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MAX.ng Sells N400m Bonds from N10bn Debt Scheme

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Max.ng N400m Bond

By Adedapo Adesanya

Metro African Xpress, otherwise known as MAX.ng, has announced the successful issuance of a N400 million one-year fixed-rate notes series 1 bond, making it the first bond issued by a mobility company in Africa.

The bond is the first tranche of its newly N10 billion ($22 million) multicurrency Private Company Bond (PCB) programme and was offered to pre-selected investors.

The Nigerian mobility startup made the disclosure on Monday, September 28, 2020, adding that the transaction was arranged by DLM Advisory Limited, a developmental investment bank regulated by the Securities and Exchange Commission (SEC).

In the notice seen by Business Post, MAX noted that proceeds from the papers will be used to fund its growing asset financing program across 2-wheeler, 3-wheeler and other vehicle classes in Nigeria and beyond, as MAX continues to institutionalize driver financing across the continent.

It added that despite the challenging global economic backdrop, “the bond, distributed through a private placement, received strong interest from highly reputable local and international fixed-income investors that are seeking exposure to a high-quality issuer like MAX.”

Speaking on the success of the milestone, Mr Adetayo Bamiduro, CEO and co-founder of MAX.ng noted, “MAX is extremely pleased with the successful bond issuance, which reflects the market confidence in MAX’s mission, strategy and execution capabilities.

“This is further evidence that MAX remains at the forefront of technology, financial and business model innovation to solve a fundamental aspect of Africans’ lives.”

Also, Chief Growth Officer and co-founder of MAX.ng, Mr Chinedu Azodoh said, “the fully integrated and innovative nature of MAX’s DVC [driver-vehicle-collection] technology stack was essential to demonstrating our ability to scale and manage an ever-growing pool of financed drivers across six cities with unmatched efficiency, speed and agility.

“This funding was delivered on the basis of those proprietary technology capabilities that enable heightened levels of portfolio scrutiny and monitoring. These were fundamental to successfully closing this trailblazing transaction.”

Mr Sonnie Ayere, Group CEO of DLM Capital Group, added; “This is a bold step in advancing DLM’s developmental driven mandate by providing innovative solutions to meet the funding needs of players in key sectors of the economy, through the capital markets. MAX has positioned itself at the forefront of its industry with its unique business model that deploys technology to cater to the peculiarity of mobility within Nigeria’s major cities.

“In addition to this, the MAX funding program has played positively in the aspect of employment creation. Given the average cost of the vehicles financed, the capital unlocked through the Series 1 Bond will lead to the creation of close to 1,400 additional jobs, which in turn has a positive multiplier effect on the Nigerian economy.

“As a developmental Investment Bank committed to creating direct impacts to the lives of people, we have put our money where our mouth is and have taken a credit decision to support their inaugural issuance, due to its strong credit fundamentals and the social and economic impact it brings. We are delighted to have assisted MAX on this significant stride.”

On his part, Mr Guy-Bertrand Njoya, Chief Financial Officer of MAX.ng, “most exciting for us about this ground-breaking funding structure is being able to close it amidst the current social and economic uncertainty.

“We are deeply honoured by the confidence shown by the investment community in our ability to continue leveraging access to wholesale finance as well as other internal capabilities — including proprietary technology solutions, exclusive vehicle manufacturer deals, low-cost credit, discounted insurance and other financial services — to serve the growing group of overlooked, underserved, unbanked or underbanked Africans like it has never been done before.”

Mr Emeka Ngene, the head of DLM Advisory also commented that “This is in keeping with the vision of the DLM brand. With a commitment to increasingly deepen the penetration of the domestic capital markets with every new project we undertake, delivering this assignment for MAX further helps in driving that concept. It will be good to also make special mention of the team at the Shell Foundation who played a key role in the delivery of this mandate by the provision of catalytic capital.

“At DLM we have always believed that local currency funding is the way to go for businesses like MAX with significant impact potential. Our hope now is that the success of this deal further paves the way for more collaboration towards providing similar solutions for other businesses with clear development objectives.”

MAX forayed into the mobility scene to ease the transportation problem in Lagos, but it has since moved to various offerings in other transport and logistics services following the restriction of commercial motorcycles and tricycles by the Babajide Sanwo-Olu administration earlier this year.

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

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inDrive Backs Smart Mobility Innovation With AOT Lagos 7.0 Sponsorship

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inDrive The Heart That Drives Us

By Modupe Gbadeyanka

The 2025 edition of the Art of Technology (AOT) Lagos is going to be bigger and better with the inclusion of inDrive as its official sponsor.

The AOT Lagos 7.0, themed Future Technologies and a Sustainable Lagos, is scheduled for Thursday, December 4, 2025, at the Landmark Centre, Lagos.

inDrive, a leading global ride-hailing platform operating in nine African countries, is partnering with the Lagos State government to bring together policymakers, innovators, tech founders, investors, and global industry leaders to shape the future of technology and digital transformation in Lagos.

Through this collaboration, inDrive aims to contribute to high-level conversations on driver empowerment, sustainable transport models, safety, and affordability, key challenges affecting millions of daily commuters and mobility service providers in the state.

