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Mecho Autotech Sources $2.15m from Future Africa, Others

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Mecho Autotech

By Adedapo Adesanya

Nigerian vehicle repair and maintenance startup, Mecho Autotech, has raised a $2.15 million seed funding round to expand its capacities and acquire more customers.

The seed round was oversubscribed by 300 per cent and featured participation from Future Africa, Hoaq Capital, Cathexis Ventures, V8 Capital, Silver Squid and Tekedia Capital.

The company has both workshop – Mecho Shops – and mobile service – Mecho Mobile – capabilities, and has so far onboarded over 7,000 third-party mechanics to its platform.

Mecho Autotech will now use the capital to expand its multi-channel service capacity, engineering team, and marketing budget for B2C acquisition.

Last year, in the same year it was established, the company was a participant in the S21 batch of the Y Combinator accelerator, and raised funding from Ingressive Capital.

The startup has so far built three Mecho Shops across Lagos and will continue to expand this capacity.

Its B2B customers include some of Nigeria’s largest corporate fleets including Uber partner Moove, Tolaram Group, and UAC Group, while the startup aims to grow in B2C via a subscription service model and individual service requests.

Moreover, Mecho is developing a spare parts value chain that has already served over 100 third-party mechanics and several large ticket inventory purchases for B2B customers.

According to Mr Olusegun Owoade, the chief executive officer of the company, there will be further automation of the industry in order to make things easier for Nigerians.

“When you consider the state of Nigeria’s used cars and our roads, car maintenance isn’t optional. We want to automate high-quality vehicle repair and maintenance for Nigerians by making it easy, convenient, and affordable.

“We aspire to build a maintenance culture in Nigeria and beyond to keep roads and people safe,” he said.

According to Mr Iyinoluwa Aboyeji, Future Africa’s founder and general partner, his fund’s thesis was to back founders solving hard problems in large markets.

“With over 12 million cars on our roads and more on the way, leveraging technology to bring order to vehicle maintenance and repair is overdue.

“We are delighted to work with the Mecho Autotech team as they brilliantly execute on building out the vehicle repair value chain across Africa and create new and decent highly skilled auto repair jobs,” he said.

Founded in 2021 by Mr Olusegun Owoade and Mr Ayoola Akinkunmi, Mecho Autotech offers repair and maintenance services to businesses and consumers through in-house and third-party service capacity which has passed rigorous assessments.

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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inDrive Hires KieKie as Chief Wahala Officer

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KieKie inDrive Chief Wahala Officer

By Modupe Gbadeyanka

Popular content creator, Oluwabukunmi Adeaga-Ilori, otherwise known as KieKie, has been unveiled as the Chief Wahala Officer of a global mobility and urban services platform, inDrive.

This creative hiring campaign was designed to shed light on the daily challenges of movement and mobility in Lagos. It follows an overwhelming response to the campaign, which attracted over 450 applications from Nigerians eager to take on the role.

As Chief Wahala Officer, Kiekie will draw attention to the everyday transportation challenges faced by Lagos residents, highlighting issues such as traffic congestion, delivery challenges, unreliable transport options and the difficulties of moving around the city.

Through the #inDriveCWO, she will encourage commuters to share their experiences and perspectives, helping to bring greater public attention to the realities of daily commuting in Lagos.

In addition, the platform is providing an avenue for commuters to share their experiences, helping to bring greater visibility to the challenges of urban mobility and the need for solutions that support easier movement across Lagos.

The Country Manager for inDrive Nigeria, Mr Timothy Oladimeji, explained that the choice of KieKie reinforces the organisation’s strategy of engaging users through familiar voices and personalities who mirror the lived experiences of its community.

He added that KieKie’s involvement will help bring visibility to everyday commuter experiences, encouraging conversation, participation, and shared understanding among platform users.

“KieKie is a perfect fit for this role because she represents exactly what this campaign is about: authenticity, humour and relatability. She has a natural ability to connect with people’s everyday experiences and turn them into conversations that everyone understands.

“In a city like Lagos, where mobility comes with its own daily wahala, we needed someone who can reflect that reality in a way that is both entertaining and truthful, and KieKie does that effortlessly,” he said.

Expressing her excitement about the appointment, Kiekie noted that the role presents an opportunity to shine a light on the everyday mobility challenges faced by Lagos commuters in a relatable and engaging way. She said she looks forward to encouraging more people to share their experiences and contribute to conversations around making daily movement across the city more convenient and enjoyable.

