Toyota Nigeria Limited (TNL) and one of its dealers, Globe Motors Holdings Ltd (GMHL) have decided to sever ties due to the violation of a dealership agreement between both parties. This is according to Daily Trust.
The Details: It was gathered that both parties chose to terminate their longstanding partnership of 25 years over warranty issues.
What this means: Globe Motors can no longer participate in the sale of Toyota vehicles, service and parts, thereby shortening the number of accredited Toyota dealers to seven in Nigeria.
This leaves Elizade Nigeria Limited, RT Briscoe (Nigeria) PLC, Omoregie Motors Limited, Germaine Auto Centre Limited, Mandillas Enterprises Limited, Metropolitan Motors Limited and Kojo Motors with the rights to market vehicles, service and parts for Toyota in Nigeria.
Commenting on the relationship, the source said, “The relationship has waxed stronger over the years with a steady expansion of the models/variants marketed by TNL and we would never compromise on this.”
Globe Motors responded that it was unfazed about the whole development. Nevertheless, it asserted its strength as the biggest importer of Toyota vehicles in the last 25 years.
What you should know: Toyota is especially known for its genuine manufacturer’s warranty offer on vehicles and parts; repair services by Toyota Japan trained technicians, technical support on repairs and business expansion, tropicalized vehicles designed for Nigerian market and road conditions, among others.
Toyota Nigeria Limited (TNL) was licensed as the sole authorized distributor to sell and promote vehicles and parts on behalf of Toyota Motor Corporation (TMC) of Japan.
About Toyota Nigeria Limited: The Toyota brand was first introduced into Nigeria in 1965. By 1976, the number of Toyota distributors had grown to five.
Ten years later, Toyota Motor Corporation, Japan (TMC) appointed two additional distributors because of poor performance by some of the appointed distributors.
By 1995, four distributors, which included Elizade Nigeria Limited were the only surviving distributors for Toyota Motor Corporation, Japan. However, for ease of business processes and efficiency, Toyota Motor Corporation, Japan, decided to consolidate its operations by appointing Toyota (Nigeria) Limited as its sole distributor in Nigeria.
This consequently paved the way in 1996 for Toyota (Nigeria) Limited (TNL) to commence operations as the exclusive distributor of Toyota Motor Corporation in Nigeria. In its early days in Nigeria, the Toyota brand had to strive for acceptance, particularly in the face of stiff competition from the established brands at the time.
Globe Motors Holdings Ltd: Globe Motors is an automobile dealership based in Lagos, Nigeria. The company deals exclusively in brand new passenger and commercial vehicles. Its stable of brands comprises Mercedes-Benz, Toyota, Hyundai and Higer.
The company’s journey began in March 1984 when Founder and Chairman, William Anumudu, registered the company with a mission to transform the underserved Nigerian automobile industry. Over three decades later, Globe Motors has surpassed its initial aspirations and the company continues to set the pace in the evolution of the country’s automobile sector.
South-West Governors say attacks in Lagos were attempts to weaken the region’s economy
South West governors have they described the coordinated attacks in the state as an attempt to weaken the region’s economy.
Governors of the South-West states have pledged their supports to their Lagos State counterpart, as they described the coordinated attacks in the state as an attempt to weaken the region’s economy.
This was disclosed by the Chief Press Secretary of the state, Gboyega Akosile, during the visits of the Governors and the Federal Executive Council members from SouthWest to the public assets and private properties destroyed in last Wednesday’s arson in the state.
He tweeted, “Shock! This was the expression on the faces of the Federal Executive Council (FEC) members from Southwest and Governors as they toured the public assets and private properties destroyed in Wednesday’s coordinated arson in Lagos State.
“The delegation of Governors and Ministers was personally received by Sanwo-Olu at the State House in Marina, where the Lagos helmsman showed them the pictorial evidence of the violence before visiting some of the torched assets.”
At a joint press conference held after the tour, Chairman of Southwest Governors’ Forum and Ondo State Governor, Arakunrin Rotimi Akeredolu, SAN, compared the scenes to a war zone, given the extent of the destruction.
According to him, the violence that resulted from the EndSARS protest left much to be desired, stressing that there was an agenda beyond the youth demonstration against police brutality.
