Nigerian Bank Announces N70 Million Loan for Nigerians to Acquire Cars
- First City Monument Bank (FCMB) and CIG Motors have teamed up to make car ownership more accessible
- Through flexible and affordable financing alternatives, the option is accessible to both individuals and business enterprises
- The bank claims that the partnership with CIG Motors gives clients a unique opportunity to fulfil their dreams of owning a car
Legit.ng journalist Zainab Iwayemi has 5-year-experience covering the Economy, Technology, and Capital Market.
CIG Motors and First City Monument Bank (FCMB) have partnered to increase the accessibility of vehicle ownership for both individuals and corporate enterprises through flexible and reasonably priced financing options.
Source: UGC
Through the partnership, consumers can purchase brand-new GAC Motor vehicles with FCMB auto loans up to N70 million, with repayment terms of up to five years.
Some of the perks that the auto program provides include free car registration, a free first-year service package, N600,000 gasoline voucher, a five-year or 150,000-kilometer warranty, and free accessories like foot mats and fire extinguishers.
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CIG Motors' executive director, Jubril Arogundade, stressed that the company is making dreams come true. With this new collaboration, we are working toward a time when more Nigerians will be able to fulfill their dreams and experience top-notch mobility.
“By combining CIG Motors’ expertise in automotive excellence and FCMB’s robust financial solution, we are fostering economic growth and enabling dreams.”
Mrs. Yemisi Edun, Managing Director, First City Monument Bank, stated that the bank's collaboration with CIG Motors offers customers a special chance to realize their aspirations of car ownership during the Memorandum of Understanding (MoU) signing ceremony that took place in Lagos on Friday, November 29, 2024, as part of the CIG Motors Grand Auto Fair.
She reiterated FCMB's commitment on behalf of Mr. Emmanuel Comla, National Head of Sales.
“As a responsive institution, we ensure our customers, including first-time vehicle buyers, can now own the car of their choice without hassle, thanks to this partnership,” she said.
The FCMB-CIG Motors auto loan program is available to Nigerians on salary, independent contractors, and companies looking to grow their fleets. It is intended to enable eligible applicants to simply spread repayments and partially finance car purchases.
With FCMB's strength in the financial sector and CIG Motors' dominance in Nigeria's auto industry, the alliance is well-positioned to increase vehicle ownership and make a substantial contribution to the country's economic development.
BOI announces loan for Nigerian businesses
Legit.ng reported that the Bank of Industry (BOI) has announced intentions to lend up to N1 billion to 140 manufacturing businesses in Nigeria as part of the N75 billion manufacturing sector fund established by the federal government.
According to BusinessDay, the statement was made by Olasupo Olusi, managing director of BOI, during the bank's inaugural annual public lecture series in Abuja.
He explained that the loan was meant to support the creation of jobs, ensure economic expansion, and boost output.
Proofreading by James, Ojo Adakole, journalist and copy editor at Legit.ng.
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Source: Legit.ng
