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Automaker CEO Elon Musk becomes world richest man

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Chief Executive Officer of electric car company, Tesla, Elon Musk, has become the world’s richest man, with a net worth of more than $185 billion.

The South Africa-born American overtook Jeff Bezos, Amazon CEO, on Thursday, following a 4.8 per cent surge in Tesla’s share price, US media said on Thursday. Bezos had been the richest person since 2017 and is currently worth about $184 billion.

Musk is a major shareholder of the electric car company and has benefited from Tesla’s surging share price over the last year. CNBC estimated Musk’s wealth at $185 billion.

Musk, who also leads the aerospace venture SpaceX in addition to Tesla, has become a pacesetter for the car industry as conventional automakers try to catch up with Tesla’s lead in electric autos.

Tesla recorded tremendous success in 2020 as it ramped up auto production, broke ground on new factories and reported a series of profitable quarters.

This enabled its shares to rise more than 700 per cent during the year as it was added to the prestigious S&P 500 index.

According to CNBC, Musk started 2020 with about $27 billion, and was barely in the top 50 richest people.

Tesla’s rocketing share price — which has increased more than nine fold over the past year — along with his generous pay package has added more than $150 billion to his net worth.

Musk passed Warren Buffett in July to become the seventh-richest person. In November, Musk raced past Bill Gates to become the second-richest person. Musk has gained more wealth over the past 12 months than Bill Gates’ entire net worth of $132 billion.

Shares of Tesla on Thursday surged 5.9 per cent to $800.43 in late morning trading, lifting the company’s market capitalisation above $750 billion.

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CFAO Mobility Open Day to offer special deals on new vehicles, parts, diagnostics

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CFAO Mobility Open Day to offer special deals on new vehicles, parts, diagnostics

 

CFAO Mobility has announced plans to host the 2026 edition of its flagship CFAO Mobility Open Day, aimed at showcasing a wide range of innovative mobility solutions.

In a statement, the company said the event would take place on Thursday, April 30, 2026, at Harbour Point, Victoria Island, Lagos, from 9am to 6pm.

The Open Day is expected to bring together leading global automotive and equipment brands in a dynamic exhibition tailored to meet diverse mobility needs.

Participating brands are Toyota, BYD, Mitsubishi, Suzuki, Fuso, JCB, Howo, Sino Equipment, King Long, TechKing Tyres, Yamaha, Winpart and Auto Fast.

According to CFAO Mobility, attendees will experience an extensive display of products and services, ranging from brand-new vehicles and motorcycles to outboard engines, fleet management solutions, spare parts and aftermarket services.

The event, which is free and open to the public, will also feature test drives, professional vehicle diagnostics and exclusive spare-parts deals, offering participants a hands-on and engaging experience.

The company urged car enthusiasts, business owners and prospective buyers to take advantage of the Open Day to explore mobility solutions tailored to their personal and business needs.

With over 120 years of presence in Nigeria, CFAO Mobility remains a key player in the mobility and healthcare sectors.

It added that the Open Day reflects its continued commitment to delivering innovative, customer-focused mobility solutions.

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Jetour set to ignite Lagos with four-day automotive experience

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Jetour set to ignite Lagos with four-day automotive experience

 

Lovers of sophisticated and elegant SUVs in Lagos are about to witness a combination of automotive engineering and urban lifestyle as Jetour Nigeria announces the hosting of a flagship event, “The Jetour Experience,” a four-day immersive festival designed to redefine how Nigerians interact with the road.

​From April 16 to 19, 2026, The Podium in Lekki, Lagos, will be transformed into a high-energy hub where sleek design meets high-octane entertainment. This is not just a standard car show; it’s a curated lifestyle destination, says the organisers in a statement.

The four-day event is said to promise a fusion of horsepower, high fashion, and plenty of fun.

Tagged “The Jetour Experience,” the four-day extravaganza is not just about gleaming chrome and leather seats; it is a high-octane celebration aimed at blurring the lines between mobility and entertainment.

Specifically, it stated that the exhibition would feature test drives, virtual reality gaming, fitness sessions, and interactive activities with branded giveaways.

The statement added that the arena would buzz with entertainment, including contests and interactive games, giving guests the chance to win exclusive branded gifts and prizes.

​In a massive show of force, Jetour says it is partnering with its seven prestigious accredited dealers—Elizade Nigeria Limited, New Era Autovehicle Services Limited, Kojo Motors, R.T. Briscoe, Tab Autos Limited, Mandilas Motors, and Germaine Auto Centre —to bring their full fleet to the public.

