

WIP

Selected candidates for BD Team-Lead, BD Executive and Receivable Officer to meet with CM on Wednesday 31st May, 2023. Physical meeting will be in HO.

HR to get recommendations for technical roles from Fleet/Maintenance team

Pending vacant roles are:

  *   Electrician
  *   AC technician
  *   Maintenance Officer for Enugu.
  *   BD Executive for Enugu

Update expected by next meeting on the 2nd

June, 2023

3

Plans to adequately fund the business to support operations

CM and Treasury to meet next week and finalize on the 150m monthly funding arrangement. Feedback expected during next meeting

Treasury/CM

10/5/2023

WIP

132.7m monthly funding arrangement agreed on by Treasury and Fleet.

There is agreement with treasury to fund urgent operational needs.

Commencement date for this funding is 1st June, 2023

4

Provide utilization average for the fleet. Average revenue and cost per vehicle

Complete report to be presented during Q1 performance review on the 21st April for both Nigeria and Ghana

Fleet Head of Operations/Ghana Team/FINCON

02/6/2023

 WIP

Due to general revamp of FMS Ghana, commencement of invoicing and all commercial activity via FMS will now take effect from 30th Sept 2023.

IT to commence work on the invoicing module by 1st July, 2023.

Progress update required.

Fleet Accountant and FINCON to further analyse the apportioned cost report sent by FINCON. This is to enable Fleet Team extract the details that they can be use.

Feedback expected by next meeting on the 02nd  June 2023

5

Provide actual fleet size from Fleet via FMS, Citrack and Treasury

Audit, IT and Fleet to meet within the week to review and ascertain following:

  *   All Fleet activity with respect to Operations and Commercials pass through FMS.
  *   Timeliness and effectiveness of FMS usage
  *   Accuracy of generated data

And any observed challenges should be reported during next meeting.

IT to clean up FMS data and create different modules that will warehouse vehicle data in the following categories:   Active, Inactive, Third-Party, Disposed, OM vehicle etc.

MD/CM/IT

02/6/2023

WIP

A team comprising Madam Ruth, Julius Oni and Kate Ukwuma have been set up to meet and come up with a holist process and approach of identifying our vehicles, disposal of same and accounting for them always.

Committee to meet on 31st May, 2023 to finalize on fleet reverification exercise and give feedback on 2nd June, 2023.

IT  have been able to close out 11 of 13 recommendations made by Fleet. Working on the remaining 2 to be closed out before 2nd June, 2023.

Fleet team is working on reconciling the fleet size.

Timeline for IT to close out on necessary amendments is 02th June, 2023

SCM to input Purchase Amount for disposed vehicles on FMS. Close out timeline is 02nd June, 2023

There is need to have a clear process of documenting asset disposal details (sale amount, buyer details, date of dispose etc) on a central data base for future reference.

6

Full implementation of fleet vehicle accessories disbursement via FMS.

Enable end to end automation of the process to ensure that all request are fully inputted on FMS and duly authorized before disbursing .

Feedback expected on full compliance of accessories disbursement via FMS

Fleet Operations/IT/SCM/Audit

31/5/2023

7

Monthly Presentation of Average Vehicle Utilization, Revenue & Operations Cost Analysis Report

IT to fully automate FMS to enable easy generation these report via FM

Fleet Ghana & Nigeria /IT

1 week of the month

Regards,

Udensi Ifeanyichukwu
Regional Manager, South| Leasing House, Off  Oginigba-Elekahia Link Road, Trans Amadi Industrial Layout. Port Harcourt

08172007237 [email-masked]|<mailto:[email-masked]%7C> www.c-ileasing.com<http://www.cileasing.com/>

