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MAX.ng Sells N400m Bonds from N10bn Debt Scheme

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Max.ng N400m Bond

By Adedapo Adesanya

Metro African Xpress, otherwise known as MAX.ng, has announced the successful issuance of a N400 million one-year fixed-rate notes series 1 bond, making it the first bond issued by a mobility company in Africa.

The bond is the first tranche of its newly N10 billion ($22 million) multicurrency Private Company Bond (PCB) programme and was offered to pre-selected investors.

The Nigerian mobility startup made the disclosure on Monday, September 28, 2020, adding that the transaction was arranged by DLM Advisory Limited, a developmental investment bank regulated by the Securities and Exchange Commission (SEC).

In the notice seen by Business Post, MAX noted that proceeds from the papers will be used to fund its growing asset financing program across 2-wheeler, 3-wheeler and other vehicle classes in Nigeria and beyond, as MAX continues to institutionalize driver financing across the continent.

It added that despite the challenging global economic backdrop, “the bond, distributed through a private placement, received strong interest from highly reputable local and international fixed-income investors that are seeking exposure to a high-quality issuer like MAX.”

Speaking on the success of the milestone, Mr Adetayo Bamiduro, CEO and co-founder of MAX.ng noted, “MAX is extremely pleased with the successful bond issuance, which reflects the market confidence in MAX’s mission, strategy and execution capabilities.

“This is further evidence that MAX remains at the forefront of technology, financial and business model innovation to solve a fundamental aspect of Africans’ lives.”

Also, Chief Growth Officer and co-founder of MAX.ng, Mr Chinedu Azodoh said, “the fully integrated and innovative nature of MAX’s DVC [driver-vehicle-collection] technology stack was essential to demonstrating our ability to scale and manage an ever-growing pool of financed drivers across six cities with unmatched efficiency, speed and agility.

“This funding was delivered on the basis of those proprietary technology capabilities that enable heightened levels of portfolio scrutiny and monitoring. These were fundamental to successfully closing this trailblazing transaction.”

Mr Sonnie Ayere, Group CEO of DLM Capital Group, added; “This is a bold step in advancing DLM’s developmental driven mandate by providing innovative solutions to meet the funding needs of players in key sectors of the economy, through the capital markets. MAX has positioned itself at the forefront of its industry with its unique business model that deploys technology to cater to the peculiarity of mobility within Nigeria’s major cities.

“In addition to this, the MAX funding program has played positively in the aspect of employment creation. Given the average cost of the vehicles financed, the capital unlocked through the Series 1 Bond will lead to the creation of close to 1,400 additional jobs, which in turn has a positive multiplier effect on the Nigerian economy.

“As a developmental Investment Bank committed to creating direct impacts to the lives of people, we have put our money where our mouth is and have taken a credit decision to support their inaugural issuance, due to its strong credit fundamentals and the social and economic impact it brings. We are delighted to have assisted MAX on this significant stride.”

On his part, Mr Guy-Bertrand Njoya, Chief Financial Officer of MAX.ng, “most exciting for us about this ground-breaking funding structure is being able to close it amidst the current social and economic uncertainty.

“We are deeply honoured by the confidence shown by the investment community in our ability to continue leveraging access to wholesale finance as well as other internal capabilities — including proprietary technology solutions, exclusive vehicle manufacturer deals, low-cost credit, discounted insurance and other financial services — to serve the growing group of overlooked, underserved, unbanked or underbanked Africans like it has never been done before.”

Mr Emeka Ngene, the head of DLM Advisory also commented that “This is in keeping with the vision of the DLM brand. With a commitment to increasingly deepen the penetration of the domestic capital markets with every new project we undertake, delivering this assignment for MAX further helps in driving that concept. It will be good to also make special mention of the team at the Shell Foundation who played a key role in the delivery of this mandate by the provision of catalytic capital.

“At DLM we have always believed that local currency funding is the way to go for businesses like MAX with significant impact potential. Our hope now is that the success of this deal further paves the way for more collaboration towards providing similar solutions for other businesses with clear development objectives.”

MAX forayed into the mobility scene to ease the transportation problem in Lagos, but it has since moved to various offerings in other transport and logistics services following the restriction of commercial motorcycles and tricycles by the Babajide Sanwo-Olu administration earlier this year.

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

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Demolitions: inDrive Shares N75m Relief Packages to Displaced Lagos Residents

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inDrive displaced Lagos residents

By Modupe Gbadeyanka

Over N75 million worth of relief materials have been provided by foremost ride-hailing platform, inDrive, to residents of Lagos State displaced by recent demolitions in the metropolis.

The company partnered with Tolu Aniwura Welfare Foundation (GenerousMe) to distribute essential food, clothing, and school supplies to more than 2,000 affected individuals and families.

At the distribution of the items at St. Paul Catholic Church, Ebute-Metta, the Country Representative for inDrive Nigeria, Mr Timothy Oladimeji, explained that the initiative reflects the company’s people-first approach and its commitment to responding directly to urgent community challenges while maintaining a focus on long-term empowerment across its markets.

“At inDrive, we believe that our responsibility goes beyond providing mobility services; it extends to standing with communities during moments of need.

“The recent demolitions left many families vulnerable, and through our partnership with GenerousMe, we were able to respond quickly and responsibly. This intervention reflects our commitment to fairness, empathy, and ensuring that people remain at the centre of everything we do,” Mr Oladimeji said.