​Whether you are an eco-conscious commuter or an off-road adventurer, the lineup has something for everyone, according to a statement by the Jetour Nigeria.

​The Urban Explorers: X50 and X70

​The Sophisticates: X70 Plus and X90 Plus

​The Eco-Warriors: X70 PHEV and T2 PHEV (Plug-in Hybrids)

​The Icons: The rugged T2 and the razor-sharp Dashing

​Jetour is blurring the lines between mobility and entertainment. Running daily from 9:00 am to 7:00 pm, the event promises a packed itinerary designed to keep the adrenaline pumping.

Visitors will also push limits during test drives, explore virtual reality (VR) gaming such as foosball, and take part in curated fitness sessions.

In a creative masterstroke, the grand finale will feature a car runway fashion show. Attendees can expect a visual feast where automotive engineering meets sartorial elegance, reinforcing the idea that a Jetour is not just a vehicle but a fashion statement.

The firm stated, “Beyond the glitz, the event maintains a strong focus on safety. A dedicated panel discussion featuring stakeholders and officials from the Federal Road Safety Corps (FRSC) will explore road safety, tech-driven security, and the future of motoring in Nigeria.

“With its blend of adrenaline, artistry, and advocacy, Jetour Nigeria isn’t just hosting an event; it is creating a destination.”

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Soaring Fuel Prices Drive Nigerians Toward Electric Vehicles

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Electric Vehicles

Soaring Fuel Prices Drive Nigerians Toward Electric Vehicles 

Rising fuel prices in Nigeria are accelerating interest in electric vehicles (EVs) as households, transport operators, and businesses seek cost-effective alternatives to petrol- and diesel-powered cars. Experts say the spike in petrol costs is no longer just an economic concern but a turning point, pushing electric mobility from a futuristic idea into a practical solution for everyday commuting and commercial use.

At the Abuja Compact on Electric Mobility Roundtable, stakeholders highlighted how increasing transport expenses are reshaping decisions, especially among commercial drivers and small business owners. Rising fuel costs are prompting many Nigerians to see EVs as a survival strategy rather than a luxury option.

Chairman of the Presidential Initiative on Compressed Natural Gas and Electric Vehicles (Pi-CNG & EV), Ismaeel Ahmed, explained that the removal of fuel subsidies has widened the cost gap between petrol-powered vehicles and EVs. Charging an EV for a 200-kilometre journey costs around ₦4,500, compared to roughly ₦22,500 for petrol vehicles — a difference that offers a “strong economic incentive” influencing consumer choices. Ahmed added that the federal government is pursuing a balanced transition strategy supporting both compressed natural gas (CNG) and electric vehicles to encourage sustainable energy alternatives.

Financial solutions are helping Nigerians overcome the high upfront costs of EVs. Mohammed Abdul, Divisional Head at Alternative Bank, noted that lease-to-own, pay-as-you-go, and partnership schemes are making EVs accessible to drivers in the informal transport sector. These financing models allow gradual adoption while easing financial burdens.

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Industry leaders also see wider economic benefits from EV adoption. Yusuf Suleiman, CEO of Bankrol Camel EV and Blue Camel Energy Ltd, said EV investments could improve energy access, boost industrial growth, and reduce Nigeria’s reliance on imported fossil fuels. Ahmed Garba Ahmed, COO of Bankrol Camel EV, added that EVs can cut energy costs per kilometre by up to 60%, benefiting ride-hailing drivers, logistics companies, and fleet operators.

Dapo Adesina, President of the Electric Mobility Promoters Association of Nigeria (EMPAN), explained that EV adoption can strengthen Nigeria’s power sector. Solar-powered charging hubs can simultaneously power vehicles and supply electricity to nearby communities, particularly in underserved areas. Private sector initiatives are also supporting Nigeria’s EV transition. Companies like SolarCity Gas are deploying superfast EV charging stations across key urban hubs and petrol stations, expanding the country’s charging infrastructure to meet growing demand.

Despite growing adoption, electric mobility in Nigeria faces challenges such as limited electricity infrastructure and inconsistent power supply. Analysts warn that significant investments in charging networks and supportive policies are necessary for sustainable EV growth. Nevertheless, with fuel prices remaining high, EVs are increasingly viewed as economically smart and environmentally friendly alternatives, offering Nigerians a viable solution to rising transport costs.

Soaring Fuel Prices Drive Nigerians Toward Electric Vehicles

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