Auto
Nigerian Firm to Launch Marketplace for Original Auto Spare Parts
By Adedapo Adesanya
A Nigerian platform, Mecho Autotech, which provides global automotive spare parts and vehicle repairs and maintenance services, has announced plans to launch a marketplace for high-quality aftermarket spare parts and original OEM spare parts for wholesalers and enterprise fleet owners.
This is as it plans to launch version 2.0 of its vehicle management app that connects vehicle owners to qualified and vetted mechanics in the third quarter of this year.
In a statement on Wednesday, the auto-maintenance firm announced that the soon-to-be-launched products signal a shift in strategy as Mecho looks to double down on improving Nigeria’s $6 billion fragmented and informal automotive aftersales market, which is characterized by substandard automotive spare parts and frequent stockouts.
Among its new features, customers can access financing to pay for vehicle repairs and maintenance to preserve their cash flow. After undergoing an easy and fast verification process, eligible customers can receive overdrafts of up to N10 million, which are deposited in the Mecho app wallet.
Customers also have more flexible servicing options: they can drop off their vehicles at any of Mecho’s 100 partner workshops in Lagos, Abuja, and Port Harcourt or arrange for pick-up.
In the improved 2.0 Mecho app, customers can track all their expenses, maintenance requests, and vehicle history, while corporate fleet owners can manage multiple mechanics, including Mecho and other 3rd party service providers, to streamline the maintenance and repairs process in one easy-to-use app.
Mecho will also roll out an IOT integration allowing corporate fleet owners to track their vehicles on the 2.0 vehicle management app, which will be free to use.
The intended Mecho Mart, a marketplace for high-quality aftermarket and original OEM spare parts for wholesalers and enterprise fleet owners, will allow customers to buy genuine auto parts like tires, shock absorbers, brake pads, lubricants, and filters.
Using the marketplace, spare parts wholesalers can stock up on inventory with top-quality parts, secure financing, and increase profit by avoiding stockouts.
With support from Global Brains, a Japanese venture capital firm that invested a seven-figure sum in the company, Mecho aims to build partnerships with global automotive aftermarket spare parts manufacturers to source genuine and affordable spare parts to build a reliable vehicle spare parts supply chain in Nigeria.
Speaking on this, the CEO/co-founder of the firm, Mr Olusegun Owoade, said, “We learned that we had to prioritize fixing the broken automotive spare parts supply chain — a more urgent problem in the industry and a bigger driver of its value.”
“Spare parts represent $6 billion out of Nigeria’s $8 billion vehicle aftersales market. Since we pivoted our business, we have serviced more than 50 corporate fleet owners and spare parts wholesalers and provided spare parts from 5 global automotive manufacturers. By improving the availability of high-quality spare parts, we believe that we can play a role in improving Nigerians’ vehicle longevity and road safety,” he said.
Founded in 2021 by Messrs Olusegun Owoade and Ayoola Akinkunmi, Mecho Autotech offers repair and maintenance services to businesses and consumers through in-house and third-party service capacity, which has passed rigorous assessments.
By Adedapo Adesanya
A top financial institution in Nigeria, Stanbic IBTC Bank, has partnered with Autochek, an automotive technology firm, to facilitate accessible and affordable car ownership in Nigeria.
This vehicle-financing collaboration combines Stanbic IBTC Bank’s extensive financial expertise and network with Autochek’s cutting-edge technology platform and robust dealer distribution network; streamlining the car-buying process and making it more accessible and affordable for Nigerians.
The car financing programme offered through this strategic alliance provides several key advantages for customers including competitive interest rates that enhance affordability, as well as flexible repayment plans.
Within six months, the collaboration has disbursed over N4 billion in loans since its inception in August 2024 furthering empowering numerous individuals to purchase their desired vehicles.
According to the company, there are approximately N1 billion in deals that are currently being processed.
The partnership is poised for continued growth and impact on the Nigerian automotive landscape, according to Mr Olu Delano, Executive Director, Personal and Private Banking at Stanbic IBTC Bank.
He made this known while speaking at the media parley held in Lagos to engage stakeholders in the industry.
“We are incredibly excited about the tangible impact of our collaboration with Autochek. This partnership has significantly lowered the barriers to car ownership; making it a reality for many Nigerians. At Stanbic IBTC Bank, we are dedicated to providing innovative financial solutions that cater to the evolving needs of our customers.
“We are committed to the long-term success of this partnership and its contribution to the growth and development of Nigeria’s automotive industry,” he added.
On her part, Ms Mayokun Fadeyibi, Chief Operating Officer at Autochek, highlighted the transformative nature of the partnership.
