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GAC Motor, Lotus Bank sign new vehicle financing pact

- Raise prospect for more new automobile purchases
GAC Motor appears determined to encourage more people in Nigeria to buy new vehicles for both personal/family ride and commercial purposes as it has entered into a partnership with Lotus Bank to make new vehicle acquisition easier and more affordable to all prospective auto patrons nationwide.
The scheme, ‘Rent to Win’, the two organisations said, was aimed at reducing the number of used vehicles on Nigerian roads.
Chairman, CIG Motor (franchise owners of the GAC brand in Nigeria), Chief Diana Chen, while speaking at the signing of the Memorandum of Understanding (MoU) in Lagos, said that the partnership with Lotus Bank is designed to enable customers to acquire new vehicles in a financially convenient manner with comfortable repayment plans.
Chen explained that the scheme is a special one to willing clients and reiterated that it would be executed with the sincerity of purpose it deserves.
According to her, customers who qualified for purchase of the brands could pay back between 36 to 48 months.
She said, “The agreement we have is unique and you can’t get it anywhere else. This is a special scheme we are offering to the public. With this agreement we are signing today, Nigerians would not need to bring out their entire money to buy a vehicle at once.”
Executive Director, Lotus Bank, Alhaji Alhassan Abdulkarim expressed delight at the agreement between the two organisations.
Abdulkarim explained that since the bank was established less than a year ago, it was the first time it was signing such an agreement with any automobile company in Nigeria and expressed optimism that it had the capacity to finance the scheme.
He emphasised that as a bank, the major action of the bank is to engage in financial intermediation with clients and promised that any client who approaches the bank for acquisition of the any GAC Motors model, such request would be granted within 48 hours.
He however said that such customers must meet the procedures spelt out by the bank, which include domiciling of their salary accounts with the bank and for businessmen; they must show evidence of continuous payments as agreed with the bank.
He said, “We have the capacity to finance as much of this scheme as possible despite the fact that we are just eight months in the financial sector. So far, we have 15 branches across the country.
“As at today, we have about N13 billion capital, which is the capital of a national bank for instance. If any organization wants to acquire 1,000 of these vehicles, we have the capacity to finance such an entity.”
Also speaking at the signing ceremony, General Manager, Commercial, CIG Motor, Jibril Arogundade, recalled that the automobile company had the same agreement with some financial institutions earlier and described the experience as successful for the automobile industry.
Auto
Nigeria’s firm, Weststar Associates, shines in Dubai, wins Daimler Truck EliteClass award

Nigeria’s firm, Weststar Associates, shines in Dubai, wins Daimler Truck EliteClass award
Weststar Associates Limited, Authorised General Distributor of Daimler Truck in Nigeria, has brought honour home all the way from United Arab Emirates specifically at the EliteClass 2024 Season Awards.
Daimler Truck Middle East Africa the Weststar team with the Silver Award in the Elite CSP (Customer Service and Parts) Performance category.
This is contained in a statement issued in Lagos, which added that the EliteClass 2024 Awards ceremony brought together 40 Daimler Truck Business Partners for a night of recognition and celebration.
Held at the One & Only Royal Mirage in Dubai, the prestigious black-tie event honoured top-performing general distributors that have demonstrated exceptional performance, dedication, and commitment to excellence in 2024.
The EliteClass 2024 Awards C
ceremony was the culmination of a year-long EliteClass programme for the Middle East and Africa measuring 24 categories across the entire business spectrum for Mercedes-Benz Trucks, Daimler Buses, and Fuso Trucks & Bus.
The awards highlighted the dedication and resilience of partners who have achieved outstanding performance and a remarkable commitment to excellence and contributed significantly to Daimler Truck’s success in the MEA regions.
President & CEO of Daimler Truck Middle East Africa, Mr. Michael Dietz, emphasized the importance of collaboration and performance-driven success during his opening address. “EliteClass 2024 is more than just an awards ceremony—it is a testament to the hard work, commitment, and shared vision of our partners.
“Their achievements continue to drive our brand forward, setting new benchmarks in customer experience and operational excellence across the region,” he said.
Weststar’s General Manager, Sales, Mr. Christopher Irumudomon, was present at the EliteClass 2024 Season Awards ceremony to accept the Silver Award in the Elite CSP (Customer Service and Parts) Performance category.
While presenting this award, the Daimler Trucks MEA leadership made the following statement: “Congratulations on your achievement in the EliteClass Central Africa 2024 Season. We are pleased to recognize your individual category achievement.”
The EliteClass 2024 Awards reaffirms Daimler Truck’s commitment to excellence, continuous growth, and the recognition of partners who drive success in an evolving industry landscape.
According to the statement, Weststar Associates Limited continues to fly the flag of the “brand with the star” high in Nigeria.
It said the company had remained the go-to home for all Mercedes-Benz needs in this region.
“With a dealership network that expands to the major regions of the country, along with highly trained and experienced sales and after-sales staff. Nigerians can rest assured that they will always have ‘the best or nothing’ at their disposal,” it stated.
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KIA, Access Bank launch special finance scheme for vehicle ownership