“I am finally happy to announce that I am the Chief Wahala Officer. My dear Lagosians, any delivery or ride-hailing wahala you may be facing is now in the past. Don’t worry, I am on duty, which means everything will go back to normal,” she enthused.

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Bank Introduces New Vehicle Financing Initiative With 10% Deposit

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Access Bank New Vehicle Financing Initiative

By Aduragbemi Omiyale

A new vehicle financing initiative designed to allow funding support of up to 90 per cent of a vehicle’s value and repayment tenures of more than four years has been introduced by Access Bank Plc.

This is part of the lender’s vehicle asset financing programme aimed at expanding access to vehicle ownership and mobility services across the country.

Application for the service is through a digital process, the bank’s Executive Director of Corporate and Investment Banking Division, Ms Iyabo Soji-Okusanya, disclosed.

Customers can access vehicles from top distributors like CIG Motors, Mikano Motors, Kewalram Motors, Stallion Motors, Elizade JAC, CFAO and other mobility dealers. They can purchase both new and certified pre-owned vehicles through a single process, she added.

“You apply online, and you go home with the keys to your car already in your pocket,” Ms Soji-Okusanya stated, noting that for businesses, the initiative will provide access to vehicles needed for operations while helping dealers improve inventory turnover and unlock capital tied down in unsold stock.

While explaining how the process works, the Group Head of Access Bank Mobility, Mr Ishmael Nwokocha, said the bank spent the last six months engaging dealers and other stakeholders in the automotive value chain before rolling out the programme.

According to him, Nigeria records annual vehicle sales of about 100,000 units, with only about 10 per cent being brand-new vehicles, while the remaining 90 per cent are pre-owned vehicles, adding that rising vehicle prices have significantly reduced affordability for many Nigerians.

“What are we offering today? Come with 10 per cent equity contribution, and we’ll finance the 90 per cent,” Mr Nwokocha said, noting that customers would also have access to insurance, after-sales services, and a digital loan application process that allows applicants, dealers and the bank to monitor progress.

He said the initiative extends beyond individual consumers to corporate organisations, schools, hospitals and other businesses requiring vehicle fleets, revealing plans to expand financing access to operators in the ride-hailing and transport sectors that are currently outside the formal banking system.

On her part, the Group Head of Product and Segment at Access Bank, Ms Chizoba Iheme, said the bank had put measures in place to support customers who encounter financial difficulties during the repayment period, explaining that affected borrowers could seek loan restructuring rather than risk losing their vehicles immediately.

“So long as the vehicle is still valid, it’s still running on the road, we can look at your finance, and then we’ll repackage your loan,” she said, also clarifying that customers are not required to maintain loans for the full approved tenor and can repay outstanding obligations earlier if they choose.

On the scope of the programme, she said financing is available to individuals, corporates and small businesses seeking vehicles for commercial or operational use.

The Managing Director of CIG Motors, Ms Eniola Olutimilehin, whose company is one of the participating dealers, said the partnership would help connect vehicle buyers with financing while supporting mobility and business operations.

She said the collaboration is expected to improve access to vehicles for individuals and entrepreneurs requiring transportation assets for personal and commercial activities.

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Man Cools Off in EFCC Custody Over Alleged $320,000 Vehicle Import Fraud

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Adegoke Oluwatobi Adams

By Modupe Gbadeyanka

A Nigerian-American identified as Mr Adegoke Oluwatobi Adams has been arrested by operatives of the Economic and Financial Crimes Commission (EFCC) in Ilorin, Kwara State, over his alleged link with cross-border vehicle import fraud of about $320,000 (approximately N434.88 million).

A statement from the EFCC disclosed that the suspect is being investigated for alleged criminal breach of trust and obtaining money by false pretence.

Preliminary investigations revealed that he allegedly belongs to a syndicate based in the United States that specialises in defrauding unsuspecting Nigerians under the guise of purchasing and importing vehicles from the US for them.

It was discovered that while residing in America, Mr Adams allegedly advertised and circulated photographs of a 2024 Mercedes-Benz G63 AMG to prospective buyers in Nigeria, promising to purchase and ship the luxury vehicle to them.

Findings revealed that two victims allegedly paid $320,000 for the vehicle. One of the victims, Ikechukwu Osita Ifeabunike, reportedly paid $145,000 through an intermediary, while another victim, Godson Azubuike Amans, allegedly paid $175,000 for the same vehicle.

Further investigation also uncovered a prior criminal record involving Mr Adams in the United States, allegedly related to the illegal acquisition of vehicles. In the long run, the suspect was arrested by operatives of the Ilorin Zonal Directorate of the EFCC upon his return to Nigeria.

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