From: Ifeanyichukwu Udensi
Sent: Thursday, May 25, 2023 5:30 PM
To: Esther aideyan <[email-masked]<mailto:[email-masked]>>; Adaku Emedosi <[email-masked]<mailto:[email-masked]>>; Kate Ukwuma <[email-masked]<mailto:[email-masked]>>; Julius Oni <[email-masked]<mailto:[email-masked]>>; Boris Nwaoroko <[email-masked]<mailto:[email-masked]>>; Vivienne Ahaneku <[email-masked]<mailto:[email-masked]>>; Kanu Chukwudi <[email-masked]<mailto:[email-masked]>>; Ayomide Oyinloye <[email-masked]<mailto:[email-masked]>>; Kadiri Oseni <[email-masked]<mailto:[email-masked]>>; Francis Obuesi <[email-masked]<mailto:[email-masked]>>; Akpovwerha ikenye <[email-masked]<mailto:[email-masked]>>; Frank Oputa <[email-masked]<mailto:[email-masked]>>; Vivian Nsofor <[email-masked]<mailto:[email-masked]>>; Happiness Nwafor <[email-masked]<mailto:[email-masked]>>; Babatunde Oluwakemi <[email-masked]<mailto:[email-masked]>>; Chinelo Akinbiyi <[email-masked]<mailto:[email-masked]>>; Babatunde Oguntunrin <[email-masked]<mailto:[email-masked]>>; Oladejo Lasisi <[email-masked]<mailto:[email-masked]>>; Nii Noi Narh <[email-masked]<mailto:[email-masked]>>; Cynthia Inwergbu <[email-masked]<mailto:[email-masked]>>; Yusuff Kareem <[email-masked]<mailto:[email-masked]>>; [email-masked]<mailto:[email-masked]>; Obed Asante <[email-masked]<mailto:[email-masked]>>; Mary Efua Agbezuge <[email-masked]<mailto:[email-masked]>>; Samuel Anang <[email-masked]<mailto:[email-masked]>>
Cc: Edward Ibrahim <[email-masked]<mailto:[email-masked]>>; Ayodele Babatunde <[email-masked]<mailto:[email-masked]>>; Adetutu Sanni <[email-masked]<mailto:[email-masked]>>; Okey Nnake <[email-masked]<mailto:[email-masked]>>; Alex Mbakogu <[email-masked]<mailto:[email-masked]>>; Marian Abulu <[email-masked]<mailto:[email-masked]>>; Ruth Nwigwe <[email-masked]<mailto:[email-masked]>>; Ugoji Ugoji <[email-masked]<mailto:[email-masked]>>; Iyke Chiobi <[email-masked]<mailto:[email-masked]>>
Subject: RE: Project Accelerate

Good evening Team,

Here is a reminder for our meeting tomorrow 26th May, 2023 and needed information below. Please find attached last meeting report for review and correction where need be.