According to the Country Representative of inDrive Nigeria, Mr Timothy Oladimeji, the sponsorship underscores the company’s deep commitment to advancing equitable mobility systems and supporting conversations that drive long-term impact across the transportation ecosystem.

He noted that inDrive sees AOT Lagos as a critical platform for addressing mobility challenges and accelerating innovation within the state.

During the event, inDrive will be participating in one of the key sessions, discussing the topic From fuel to future: the rise of e-mobility in Lagos.

Aside from this, inDrive will also be hosting a side workshop themed The Market Share Victory – How inDrive Became Nigeria’s Second-Largest Ride-Hailing Player.

“We are proud to sponsor AOT Lagos 7.0 because it aligns perfectly with our vision to democratise mobility and ensure fairness for both drivers and riders.

“As Lagos moves toward a smarter, more sustainable mobility future, inDrive is committed to supporting solutions that prioritise affordability, safety, driver empowerment, and technological readiness.

“Through this partnership, we hope to contribute meaningfully to shaping policies and ideas that will redefine how millions of people move across the state,” he said.

Now in its seventh edition, AOT Lagos has evolved into a premier platform for advancing smart-city innovation, showcasing emerging technologies, and influencing the policy frameworks that shape the digital economy in Africa’s largest city.

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FG to Open Section of Lagos-Calabar Coastal Highway December 12

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Lagos-Calabar Coastal Highway

By Adedapo Adesanya

The federal government is set to open Section 1 of the 700 km Lagos-Calabar Coastal Highway for public use from December 12 to 17, 2025.

The Minister of Works, Mr Dave Umahi, gave the assurance on Sunday in Lagos during a review of outstanding works on Section 1 of the highway project.

The section 1 is 47.47km long and has six lanes and two carriageways.

Mr Umahi said: “We also set aside April next year to have Section 1 and half of Section 2 fully completed and commissioned,” adding that the contractor handling the project, Hitech Construction Company Limited, had achieved more than 80 per cent of the reinforced concrete pavement.

“We are very grateful to God Almighty for his mercies, and to the President and to the contractor.

“If we are to pay for everything they have done, it will be very difficult to have this job done because there are places we didn’t envisage that we were going to be removing pits up to a depth of 20 metres.

“They had to do that because they are partners in progress for the development of the country.

“We have just about three kilometres to complete the entire sand filling from Ahmadu Bello Way to Eleko Junction, and we are excited at the work and the quality of what has been done,” the former Governor of Ebonyi State, said.

The new Controller of Works in Lagos, Mr Olufemi Dare, told the minister that a lot of settling was ongoing at Chainage 33 of the highway project, praising the contractor for high quality of work.

“Sir, it may interest you to know that the building standing is the palace of this community, and you saved this building, and they are extremely happy,” he said.

On his part, the Managing Director of Hitech Construction Company Limited, Mr Dany Abboud, said that the company would still backfill from Chainage 34 to Chainage 37.

“Dredging is ongoing, we are on track to deliver.

“We are monitoring the settlement in the swampy areas and the water body areas due to the change of alignment,” he said.

The highway, which commenced construction in March 2024, has generated a lot of controversy, with critics raising concern around cost and procurement structure.

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Nord Vehicle Owner Accuses Nigerian Bank of Economic Sabotage

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nord motion owner oluwatobi ajayi

By Modupe Gbadeyanka

A Nigerian lender has been accused of frustrating local business owners by not financing Made-in-Nigeria vehicles but promoting the purchase of foreign vehicles.

This allegation was made by the owner of a local vehicle assembly firm, Nord Motion, Mr Oluwatobi Ajayi, in a post on X, formerly known as Twitter.

He described this as an economic sabotage, stressing that this action does not encourage local investors.

“A business owner in the oil and gas sector approached us that he would like to buy two units of the @nordmotion Max pickup for his company. Apparently, he was impressed with the vehicle after some rides with his peers in the sector.

“To my shock, yesterday, my team told me that the bank, a bank operating in Nigeria told him that they do not finance Made-in-Nigeria vehicles, and they even suggested to our customer that he should go for foreign brands instead.

“The most provocative part of this is that all of the brands they suggested to him identified as Made-in-Nigeria brands in their filings with the Bureau of Public Procurement (BPP), which means they decide who they want to be whenever it suits them.

“This is yet another example of the needless sabotage and institutional bias against Nigerian manufacturers and assemblers that we experience in this sector.

“The President aims to grow us into a $1 trillion economy. Nigerians want to buy Made-in-Nigeria products, we are working very hard to produce world-class vehicles, but some banks, who should play the role of credit facilitators, are displaying open prejudice against locally made vehicles.

“What sort of economic sabotage is this?

“Many of us who continue to assemble and manufacture vehicles here do so not just for profit, but out of patriotism and belief in the long game. We see this as a marathon, not a sprint.

“We cannot continue using Nigerian resources to strengthen foreign factories while starving our own indigenous companies of opportunities.

“If we truly want this country to be better, then we must support goods and services made in Nigeria, especially those of us who have shown we can deliver world-class standards. The support has to be real, not just in words, but in policy, in finance, and in action.

“Every time we deny support for local production, we export jobs, skills, and economic growth that should belong here,” he narrated.

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