Immigration Service Honours Lasaco Assurance MD Over Product Innovation

The Nigeria Immigration Service (NIS), Lagos State Command, has honoured the Managing Director of Lasaco Assurance Plc, Mr. Ademoye Shobo, in recognition of his contributions to product innovation, operational excellence, and sustainable growth within Nigeria’s insurance sector.

The recognition was presented during a courtesy visit by senior officials of the Nigeria Immigration Service to the corporate headquarters of Lasaco Assurance Plc in Lagos.

The delegation, led by the Deputy Comptroller of Immigration and Passport Control Officer (PCO), engaged the management of the insurance company in discussions focused on institutional collaboration, improved service delivery, operational efficiency, and sustainable growth across both the public and private sectors.

The visit also provided an avenue for both organisations to strengthen existing relationships and explore opportunities for deeper cooperation in areas of mutual interest.

As part of the highlights of the engagement, the immigration officials presented an award to Mr. Shobo for his role in strengthening risk management systems and driving business growth through innovative insurance products and customer-focused strategies.

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The Nigeria Immigration Service delegation commended the leadership of Lasaco Assurance Plc for maintaining high standards of professionalism, innovation, and service delivery in the highly competitive insurance industry.

The officials noted that the company has continued to distinguish itself through operational resilience, strategic growth initiatives, and its commitment to providing value-driven insurance solutions to customers and stakeholders.

Speaking during the engagement, the Managing Director of Lasaco Assurance Plc, Mr. Ademoye Shobo, expressed appreciation to the Nigeria Immigration Service for the recognition and reaffirmed the company’s commitment to sustaining a strong and mutually beneficial relationship with the agency.

He stressed the importance of collaboration between public institutions and private sector organisations in promoting national development, operational efficiency, and improved customer service delivery.

According to him, Lasaco Assurance Plc remains committed to innovation, stakeholder confidence, and sustainable business growth through strategic partnerships and continuous improvement in service delivery.

The management of the company also described the courtesy visit as a significant step towards deepening institutional relationships and enhancing cooperation between both organisations.

They noted that continuous engagement between government agencies and private organisations remains essential in building trust, encouraging knowledge exchange, and promoting operational synergy capable of supporting national economic growth and development.

The visit further highlighted the growing importance of strategic partnerships between the public and private sectors in driving institutional excellence, improving operational standards, and strengthening service delivery across industries.

Lasaco Assurance Plc reiterated its commitment to maintaining operational efficiency, delivering customer-focused insurance solutions, and sustaining growth through innovation and strategic collaborations.

Immigration Service Honours Lasaco Assurance MD Over Product Innovation

Nigeria Targets Additional 70,000 Annual Vehicle Output, West African Export with Hybrid Motors, Chinese Firm EV Deal

Launch Design Shanghai and Hybrid Motors Nigeria have signed a strategic partnership agreement to establish electric vehicle manufacturing plants in Lagos and Abuja, a move expected to raise Nigeria’s annual vehicle assembly capacity by 70,000 units and strengthen automobile exports to neighbouring West African countries.

The agreement, signed in Shanghai on May 8, 2026, will drive the production of “Acely,” Hybrid Motors Nigeria’s indigenous vehicle brand designed specifically for Nigerian roads, climate and mobility needs.

The collaboration is being positioned as a major boost to Nigeria’s automotive industrialisation drive, with the two firms aiming to transform the country into a regional hub for vehicle production and export.

Under the partnership, the companies will develop two manufacturing facilities with a combined annual production capacity of 70,000 vehicles at full operation.

The Lagos plant, located along the Lekki-Epe corridor, will serve as the main production and assembly centre with an installed capacity of 50,000 units yearly.

Its proximity to the Lekki Deep Sea Port is expected to support large-scale exports to regional markets including Ghana, Benin Republic, Togo and Côte d’Ivoire.

Industry stakeholders believe the export-oriented facility could significantly expand Nigeria’s automotive footprint across West Africa while reducing dependence on imported vehicles within the region.

The second facility, to be located within the Free Zone Business Area of Centenary Economic City in Abuja, will have an annual production capacity of 20,000 units and focus on supplying Northern Nigeria and neighbouring Sahel markets.

The firms said the dual-plant strategy would improve logistics efficiency, lower production costs and create thousands of direct and indirect jobs across the automotive value chain.

Speaking during the signing ceremony, Chief Executive Officer of Hybrid Motors Nigeria, Mr. Jubril Arogundade, described the project as a defining moment for Nigeria’s automotive future.

“This partnership is more than a business agreement; it is a commitment to building Nigeria’s automotive future,” Arogundade said.

“With Acely, we are demonstrating that globally competitive vehicles can be conceived, designed and assembled in Nigeria by Nigerians for both local and international markets.”

