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Bolt Introduces Interest-Free Vehicle Financing Scheme
By Dipo Olowookere
A vehicle financing scheme that will enable drivers in Nigeria to own a car with low equity repayment for about four years with no interest has been introduced by Africa’s leading ride-hailing platform, Bolt.
The vehicle financing programme was made possible through Bolt’s operative verification of driver identities and extensive data on driver activities in partnership with Sterling Bank’s Alternative Finance.
The initiative will provide a better alternative for drivers who currently lease a car via the hire-purchase or rental model to drive on the Bolt platform.
A statement from the firm described this first-of-its-kind offering in Nigeria as part of its commitment to improving earnings for drivers while allowing them to maintain flexibility as vehicle owners.
“This initiative reiterates our continued commitment to helping our drivers earn more as our partners in moving Nigeria,” Bolt Country Manager, Mr Femi Akin-Laguda, was quoted as saying.
Business Post reports that in the pilot phase, existing Bolt drivers who meet specific performance benchmarks while driving with Bolt will be prioritised for vehicle financing.
These drivers will be able to enjoy upfront equity contributions as low as a 15 per cent mark-up and minimum weekly-instalment payments.
Other benefits from the plan may include a monthly fuel card, comprehensive insurance and vehicle tracking for new and pre-owned cars with a three to a four-year repayment plan.
“Our drivers are vital to our business operations, and improving the earnings of every driver is fundamental to keeping the trust and loyalty that we have earned over the last couple of years,” Mr Akin-Laguda stated.
“As we expand our presence into more cities across the country, it is important to provide solutions that ensure working with Bolt is more flexible and profitable for drivers, which inherently improves the overall experience for our riders as well.
“More importantly, the vehicle financing programme will enable drivers to earn at their own pace either driving full time or part-time,” he added.
On her part, the Chief Marketing Officer (CMO) of Sterling Bank, Ms Temiloluwa Desalu, said, “We are very excited to be partnering with Africa’s leading ride-hailing platform, Bolt, to bring this service to their drivers, and we are confident of a long-lasting and truly rewarding alliance.”
“At Sterling Alternative Finance, we understand that Nigeria is a predominantly cash-centric society; this sometimes cripples the purchasing power of the average Nigerian and in effect can have a negative impact on our economy.
“Our mission is to improve the quality of life of Nigerians by providing a more sustainable, flexible, and convenient way to own vehicles.
“Through the Alt drive platform, Nigerians can now purchase new or pre-owned vehicles and pay steadily over a convenient number of years at no interest,” she added.
Auto
Pamtech Issues Public Disclaimer on Popular Auto Influencer Juliet Ibekwe
By Modupe Gbadeyanka
A public disclaimer has been issued on two former representatives of Pamtech Group, Mr Somiari Lucky and Ms Juliet Ibekwe, who is a popular auto influencer.
In the notice signed by the chief executive of Pamtech, Mr Chidomere Ndubuisi, on Tuesday, members of the public were informed that the duo no longer work with the organisation.
Mr Ndubuisi, who did not disclose why he disengaged the duo, however, emphasised that Mr Lucky and Ms Ibekwe are “not authorised to act on behalf of, represent, negotiate, or enter into any business dealings in the name of Pamtech Media Ltd or Pamtech Group.”
Ms Ibekwe rose to fame by creating content on how to make vehicles work efficiently. She became a notable auto content creator in Nigeria and garnered more fans for her car care tips.
In the disclaimer today, Pamtech warned “the general public, our valued clients, partners, and stakeholders” that doing business with Ms Ibekwe and Mr Lucky is “at their own discretion and risk, and such engagements do not involve Pamtech Group in any capacity.”
“Any business transactions, agreements, or engagements entered into with the above-mentioned individuals are strictly personal to them; Pamtech Group shall not be held liable or responsible for any commitments, representations, or obligations made by them after their exit from the company,” another part of the notice stressed.
The Owerri, Imo State-based firm further noted that, “Any use of the Pamtech name, brand, platform, or reputation by them without written authorisation is unauthorised and not recognised by the company.”
The company urged its clients, partners, and members of the public to verify all engagements directly with Pamtech Group official channels, and also ensure that all payments and communications are made only through verified company accounts and representatives.”
Pamtech expressed its commitment to delivering excellence, integrity, and professionalism across all its services in media, automobile, and business solutions.
Auto
Mixed Reactions Over Nigeria’s Ban on Importation of Accidented Vehicles
By Modupe Gbadeyanka
Reactions have continued to trail the decision of the federal government to stop the importation of accidented vehicles into Nigeria by car dealers and others.
