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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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CIG Motors Sacks Executive Director Jubril Arogundade
By Modupe Gbadeyanka
The appointment of an Executive Director of CIG Motors, Mr Jubril Arogundade, has been terminated, a statement from the auto firm has revealed.
It was disclosed that Mr Arogundade was relieved of his duties over an alleged financial misappropriation and abuse of authority, with the matter referred to the Economic and Financial Crimes Commission (EFCC).
CIG Motors said it took the decision to fire Mr Arogundade following internal investigations that uncovered issues relating to financial misappropriation and abuse of authority.
The company said it first suspended the accused person for a comprehensive internal review and findings showed that his actions fell significantly below its governance, compliance, and ethical standards, making immediate termination necessary.
The organisation further disclosed that it is cooperating fully with the authorities, including the EFCC, as the matter progresses through the appropriate regulatory and legal channels.
CIG Motors emphasised that the action reflects a zero-tolerance stance on financial misconduct and abuse of authority, particularly at senior management level, noting that safeguarding institutional integrity and maintaining robust internal controls remain central to its operations.
The statement also clarified that CIG Motors will not engage in further public commentary on the matter, stressing that it is now before the relevant authorities. It added that operational continuity across the business remains unaffected.
The development aligns with a broader trend seen across Nigeria’s corporate and financial landscape in recent months, where several organisations have taken decisive action against senior executives following internal probes, regulatory breaches, or governance failures, a part of the statement said.
Analysts note that such actions signal growing pressure on corporate boards to strengthen oversight, enforce accountability, and demonstrate compliance with governance best practices.
CIG Motors reiterated its commitment to the highest standards of corporate governance, accountability, and transparency, assuring stakeholders that appropriate measures are in place to protect the company’s long-term stability and reputation.
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Anthony Joshua: FRSC Confirms Fatalities in Sagamu Road Mishap
By Aduragbemi Omiyale
The Federal Road Safety Corps (FRSC) has confirmed the death of two persons in a road crash that occurred at noon on Monday along the Lagos-Ibadan Expressway.
The unfortunate incident involved a Nigerian-born British boxer, Mr Anthony Joshua. His vehicle was said to have rammed into a stationary truck on the expressway, killing two people on the spot.
In a statement, the Corps Public Education Officer, Mr Olusegun Ogungbemide, an Assistant Corps Marshal, said the fatal road traffic accident specifically happened around the Sinoma area near Sagamu, Ogun State.
It involved an SUV conveying the boxer, with preliminary reports from the Ogun Sector Command indicating that Lexus vehicle may have been travelling beyond the legally prescribed speed limit on the corridor.
According to the FRSC, the driver lost control of the vehicle during an overtaking manoeuvre and crashed into the stationary truck well packed by the side of the road.
“The primary causes of the crash being excessive speed and wrongful overtaking constitute serious traffic violations and remain among the leading causes of fatal road crashes on Nigerian highways,” a part of the statement alleged.
However, FRSC operatives arrived at the scene within three minutes of notification, enabling swift rescue operations, evacuation of victims, effective traffic control, and prevention of secondary crashes.
“A total of five adult males were involved in the crash. Two persons sadly lost their lives, one sustained injuries, while two others escaped unhurt. Anthony Joshua was rescued alive and sustained minor injuries.
The injured victim was evacuated for medical attention, while the remains of the deceased were conveyed to Livewell Morgue, Ajaka, Sagamu. The Nigeria Police Motor Traffic Division (MTD) was duly notified for further investigation and necessary documentation,” another parts of the statement read.
The Corps Marshal of the FRSC, Mr Shehu Mohammed, has commiserated with the families of the deceased and wished the injured victim, Anthony Joshua a speedy recovery.
“FRSC reiterates its warning to motorists to avoid dangerous overtaking, excessive speed, and disregard for traffic regulations, particularly on high-speed corridors such as the Lagos–Ibadan Expressway. Motorists are urged to exercise patience, maintain lane discipline, and prioritise safety over haste, especially during the festive travel period.
“The public is reminded that the Corps remains resolute in its mandate to ensure safer roads, prompt emergency response, and sustained public education aimed at reducing road traffic crashes and fatalities across the country,” the statement noted.
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Detty December: Pernod Ricard, FRSC Launch Anti-Drunk Driving Campaign
By Adedapo Adesanya
Global leader in the spirits and wine industry, Pernod Ricard, in partnership with the Federal Road Safety Corps (FRSC), has launched the Don’t Drink and Drive campaign in Lagos to raise awareness about the dangers of drunk driving and promote responsible drinking habits among road users, during the Detty December festivities.
The campaign, themed Take Responsibility for Your Safety – Don’t Drink and Drive, aims to reduce road accidents and fatalities during the festive season and beyond. According to the FRSC, drunk driving remains a leading cause of road crashes in Nigeria, with Lagos State being particularly vulnerable due to its vibrant nightlife and high vehicle population.
Speaking at the launch event, the Managing Director of Pernod Ricard Nigeria, Mr Michael Ehindero, emphasized the company’s commitment to promoting responsible drinking and road safety.
“At Pernod Ricard Nigeria, we believe in encouraging responsible choices and promoting a culture of safety on our roads,” he said.
Corps Commander Kehinde G. Hamzat, Sector Commander of FRSC Lagos State, who was represented by Deputy Corps Commander Edith Eloka echoed the importance of collective responsibility in ensuring road safety. “Road safety is a shared responsibility, and we must work together to prevent crashes and save lives,” he said.
The campaign includes sensitization programs for commercial drivers, road users, and the general public, as well as collaborations with government agencies, civil society, and private sector partners to amplify the message of responsible drinking and road safety.
It is part of Pernod Ricard Nigeria’s global Sustainability & Responsibility roadmap, which aligns with the United Nations Sustainable Development Goal 3 that promotes good health and well-being, and is reflected in its global purpose statement, which states: “We are committed to being a responsible and sustainable company, creating a better tomorrow for all our stakeholders.”
The event secured 1,500 pledges from participants at the Ikeja City Mall, The Event Centre, and ABC Transport Company, with goodwill messages from stakeholders, including the National Union of Road Transport Workers (NURTW), the Ministry of Transportation, the National Drug Law Enforcement Agency (NDLEA), and the Nigerian Association of Road Transport Owners (NARTO).
While admonishing safe road usage, Corps Road Safety Commander, Mr Godwin Uweni, Head of Operations, Ikotun Unit Command FRSC, advised motorists to prioritize road safety and adhere to FRSC guidelines.
At ABC Motor Park, there was a head-to-head trivia competition with gift items and stickers with the “Don’t Drink & Drive” message to drivers, who were also encouraged to share their experiences on social media, using the branded hashtag, Don’t Drink and Drive.
Last year, the company partnered with FRSC and other stakeholders to promote road safety through the Don’t Drink and Drive campaign, and responsible drinking practices with its Drink More Water activation.
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