Electric Mobility: Spiro Unveils Expansion Plan, Names Nigeria New MD

Spiro, Africa’s leading electric mobility company, is stepping up plans to expand its footprint in Nigeria, strengthen its battery-swapping infrastructure and deepen partnerships to make electric motorcycles more accessible and affordable to riders.

The company unveiled the growth strategy at the second edition of its Media Connect event in Lagos, where it formally introduced its new Country Head and Managing Director, Mr Prasad Sane, who will lead its operations and expansion drive in the country.

Sane said Spiro would consolidate its presence in Lagos, Ogun and Oyo states while exploring opportunities to extend its operations to additional markets, as it seeks to accelerate Nigeria’s transition to cleaner and more sustainable transportation.

The event brought together journalists covering business, technology, mobility and sustainability to discuss the company’s progress, infrastructure development and long-term ambitions for Nigeria’s electric mobility market.

Addressing the gathering, Sane said the company was moving beyond the deployment of electric motorcycles to building an integrated mobility ecosystem designed to improve riders’ earnings, reduce operating costs and create economic opportunities.

“Today is about progress, partnership and purpose. A year ago, we shared our vision for electric mobility in Nigeria. Today, we are demonstrating tangible results and a clear path forward,” he said.

He added that his mandate was to make Spiro one of the most trusted, affordable and accessible electric mobility solutions for Nigerians, beginning with its existing focus markets.

“My mandate is simple: to make Spiro the most trusted, affordable and accessible electric mobility solution for Nigerians, beginning with Lagos, Ogun and Oyo states.

“We are moving beyond electric bikes to build a complete ecosystem centred on our promise of ‘Energy on the Move’,” Sane stated.

A major pillar of the company’s strategy is its battery-swapping technology, which allows riders to exchange depleted batteries for fully charged ones in under a minute, reducing downtime and eliminating the need to wait for conventional recharging.

According to Sane, the model offers riders an alternative to rising fuel and maintenance costs while supporting efforts to reduce carbon emissions and improve the economics of commercial motorcycle operations.

“Electric mobility is no longer the future. It is the present, and Nigeria is poised to lead the transition,” he said.

Under its expansion plan, Spiro intends to accelerate the deployment of battery-swapping stations and service centres across Lagos, Ogun and Oyo states to improve accessibility, operational efficiency and customer support.

The company also plans to extend its geographical reach beyond the three states, bringing its electric motorcycles and related services to more Nigerian markets.

Another priority is strengthening partnerships with financial institutions, logistics companies and rider communities to improve access to electric motorcycles and its Battery-as-a-Service solutions.

The approach is expected to support wider adoption by riders who may face financial barriers to acquiring electric motorcycles outright, while helping businesses explore cleaner and potentially more cost-effective transportation options.

Spiro also plans to scale up local assembly operations, technical training and after-sales support, with a focus on creating employment opportunities, particularly for young Nigerians and women.

The company said the measures would help strengthen its operational capacity while developing local skills and supporting the growth of Nigeria’s electric mobility ecosystem.

The Media Connect event featured live product demonstrations and operational showcases, alongside the unveiling of the Spiro Ekon M1 Version 3, highlighting the company’s efforts to develop its electric motorcycle offerings for the Nigerian market.

Spiro, which received the West Africa Sustainable Award (WASA), is positioning its expansion around electric motorcycles and battery-swapping infrastructure as it seeks to contribute to the growth of sustainable mobility across Nigeria.

NNPCL: We Introduced ₦66 Fuel Discount Before FG’s Announcement

The Nigerian National Petroleum Company Limited (NNPCL) has said it introduced a ₦66-per-litre petrol discount on October 1, before the Federal Government announced a separate fuel price-relief measure aimed at cushioning Nigerians against rising petrol prices.

The national oil company said the initial discount was introduced to commemorate Nigeria’s 66th Independence Anniversary and would remain in effect until October 31, 2026, at NNPC Retail filling stations nationwide.

NNPCL’s clarification followed the Federal Government’s announcement of a 30-day petrol discount arrangement on October 8, under which the company’s retail arm would temporarily forgo its profit margin and sell petrol at cost to provide relief to consumers.

In a statement issued on Friday, October 9, NNPCL’s Chief Corporate Communications Officer, Andy Odeh, said the company’s earlier discount was a customer-relief initiative and should not be interpreted as a restoration of petrol subsidy.

“Before the announcement, NNPC Limited had introduced a sales discount on 1 October 2026 to commemorate Nigeria’s 66th Independence Anniversary. This will now continue until 31 October 2026 across NNPC Retail stations nationwide,” the company said.

NNPCL explained that the initiative was designed to ease the financial pressure on motorists and other customers amid rising global crude oil prices and their impact on domestic petrol costs.

