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MAX.ng Sells N400m Bonds from N10bn Debt Scheme
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.
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Dangote Cement Empowers Drivers, Riders With Life-Saving Kits in Ogun
By Aduragbemi Omiyale
As part of its efforts to ensure smooth festive period, the Ibese Plant of Dangote Cement Plc in Ogun State at the weekend distributed some life-saving kits to motorcycle riders and commercial drivers in the Gateway State.
Some of the items given to the commercial drivers and riders included helmets, reflective jackets as well as safety goggles.
The company said road safety campaign, which happened at the Ilaro Motor Park, was to curb preventable crashes by promoting responsible driving and riding habits as vehicular traffic surges towards the year-end.
Facilitators demonstrated the four major blind spots—front, passenger side, driver’s side, and rear—using live motorcycles and a stationed truck. Riders were stunned to discover that even an attentive driver could not see them in these zones.
A staff of Dangote Cement Transport for Health, Safety and Environment, Ms Ebere Okonkwo, explained that the initiative aligns with Dangote Cement’s broader mission to promote safer roads and foster harmony between truck drivers and other road users.
“Safety is a shared responsibility. This programme teaches road users especially the drivers and riders how to identify blind spots and equips them with safety kits. It’s part of our continuous effort to save lives.
“Overspeeding, impatience, and miscalculations remain leading causes of preventable road accidents. We urge riders to prioritize safe riding habits and strictly obey traffic regulations, especially during these remaining days into the New Year when vehicular movement peaks,” Ms Okonkwo said.
The Head of Transport and Safety at Ibese Plant, Mr Peter Abuad, led a practical session on basic issues in Road safety demonstrated how the drivers and the Okada riders could identify and avoid truck blind spots.
He highlighted four critical danger zones—directly in front, both sides, and behind heavy vehicles—warning riders to steer clear during lane changes and turns.
“If you are in any of these blind spots, the truck driver does not know you’re there. Avoid them at all times. Dangote Cement Ibese is committed to ensuring safety and improving lives,” he stated.
The Unit Commander of the Federal Road Safety Corps (FRSC), Sulaiman Kolawole Oluwadumiye, warned that excessive speed remains a leading cause of fatal crashes.
“Speed is sweet—the engine sounds powerful, the road looks open, and you feel in control. But the same speed that feels good for one minute can destroy a family in another second.
“The road has no respect for confidence or experience. There is no medal for the fastest driver and rider, only sorrow for the careless one,” he said.
He explained that speeding reduces a rider’s ability to spot danger and brake effectively, noting that articulated trucks pose even greater risks when control is lost.
“Most crashes involving motorcycles and trucks happen because riders unknowingly enter these danger zones,” he said, recounting a recent fatal crash caused by a rider overtaking on the wrong side and disappearing into a truck’s blind spot.
One of the beneficiaries of the programme, Mr David Odumoye thanked the management of Dangote Cement for deeming it fit to come to the park to meet the drivers and riders and enlighten them on road safety issues and donating safety items to them, adding, “Nobody is an expert on the road, no matter how long you’ve been riding. This training is very important. We thank Dangote for the initiative and the protective kits.”
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inDrive Backs Smart Mobility Innovation With AOT Lagos 7.0 Sponsorship
By Modupe Gbadeyanka
The 2025 edition of the Art of Technology (AOT) Lagos is going to be bigger and better with the inclusion of inDrive as its official sponsor.
The AOT Lagos 7.0, themed Future Technologies and a Sustainable Lagos, is scheduled for Thursday, December 4, 2025, at the Landmark Centre, Lagos.
inDrive, a leading global ride-hailing platform operating in nine African countries, is partnering with the Lagos State government to bring together policymakers, innovators, tech founders, investors, and global industry leaders to shape the future of technology and digital transformation in Lagos.
Through this collaboration, inDrive aims to contribute to high-level conversations on driver empowerment, sustainable transport models, safety, and affordability, key challenges affecting millions of daily commuters and mobility service providers in the state.
According to the Country Representative of inDrive Nigeria, Mr Timothy Oladimeji, the sponsorship underscores the company’s deep commitment to advancing equitable mobility systems and supporting conversations that drive long-term impact across the transportation ecosystem.
He noted that inDrive sees AOT Lagos as a critical platform for addressing mobility challenges and accelerating innovation within the state.
During the event, inDrive will be participating in one of the key sessions, discussing the topic From fuel to future: the rise of e-mobility in Lagos.
Aside from this, inDrive will also be hosting a side workshop themed The Market Share Victory – How inDrive Became Nigeria’s Second-Largest Ride-Hailing Player.
“We are proud to sponsor AOT Lagos 7.0 because it aligns perfectly with our vision to democratise mobility and ensure fairness for both drivers and riders.
“As Lagos moves toward a smarter, more sustainable mobility future, inDrive is committed to supporting solutions that prioritise affordability, safety, driver empowerment, and technological readiness.
“Through this partnership, we hope to contribute meaningfully to shaping policies and ideas that will redefine how millions of people move across the state,” he said.
Now in its seventh edition, AOT Lagos has evolved into a premier platform for advancing smart-city innovation, showcasing emerging technologies, and influencing the policy frameworks that shape the digital economy in Africa’s largest city.
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FG to Open Section of Lagos-Calabar Coastal Highway December 12
By Adedapo Adesanya
The federal government is set to open Section 1 of the 700 km Lagos-Calabar Coastal Highway for public use from December 12 to 17, 2025.
The Minister of Works, Mr Dave Umahi, gave the assurance on Sunday in Lagos during a review of outstanding works on Section 1 of the highway project.
The section 1 is 47.47km long and has six lanes and two carriageways.
Mr Umahi said: “We also set aside April next year to have Section 1 and half of Section 2 fully completed and commissioned,” adding that the contractor handling the project, Hitech Construction Company Limited, had achieved more than 80 per cent of the reinforced concrete pavement.
“We are very grateful to God Almighty for his mercies, and to the President and to the contractor.
“If we are to pay for everything they have done, it will be very difficult to have this job done because there are places we didn’t envisage that we were going to be removing pits up to a depth of 20 metres.
“They had to do that because they are partners in progress for the development of the country.
“We have just about three kilometres to complete the entire sand filling from Ahmadu Bello Way to Eleko Junction, and we are excited at the work and the quality of what has been done,” the former Governor of Ebonyi State, said.
The new Controller of Works in Lagos, Mr Olufemi Dare, told the minister that a lot of settling was ongoing at Chainage 33 of the highway project, praising the contractor for high quality of work.
“Sir, it may interest you to know that the building standing is the palace of this community, and you saved this building, and they are extremely happy,” he said.
On his part, the Managing Director of Hitech Construction Company Limited, Mr Dany Abboud, said that the company would still backfill from Chainage 34 to Chainage 37.
“Dredging is ongoing, we are on track to deliver.
“We are monitoring the settlement in the swampy areas and the water body areas due to the change of alignment,” he said.
The highway, which commenced construction in March 2024, has generated a lot of controversy, with critics raising concern around cost and procurement structure.
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