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Innoson Group Targets 7,000 Jobs
By Dipo Olowookere
Nigerian car manufacturing firm, Innoson Group, has entered into a partnership deal with a Chinese consortium to invest about $1 billion in the information and technology sector. The deal is expected to provide about 7,000 jobs for the youths.
A part of the partnership is a $400 million investment in Nigeria’s DSO project Digital Satellite TV Station and an additional $600 million covering other important sectors.
In a statement to newsmen by the spokesman of Innoson Group, Mr Cornel Osigwe, it was disclosed that the multi-billion investment deal will bring about production of Broadcast Digital Set-Top-Boxes.
Mr Osigwe also disclosed that the consortium of Chinese Foreign Investment Group will be received on Monday (tomorrow) by the Vice President, Mr Yemi Osinbajo.
He said the consortium would be led by Liu Baoju, a Deputy Minister of Communist Party of China in Shandong Province, who is equally the Chairman of Shandong Broadcasting Group and Shandong Cable Interactive Service Ltd, the world’s biggest TV operators and Huang Gang, Senior Vice President of Inspur Group and President of its Overseas Headquarters.
Mr Osigwe gave the analysis of the investment deal as:
- Financial foreign investment credit facility of $300million USD for local production and supply of a minimum five to eight Million (5-8million) Set-Top Boxes to support the Federal Government of Nigeria Digital Switch Over (DSO) project being handled by the Nigerian Broadcasting Commission in order to meet the deadline switch of June 2017.
- Financial foreign investment of $100million USD to establish the latest technology and biggest DTH (Direct-To-Home) Digital BING Television Station across all states of Nigeria.
In addition, the above two immediate investments are being followed by another $600 million USD investment in which negotiations is almost fully concluded with our strategic partners to cover the following areas of Nigerian economy:
- Smart City (CCTV camera) using cloud computing total solution that is known as E-Policing to cover the whole landmass of Nigeria.
- Cloud Computing Total Solution on Taxation with IT applications for such institutions as Federal Inland Revenue Service (FIRS) and other taxation agencies for seamless and stress-free tax collection mechanism.
- E-Education IT Solutions with big data centres for all Federal Universities and Polytechnics in the country
It is also interesting to note that the Nigerian company bringing in and partnering with these foreign investors is the Innoson Group, Nigeria’s first indigenous and largest local manufacturer of automobiles and the largest plastic-processing manufacturer in West Africa.
The company as a trailblazer has decided to be part of history as one of the companies that will take Nigeria into the digital world. In order to keep up with its trend of opening new grounds, it has decided to diversify into Information Technology (IT) and the Multi Media Sector with the plan to launch a Satellite Digital TV operation and other services in partnership with Shandong Broadcasting Group and Shandong Cable Interactive Service Ltd China with technical support from Inspur Group Co Ltd, China.
This foreign investment is coming at a time when Nigeria is in dire need of foreign investors to boost the economy. The focus point of the investment will go a long way to boost the economy of Nigeria with the following as attendant benefits:
- Assist the Federal Government to meet its June 2017 deadline for the transition from analogue to digital broadcasting services.
- Establishment of 40 lines of production and manufacturing complex for making Broadcast Digital Set-Top-Boxes, the biggest of its kind in the whole of Africa.
iii. Job creation of over 5,000 jobs in the Innoson Group Set-Top-Box manufacturing complex in Nigeria within the next two years.
- Job creation of about 2,000 jobs by Innoson BING Digital DTH Television operation across Nigeria with the first two years.
- Nigeria will become the manufacturing hub for Set-Top-Box in Africa with the attendant benefit of earning foreign exchange through exports from Innoson Manufacturing Complex.
- Innoson Group would put into use its biggest plastic industry at Enugu by locally manufacturing most of the plastic components of the Set-Top-Box thereby saving cost.
vii. Another important benefit is that BING TV Project will engage the almost under-utilised Nigerian Communication Satellite (NIGCOMSAT) situated at Obasanjo Space Centre in Abuja with its numerous benefits of saving foreign exchange by buying into Nigeria available goods and services, instead of engaging foreign satellite and transponders as all our other competitors here in Nigeria are currently doing.
viii. Providing adequate National security using cloud computing technology to secure our country against insurgency, militancy, kidnapping and all other forms of dangerous crimes.
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.”