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The company stressed that the discount applied to its retail outlets and did not establish a uniform petrol price nationwide or change the market-based pricing framework governing petroleum products.

It also urged Nigerians not to confuse the temporary price reduction with the return of the fuel subsidy regime, which the Federal Government ended in May 2023.

The Federal Government’s separate intervention, announced by the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, provides for NNPC Retail to forgo its retail profit margin for an initial 30-day period. Public transport operators are to receive priority under the arrangement.

The government has maintained that the new measure is not a subsidy because the discount is to be absorbed through NNPC Retail’s profit margin rather than funded by public revenue.

NNPCL said it would continue working with the Federal Government and other stakeholders to help cushion the impact of elevated fuel prices on households, businesses and the wider economy.

The clarification comes amid mounting concern over petrol prices and transportation costs, which have increased the financial burden on Nigerian households and businesses.

The company reaffirmed its commitment to reliable fuel supply, responsible customer service and clear communication about the scope and duration of its pricing initiatives.

NNPCL: We Introduced ₦66 Fuel Discount Before FG’s Announcement

Lasaco Assurance Retains A(NG) Rating as Revenue Rises 35.2% to N30.8bn

Lasaco Assurance Plc has retained its A(NG) national-scale financial strength rating for the 2025/2026 rating period, following an affirmation by Global Credit Rating Co. (GCR), with a stable outlook, in a development that highlights the insurer’s capital position and ongoing growth strategy.

The rating affirmation reflects the company’s risk-adjusted capital base, adequate liquidity and efforts to strengthen its underwriting capacity amid competition and evolving demands in Nigeria’s insurance industry.

According to the company, its financial performance was supported by a significant capital injection in 2026, which strengthened its capacity to underwrite larger and higher-value risks. The additional capital is expected to support its expansion plans and improve its ability to manage the financial risks associated with its insurance operations.

Lasaco Assurance recorded a 35.2 per cent increase in insurance revenue to N30.8 billion in 2025, reflecting growth across its business lines. The performance underscores the company’s efforts to expand its business portfolio and deepen its presence in the Nigerian insurance market.

Despite the revenue growth, the insurer continues to face underwriting performance pressures, making improved risk selection, pricing discipline and cost management important to its drive for stronger profitability.

The company is pursuing a range of strategic initiatives aimed at expanding retail insurance penetration, accelerating digitalisation and strengthening partnerships to attract new customers and improve service delivery.

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These initiatives are also expected to support wider access to insurance products, improve operational efficiency and strengthen the company’s competitive position in a market where insurers are increasingly seeking innovative ways to reach individuals and businesses.

Lasaco Assurance’s diversified business portfolio remains a key component of its growth strategy, with several business lines contributing to its revenue. The company is also prioritising improved underwriting discipline and more effective use of reinsurance capacity to manage exposure to large claims and reduce earnings volatility.

Reinsurance enables insurers to transfer part of their risks to other insurance providers, helping them manage large exposures and preserve their financial capacity. For Lasaco Assurance, effective deployment of reinsurance arrangements is part of its broader effort to balance business expansion with risk management.

Commenting on the rating affirmation, the company’s Managing Director, Ademoye Shobo, expressed satisfaction with the recognition, describing it as a validation of the efforts and resilience of the company’s workforce.

“Lasaco Assurance is proud of this recognition, which validates the hard work and resilience of our team. Nonetheless, we remain fervently committed to continuous improvement and are actively working to elevate our rating through enhanced underwriting practices, operational excellence, and strategic growth,” Shobo said.

The company said its strengthened capital base and improved liquidity coverage had positioned it to pursue sustainable growth over the rating outlook period.

However, sustaining the positive momentum will depend on its ability to translate revenue growth into improved underwriting results, maintain adequate liquidity and manage risks effectively as its business expands.

The insurer’s emphasis on operational efficiency and disciplined underwriting reflects the need to balance growth with profitability, particularly in an industry where claims obligations, pricing pressures and changing market conditions can affect financial performance.

Lasaco Assurance also aims to increase its market share while delivering value to policyholders through improved products and service delivery. Its digitalisation strategy and retail market expansion are expected to play important roles in reaching more customers and strengthening its distribution channels.

The continued affirmation of its A(NG) rating provides a positive signal about the company’s financial strength within the national rating scale. However, the rating does not eliminate the operational and underwriting risks associated with its business.

As Lasaco Assurance advances its growth agenda, its ability to sustain revenue expansion, strengthen underwriting profitability and maintain sound capital and liquidity positions will remain important to its long-term performance and standing in Nigeria’s insurance sector.

Lasaco Assurance Retains A(NG) Rating as Revenue Rises 35.2% to N30.8bn