Nord Rolls Out Single-Digit Car Loans to Shift Nigerians from Tokunbo into Brand-New Vehicles

Nord Automobiles is targeting a major shift in Nigeria’s auto market with the rollout of a single-digit interest vehicle financing scheme, offering loans from as low as nine per cent to make brand-new cars more accessible to individuals and businesses.

The indigenous automaker said the initiative was designed to unlock demand for new vehicles and reduce the dominance of imported used cars, popularly known as Tokunbo.

The indigenous automaker unveiled the initiative, tagged Nord Finance, in Lagos on Tuesday, saying the plan would make vehicle ownership easier for individuals and businesses through flexible repayment options.

Chairman and Chief Executive Officer of Nord Automobiles, Mr Oluwatobi Ajayi, said the company was determined to change the long-standing culture of relying on used vehicles, which he described as costly to maintain, unreliable, and often unsafe.

“Our goal is to make more Nigerians drive brand-new vehicles,” Ajayi said.

“For too long, Nigerians have been used to Tokunbo cars. While tokunbo cars have played a role in improving access to mobility, there are growing concerns around their long term reliability, safety standards, and overall cost of ownership.

As we look to the future, it is important to gradually transition towards more structured, reliable, and locally supported vehicle solutions that can better serve Nigerians and strengthen our economy.”

He said the financing package offers interest rates starting from 9%, and repayment tenures of up to 48 months.

According to him, the arrangement allows buyers to spread the cost of a new vehicle over several years rather than paying huge lump sums upfront.

“This means that instead of looking for N10m or N15m at once to buy a vehicle, you can pay a smaller amount monthly and drive a reliable brand-new car,” he said.

“You do not have to worry about frequent breakdowns or visiting mechanics regularly, like many Tokunbo owners do.”

Ajayi explained that the scheme is being executed through Nord Finance Limited, a subsidiary of Nord Automobiles, in partnership with a commercial bank.

He noted that prospective buyers can access financing for any of Nord’s 11 passenger and commercial vehicle models, as well as four models under its electric vehicle brand, Tavet.

Nigeria remains one of Africa’s largest automobile markets, with annual demand estimated at about 500,000 vehicles. However, only a small percentage of that figure represents brand-new purchases, while the majority are imported used vehicles.

Ajayi said the company hoped the financing package would help convert a portion of the used-car market into demand for new, locally assembled vehicles.

“Nigeria is a very big market of over 200 million people, with demand for about 500,000 vehicles yearly. Unfortunately, only around 14,000 to 20,000 of those are brand-new vehicles, depending on the data source,” he said.

“We believe that with Nord Finance, even if we move just five per cent of the Tokunbo market into the new-car segment, it will be a major shift.”

He also said Nord vehicles are specifically designed to meet Nigerian driving conditions, unlike many imported models originally built for foreign markets.

The Nord CEO said, “We have seen that many vehicles brought into Nigeria were not designed for our roads, our fuel quality, or our weather.

“Our vehicles are robust; they have high ground clearance, cooling systems that can withstand Nigeria’s heat, and engines tuned to perform well with the fuel available here.”

Ajayi said Nord has the production capacity to meet rising demand, adding that the company assembles its vehicles in Epe and at the University of Lagos.

“When you buy a Nord, you are buying a vehicle built for you. It is durable, dependable, and gives peace of mind,” he added.

Founded in 2018, Nord Automobiles focuses on designing, assembling, and distributing locally made vehicles from its Lagos base, with a growing portfolio that includes passenger, commercial and electric models.

NRC Moves to Standardise Hygiene for Clean Trains, Safer Journeys Nationwide

In a move that signals a shift from routine maintenance to passenger-focused service delivery, the Nigerian Railway Corporation (NRC) has rolled out a nationwide cleanliness protocol aimed at raising safety, comfort and global competitiveness across its rail network.

At the heart of the initiative is a newly introduced Standard Operating Procedure (SOP) that sets uniform rules for cleaning train coaches and railway stations—an area the Corporation now describes as critical to operational success, not just aesthetics.