Regards,

Ifeanyichukwu

From: Ifeanyichukwu Udensi
Sent: Friday, May 19, 2023 5:30 PM
To: Esther aideyan <[email-masked]<mailto:[email-masked]>>; Adaku Emedosi <[email-masked]<mailto:[email-masked]>>; Kate Ukwuma <[email-masked]<mailto:[email-masked]>>; Julius Oni <[email-masked]<mailto:[email-masked]>>; Boris Nwaoroko <[email-masked]<mailto:[email-masked]>>; Vivienne Ahaneku <[email-masked]<mailto:[email-masked]>>; Kanu Chukwudi <[email-masked]<mailto:[email-masked]>>; Ayomide Oyinloye <[email-masked]<mailto:[email-masked]>>; Kadiri Oseni <[email-masked]<mailto:[email-masked]>>; Francis Obuesi <[email-masked]<mailto:[email-masked]>>; Akpovwerha ikenye <[email-masked]<mailto:[email-masked]>>; Frank Oputa <[email-masked]<mailto:[email-masked]>>; Vivian Nsofor <[email-masked]<mailto:[email-masked]>>; Happiness Nwafor <[email-masked]<mailto:[email-masked]>>; Babatunde Oluwakemi <[email-masked]<mailto:[email-masked]>>; Chinelo Akinbiyi <[email-masked]<mailto:[email-masked]>>; Babatunde Oguntunrin <[email-masked]<mailto:[email-masked]>>; Oladejo Lasisi <[email-masked]<mailto:[email-masked]>>; Nii Noi Narh <[email-masked]<mailto:[email-masked]>>; Cynthia Inwergbu <[email-masked]<mailto:[email-masked]>>; Yusuff Kareem <[email-masked]<mailto:[email-masked]>>; [email-masked]<mailto:[email-masked]>; Obed Asante <[email-masked]<mailto:[email-masked]>>; Mary Efua Agbezuge <[email-masked]<mailto:[email-masked]>>; Samuel Anang <[email-masked]<mailto:[email-masked]>>
Cc: Edward Ibrahim <[email-masked]<mailto:[email-masked]>>; Ayodele Babatunde <[email-masked]<mailto:[email-masked]>>; Adetutu Sanni <[email-masked]<mailto:[email-masked]>>; Okey Nnake <[email-masked]<mailto:[email-masked]>>; Alex Mbakogu <[email-masked]<mailto:[email-masked]>>; Marian Abulu <[email-masked]<mailto:[email-masked]>>; Ruth Nwigwe <[email-masked]<mailto:[email-masked]>>; Ugoji Ugoji <[email-masked]<mailto:[email-masked]>>; Iyke Chiobi <[email-masked]<mailto:[email-masked]>>
Subject: RE: Project Accelerate

Good evening Team,

Please find below update, action points and required feedback for next week. The meeting report will follow shortly.

Thank you all for attending.

S/N

Activity/Task

Action-Point/Required Feedback

Responsibility

Timeline

Status

Status Updates as at 19th May, 2023

1

Operational challenges with reference to agreed deliverables per contract and internal issues.

  *   Feedback from meeting with Zenith Bank team on resolving the issue with account token– Open
  *   To confirm that Treasury have provided short-term funding cushion, pending when Zenith bank token challenge is resolved – Open
  *   Monitor and give improvement feedback on fuel float reimbursement.  – Open
  *   Maintenance team to provide plan for internal workshop expansion to enable it carry out more routine service internally- Closed Out.
  *   Strategy for provision of stop-gap vehicles for contract fleet – Open

TREASURY

FLEET MAINTENANCE

CM

31/5/2023

WIP

Treasury team to fully resolve the Zenith bank token challenge before 26th May, 2023.

RC to be given Verifier token access.

SCM to reassign Kate’s token to another team member and notify Treasury

Agreed timeline to finalize on all maintenance outstanding reconciliation is 31st May, 2023

Reconcile aged outstanding receivable with client and have a final position by 31st May, 2023

2

Fleet Management critical vacant roles and timeline for close out

Candidates for BD Team-Lead and BD Executive shorted listed

HR/CM

31/5/2023

WIP

HR to liaise with HR Consultant to close out on pending recommendations

Selected candidates for BD Team-Lead and BD Executive  to meet with CM next week, before meeting with MD.

Other vacant roles yet to filled are:

  *   Electrician
  *   AC technician
  *   Maintenance Officer for Enugu.

Update expected by next meeting on the 26th May, 2023

3

Plans to adequately fund the business to support operations

CM and Treasury to meet next week and finalize on the 150m monthly funding arrangement. Feedback expected during next meeting

Treasury/CM

10/5/2023

WIP

132.7m monthly funding arrangement agreed on by Treasury and Fleet.

Treasury and Fleet to meet on  23rd May, 2023 to finalize on collection target and reimbursable expense.

Commencement date for this funding is 1st June, 2023

4

Provide utilization average for the fleet. Average revenue and cost per vehicle

Complete report to be presented during Q1 performance review on the 21st April for both Nigeria and Ghana

Fleet Head of Operations/Ghana Team/FINCON

31/5/2023

 WIP

Due to general revamp of FMS Ghana, commencement of invoicing and all commercial activity via FMS will now take effect from 30th Sept 2023.