It was gathered that the support also extended to individuals who had previously benefited from inDrive-backed social impact programmes, reflecting the company’s continued commitment to empowering vulnerable communities across Nigeria.

The relief packages included essential dry food items such as rice, beans, garri, noodles, spaghetti, cooking oil, tomato paste, seasoning cubes, and salt. Beneficiaries also received clothing, blankets, sleeping mats, mosquito nets, rechargeable lamps, power banks, and baby care items, as well as school packs containing bags, exercise books, and writing materials for children.

In his remarks, the Partnerships Lead for GenerousMe, Mr Adetola Alade, said, “Partnering with inDrive enabled the timely and coordinated delivery of aid. We prioritize speed and collaboration in responding to urgent humanitarian needs, and working with inDrive on this project was a great experience.”

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UK to Facilitate Quick Return of Stolen $9.5m for Abuja-Kano Road

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Abuja-Kano Road

By Adedapo Adesanya

The United Kingdom is facilitating a quick process to return $9.5 million in recovered stolen funds to Nigeria to help fund the completion of the ongoing Abuja-Kano Road.

According to a statement on Friday, His Majesty’s Attorney General for Jersey, Mr Mark Temple, signed a Memorandum of Understanding (MOU) in December 2025 to facilitate the return of the loot.

Recall that on November 29, 2023, the Attorney General applied to the Royal Court of Jersey under the Forfeiture of Assets (Civil Proceedings) (Jersey) Law 2018 in respect of tainted property held in a Jersey bank account. On January 12, 2024, the Royal Court granted a forfeiture order after determining that the funds were more likely than not the proceeds of a corrupt scheme in which third-party contractors diverted government monies for the benefit of senior Nigerian officials and their associates.

The MOU builds on two previous agreements between Jersey and Nigeria, under which more than $300 million has already been repatriated to support three major infrastructure projects: the Lagos-Ibadan Expressway; the Second Niger Bridge; and the Abuja-Kano Road. The first two projects are now complete.

Under the terms of the MOU, the forfeited funds will contribute to the final stages of the Abuja-Kano Road, a 375 km highway that will provide a vital link between Nigeria’s capital and its second-largest city.

Speaking on the development, Mr Temple, said: “This successful return demonstrates the strength of our civil forfeiture legislation as a powerful tool in the fight against corruption. I thank the Nigerian authorities for their cooperation and the Economic Crime and Confiscation Unit in my Department for their unwavering commitment to recover the proceeds of crime.”

Adding his input, the Attorney General of the Federation and Minister of Justice, Mr Lateef Fagbemi said, “The successful recovery and repatriation of the forfeited assets, underscores the effectiveness of Nigeria’s collaborative efforts with its international partners in ensuring that there is no safe haven for illicitly acquired wealth or assets moved to foreign jurisdictions.”

“I want to, on behalf of the Government of the Federal Republic of Nigeria, thank the Bailiwick of Jersey for the cooperation accorded Nigeria during the Recovery exercise. I want to further assure the Bailiwick of Jersey, that the repatriated assets will be judiciously utilized in line with the terms of the executed Memorandum of Understanding,” he added.

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Lagos Gives Motorists Three-Month Rebate to Replace Faded Number Plates

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faded number plate

By Modupe Gbadeyanka

Motorists in Lagos State with faded and unreadable vehicle number plates have been given a three-month rebate window to replace them.

This followed the approval of the 90-day exercise by the Lagos State Governor, Mr Babajide Sanwo-Olu, according to the Permanent Secretary for Motor Vehicles Administration Agency (MVAA), Mr Rasheed Muri-Okunola.

The state government disclosed that the rebate applies specifically to vehicle owners whose number plates have become worn, faded, or unclear over time due to weather conditions and prolonged use.

It noted that the gesture is a proactive and citizen-friendly intervention aimed at encouraging compliance while reducing the financial burden on vehicle owners.

According to Mr Muri-Okunola, the Governor authorised the rebate as part of renewed efforts to enhance road safety, improve vehicle identification, and strengthen security across the state.

It was emphasised that the condition of vehicle number plates is critical to effective traffic management, crime detection, and overall public safety, noting that faded or illegible plates pose challenges to law enforcement agencies and traffic officials.

The government noted that that beyond aesthetics, legible number plates play a vital role in curbing traffic violations, aiding investigations, and supporting digital vehicle tracking systems deployed by the state.

Motorists were, therefore, encouraged to take advantage of the window by visiting the agency’s designated Pilot Centre at Oshodi (MVAA One Stop Centre, Oshodi) or any MVAA Stations across the state for the replacement process.

“Clear and properly maintained number plates are essential for vehicle identification and security. This three-month rebate is designed to give motorists ample opportunity to replace faded plates at a reduced cost while supporting our collective responsibility to keep Lagos roads safe and well-regulated,” Muri-Okunola stated.

“This is not just a regulatory exercise; it is a public safety measure. When number plates are clear and standardised, it improves efficiency across transportation, security, and emergency response systems,” he added.

Mr Muri-Okunola assured the public of seamless service delivery throughout the rebate period and advised motorists to avoid unauthorised agents, stressing that all replacements must be processed through designated government-approved centres.

He reiterated the Lagos State Government’s commitment to innovative policies that prioritise safety, convenience, and accountability while urging residents to cooperate with authorities in building a safer and more orderly transport environment.

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