Toyota Nigeria delights customers at maiden Toyota Motor Show (with photos)

… unveils Belta, Rumion

Toyota (Nigeria) Limited has staged an exclusive Motor Show in Lagos, delighting its individual, corporate and government customers as well as prospective customers with remarkable vehicles display, special after-sale packages, test drives and two new vehicle launches and engaging interactions.
The three-day event from June 27-29, was held at The Podium, Lekki, under a setting and ambience akin to international auto shows in Europe and America, depicted a novel way to consolidate their relationship with customers and gain prospects’ confidence.
The vehicle display was held inside the well air-conditioned pavillion, with ample space for display of each of the vehicles.
The roomy space also accommodated the Body and Paint Section, the Spare Parts section and the Service area.

Outside the hall, but within the event centre fully decorated for the Toyota show, was an international standard test-drive arena for customers willing to have a feel of any of the cars.
On the ground was the Managing Director of TNL, Mr. Kunle Ade-Ojo, and other executives of TNL who gave details of each of the vehicles displayed as well as after-sales advisory.

The TNL MD personally took corporate customers, including top government officials, chief executive officers of major companies and influential leaders on a tour of the different sections of the display.
Speaking with journalists earlier, Ade-Ojo said, “This show is for all Toyota customers and other Nigerians interested in buying Toyota vehicles”.
“While we’re still participating in other shows, this exclusive Toyota Motor Show will enable us to concentrate on our customers’ needs, giving them a view of our range of vehicles and letting them know other top-notch services we offer in terms of after-sales service, spare parts availability and body and paint as well as other value-adding services.”
The show, he said, afforded the TNL team an opportunity to “have a one-on-one interaction with our customers without any distraction; free diagnosis on customers’ vehicles and a test drive, all taking place in a quiet and comfortable environment.”
Ade-Ojo who also had a parley with CEOs of corporate and government institutions, expressed satisfaction with the attendance and the outcome of the event.

He said, “It was a wonderful outing. Everybody enjoyed the ambiance and the opportunity to come and have a one-on-one interaction with our team.
“The after-sale area is one sector that has been of major interest to customers who have been coming. The free vehicle diagnostics has been well received.”
One of the highlights of the event was the official unveiling of two new Toyota products, the Belta and Rumion, to the Nigerian market.
Ade-Ojo also spoke on TNL’s plans to introduce three new electric vehicles to the country in the next three years as part of its plans to support the government’s green deal initiative.

“By the end of this year, we’ll be introducing our first hybrid electric vehicle, the Cross. Next year, we’ll introduce the RAV4 hybrid. And late next year or early 2026, we would be bringing in the Land Cruiser Prado hybrid,” he stated.

He said TNL would be lending its big network of workshops to support the Federal Government’s campaign for the use of Compressed Natural Gas-powered vehicles through conversion.
“We are almost concluding arrangements with different partners to use our network of workshops for the vehicles conversion to CNG-powered,” he added.
The TNL MD recalled that Nigeria sold about 10,000 new vehicles last year, with Toyota recording about 1,500 units.
He said that about 15,000 new vehicles were projected to be sold in Nigeria this year, adding that Toyota was on course to double its last year’s performance.

Auto assemblers seek N100bn intervention fund for vehicle acquisition 

Automakers and assemblers have called on the Federal Government to urgently put N100 billion intervention fund into a vehicle finance scheme to enable Nigerians to buy new vehicles and revive the industry.

This, they contend, will also speed up the development of the nation’s economy.

This view was canvassed at the Nigeria Auto Industry Summit held last Thursday in Lagos, where Minister of Industry, Trade and Investment, Dr Doris Uzoka-Anite, said automotive sector holds the key to reviving Nigeria’s economy and positioning the nation as a hub of automotive manufacturing in Africa.

The summit was organised by the Nigeria Auto Journalists Association (NAJA) in collaboration with the National Automotive Design and Development Council (NADDC) under the theme: ‘Developing Nigeria‘s Economy through the Auto Industry’.

Those who canvassed the view included an ex-Director of NADDC, Mr Luqmam Mamudu, Head Sales, Marketing and Logistics at Honda Automobile Western Africa Ltd, Remi Adams, and General Manager, Marketing & Corporate Communications at Coscharis Group, Abiona Babarinde.

They sought urgent government’s intervention in the auto finance scheme in order to make the industry vibrant.

The Federal Government on a number of occasions, according to Adams, has failed to keep its promise of bringing in commercial banks including a foreign bank to handle a proposed auto finance scheme using funds pulled from levies collected on imported vehicles.

Mamudu lamented that only two per cent of vehicles assembling capacity in Nigeria put at 500,000 vehicles per annum was currently being utilised.

He stressed the need to create the needed demand for such new vehicles and others through a sustainable auto finance scheme.

“Government should create an intervention fund of N100 billion for provision of affordable vehicle acquisition Loans,” he said.

While Mamudu wants the loans directed only to commercial vehicles fleet operators initially to flood Nigeria with shared car services, buses and trucks, others said it should be made open to all intending new vehicle buyers.

“Credible mobility private credit companies with verifiable track records in Nigeria should be identified and invited to participate in this revolving loan scheme.

