Auto
Investors Put Additional €600m into Bolt to Boost Services
By Ashemiriogwa Emmanuel
Bolt, a mobility company, has received an additional €600 million from global investors in a funding round to boost the expansion of its existing mobility and grocery delivery services.
The ride-hailing platform was able to raise fresh funds from existing investors, including Sequoia Capital, G Squared, D1 Capital and Naya, along with Tekne and Ghisallo as new backers.
The investment, which has increased the company’s valuation to over €4 billion, will accelerate the creation of effective solutions, features and products on the Estonian mobility first-ever super-app.
Speaking on the development, the Chief Executive Officer (CEO) of Bolt, Mr Markus Villig, remarked that the company, which took seven years to execute, will continue to create innovative alternatives for on-demand transportation.
“Bolt’s mission is to make urban travel affordable and sustainable. We are building a future where people are not forced to buy cars that cause traffic and pollution but use on-demand transport when they actually need it.
“After seven years of relentless execution, Bolt’s mobility and delivery products offer a better alternative to almost every use case a car serves. I’m thrilled to bring these products to millions of customers around Europe and Africa, taking the emphasis off cars and giving cities back to the people,” Bolt CEO said.
Adding his input, Mr Andrew Reed, a partner at Sequoia Capital, applauded Bolt’s effort in redefining modern transportation as he expressed optimism in partnering with the company.
According to him, “Bolt is redefining urban transportation in much of the world. Markus is a driven founder who has built an operationally excellent business spanning Europe and Africa and a mission-driven culture that forms the foundation of an enduring company. Bolt helps customers, cities, and the environment. We’re delighted to partner with them.”
On his part, the Country Manager of Bolt Nigeria, Mr Femi Akin-Laguda, said that the investment will better help Bolt to come up with possible solutions to satisfy their customers across 25 cities in Nigeria.
In his words, “Bolt will continue building solutions that alleviate everyday mobility challenges with our safe and affordable services while we also remain committed to providing market-leading earnings for our drivers.
“With this investment, we will keep introducing effective solutions, features, and products that are important to all our customers while having a positive socio-economic impact on the economy.”
By Dipo Olowookere
Residents and motorists plying the Aina Obembe Road in Baruwa, Ipaja, Lagos, may soon heave a sigh of relief as the excruciating traffic gridlock being experienced in the area both day and night may soon be a thing of the past.
This is because the chairman of Ayobo-Ipaja LCDA, Mr Lukmon Agbaje, has directed those involved in indiscriminate truck parking along the road to remove the heavy-duty vehicles within one week, threatening to invoke appropriate enforcement measures for noncompliance with this directive.
Speaking during a meeting on Wednesday with the management of SENA Company, which owns the affected trucks, as well as the leadership of Oluwadara CDA and other key stakeholders like the Lagos State Traffic Management Authority (LASTMA), at the council’s secretariat, Mr Agbaje frowned at the prolonged inconvenience suffered by the community, stressing that public roads must remain accessible and safe for all users.
He emphasised the need for a collaborative approach in resolving the issue without undermining legitimate business operations, noting that he’s focused on finding a lasting solution to the gridlock experienced between Oluwaga and Aina Obembe, where parked trucks have continued to obstruct traffic, disrupt business activities, and pose safety concerns for residents and motorists.
He tasked the firm and the CDA to jointly identify and implement alternative parking arrangements that would remove all trucks from the affected roads and restore the free flow of traffic.
He declared that, “The welfare of our people remains our highest priority. No individual or corporate organisation should obstruct public infrastructure or create avoidable hardship for residents. We must ensure that economic activities coexist with public safety, order, and convenience.”
The council chief reaffirmed his administration’s commitment to promoting orderly development, ensuring safe and accessible roads, improving traffic management, and creating an environment where businesses can thrive alongside the well-being of residents.
By Adedapo Adesanya
The federal government has cut import levies on new and used vehicles by as much as 10 per cent in a move aimed at reducing the cost of vehicle importation, even as it commenced the implementation of a new Green Tax surcharge.
According to an update issued by the Nigeria Customs Service (NCS) on Wednesday, the import levy on new vehicles has been reduced from 20 per cent to 10 per cent, while the levy on used vehicles has been slashed from 15 per cent to five per cent under the 2026 Fiscal Policy Measures, which took effect on July 1, 2026.
The customs said the policy is designed to ease the cost of vehicle imports while advancing the government’s environmental sustainability objectives through the newly introduced Green Tax.
The implementation also reduces the overall import duty on fully built passenger vehicles from 70 per cent to 40 per cent.
As part of the Green Tax framework, a new environmental surcharge of between two per cent and four per cent will apply to petrol-powered vehicles with engine capacities exceeding 2,000cc. However, mass transit buses, electric vehicles, and passenger cars with engines below 2,000cc are exempt from the surcharge.
Beyond the automobile sector, the fiscal measures also lower import duties on several essential goods. The duty on imported rice has been reduced from 70 per cent to 47.5 per cent, while crude palm oil now attracts a 28.75 per cent duty.
In addition, import duties on agricultural and manufacturing machinery have been completely removed to support local production, while Waste PET has been added to the export prohibition list to encourage domestic recycling.
By Dipo Olowookere
Plans are underway to carry out a comprehensive data capture and registration exercise of all commercial motorcycle and tricycle operators within Ayobo-Ipaja LCDA.
This move, according to the council chairman, Mr Lukmon Agbaje, is part of proactive measures to strengthen the security of lives and property across the Local Council Development Area (LCDA). The exercise, he said, would be executed in partnership with security agencies and transport unions.
On Tuesday, the council chief convened a high-level security meeting with leaders of commercial transport unions and key security stakeholders operating within the area.
Mr Agbaje expressed concern over the increasing influx of commercial motorcycle (Okada) and tricycle (Keke) operators into the LCDA without proper documentation or profiling.
According to him, the absence of reliable records poses significant security challenges and could provide opportunities for criminal elements to infiltrate communities under the guise of commercial transportation.
He stressed that security is best achieved through preventive measures, noting that effective profiling and documentation remain essential tools in safeguarding residents and protecting the council from emerging security threats.
Mr Agbaje disclosed that under the new security framework, all Okada and Keke parks and operational locations across the LCDA would be officially documented, adding that every duly verified operator would receive an official identification jacket bearing a unique coded number to facilitate easy identification and monitoring.
He also said a mandatory guarantor system will be introduced to strengthen accountability, ensuring that every registered rider has a verifiable guarantor who can be contacted whenever necessary.
The chairman noted that these measures are designed not only to improve security coordination but also to protect law-abiding commercial operators and discourage criminal activities within the council.
Leaders of the various transport unions welcomed the initiative, noting that proper documentation will distinguish genuine operators from criminal elements, enhance public confidence, and promote a safer working environment for commercial transporters.
Also, the Divisional Police Officers (DPOs) of Ayobo and Ipaja Commands commended the initiative, describing it as a timely and commendable step towards strengthening community policing. They reaffirmed the Nigeria Police Force’s commitment to working closely with the council to ensure full compliance and sustain peace and public order.