Progress update required.

Fleet Accountant and FINCON to further analyse the apportioned cost report sent by FINCON. This is to enable Fleet Team extract the details that they can be use.

Feedback expected by next meeting on the 26th May,2023

5

Provide actual fleet size from Fleet via FMS, Citrack and Treasury

Audit, IT and Fleet to meet within the week to review and ascertain following:

  *   All Fleet activity with respect to Operations and Commercials pass through FMS.
  *   Timeliness and effectiveness of FMS usage
  *   Accuracy of generated data

And any observed challenges should be reported during next meeting.

IT to clean up FMS data and create different modules that will warehouse vehicle data in the following categories:   Active, Inactive, Third-Party, Disposed, OM vehicle etc.

MD/CM/IT

12/5/2023

WIP

A team comprising Madam Ruth, Julius Oni and Kate Ukwuma have been set up to meet and come up with a holist process and approach of identifying our vehicles, disposal of same and accounting for them always.

IT have received list of recommendations to work on FMS report generation.

Timeline for IT to close out  necessary amendments is 24th May, 2023

SCM to input Purchase Amount for disposed vehicles on FMS. Close out timeline is 24th May, 2023

6

Full implementation of fleet vehicle accessories disbursement via FMS.

Enable end to end automation of the process to ensure that all request are fully inputted on FMS and duly authorized before disbursing .

Feedback expected on full compliance of accessories disbursement via FMS

Fleet Operations/IT/SCM/Audit

31/5/2023

7

Monthly Presentation of Average Vehicle Utilization, Revenue & Operations Cost Analysis Report

IT to fully automate FMS to enable easy generation these report via FM

Fleet Ghana & Nigeria /IT

1 week of the month

Regards,

Udensi Ifeanyichukwu
Regional Manager, South| Leasing House, Off  Oginigba-Elekahia Link Road, Trans Amadi Industrial Layout. Port Harcourt

08172007237 [email-masked]|<mailto:[email-masked]%7C> www.c-ileasing.com<http://www.cileasing.com/>

From: Ifeanyichukwu Udensi
Sent: Wednesday, May 17, 2023 11:42 AM
To: Esther aideyan <[email-masked]<mailto:[email-masked]>>; Adaku Emedosi <[email-masked]<mailto:[email-masked]>>; Kate Ukwuma <[email-masked]<mailto:[email-masked]>>; Julius Oni <[email-masked]<mailto:[email-masked]>>; Boris Nwaoroko <[email-masked]<mailto:[email-masked]>>; Vivienne Ahaneku <[email-masked]<mailto:[email-masked]>>; Kanu Chukwudi <[email-masked]<mailto:[email-masked]>>; Ayomide Oyinloye <[email-masked]<mailto:[email-masked]>>; Kadiri Oseni <[email-masked]<mailto:[email-masked]>>; Francis Obuesi <[email-masked]<mailto:[email-masked]>>; Akpovwerha ikenye <[email-masked]<mailto:[email-masked]>>; Frank Oputa <[email-masked]<mailto:[email-masked]>>; Vivian Nsofor <[email-masked]<mailto:[email-masked]>>; Happiness Nwafor <[email-masked]<mailto:[email-masked]>>; Babatunde Oluwakemi <[email-masked]<mailto:[email-masked]>>; Chinelo Akinbiyi <[email-masked]<mailto:[email-masked]>>; Babatunde Oguntunrin <[email-masked]<mailto:[email-masked]>>; Oladejo Lasisi <[email-masked]<mailto:[email-masked]>>; Nii Noi Narh <[email-masked]<mailto:[email-masked]>>; Cynthia Inwergbu <[email-masked]<mailto:[email-masked]>>; Yusuff Kareem <[email-masked]<mailto:[email-masked]>>; [email-masked]<mailto:[email-masked]>; Obed Asante <[email-masked]<mailto:[email-masked]>>; Mary Efua Agbezuge <[email-masked]<mailto:[email-masked]>>; Samuel Anang <[email-masked]<mailto:[email-masked]>>
Cc: Edward Ibrahim <[email-masked]<mailto:[email-masked]>>; Ayodele Babatunde <[email-masked]<mailto:[email-masked]>>; Adetutu Sanni <[email-masked]<mailto:[email-masked]>>; Okey Nnake <[email-masked]<mailto:[email-masked]>>; Alex Mbakogu <[email-masked]<mailto:[email-masked]>>; Marian Abulu <[email-masked]<mailto:[email-masked]>>; Ruth Nwigwe <[email-masked]<mailto:[email-masked]>>; Ugoji Ugoji <[email-masked]<mailto:[email-masked]>>; Iyke Chiobi <[email-masked]<mailto:[email-masked]>>
Subject: RE: Project Accelerate