“The scheme should be supervised by Security and Exchange commission (SEC),” Mamudu, now a automobile industry consultant, stated.

The stakeholders also called for adequate management of used vehicles importation through tariff so as to allow for consistent development of the nation’s automotive industry.

Speaking on the revival of the industry, a board member of Nigeria Automobile Manufacturers Association, Mr Benedeth Ejindu, stressed the need to pass the National Automotive Industry Development Plan (NAIDP) into law to engender investor confidence and breathe new life into the sector.

The Federal Executive Council (FEC) in May 2023 approved the NAIDP.

The system is expected to generate one million jobs and enforce patronage of locally produced vehicles by government and companies working on government contracts.

According to Ejindu, there is also the need to develop and implement an automotive raw material development and component manufacturing master plan.

“There is the need to revive battery, and glass manufacturing as a precursor to revamping local manufacture of welded parts (exhaust system, seat frames), elect Parts (batteries, trafficators, wiring harness).

“Others are plastic and rubber parts such as tyres, tubes, fan blades, seat foam, oil seals, radiator, cables, filters, brake pads/linings, windscreens, side glasses, fibre-glass parts and paints,” he said.

The Nigeria Customs Service, Lagos Chambers of Commerce and Industry (LCCI) and the Nigerian Automotive Manufacturers Association (NAMA) made presentations at the summit.

The stakeholders agreed on the need for collaboration and periodic meetings to harmonise different positions and strategies to avoid working at cross purpose for speedy progress of the industry and national economy.

CBN gets SERAP seven-day ultimatum to account for missing N100bn dirty notes

Socio-Economic Rights and Accountability Project (SERAP) has slammed the Central Bank of Nigeria (CBN) with a seven-day ultimatum to explain the whereabouts of over N100 billion ‘dirty naira notes’ and ‘other large sum of cash awaiting examination’ kept in various branches of the apex.

SERAP gave the notice in a statement issued by its deputy director, Kolawole Oluwadare, saying the allegations were documented in the latest annual report recently published by the Auditor-General of the Federation.

SERAP also urged the Governor of the CBN Olayemi Cardoso, to “explain the whereabouts of the N7.2 billion budgeted for the construction of the CBN Dutse branch in 2010 and the N4.8 billion budgeted for the renovation of the CBN Abeokuta branch in 2009.

It asked the CBN governor to publish the names of the contractors that collected the money but failed to complete the projects.

SERAP urged him “to explain the whereabouts of the allegedly missing outstanding loan of N1.2 billion granted to the Enugu state government in 2015 and the outstanding loan of N1.9 billion granted to the Anambra state government between 2015 and 2016 and to fully recover and remit the public funds to the treasury.”

In the letter dated 29 June 29, 2024 and signed by SERAP deputy director Kolawole Oluwadare, the organisation said, “These grim allegations by the Auditor-General suggest grave violations of the public trust, the provisions of the Nigerian Constitution, the CBN Act, and national and international anticorruption obligations.”

SERAP said, “These grave violations also reflect a failure of CBN accountability more generally and are directly linked to the institution’s persistent failure to comply with its Act and to uphold the principles of transparency and accountability.”

According to SERAP, “These grave violations have seriously undermined the ability of the CBN to effectively discharge its statutory functions and the public trust and confidence in the bank. The CBN ought to be committed to transparency and accountability in its operations.”

The letter read in part, “We would be grateful if the recommended measures are taken within 7 days of the receipt and/or publication of this letter. If we have not heard from you by then, SERAP shall take all appropriate legal actions to compel you and the CBN to comply with our request in the public interest.”

“Explaining the whereabouts of the missing public funds, publishing the names of those suspected to be responsible and ensuring that they are brought to justice and the full recovery of any missing public funds would serve the public interest and end the impunity of perpetrators.”

“According to the recently published 2020 audited report by the Auditor General of the Federation (AGF), the Central Bank of Nigeria (CBN) has since 2017 been keeping over N100 billion [N100,672,999,000.00] ‘dirty and bad notes’, and other large sum of cash awaiting examination in various branches of the CBN.”

“The Auditor-General fears that the ‘dirty and bad notes’ initially planned to be destroyed may have been ‘be diverted and re-injected into the economy.’”

SERAP stated, “The CBN in August 2010 also reportedly budgeted N7.2 billion [N7,286,500,476.76] for the construction of Dutse branch building. The Dutse branch was due to be completed in November 2012 but the contractors have failed to complete the project.

“The Auditor-General is concerned that the project may have been ‘awarded to incompetent contractor,’ and wants the ‘job completed without further delay.’

“The CBN in 2009 reportedly budgeted N4.8 billion [N4,812,608,028.10] for the renovation of the CBN Abeokuta branch. The Abeokuta branch was due to be completed in 2012 but the contractors have failed to complete the project.

“There is no significant renovation work on the site, several years after the proposed completion date.

“The Auditor-General is concerned that the project may have been ‘awarded to incompetent contractor,’ and wants the ‘job completed without further delay.’”

According to the body, Nigerians have the right to know the whereabouts of the public funds.