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FRSC to Prosecute Motorists Covering Number Plates

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By Modupe Gbadeyanka

Motorists in the country have been warned to stop the illegal covering of the number plates of their vehicles or risk being prosecuted and sent to jail.

This warning was given by the Zonal Commanding Officer for the Federal Road Safety Corps (FRSC) in Zone 4, Jos, Mr Kayode Olagunju.

The Assistant Corps Marshal said this act was common among the political class and senior government officials in the zone, comprising Plateau, Benue and Nasarawa States.

He said it is an offence not to properly display vehicle identification number on any vehicle plying Nigerian roads, warning that such vehicle will be impounded while the drivers\owners will be arrested and prosecuted in line with the extant laws.

According to him, the illegal covering of number plates has both safety and security implication, adding that the act goes against Sections 10 (4) (h) and 10 (4) (s) of the FRSC (Establishment) Act, 2007 as well as sections 36 and 39 of the National Road Traffic Regulations (NRTR) 2012.

According to him, many of the violators are also in the habit of driving dangerously hiding under the illusion that they could not be tracked as the vehicle plates are covered.

He reminded the public that dangerous driving under the act and NRTR attracts N50,000 fine and or six months imprisonment.

Mr Olagunju, therefore, directed all the Commands of the FRSC in the Zone to strictly enforce the laws by impounding all vehicles that carry illegal number plates and those having the plates hidden.

He said operators of such vehicles are to be arraigned before the mobile or regular courts where they stand the risks of fines payment of N3,000 and or two to six months imprisonment.

The senior road safety official urged all motorists to ensure they properly register their vehicles with the appropriate authorities and also display their number plates to avoid any form of embarrassment.

He also advised the motoring public that proper registration of vehicle is of great benefits to the owner of a vehicle especially in the areas of safety and security, noting that in the event of vehicle theft, the robust national vehicle identification database, which has records of all registered vehicles in Nigeria, provides detailed information for identification and possible recovery, saying that the database is also accessible to other security agencies working in synergy with the FRSC.

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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Autochek Begins Loan Services for Brand New Cars, Trucks

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Autochek loan services

By Modupe Gbadeyanka

As part of its efforts to deepen mobility, the leading auto tech platform, Autochek Africa, has launched a loan services platform to allow users to get the credit facility to acquire brand new vehicles.

A statement issued by the firm said users can access the loans for the purchase of the new cars and trucks through a dedicated brand new cars section on the Autochek website and mobile app.

It was stated that through this digital financing package, customers can make repayments in 60 months at the lowest interest rates in the market from regional partners such as Ecobank and NCBA with a zero per cent equity loan product and Access Bank and Stanbic KE with unique financing solutions tailored specially for brand new vehicles with up to 90 per cent financing.

On the Autochek auto loan services platform, customers in East and West Africa can access a variety of financing options to purchase new cars and trucks from reputable manufacturers.

So far, the platform has on-boarded a network of financing partners and over 30 vehicle brands from OEMs, including key regional players like Inchape (LandRover)  and CMC (Ford and Eicher Trucks) in East Africa and Dana (Kia), Coscharis (BMW, Landrover), Globe (Mercedes Benz), Elizade (Toyota) in West Africa.

Autochek is also working closely with indigenous manufacturers such as Innosson Motors and Nord Motors.

As part of the investment by Mobility54, Autochek has also partnered with CFAO (Toyota, Suzuki, Mitsubishi) across Africa to facilitate auto financing for all CFAO brands.

“We are excited to partner with financiers and the automotive industry to provide this facility. It is in response to customer feedback to democratise the purchase of brand-new cars through great and affordable financing options.

“It is complemented by Autochek Africa’s residual value analysis tool that can guide financial partners on the condition of the vehicle over time,” Autochek Africa’s COO, Timi Tope Ologunoye said.

The Autochek auto loan services platform offers a variety of financing options from over 70 banks, with attractive terms that include a 15 per cent interest rate and is repayable for a period of between four and five years. The loans are also processed within 24 hours.

Timi added that financing for new cars is part of the company’s vision to unlock a new frontier of automotive fintech and cement its position as the most innovative auto loan platform in the region.

Whereas customers are assured of a good deal for brand new cars and attractive interest rates, distributors also get pre-approved prospective buyers.

According to research, the African automotive estimated market size is currently valued at $90 billion in 2020, and this is expected to grow by 30 per cent largely driven by an increase in financing penetration at 10 per cent year-on-year.

Due to the impact of COVID last year, there was a decline in overall sales of new cars due to restrictions on production but is fast regaining momentum as economic activities resume.

Autochek’s SVP West Africa, Dr Mayokun Fadeyibi said: “We are on a mission to accelerate motorization across Africa by providing financing for brand new and used imports for our customers.”

With shifting consumer demands, the Autochek platform is building on partnerships opportunities with automotive manufacturers and financiers, to innovatively provide a more agile, tech-led approach to deliver options.

The company plans to extend its brand-new automobile portfolio through multiple carrier partners within the Autochek platform by the end of the year, with the goal of launching over 300 new cars listed across all markets.

The Autochek mobile app is currently available on Android and is due to be launched soon on iOS.

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ABC Transport to Raise N394.5m from Shareholders

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ABC Transport

By Dipo Olowookere

One of the major players in the transportation industry in Nigeria, ABC Transport Plc, is looking to raise fresh capital, about N394.5 million, from its shareholders.

The company is seeking funds from investors through the sale of shares of the organisation and this is by a rights issue.

Already, it has submitted an application to the Nigerian Exchange (NGX) Limited for approval to list when eventually issued to qualifying shareholders.

A notice from the exchange disclosed that the application was filed by the stockbroker of ABC Transport, FSL Securities Limited.

The firm intends to sell over a billion units of its equities at 35 kobo each on the basis of 68 new shares for every 100 shares held by investors, with the qualification date at November 30, 2021.

“Trading license holders are hereby notified that ABC Transport Plc has through its stockbroker, FSL Securities Limited, submitted an application to Nigerian Exchange Limited for the approval and listing of a rights issue of one billion, one hundred and twenty-seven million, two hundred and thirty-six thousand (1,127,236,000) ordinary shares of 50 Kobo each at 35 kobo per share, on the basis of 68 new ordinary shares for every 100 ordinary shares held.

“The qualification date for the rights issue was Tuesday, November 30, 2021,” the disclosure from the exchange stated.

ABC Transport, which commenced operation in road passenger transportation on February 13, 1993, as an off-shoot of Rapido Ventures, operates luxury bus services across the country and also outside the country.

The company has recorded remarkable achievements in the transportation sector, resulting in various awards, including the Best Transporter in Nigeria by the Chartered Institute of Transport, Nigeria.

In March 2003, Capital Alliance Private Equity (CAPE) acquired 30 per cent shares of ABC Transport, a deal which re-positioned the company for greater performance.

Business Post reports that last week, on the floor of the local exchange, the shares of ABC Transport appreciated week-on-week by 3.03 per cent to 34 kobo per unit as against the preceding week’s value of 33 kobo per unit.

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Ibadan Tanker Explosion: OYRTMA Issues Traffic Advisory

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By Aduragbemi Omiyale

The Oyo State Road Transport Management Authority (OYRTMA) has advised road users to use alternative routes, while its men and other relevant agencies strive to return normalcy to the route.

This traffic advisory became necessary following an explosion of a petrol-laden tanker along the Agodi area in Ibadan, the state capital.

The Chairman of OYRTMA, Mr Akin Fagbemi, in a statement on Friday, stated that efforts were being made to bring the situation under control.

He stated that “the incident, which resulted to the slagging of powered electric poles and cables dangling across the road, portends danger to motorists plying the route hence, in the interim, the authority has barricaded the way from Total-Garden to Agodi-Gate, Ibadan to enable safety officials of relevant government agencies evacuate the affected vehicles and restore normalcy.”

“Motorists are advised to navigate towards the State Secretariat at the Total-Garden Round-about to link the Government Road towards the Kola Daisi Civic Center inwards Agodi-Gate to Iwo-Road,” he disclosed.

“Alternatively, Motorists could opt for the Premier Hotel road to link the State Secretariat and move as above.

“From Beere to Iwo-Road Motorists are advised to take the Oje-Market to link Agodi-Gate inwards Iwo-Road.

“Another alternative is for motorists to move from the State Secretariat and navigate Ikolaba via the Nigerian Customs Zonal Hq. to get to Iwo-Road, Ibadan,” he further stated.

The agency beseeched commuters to drive carefully around the affected area as its men and officers are working concertedly with relevant agencies to restore normalcy in the shortest time possible.

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