Good morning Team,

Please find below activity updates from last meeting. Attached is the meeting report for review and comments for correction where need be.

Next meeting will be on Friday 19th May, 2023. Please make out time to attend.

S/N

Activity/Task

Action-Point/Required Feedback

Responsibility

Timeline

Status

Status Updates as at 12th May, 2023

1

Operational challenges with reference to agreed deliverables per contract and internal issues.

  *   Feedback from meeting with Zenith Bank team on resolving the issue with account token– Open
  *   To confirm that Treasury have provided short-term funding cushion, pending when Zenith bank token challenge is resolved – Open
  *   Monitor and give improvement feedback on fuel float reimbursement.  – Open
  *   Maintenance team to provide plan for internal workshop expansion to enable it carry out more routine service internally- Closed Out.
  *   Strategy for provision of stop-gap vehicles for contract fleet – Open

TREASURY

FLEET MAINTENANCE

CM

31/5/2023

WIP

Token issue with Zenith Bank partly resolved. Token for RC yet to be issued.

Treasury team to resolve and fully close out on this by 16th May, 2023.

Agreed timeline to finalize on all maintenance outstanding reconciliation is 31st May, 2023

Reconcile aged outstanding receivable with client and have a final position by 31st May, 2023

2

Fleet Management critical vacant roles and timeline for close out

HR to schedule a meeting with HR consultant and CM. feedback expected during next meeting - Closed Out.

HR/CM

10/5/2023

WIP

HR to send in their recommendation to MD for Receivable Executive position within the week.

Selected candidates to meet with MD on the 13th May, 2023. This will finalize their possible onboarding.

3

Plans to adequately fund the business to support operations

CM and Treasury to meet next week and finalize on the 150m monthly funding arrangement. Feedback expected during next meeting

Treasury/CM

10/5/2023

WIP

Treasury yet to give official feedback on the funding request sent by CM via email.

Treasury have requested that Fleet should ensure that collections come on time to avoid issues with the funding arrangement

4

Provide utilization average for the fleet. Average revenue and cost per vehicle

Complete report to be presented during Q1 performance review on the 21st April for both Nigeria and Ghana

Fleet Head of Operations/Ghana Team

31/5/2023

 WIP

Due to general revamp of FMS Ghana, commencement of invoicing and all commercial activity via FMS will now take effect from 30th Sept 2023.

Progress update required.

Treasury  is yet to provide apportioned cost and any other associated cost. Fleet to further engage Treasury.

Feedback expected by next meeting on the 19th May,2023

5

Provide actual fleet size from Fleet via FMS, Citrack and Treasury

Audit, IT and Fleet to meet within the week to review and ascertain following:

  *   All Fleet activity with respect to Operations and Commercials pass through FMS.
  *   Timeliness and effectiveness of FMS usage
  *   Accuracy of generated data

And any observed challenges should be reported during next meeting.

