Auto
Government Loses N60b Yearly To Vehicle Insurance
By Dipo Olowookere
Nigeria’s insurance sector is estimated to be losing about N60 billion annually, as only 25 per cent of registered vehicles in the country carry genuine third party motor insurance policies, The Guardian exclusively learnt.
This is aside the billions of Naira also lost to the sector on comprehensive motor insurance, which requests that 10 per cent of the cost of a vehicle be paid as yearly premium.
Data obtained from the Nigerian Insurers Association (NIA) shows that only four million of the 16 million registered vehicles in the country have third party insurance cover. This leaves a balance of 12 million vehicles either uninsured or parading fake insurance papers.
Third Party Insurance is the least cover required by law. It comes at a fixed price of N5,000 for private and N7,500 for commercial vehicles, and covers damages caused by the insured vehicle to other road users including property in the event of an accident.
Section 38 of the National Insurance Act 2003, currently in use, states that Third Party Motor Insurance is required as part of the minimum amount of auto cover you must carry as a car owner. Penalties for non-compliance can include a fine of up to N250, 000 and or one-year imprisonment.
On the other hand, the comprehensive insurance covers the cost of damages to the insured vehicle as well as to other third party road users and property.
There are about 118 insurance and five reinsurance companies registered in Nigeria, which provide covers for the public.
Further investigation shows that most of the motorists flaunting insurance papers did not obtain them at the Vehicle licensing offices, a unit of the Vehicle Inspection Offices (VIO), even as there are touts who market the fake insurance covers especially to the commercial vehicles at the parks and garages.
The fake insurance covers are sold for between N300 to N1,000, supposedly issued by insurance firms that do not exist. Due to ignorance and lack of knowledge of the benefits of buying original insurance covers, most commercial drivers go for the fake insurance because it is cheap, to avoid the wrath of the law enforcement agents.
Other uninsured motorists, it was learnt, prefer to settle their way out either with law enforcement agents or when an accident occurs.
A Lagos driver, who identified himself as Segun, told The Guardian that he got his fake insurance cover from the old licensing office along GRA, Ikeja, Lagos, saying that is where he and most of his colleagues buy their vehicle insurance.
When asked the name of his insurer, he said: “The name on my insurance certificate is Pacific Insurance.” But there is no firm bearing such a name among the registered insurance companies.
Speaking on the incidence of fake insurance covers, the VIO Spokesperson, Lagos State, Gbolahan Toriola, insisted that the agency does not condone such illegal acts, adding that any of its personnel caught marketing and selling fake insurance is immediately penalised.
“So, if anybody has issues with a policy that he or she obtained in any of our licensing offices, he or she should go back to that office and identify the staff. In Lagos State, we don’t condone that, what we want is for people to obey the law. Any staff caught will face disciplinary action and will be dismissed,” he said.
To reduce the number of fake vehicle insurance on Nigerian roads, he said, the VIO has partnered with the NIA, to access its Nigerian Insurance Industry Database (NIID), adding that, through the database, motorists can confirm whether the insurance they obtained is a fake or not.
Through the NIID, he said, the number of genuine insurance among motorists has increased. “Before now, when you stop 100 vehicles, you hardly see 10 of them having genuine insurance certificates. But now, I can tell you that when you stop 20 vehicles, you can see 10 to 15 of them having genuine insurance because of our enforcement and enlightenment exercise, which we have done with NIA.”
Guardian
By Adedapo Adesanya
Mobility fintech, Moove, has raised $250 million in a Series C round, valuing the company at $2.1 billion, finally attaining a long-pursued unicorn status.
The round was led by Mubadala Investment Company and co-led by Woven Capital, Toyota’s growth fund, and Ion Pacific. New backers BlueCrest Capital Management, Sona Asset Management and The Raptor Group also joined, alongside existing investors BlackRock, MUFG, Franklin Templeton, Uber and others.
The funding will help Moove expand its autonomous vehicle business by investing in fleet ownership and its robotics-powered depots, known as “Nests,” where autonomous vehicles are charged, maintained, serviced and managed for continuous operation.
Through its partnership with Waymo, Moove is already a leading third-party autonomous fleet operator, with operations live in Phoenix and Miami, and future operations in London.
The capital will also support the company’s expansion into new global markets. As part of the growth plan, Moove expects to increase its autonomous vehicle workforce by more than 220 per cent by the end of the year, growing from about 150 employees to around 500.
Moove said scaling autonomous mobility requires more than just self-driving vehicles. It also needs investment in fleets, charging infrastructure, maintenance facilities and operational systems. The company is building this supporting infrastructure to make autonomous transport reliable and scalable across cities.
Moove started in Africa in 2020 by financing cars for drivers working on ride-hailing platforms. It later entered the UAE, India, the US and the UK. The company also works with Uber, which joined a $100 million funding round in 2024 that valued Moove at $750 million. The new valuation is 2.8 times that level.
Speaking on the deal, the co-chief executive and Advisory Board Chairman of Moove, Mr Ladi Delano, said, “Every major technology revolution becomes an infrastructure race. The internet required data centres. AI required compute. Autonomy requires fleets, charging, maintenance, data systems and 24/7 operations in every city – and that is what Moove is building. In our view, as autonomy scales, infrastructure ownership and operations will define the category leaders. We are building to be one of them.”