On Tuesday, the government declared that it would no longer accept the importation of vehicles without prior certification, noting that it was worried at the influx of substandard automobiles into the country.
The Minister of State for Industry, Trade, and Investment, Mr John Enoh, said the no certification, no entry policy tagged the Standard Organisation of Nigeria–National Automotive Design and Development Council Vehicle Conformity Assessment Programme was now fully implemented with immediate effect, noting that any vehicle that fails to meet the requirements would be denied entry into the country.
“I want to clarify again that this is not a proposal or a pilot. This has become government policy and takes immediate effect upon commencement,” he declared at a meeting in Abuja, stressing that vehicles coming into the nation must obtain pre-shipment certification.
“So, the endorsement integrates vehicle safety into Nigeria’s economic policy framework. It aligns fiscal instruments, foreign exchange import financing, and revenue systems with safety and standards objectives.
“It also strengthens the long-standing work of the Standard Organisation of Nigeria and NADDC within a coordinated whole-of-government approach.
“I think that with effect from the commencement of this SON-NADDC VehCAP, all new and used vehicles and automotive products entering Nigeria must obtain pre-shipment certification on that VehCAP before form M approval, before customs valuation, before power processing, before import clearance, and before market entry,” he stated.
“No vehicle or automotive product shall be imported, cleared, registered or licensed without valid certification. Any non-compliant import shall be subject to refusal of clearance, seizure, or sanctions under applicable laws,” he added.
Mr Enoh disclosed that, “We did not arrive here by accident. Too many Nigerians have died from accidents caused by vehicles that fell short of required standards. Nigeria deserves better, and this government is determined to deliver better.”
While he admitted that some Nigerians may not be able to afford new vehicles, the government cannot fold its arms and allow its citizens to die because of substandard cars.
“I think that without taking an extreme position, we must find a middle ground. There are economic challenges, there is purchasing power, and there is also the capacity of local assemblers to meet demand.
“But at the very minimum, if we adhere strictly to existing regulations, such as limits on the age of imported vehicles, our problem will not be nearly as bad as it is,” he said.
“A vehicle that is non-compliant at the federal level must not be registered at the state level. For the FCCPC, you are expected to treat VehCAP certification as a baseline for consumer protection enforcement for vehicles. State governments, because we run a federation with federal units, state governments are expected to align vehicle registration systems with VehCAP requirements. Most importantly, let me acknowledge the very profound role that was played by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, for approving the VehCAP initiative,” he warned.
While some Nigerians applaud this initiative, others believe citizens would be exploited by government officials and make the price of fairly used cars more expensive. Some dealers have been accused of bringing in accidented cars, refurbishing them and selling to unsuspecting customers at exorbitant prices.
Auto
LASPA Threatens Computer Village Touts Over Illegal Parking Extortion
By Aduragbemi Omiyale
Individuals and syndicates involved in illegal parking extortion at the Computer Village area of Ikeja have been warned to desist or face the full weight of the law.
This caution was given by the General Manager of the Lagos State Parking Authority (LASPA), Mrs Adebisi Adelabu, in a statement.
She said her organisation has uncovered a racket where fraudsters, working in collaboration with touts, are illegally collecting parking fees of up to N1,000 from motorists under false pretences.
Mrs Adelabu further revealed that some operatives of the Lagos Central Business District (CBD), in Ikeja, often clamp down on the illegally parked vehicles, either removing their number plates or arranging for the vehicles to be towed away, making vehicle owners pay a significant fine to recover both their vehicles and license plates.
She emphasised that the management and regulation of parking within the Ikeja business district, Computer Village and the entire state is not within the statutory purview of the CBD or any group of touts but rests exclusively with LASPA.
“We are aware of these fraudulent activities, and we want to make it clear that LASPA is the only government body legally mandated to oversee parking in Lagos State,” she said.
Continuing, the GM of LASPA condemned these illicit activities in the strongest terms, describing them as a disservice to the public and an embarrassment to the efforts of the state government at creating a seamless and orderly parking ecosystem.
The management of LASPA therefore urged all perpetrators engaged in illegal parking activities to stop immediately, adding that the Authority has revamped its monitoring and enforcement operations in the Computer Village and the State environs.
While stressing that anyone engaging in illegal parking activities will be arrested and prosecuted without leniency, Mrs Adelabu advised Lagos motorists and visitors to the Computer Village area to remain vigilant and patronise only LASPA-registered parking operators with valid identification and receipts.
The general public was also urged to report any suspected individuals or groups engaging in illegal parking operating in LASPA.
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