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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.

Aduragbemi Omiyale is a journalist with Business Post Nigeria, who has passion for news writing. In her leisure time, she loves to read.

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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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Warri–Itakpe Train Derailment Leaves Passengers With Injuries

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Warri-Itakpe train

By Aduragbemi Omiyale

A few passengers on a Warri-Itakpe train were feared to have died on Monday in a derailment, which affected at least four coaches. Some of the passengers were also said to have suffered some degree of injury.

This was confirmed by the Nigerian Railway Corporation (NRC) in a statement today.

The unfortunate incident involved the Warri–Itakpe Train Service (WITS), the agency stated, though it did not confirm the number of human casualties.

However, it noted that emergency response teams and relevant authorities were at the scene attending to the situation and providing necessary assistance.

“The Nigerian Railway Corporation (NRC) confirms that an incident involving the Warri–Itakpe Train Service (WITS) occurred today.

“Emergency response teams and relevant authorities are currently at the scene attending to the situation and providing necessary assistance,” the chief executive of the organisation, Mr Kayode Opeifa, said in the statement.

“The corporation is closely monitoring developments and a detailed statement will be issued as soon as more information becomes available,” it added.

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Shuttlers Hits 10 Million Trips, Expands Reach via Google Maps Transit

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Shuttlers

By Adedapo Adesanya

Nigerian mobility startup Shuttlers has surpassed 10 million trips on its platform and expanded its reach through an integration with Google Maps Transit in Nigeria, thereby strengthening access to public transportation information.

According to a statement on Monday, the milestones reflect the growing need for structured, shared mobility in urban Africa.

The 10-million-trip milestone coincides with Shuttlers’ 10th year of operations, marking a key point in its growth trajectory. Meanwhile, the Google Maps integration now allows users searching for transit directions on the platform to view Shuttlers’ routes and book seats directly through its system.

The partnership is expected to broaden access to reliable shared transportation options for businesses and professionals navigating major urban centres.

To achieve a Google Transit Partner status, Shuttlers aligned its data architecture, route systems, and real-time operational capabilities with Google’s partner infrastructure requirements.

Across the continent’s fastest-growing cities, formal public transport infrastructure faces significant pressure from rapid population growth, leaving millions of professionals dependent on fragmented and costly alternatives. According to the World Bank, African cities lose an estimated 2% to 5% of GDP annually to transport inefficiency.

Shuttlers currently serves 30,000 active users across more than 1,000 itineraries, operating more than 430 buses daily across Lagos, Abuja and Port Harcourt. Since launching in 2016, the platform said it has maintained a 99 per cent trip completion rate and a 99.94 per cent incident-free rate across its entire journey history.

The average Shuttlers commuter saves 60 per cent to 88 per cent on transport costs compared to ride-hailing services, and reclaims 8 to 12 hours from gridlock every month. In Lagos, the average commuter loses more than 30 hours a month to gridlock.

Speaking on this achievement, chief executive and co-founder of Shuttlers, Ms Damilola Olokesusi, shared, “We are incredibly proud of our integration into the Google Maps Transit system. This, alongside hitting 10 million journeys since launch, is a reflection of years of hard work. For millions of professionals, commuting is still unpredictable, exhausting and expensive.”

“We have spent the last 10 years building technology and operational infrastructure that makes daily transportation more dependable – for commuters, businesses that employ them, and the fleet operators who power our network,” she added.

On his part, Mr Olumide Balogun, Director for West Africa at Google, said: “We are pleased to welcome Shuttlers into the Google Transit ecosystem in Nigeria. Reliable transit information helps people navigate cities more confidently and efficiently. As more Nigerians adopt digital tools for everyday mobility, integrations like these help make trusted transportation easier to discover and access.”

Reiterated its commitment to sustainability, Shutters also disclosed that it is actively integrating Compressed Natural Gas (CNG) and electric buses into its fleet, reducing emissions by up to 60 per cent compared to traditional diesel alternatives.

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