On his part, Mr Ali Eid AlMheiri, Executive Director of Diversified Assets, UAE Investments Platform at Mubadala, said: “As autonomous mobility moves from innovation to scaled deployment, the infrastructure supporting it becomes increasingly important. Moove is building an integrated operating platform that combines fleet ownership, operational capability, and technology to support the next phase of growth in autonomous mobility. This is particularly important for the UAE.”
Adding her input, Ms Betty Lee, Principal at Woven Capital (Toyota’s Growth Fund), said, “Moove has demonstrated an exceptional ability to execute across markets, building a global platform across traditional and autonomous vehicle fleets. The next wave of mobility is an infrastructure problem as much as a software one, and Moove is building the foundational layer to solve it.”
For Mr Michael Joseph, co-CEO & Co-Founder of Ion Pacific Limited, said: “We’ve partnered with the Moove team for more than five years, and their execution has consistently impressed us. As autonomous mobility moves from possibility to reality, Moove is building a critical infrastructure layer for the sector – one that is complex, adaptive and essential to scaling AVs. We’re excited to be part of that journey.”
By Aduragbemi Omiyale
The corporate mobility solution from Bolt, Bolt Business, has expressed its desire to strengthen relationships with existing customers in Nigeria by introducing solutions tailored to industries with frequent employee mobility needs, including healthcare, financial services, legal services and logistics.
This is as the organisation, over the past 12 months, delivered double-digit growth in the country, driven by expanding adoption across multiple industries, growing demand from small and medium-sized enterprises (SMEs), and an increasing number of firms seeking cost-efficient alternatives to managing in-house transport fleets.
The Country Manager for Bolt for Business Nigeria, Mr Isaac Iroko, disclosed that the smarter mobility solutions being planned will improve visibility, simplify expense management and support business growth.
“Our focus remains on building products that create value for organisations of every size while delivering a seamless experience for their employees,” he stated.
Bolt Business has continued to experience an increasing demand from businesses seeking smarter, more efficient ways to manage employee transportation and business travel.
It serves organisations across a broad range of industries, including financial services, technology, healthcare, professional services, manufacturing, logistics, media, real estate and fast-growing consumer businesses.
The growth reflects a broader shift in how Nigerian businesses approach corporate mobility. Rather than maintaining expensive vehicle fleets or relying on fragmented transport arrangements, more organisations are adopting digital mobility platforms that offer greater transparency, control and operational efficiency.
“Businesses today are looking beyond transportation; they’re looking for smarter ways to optimise operations and manage costs.
“We’ve seen organisations across different sectors embrace Bolt Business because it gives them a simple, reliable and transparent way to manage employee travel, whether it’s daily commutes, client meetings or business trips.
“This growth demonstrates that corporate mobility is becoming an increasingly important part of business efficiency in Nigeria,” Mr Iroko stated.
Unlike traditional fleet management, Bolt Business enables companies to centralise transportation through a single platform, providing features such as centralised billing, trip reporting, spending controls and real-time visibility into employee travel. These capabilities help businesses improve oversight while reducing the administrative burden associated with corporate transportation.
By Modupe Gbadeyanka
To boost economic activities in Lagos Island and support residents, the chief executive of the Lagos State Lotteries and Gaming Authority, Mr Bashir Are, sponsored the training of eight persons at the LagRide Drivers Academy through the LagRide Partner Programme.
Mr Are funded both the academy training and the vehicle costs, removing the two barriers that most frequently prevent qualified drivers from entering formal, structured employment in the mobility sector.
The beneficiaries were handed over keys to their vehicles at a ceremony in Lagos on Tuesday, July 21, 2026.
They now operate a LagRide vehicle under the platform’s Drive To Own programme, which allows a Captain to earn daily income while working towards full ownership of the vehicle at the end of the agreed payment term.
“The initial capital required to be onboarded was never going to come from these young men, so we provided that intervention financially so that they can have good employment.
“Lagos is a megacity. My agency runs the largest gaming and fintech conference on the continent every year, and when those delegates arrive, we do not want them driven around in poor vehicles. This is also employment for our own people, and we have a great deal of unemployment and underemployment in this country.
“These Captains are from Lagos Island Local Government, and they can now take care of their own families. Let me be clear about one thing. This is not a project. It is a programme, and it continues,” Mr Are stated.
Also speaking, the chairman of LagRide, Ms Diana Chen, said, “Today is just a new beginning, and more and more people will come. More local governments will join us, and one day we want to bring the Governor here so that this programme runs across the state.
“LagRide is a platform where a person comes to take a job and ends up owning the vehicle. It is also a platform that any government, or any organisation with a social development or CSR mandate, can use to empower the people they want to support. The people get their own asset at the end of it.”
On her part, the lawmaker representing Lagos Island Constituency I in the Lagos State House of Assembly, Mrs Omolara Oyekan-Olumegbon, said, “Everyone keeps saying there are not enough jobs for our youths. This is our own way of ensuring that they are empowered.
“When you give a person money, it is money, and it finishes. This is the difference between giving a man a fish and teaching him how to fish. You are giving these young men something they can use to take care of themselves, their families and their homes.
“We must thank the chief executive of the Lagos State Lotteries and Gaming Authority for doing this, and I must also thank Chief Diana Chen. Lagos Island is a commercial hub, and we intend to keep the flag flying. This is the beginning, and we will be coming back to ask for more.”