“Our collaboration with Stanbic IBTC Bank has revolutionised the car-buying experience in Nigeria. By leveraging technology and strategic partnerships, we have made car ownership more accessible, convenient, and transparent.
“We share Stanbic IBTC Bank’s commitment to driving growth in the automotive sector and look forward to expanding the reach and impact of this partnership.”
The partnership comes with a swift and efficient application process, that will allow customers to enjoy a smooth and convenient experience.
Also, Autochek’s platform and extensive dealer distribution network give customers access to various vehicles, ensuring they can find the perfect car to meet their needs.
By Modupe Gbadeyanka
The Red Line train fares have been slashed by the Governor of Lagos State, Mr Babajide Sanwo-Olu, by 30 per cent to N1,000 from N1,500.
Mr Sanwo-Olu announced the cut in the fares on Tuesday during the commissioning of the Abule Egba Bus Terminal in the Orile-Agege Local Council Development Area (LCDA).
He disclosed that the intra-city rail transport was to make life easier for residents of the metropolis, noting that his administration was to enhance seamless mass transportation from the suburb to other parts of the state.
The bus terminal is strategically situated close to Lagos Red Line corridor, reflecting the government’s commitment to continuously enhance public transportation systems, strengthening connectivity and improving the overall experience for commuters.
Business Post reports that the Abule Egba Bus Terminal has features like loading bays, a terminal building with a customer service area, a waiting area, spaces for restaurants and other commercial services, offices for ground staff, public conveniences, a water treatment plant and provision for green energy, among others.
“This is a public bus terminal that will aid seamless commuting from here to other parts of Lagos. This infrastructure reflects our commitment to continuously enhancing public transportation systems, strengthening connectivity, and improving the overall experience for commuters.
“We are dedicated to taking ongoing steps to advance and modernise transportation across the state,” Mr Sanwo-Olu disclosed, noting that efforts are being made to build two additional interchange hubs in Marina and Mile 2, while another bus terminal is at the advanced stage of construction in Iyana Ipaja axis.
He also announced that the state was expecting the arrival of new Compressed Natural Gas (CNG) buses and electric buses by the third quarter of the year to enhance bus services, urging residents to take ownership of the projects.
“This infrastructure has been made possible through your tax contributions. I urge you to take pride in it, protect it, and ensure that it remains safe from any harm or damage.
“By safeguarding these assets, we can all benefit from their long-term value and continue to build a better future for our community,” he stated.
On her part, the Managing Director of the Lagos Metropolitan Area Transportation Authority (LAMATA), Mrs Abimbola Akinajo, said bus terminals “offer central location for passengers to board and connect to other forms of transportation.”
According to her, the Lagos State government has provided bus terminals in Ikeja, Oshodi, Ajah, Oyingbo, Yaba, Ojota, Ifako Ijaiye and now at Abule Egba, with Iyana Ipaja bus terminal to be launched soon.
By Adedapo Adesanya
The Lagos Metropolitan Area Transport Authority (LAMATA) has increased fares for the Bus Rapid Transit better known as BRT across the state.
According to the Lagos State agency, an 18 per cent increment on all the routes will take effect from Monday, February 17, 2025.
This will impact Lagos commuters who already have to contend with high cost of food and energy amid a wider cost of living crisis in the country. Businesses are also not exempt as many workers commute to their various destinations via BRT buses.
“Please be informed that there will be an 18 percent increase in the bus fare on all Bus Reform Initiative (BRI) schemes,” part of the notice read.
“The fare increase is because of the increase in the cost of operations and the need to ensure that buses keep running and guarantee your movement around Lagos,” it added.
LAMATA called for the “understanding and cooperation” of passengers amidst the increment.
The Lagos State government had in November 2023 cancelled the 50 per cent transport fare discount on all BRT and reverted to the old prices.
“The 50 per cent rebate in transport fare in the regulated transport system in Lagos ends on Sunday,” LAMATA said then. “The statement informed commuters that starting “from Monday, November 6, 2023, transport fare will return to the pre-2nd August 2023 rate.”
Governor Babajide Sanwo-Olu had in July of that year reduced the transport fares for the state-owned buses and commercial buses by 25 per cent on all routes.
The moves were parts of efforts to cushion the impacts of the removal of fuel subsidy by the President Bola Tinubu government.
Mr Sanwo-Olu also said his administration was expanding its fleet of staff buses for workers in the Lagos State Public Service.
He said that the buses are ready and will be deployed through the office of the Head of Service of the state.
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