The SOP was unveiled in Lagos during a hands-on workshop that brought together cleaning contractors from across the country, marking what NRC management calls a “milestone” in repositioning the rail system.

Managing Director Kayode Opeifa made it clear that sanitation is no longer a back-end function but a frontline performance metric. According to him, the modern rail experience goes beyond punctuality, extending to how safe, clean and comfortable passengers feel from station to coach.

“Passengers judge us not only by our schedules but by the environment we provide,” he said, stressing that public confidence in rail transport is closely tied to visible hygiene standards.

The workshop, organised by the Corporation’s Business Processes, Efficiency and Due Diligence (BuPED) unit, also introduced a set of Quality Control Cleaning Codes designed to eliminate inconsistencies across locations and operators. For the 24 service providers in attendance, compliance is no longer optional—future contract evaluations will hinge strictly on adherence to the new benchmarks.

Director of BuPED, Oyekunle Oyewole, noted that the new regime would enforce measurable performance standards, ensuring that every contractor operates with the same level of professionalism nationwide.

Beyond immediate improvements, the NRC is positioning the reform as part of a broader strategy to prepare for an expanding rail network.

With new corridors such as Kano–Kaduna and Ibadan–Ilorin in the pipeline, the corporation is building what it describes as a multi-billion-naira ecosystem—one where service providers who meet today’s standards will play key roles in tomorrow’s operations.

The message from the NRC is clear: in the next phase of Nigeria’s rail revival, cleanliness is not cosmetic—it is core to safety, efficiency and passenger trust.

MTN Nigeria to Sell 60% Fintech Stake for N152bn

MTN Nigeria Communications Plc has announced plans to sell a 60 percent stake in its fintech subsidiaries—MoMo Payment Service Bank and Y’ello Digital Financial Services (YDFS)—in a N152.06 billion transaction involving its parent company, MTN Group. The proposal is expected to be presented to shareholders for approval at the company’s Annual General Meeting scheduled for April 30, 2026.

The disclosure was contained in an information document and Frequently Asked Questions (FAQ) circulated to shareholders ahead of the meeting, outlining the structure and purpose of the transaction.

Under the arrangement, MTN Group, through MTN Group Fintech B.V., will acquire majority ownership of the fintech subsidiaries, while MTN Nigeria will retain a 40 percent stake. The deal is part of MTN Group’s broader “Ambition 2030” strategy aimed at strengthening its position in connectivity, fintech, and digital infrastructure across Africa.

MTN Nigeria explained that the transaction will be executed through a combination of fresh capital injection into the fintech businesses and a secondary acquisition of shares from MTN Nigeria. The assets will then be transferred into a new holding company to be registered with the Central Bank of Nigeria, establishing a 60:40 ownership structure between MTN Group Fintech and MTN Nigeria.

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The company stated that an independent fairness opinion conducted by KPMG valued the transaction at N95.5 billion, describing it as fair and reasonable. The valuation also represents a 2.1 times premium over the fintech units’ carrying value as of December 2025.

MTN Nigeria noted that the fintech subsidiaries, while fully funded by the company so far, now require additional capital to support their expansion in Nigeria’s fast-growing digital financial services sector. It said the restructuring will enable MTN Group to inject further investment to accelerate growth and improve service delivery.

The company added that the move is expected to allow MTN Nigeria to strengthen its balance sheet, focus on its core connectivity business, enhance service quality, and sustain shareholder returns over time.

Shareholders were assured that their existing holdings in MTN Nigeria will remain unchanged if the transaction is approved, while they will still retain indirect exposure to the fintech business through the company’s 40 percent stake.

MTN also disclosed that the fintech subsidiaries are currently operating at a loss. However, it said separating them from core telecom operations is expected to improve overall financial performance, enhance cash flow, and support potential dividend stability in the medium term.

If approved at the AGM, MTN Nigeria said it will proceed with all required regulatory and legal processes, including approvals from the Central Bank of Nigeria and other relevant authorities. The company expects the transaction to be completed on or before December 31, 2026.

MTN Nigeria to Sell 60% Fintech Stake for N152bn