IT to clean up FMS data and create different modules that will warehouse vehicle data in the following categories:   Active, Inactive, Third-Party, Disposed, OM vehicle etc.

MD/CM/IT

12/5/2023

WIP

Meeting with Audit, IT and Fleet held to review FMS performance including reports that can be generated from same.

Some issues were observed that can impede the accuracy of any report generated

There is need to further reconcile the fleet list on FMS

Action points/recommendations for FMS optimization have been agreed on and shared  with IT team for implementation.

Fleet/Audit to Track/monitoring its progress for close out.

Feedback expected on 19th May, 2023

Update on FMS clean up activity

6

Full implementation of fleet vehicle accessories disbursement via FMS.

Enable end to end automation of the process to ensure that all request are fully inputted on FMS and duly authorized before disbursing .

Feedback expected on full compliance of accessories disbursement via FMS

Fleet Operations/IT/SCM/Audit

31/5/2023

7

Monthly Presentation of Average Vehicle Utilization, Revenue & Operations Cost Analysis Report

IT to fully automate FMS to enable easy generation these report via FM

Fleet Ghana & Nigeria /IT

1 week of the month

Regards,

Ifeanyichukwu

Get Outlook for Android<https://aka.ms/AAb9ysg>

________________________________

From: Ifeanyichukwu Udensi <[email-masked]<mailto:[email-masked]>>
Sent: Thursday, March 16, 2023 1:28:15 PM
To: Esther aideyan <[email-masked]<mailto:[email-masked]>>; Adaku Emedosi <[email-masked]<mailto:[email-masked]>>; Kate Ukwuma <[email-masked]<mailto:[email-masked]>>; Julius Oni <[email-masked]<mailto:[email-masked]>>; Boris Nwaoroko <[email-masked]<mailto:[email-masked]>>; Vivienne Ahaneku <[email-masked]<mailto:[email-masked]>>; Kanu Chukwudi <[email-masked]<mailto:[email-masked]>>; Ayomide Oyinloye <[email-masked]<mailto:[email-masked]>>; Kadiri Oseni <[email-masked]<mailto:[email-masked]>>; Francis Obuesi <[email-masked]<mailto:[email-masked]>>; Marian Abulu <[email-masked]<mailto:[email-masked]>>; Akpovwerha ikenye <[email-masked]<mailto:[email-masked]>>
Cc: Edward Ibrahim <[email-masked]<mailto:[email-masked]>>; Ayodele Babatunde <[email-masked]<mailto:[email-masked]>>; Adetutu Sanni <[email-masked]<mailto:[email-masked]>>; Okey Nnake <[email-masked]<mailto:[email-masked]>>; Alex Mbakogu <[email-masked]<mailto:[email-masked]>>; Ugoji Ugoji <[email-masked]<mailto:[email-masked]>>
Subject: RE: RE: Project Accelerate

Dear All,

Kindly find attached key notes from the project inaugural meeting.

Below is proposed reporting template going forward. Please free to make suggestions for adjustment or change.

DATE: 16/3/2023

Task ID

Project

Owner

Activity/Task

Sub-Unit

Priority

Challenges

Solution/Action

Responsibility

Close-out Date

Status

Status Updates

PRAC01

Project Accelerate

Fleet

Reinvent  C&I’s Fleet management services along present/future market needs

Project Accelerate

Critical

Project Team

30-Mar

Yet to Commence

PRAC02

Project Accelerate

Fleet

Review operational challenges

Fleet Operations

Critical

Kate

30-Mar

Yet to Commence

PRAC03

Project Accelerate

Fleet

Review business development and market activities

Fleet Business Development

Critical

Adaku

30-Mar

Yet to Commence

PRAC04

Project Accelerate

Fleet

Customer experience report

Client Relations

Adaku

PRAC05

Project Accelerate

Fleet

Dissect existing  business/contract to intentionally review and relaunch them to growth path.

