Auto
Succour for Importers as FG Halts Vehicle Import Tax Levy
By Adedapo Adesanya
President Bola Tinubu has ordered the suspension of the Import Tax Adjustment levy on certain vehicles in the country, a move that will provide a breath of fresh air for vehicle importers.
This was one of four executive orders signed into law to curb burdensome taxation policy, according to the Special Adviser, Special Duties, Communication and Strategy, to the President, Mr Dele Alake, on Thursday.
Among the Executive Orders signed into law by the President includes the change in the date of the implementation of the Finance Act, 2023.
The President also deferred the commencement date of the changes contained in the Act from May 23, 2023, to September 1, 2023.
This is to ensure adherence to the 90 days minimum advance notice for tax changes as contained in the 2017 National Tax Policy.
Business Post had recently spoken to some vehicle importers, who worried that the Nigeria Customs Service (NCS) had increased the exchange rate for cargo clearing at the port from N422.30/$ to N589.45/$, as verified on the customs official website.
This newspaper also saw a list of car clearing costs as a result of the rise in the exchange rate. This provided an insight that car importers going forward will be paying more as import duty tariff following the addition of close to 40 per cent.
This will be in addition to other clearing costs, including Value Added Tax (VAT), surcharge, ECOWAS Tax Liberalization Scheme (ETL), terminal charges, shipping charges, and clearing charges to Customs Licensed Agents.
Normally, an importer of the vehicle is meant to pay 20 per cent import duty and 20 per cent levy, amounting to 40 per cent of the total value of the vehicle, but with the jump in the exchange rate, there will be a need for many to adjust their car values.
By our calculations, this meant a car that used to clear for N4.2 million would suddenly jump close to N6 million.
One of the vehicle importers, who requested to be identified simply as Micheal from ID Autos in the Egbeda area of Alimosho Local Government, Lagos, said that the company was aware of the expected hike but had gotten an in-house directive to hold on to clearing their cargoes just yet.
Now, this latest move by the President will provide succour to many already battling a hike in the cost of fuel, electricity tariffs, and other basic amenities.
The spokesperson noted that “You will all recall that prior to the advent of this administration, certain tax changes were introduced via the Customs, Excise Tariff (Variation) Amendment Order, 2023 (henceforth referred to as “the Order”) published on the 8th of May 2023 and the Finance Act, 2023, which was signed into law on the 28th of May 2023.
“Among others, the Order introduced new Excise Duty on Single Use Plastics (SUPs), higher Excise Duties on some locally manufactured products, including alcoholic beverages and tobacco products, and Green Tax by way of Import Tax Adjustment on certain categories of imported vehicles.
“The Tinubu Administration has since noticed that some of the tax policies are being implemented retroactively with their commencement dates, in some instances, pre-dating the official publication of the relevant legal instruments backing the policies. This lacuna has created some challenges of implementation.”
He noted that the reasons behind upward adjustments of some of the taxes were designed to raise revenue as well as address environmental and public health concerns.
However, they have generated some significant challenges for affected businesses and elicited serious complaints amongst key stakeholders and in the business community.
“Let me mention some of the problems we have identified with the aforementioned tax changes. A document known as the 2017 National Tax Policy approved by the Federal Executive Council of the last administration prescribes a minimum of 90 days’ notice from the government to tax-payers entities before any tax changes can take effect.
“This global practice is done with a view to giving taxpayers and businesses reasonable time to adjust to the new tax regime. However, evidencing part of the gaps pointed out earlier, both the Finance Act 2023 and the Customs Excise Tariff Order 2023 did not give the required minimum notice period, thus putting businesses in violation of the new tax regime even before the changes were gazetted,” he added.
Mr Alake also explained that as a result of this, many of the affected businesses are already contending with the rising costs, falling margins and capacity underutilization due to the various macroeconomic headwinds as well as the impact of the Naira redesign policy.
By Dipo Olowookere
A funding package of up to $45 million has been secured by a mobility fintech firm, GoCab, to scale its ethical mobility financing platform across emerging markets.
A statement made available to Business Post disclosed that the funds comprise $15 million equity and $30 million debt, with the equity round co-led by E3 Capital and Janngo Capital. Others involved in the transactions were KawiSafi Ventures and Cur8 Capital.
GoCab operates a drive-to-own mobility fintech model that provides credit to gig-economy workers to buy their own car, bike and others in emerging markets.
It offers vehicles in drive-to-own programmes, mobile phone BNPL, motorbike financing for delivery couriers, and other value-added services through a single digital platform powered by proprietary technology.
With this financing support, GoCab plans to expand its operations and fleet, aiming for 10,000 active vehicles and $100 million in annual recurring revenue within the next 24 months.
Across five markets, GoCab now generates over $17 million in Annual Recurring Revenue (ARR) after just 18 months of operations and is on target to reach $50 million by end of 2026 and $100 million in 2027.
The company was established in 2024 by Mr Azamat Sultan and Mr Hendrick Ketchemen to address the limited access to ethical financing and vehicle ownership for gig-economy workers in Africa.
By combining mobility, technology, and inclusive finance, the organization enables drivers and delivery couriers to generate stable income while progressively gaining ownership of their vehicles.
By 2025, GoCab had taken a leading position in several African markets, supporting thousands of drivers and contributing to cleaner, more sustainable urban mobility systems.
“Transforming lives and improving the daily reality of thousands of families is the mission we have set for ourselves. We believe that capital can and must become a powerful force for transformation across Africa and emerging markets,” Mr Ketchemen said.
His counterpart, Mr Sultan, disclosed that, “For us, GoCab is about restoring dignity and opportunity through ownership.
“Across Africa, millions of people are locked out of both mobility and finance. We saw how capital was flowing everywhere except to the people who actually needed it to work.
“This round allows us to scale responsibly expanding access to fair, ethical financing while accelerating the transition to electric mobility, lowering carbon emissions, and building a more inclusive and sustainable future in close alignment with our investors.”
One of the investors, Mr Vladimir Dugin of E3 Capital, said, “The shortage of vehicles and the high cost of transportation remain two of the most pressing challenges across Africa. GoCab is addressing both head-on through a data- and technology-driven platform that expands access to mobility while improving efficiency at scale.
“Its rapidly growing EV fleet lowers costs for riders and drivers alike, while significantly reducing emissions. We are proud to support GoCab as it builds the leading pan-African mobility platform for the future.”
“We are proud to lead GoCab’s $15 million equity round, catalysing over $30 million in debt financing. We were impressed by their vision, their world-class team, and the quality of their execution.
“With this funding, GoCab now has the scale to deploy thousands of productive vehicles, each supporting a full-time income.
“With a clear operational roadmap toward 10,000 active assets and $100 million in recurring revenue, GoCab illustrates how ethical financing can translate into tens of thousands of decent jobs, household resilience, and sustainable growth at scale,” the chairman of Janngo Capital, Fatoumata Bâ, stated.
Also, a partner at KawiSafi Ventures, Mr Marcus Watson, said, “GoCab is building critical infrastructure for climate-smart mobility and the future of work in emerging markets. The combination of disciplined execution, strong unit economics, and a clear impact thesis makes GoCab a compelling platform for sustainable growth.”
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.”
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.
-
Feature/OPED6 years agoDavos was Different this year
-
Travel/Tourism9 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz3 years agoEstranged Lover Releases Videos of Empress Njamah Bathing
-
Banking8 years agoSort Codes of GTBank Branches in Nigeria
-
Economy3 years agoSubsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking3 years agoSort Codes of UBA Branches in Nigeria
-
Banking3 years agoFirst Bank Announces Planned Downtime
-
Sports3 years agoHighest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn