CFAO Mobility Targets Growth, Innovation at 2026 Open Day in Lagos

…As Company Gives Out Brand-New BYD Seagull to Lucky Guest

The Managing Director of CFAO Mobility Nigeria, Mr Denis Martin, has reaffirmed the company’s commitment to growth, innovation, sustainability, and customer satisfaction amid evolving market conditions.

He made this known during the 2026 CFAO Mobility Open Day held at Harbour Point Event Centre, Victoria Island, Lagos.

The Open Day, which was attended by auto enthusiasts and industry stakeholders, featured the various brands distributed by CFAO Mobility in Nigeria, comprising Toyota, BYD, Mitsubishi Motors, Suzuki, Yamaha, Fuso, JCB, Howo, King Long, Toyota Material Handling, TechKing Tyres, Winpart, and Auto Fast.

CFAO Mobility also used the event to give away a brand-new BYD Seagull during its VIP evening cocktail for key customers.

Speaking at the event, Martin noted that the Open Day, now in its second edition, reflects the company’s steady progress and continuous improvement.

“We held the first edition a year ago, and now we’re hosting the second. It’s clear we’ve made significant improvements, which is very encouraging,” he said.

He acknowledged the volatility in the global economic and mobility landscape, emphasizing the need for adaptability.

According to him, CFAO Mobility’s diverse portfolio of 14 brands positions the company to respond effectively to shifting market trends, regulatory changes, and evolving customer preferences in Nigeria.

Despite ongoing challenges, he expressed optimism about the sector’s prospects. “There is a lot of volatility, but there are also opportunities to grow and innovate,” he stated.

Highlighting why customers should choose CFAO Mobility, Martin stressed the company’s strong customer-centric philosophy, explaining that every decision and service offering is designed to deliver value, with particular emphasis on after-sales support.

“It’s not only about selling a car. What is important is keeping it running throughout its lifespan,” he said.

The managing director also pointed out that the company’s extensive portfolio is known for reliability and high performance.

Backed by a presence in 38 African countries and ownership by Toyota Tsusho Corporation, CFAO Mobility boasts one of the continent’s largest distribution networks.

Looking ahead, Martin disclosed plans to introduce new models across its brand lineup.

Beyond expansion, he emphasized the importance of sustainability, highlighting efforts to introduce fuel-efficient engine technologies and reduce carbon emissions. He noted that Japanese brands continue to lead in low-consumption engines.

He added that CFAO Mobility is investing in solar energy solutions across its facilities and has expanded into cleaner alternatives such as electric vehicles and compressed natural gas (CNG) options for trucks and buses.

Mr. Martin also underscored the importance of an enabling environment, including considerations around duty to support the adoption of hybrid vehicles, noting that hybrids remain among the most effective technologies for reducing carbon emissions globally.

He concluded by reiterating CFAO Mobility’s mission to deliver safer and greener mobility solutions while maintaining sustainable growth in Nigeria’s dynamic automotive sector.

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

Managing Director, Toyota by CFAO, Mr. Boye Ajayi (right), in a discussion with a participant at the 2026 CFAO Mobility Open Day held in Lagos Thursday, April 30, 2026.

Naira Holds Steady Against Dollar Across Official, Parallel Markets

The Nigerian currency traded within a relatively stable range against the United States dollar on Tuesday, May 5, 2026, across both the official and parallel foreign exchange markets, reflecting cautious optimism among traders and ongoing interventions by monetary authorities.

Data from the Central Bank of Nigeria (CBN) showed that the official Nigerian Foreign Exchange Market (NFEM) rate hovered around ₦1,374 per dollar, with intraday trading bands ranging between approximately ₦1,362 and ₦1,378. The relatively narrow spread suggests reduced volatility compared to previous weeks when the naira experienced sharper fluctuations.

In the parallel market, commonly referred to as the black market, Bureau De Change (BDC) operators in Lagos and Abuja quoted the dollar at about ₦1,385 for buying and ₦1,400 for selling, depending on transaction size and location. This places the gap between the official and parallel market rates at under ₦30, indicating a moderate premium and some convergence between both segments of the market.

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Market analysts attribute the relative stability to sustained efforts by the CBN to improve dollar liquidity in the official window, including periodic interventions and policy adjustments aimed at boosting confidence in the formal forex market. Increased transparency in FX transactions and reforms targeted at clearing backlogs of unmet dollar demand have also contributed to improved sentiment.

However, demand pressure remains a key factor influencing the market. Importers, manufacturers, students paying foreign tuition, and international travelers continue to seek foreign exchange, often turning to the parallel market due to accessibility constraints within the banking system.

Traders noted that while supply conditions have improved slightly, liquidity is still not sufficient to fully meet demand, which keeps pressure on the naira and sustains activity in the informal market.

Looking ahead, analysts say the direction of the naira in the coming days will depend on several macroeconomic indicators. These include global crude oil prices—Nigeria’s primary source of foreign exchange earnings—foreign reserve levels, and the consistency of monetary policy measures by the CBN.

There is also close attention on capital inflows, particularly from foreign portfolio investors, whose participation in Nigeria’s financial markets could strengthen dollar supply and support exchange rate stability.

Despite the current calm, experts warn that the naira remains vulnerable to external shocks and domestic demand pressures, meaning sustained policy discipline and improved forex inflows will be critical to maintaining stability in the weeks ahead.

Naira Holds Steady Against Dollar Across Official, Parallel Markets

Femi Otedola Denies Funding Dangote Refinery

Nigerian billionaire businessman Femi Otedola has dismissed widespread claims that he financed the Dangote Petroleum Refinery, describing the reports as false, misleading, and a deliberate attempt to create division within Nigeria’s business community.

In a statement shared on X, Otedola clarified that he did not invest any funds in the refinery project, countering viral social media narratives suggesting otherwise.

“Reports claiming that Femi Otedola funded the Dangote Petroleum Refinery are completely and utterly false. He has not invested a single kobo, not one dollar, not one naira,” he said.

He explained that the real position—often ignored in circulating claims—is that he has shown interest in participating in the refinery’s planned public offer (IPO), where he hopes to secure an allocation as an investor.

Otedola also clarified that the President of the Dangote Group, Aliko Dangote, did not seek financial support from him or other prominent Nigerian businessmen, including Tony Elumelu and Mike Adenuga.

“I can categorically state that at no point did Alhaji Dangote request financing from Mr. Elumelu, Mr. Adenuga, and myself. The Dangote Group is a well-structured organisation capable of raising capital through formal channels,” he added.

The billionaire described the claims as “calculated mischief”, warning that such narratives are designed to sow discord within Nigeria’s private sector leadership.

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“This is a deliberate attempt to create rifts among respected business leaders who have built companies, created jobs, and contributed to the Nigerian economy for decades,” he said.

Otedola further warned those spreading false information to desist, stressing the importance of responsible social media use and accurate reporting.

“To those behind this, desist immediately. Social media should not be used for manufactured drama. Nigeria deserves truth, not fabricated stories,” he stated.

The clarification comes amid similar denials by the Dangote Group over claims that the multi-billion-dollar Dangote Refinery was financed through personal borrowing from business associates.

In an earlier statement, the company described reports alleging a rift between Dangote and Elumelu as “false, malicious, and baseless,” insisting that no such statements were made by either party.

The group also rejected claims that the refinery project was funded through informal loans, emphasising that its financing structure follows standard corporate funding models, including institutional investments and structured financing arrangements.

“As a matter of principle, Aliko Dangote does not finance projects through personal borrowing from friends. Anyone making such claims should provide verifiable evidence,” the company stated.

The Dangote Group reiterated that Dangote and Elumelu maintain a cordial relationship, warning against the spread of misinformation that could undermine confidence in Nigeria’s business environment.

Valued at over $19 billion, the Dangote Refinery remains one of Africa’s largest industrial projects and is expected to play a key role in boosting Nigeria’s refining capacity, reducing fuel imports, and strengthening non-oil exports.

Industry analysts say the development highlights the growing impact of social media on business narratives and the need for fact-based reporting, especially on high-profile investments.

Femi Otedola Denies Funding Dangote Refinery