Project Accelerate

High

Project Team

30-Mar

Yet to Commence

PRAC06

Project Accelerate

Fleet

Improve operational efficiency

Fleet Operations

High

Kate

30-Mar

Yet to Commence

PRAC07

Project Accelerate

Fleet

Review fleet maintenance operations to optimize performance.

Fleet Maintenance

High

Kanu

30-Mar

Yet to Commence

PRAC08

Project Accelerate

Fleet

Review of Pricing,  Funding and Vehicle purchase model

Project Accelerate/C&I Finance

High

Project Team

30-Mar

Yet to Commence

PRAC09

Project Accelerate

Fleet

Develop possible on-demand service as a part of the future outlook of the business with intention to expand the non-asset revenue stream

Project Accelerate

High

Project Team

Yet to Commence

PRAC10

Project Accelerate

Fleet

FMS Update

Fleet Operations/IT

High

Kate/Ola

Weekly

WIP

Regards,

Secretary General

From: Ugoji Ugoji <[email-masked]<mailto:[email-masked]>>
Sent: Tuesday, March 7, 2023 4:40 PM
To: Ayodele Babatunde <[email-masked]<mailto:[email-masked]>>; Adetutu Sanni <[email-masked]<mailto:[email-masked]>>
Cc: Alex Mbakogu <[email-masked]<mailto:[email-masked]>>; Okey Nnake <[email-masked]<mailto:[email-masked]>>; Esther aideyan <[email-masked]<mailto:[email-masked]>>; Adaku Emedosi <[email-masked]<mailto:[email-masked]>>; Kate Ukwuma <[email-masked]<mailto:[email-masked]>>; Julius Oni <[email-masked]<mailto:[email-masked]>>; Boris Nwaoroko <[email-masked]<mailto:[email-masked]>>; Vivienne Ahaneku <[email-masked]<mailto:[email-masked]>>; Kanu Chukwudi <[email-masked]<mailto:[email-masked]>>; Ayomide Oyinloye <[email-masked]<mailto:[email-masked]>>; Kadiri Oseni <[email-masked]<mailto:[email-masked]>>; Francis Obuesi <[email-masked]<mailto:[email-masked]>>; Edward Ibrahim <[email-masked]<mailto:[email-masked]>>; Ifeanyichukwu Udensi <[email-masked]<mailto:[email-masked]>>; Marian Abulu <[email-masked]<mailto:[email-masked]>>
Subject: RE: Project Accelerate

Hello Ayodele,

Kindly convene the maiden “Project Accelerate” meeting to review the Fleet Management business and its component parts.   Attached is the initial mail establishing the objectives of the project.   Also attached is the report of the Team tasked to commence the initial project.

Going forward, I would like the Project Accelerate platform to anchor your strategy to revamp the Fleet Management business in C & I Leasing Plc and to position the business to regain its leadership of the sector in Nigeria. The meeting will henceforth occur weekly, on Fridays by 9am and will thus be Online for as long as we are on the 3 day physical work schedule.

Regards,

Ugoji Lenin Ugoji

GROUP MANAGING DIRECTOR/CEO

C & I Leasing Plc | Off Bisola Durosinmi Etti Drive, Lekki Phase 1. Lagos

| [email-masked]<mailto:[email-masked]> | www.c-ileasing.com<https://us-east-2.protection.sophos.com/?d=c-ileasing.com&u=aHR0cDovL3d3dy5jLWlsZWFzaW5nLmNvbS8=&e=b3ppY2hpLm53YWNodWt3dUBjLWlsZWFzaW5nLmNvbQ==&t=TWlxOHh0YytUSnZld3Y5S3RrQTg5WGkzMnB2MFAyditkMDRUYlFDdTNRQT0=&h=c6e40d66d6014968974577c1c5fa4d02>