He said, “We are deeply concerned with the ease with which public buildings, utilities, police stations, and investment of our people have been burnt despite the proximity of security agencies in those areas.
Shock! This was the expression on the faces of the Federal Executive Council (FEC) members from Southwest and Governors as they toured the public assets and private properties destroyed in Wednesday's coordinated arson in Lagos State. pic.twitter.com/TahuPIWkcQ
— Gboyega Akosile (@gboyegaakosile) October 25, 2020
What this means: From all indications, it is obvious that the South-West Governors believed that the said attack, which were rumoured to have been carried out by suspected hoodlums, were sponsored by some people to deliberately disorganize the region’s economy.
#EndSARS Protest: 80 BRT buses worth N3.9 billion were destroyed by hoodlums – LASG
The Lagos State Government disclosed that the 84 BRT vehicles destroyed by the hoodlums cost a total of about N3.9 billion.
The Lagos State Government has revealed that 27 of the burnt Bus Rapid Transit (BRT) vehicles in the Oyingbo and Ojodu Berger areas of the state cost $200,000 each, while 57 of them cost $100,000 each, all totaling about N3.9 billion.
This statement was made by the Lagos State Government on Friday, after evaluating the extent of damage made to the Bus Rapid Transit (BRT) vehicles.
What you should know
Few days ago, hoodlums hiding under the cover of #EndSARS protests allegedly attacked and razed the Oyingbo BRT terminal, with several buses burnt. Nairametrics reported that Primero Transport Services Ltd (PRT), the owners of BRT buses said they have lost over N100 million in 6 days due to the #EndSARS protests.
The State’s Commissioner for Information, Mr. Gbenga Omotosho, in an exclusive interview with Punch, disclosed that:
- 23 big BRT buses were razed down, while 57 medium-size BRT buses were affected by the violence, which brings the total of the BRT vehicles destroyed to 80.
- 23 of the 80 BRT buses burnt by the hoodlums were at Ojodu, while the remaining 57 were at the Oyingbo area.
- The big buses cost around $200,000 each, while the medium-size ones cost around $100,000 each.
What they are saying
Mr. Omotosho said, “As I speak, the Governor and some of us are going around the state from one facility to the other. We are also visiting private facilities. Some of the places were the Oregun Vehicle Inspection Service office, the BRT park at Oyingbo, and the terminus at Ojodu Berger.
“I don’t know how they planned it; the hoodlums left the old buses and went for the new ones. The new ones were worth billions of naira.
“However, the cumulative losses incurred by the state are not ready yet. But it will be mind-boggling. It came on a scale beyond belief. We know that the police have apprehended suspects.”
What this means
The vehicles were purchased in dollars; So, the consistent decrease in the value of Naira is expected to edge the cost of these buses up, when denominated in Naira.
The Lagos State Commissioner for Information, Mr Gbenga Omotosho explained that with the current foreign exchange rate, the 80 destroyed BRT buses are now valued at N3.929 billion.
BREAKING: Lagos State reviews curfew again, now from 8pm to 6am
Governor Babjide Sanwo-Olu has once again reviewed the curfew in the state to now commence between 8 pm to 6 am.
The Lagos State Governor, Babajide Sanwo-Olu, has further reviewed the curfew earlier imposed on the state to help contain the large scale violence following the hijacked #EndSARS protests against police brutality and extra-judicial killings. The curfew now starts at 8 pm and ends at 6 am daily.
This is coming 2 days after the Governor had eased the 24-hour curfew to start from 6 pm to 8 am daily.
This disclosure was made by the Lagos State Commissioner for Information and Strategy, Gbenga Omotoso, on Sunday, October 25, 2020.
The Commissioner in his statement said, “The curfew in Lagos State has been reviewed. Restriction time is now 8 pm to 6 am. Lagosians are enjoined to plan their journey times as they go about their lawful businesses. Public schools remain shut till further notice.”
What this means
This new review gives Lagosians an extra 4 hours to go about their daily activities.
What to expect
The Lagos State government will keep on reviewing and relaxing the curfew, as long as the security situation does not spike again.