KIA, Access Bank launch special finance scheme for vehicle ownership
KIA Motors Nigeria in partnership with Access Bank Plc has unveiled a new finance scheme designed to increase vehicle ownership and affordability in the country.
The deal, according to a statement by the auto firm, offers flexible and affordable financing alternatives, enabling individuals, women, and businesses to own cars with ease.
The scheme features the all-new Kia Rio 2023, with repayment plans spanning five to seven years.
Marketing Manager, KIA Motors Nigeria, Omolade Akinyode, said, ”Dana Motors has been at the forefront of Nigeria’s automotive industry since 2002, providing exceptional automotive solutions and presently leading the charge for luxury electric cars, CNG cars and buses.
“Our partnership with Access Bank reinforces our commitment to supporting Nigeria’s economic growth, individuals, and women.”
She also said, ”Our core competitive edge in the auto industry is the offering of best in class vehicles at affordable prices and this retail financing scheme is a significant step towards promoting vehicle ownership in Nigeria.
”With a flexible repayment option of up to 48 months, equity contribution as low as 10% and over N6m discount and we are proud to be at the forefront of this initiative to make owning the all-new Kia Rio 2023 a dream come through for our Nigerian Customers.”
KIA stated that the car in the package, Rio 2023, is an award winning five-seater sedan, a fun car with a reputation for durability, reliability, comfort and fuel efficiency.
With safety features which include stability control, traction control, and multiple airbags, the all new KIA Rio 2023 is an excellent choice for customers who prioritize dependability in vehicle options,” it stated.
Auto
NADDC DG hails Kojo Motors for establishing CNG conversion centre in Owerri

NADDC DG hails Kojo Motors for establishing CNG conversion centre in Owerri
Kojo Motors has partnered the National Automotive Design and Development Council (NADDC) in setting up the vehicle Compressed Natural Gas conversion centre in Owerri, lmo State.
Director-General of the NADDC, Joseph Osanipin, during an empowerment and awareness summit on Wednesday, March 19, 2025, commended the auto firm for the monumental project.
“Today, we are gathered here for Compressed Natural Gas (CNG) Empowerment and Awareness Summit 2025 with the theme ‘Building a youth-based nation through cleaner energy’,” he said.
Osanipin said that the the purpose of the summit was to create awareness and sensitize the public to safety, standards and regulation in the use of the CNG as a better alternative source of energy for mobility.
NADDC, he said, was equipping technicians with the knowledge, skills and competencies required to safely and efficiently convert vehicles to run on CNG.
“The Council is a parastatal of the Federal Government under the Federal Ministry of Industry, Trade and Investment,” he added.
“It has the regulatory oversight on the Nigerian Automotive Industry to initiate, recommend, supervise and regulate policies and programmes for locally manufactured vehicles and components in Nigeria.
The NADDC boss noted that the Council had worked tirelessly to ensure the survival and growth of this sector with a view to enhancing its contribution to the national economy.
As part of the CNG conversion programme, 60 technicians will be receiving hands-on training in converting vehicles to run on CNG which would run for five days from the March 17 to 21,2025.
Osanipin emphasized the importance of using certified conversion kits and specialized workshops to ensure safety during the process.
“The cylinders used in CNG vehicles are fortified, making them safer than traditional vehicle fuel tanks,” he said.
Also speaking during the event, Professor Anoka Njan, representative of the Minister of Industry Trade and Investment, praised the NADDC and Kojo Motors efforts, stating that the ministry fully supported the initiative as part of broader efforts to alleviate challenges in the auto industry and empower the youth.
Imo State Commissioner for Youth Development, Dr. Emeka Mandela Ukaegbu, who spoke at the summit on behalf of Governor Hope Uzodinma, emphasised the immense potential of the CNG in easing Nigeria’s transportation challenges and improving the economy.
“CNG offers a safer, cleaner, and cheaper alternative to the hardships many face in the country,” Dr. Madela said.
The administration is partnering with NADDC and automotive industry bodies to establish conversion workshops and CNG refilling stations across Imo State, ensuring that the state plays a key role in this important shift toward greener energy solutions.
The event marks a significant step in NADDC’s ongoing efforts to transform Nigeria’s automotive industry, making it more sustainable while creating new opportunities for skilled technicians and local communities.
Chinedu Oguegbu, Managing Director of OMAA, which is the vehicle brand promoting the petrol-powered to CNG conversion project, highlighted the economic benefits of running vehicles on CNG instead of petrol.
He listed the economic advantages to include savings up to 60 percent in the cost of fuel relative to dirtier options like diesel and petrol.
According to him, there is up to 90 percent reduction in knocks and carbon emission, and it is found to be healthier, cleaner and more environmentally friendly.
Besides savings in foreign exchange (FX) with abundance of gas locally, there is also massive resources in-country over 203 tcf of proven reserves that requires no refining and relatively lower investment for processing.
Nigeria has an estimated 15-20 million vehicles in operation that can be converted to dual-fuel or bi-fuel.
The OMAA boss reiterated the crucial need to provide an alternative to existing fuel system with the abundance of CNG as an option.
Delivering his goodwill message, Chino Ogwumike, the National Sales Manager at Kojo Motors, thanked the DG of NADDC for partnering with Kojo in this laudable project in Owerri, the heartland of the South-East of Nigeria and the government of Imo State for accepting to provide the land for building the CNG hub in the state capital.
Ogwumike stated that the flourishing automotive dealership with branches spread across the country under the visionary leadership of the founder and Executive Chairman, Ikenna Oguegbu, is strongly committed to contributing its quota towards the progress and development of Nigeria’s automotive sector and the economy.
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