He added that the partnership with Launch Design Shanghai would bring advanced automotive engineering and manufacturing expertise into Nigeria, helping the Acely brand meet international standards while retaining local identity.

Chief Executive Officer of Launch Design, Mr. Wang Xun, said the collaboration would contribute to the emergence of a stronger automotive manufacturing ecosystem in Africa.

“Our turnkey engineering capabilities combined with Hybrid Motors Nigeria’s understanding of the local market create a strong foundation for success,” Wang said.

“Together, we are not only building vehicles but helping to establish a sustainable automotive industry for the region.”

The companies said Acely vehicles would focus on local assembly, energy efficiency and advanced electric and hybrid technologies suited to African operating conditions.

Analysts said the project could stimulate local component manufacturing, encourage technology transfer and deepen technical skills development within Nigeria’s automotive sector.

The initiative is also expected to conserve foreign exchange by reducing vehicle imports while positioning Nigeria as a competitive exporter of made-in-Nigeria vehicles within the ECOWAS sub-region.

Both firms noted that the investment aligns with the Federal Government’s National Automotive Industry Development Plan aimed at increasing local vehicle production, attracting investments and accelerating industrial growth.

“With facilities in Lagos and Abuja serving distinct but complementary markets across Nigeria and the wider region, we are laying the foundation for a new era of mobility that is locally rooted, globally competitive and sustainably driven,” Arogundade added.

How Oil Mafia Tried To Stop My $20bn Refinery Project — Dangote

Africa’s richest man and President of the Dangote Group, Alhaji Aliko Dangote, has revealed how powerful interests in Nigeria’s oil sector allegedly fought to frustrate the construction of the $20 billion Dangote Petroleum Refinery.

Dangote alleged that influential fuel importers and entrenched players in the petroleum industry resisted the project because they feared it would disrupt the long-standing business of importing refined petroleum products into Nigeria.

Speaking during an interview with Nicolai Tangen, Chief Executive Officer of Norway’s sovereign wealth fund, Dangote explained that his decision to build the refinery was driven by decades of fuel scarcity and endless queues at filling stations across Nigeria.

According to the billionaire businessman, it was troubling that Nigerians often spent hours and even days trying to purchase petrol despite the country being one of Africa’s largest crude oil producers.

“We looked at oil. Africa produces oil, but many countries don’t refine it. They export crude and import refined products, which drains foreign reserves,” Dangote said.

“In Nigeria, we had fuel queues for more than 50 years. People queued for days during Christmas just to buy petrol in an oil-producing country. Government refineries were not functioning properly, so I decided to take the bold step of building a refinery.”

Dangote disclosed that the refinery project, which began in 2013, faced major obstacles from the onset, including delays in land acquisition and alleged sabotage from vested interests within the oil business.

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“Some of these obstacles were created by entrenched interests in the oil business — what you might call a mafia — trying to stop us from solving these problems. But we stayed focused,” he stated.

The industrialist explained that the scale of the refinery project forced his company to build several critical infrastructures from scratch because existing facilities in Nigeria could not support the project.

According to him, the company had to construct its own seaport to handle heavy industrial equipment, some weighing up to 3,000 tonnes.

Dangote also revealed that his company built roads, water systems and other support infrastructure for the refinery complex located in Lekki, Lagos State.

“When we started, the naira exchange rate was ₦156 to the dollar. At one point it went as high as ₦1,900, but we still continued,” he said.

He added that the refinery’s water treatment section alone occupies more than 30 hectares and processes about 440 million litres of treated water.

Dangote further disclosed that about 67,000 workers participated in the construction of the refinery, which is currently regarded as the world’s largest single-train refinery with a processing capacity of 650,000 barrels per day.

Reflecting on the project, the billionaire admitted that he initially underestimated the enormity of what his company was undertaking.

“Honestly, we were lucky we didn’t fully understand the enormity of what we were building at the beginning. If I had seen the full scale immediately, I might have chickened out,” he said.

“It was like swimming across the ocean. Once you’re in the middle, you can’t go back, so you keep moving forward.”

Dangote also praised several financial institutions that supported the refinery project despite widespread skepticism.

He specifically acknowledged the support of the African Export-Import Bank (Afreximbank), African Finance Corporation, Zenith Bank, Access Bank, United Bank for Africa, Standard Bank and Standard Chartered Bank.

The Dangote Refinery, which officially commenced operations in 2024, has begun supplying diesel, aviation fuel and petrol to Nigeria and other African markets.

Energy analysts believe the refinery could significantly reduce Nigeria’s dependence on imported fuel, save foreign exchange and position the country as a major exporter of refined petroleum products in Africa.

How Oil Mafia Tried To Stop My $20bn Refinery Project — Dangote