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Stanbic IBTC, LOXEA Partner  to Promote Sustainable Transportation

Stanbic IBTC, LOXEA Partner  to Promote Sustainable Transportation

Dike Onwuamaeze 

In a strategic move to advance Nigeria’s shift towards sustainable transportation, Stanbic IBTC Bank has announced its partnership with LOXEA Nigeria, to make eco-friendly mobility more accessible to Nigerians through innovative and flexible financing solutions.

LOXEA Nigeria is the exclusive distributor of BYD electric and hybrid vehicles in Nigeria and a subsidiary of CFAO Mobility. 

This partnership was officially launched at an exclusive product showcase held at the BYD showroom in Victoria Island, Lagos. 

In a bid to encourage early adoption, Stanbic IBTC said that the initiative included one-month special incentives, such as vendor discounts and reduced interest rates on vehicle financing.

Speaking on the partnership, the Executive Director at Stanbic IBTC Bank, Mr. Olu Delano, said: “This alliance underscores our dedication to empowering Nigerians with green alternatives that not only address environmental concerns but also offer practical, cost-effective solutions for everyday mobility. By combining LOXEA BYD’s innovative electric and hybrid vehicles with our flexible financing, we are not just offering cars, we are driving a cleaner future.”

Speaking in the same vein, the Managing Director of LOXEA Nigeria, Mr. Mehdi Slimani, noted: “At LOXEA, we are proud to lead the transition toward cleaner mobility in Nigeria. Distributing BYD’s cutting-edge electric vehicles, along with our comprehensive suite of fleet and mobility solutions, allows us to offer a truly future-ready alternative. This partnership with Stanbic IBTC is a significant step forward in making electric mobility more accessible and practical for Nigerian drivers. Together, we are not just introducing new vehicles, — we are shaping a smarter, greener transportation ecosystem.”

The event sparked enthusiasm among attendees from various sectors, reflecting growing interest in sustainable automotive solutions.

 Models like the BYD ATTO 3 and BYD Dolphin were showcased as practical options for urban mobility that offered reduced reliance on fossil fuels, lower operational costs, and a smaller environmental footprint.

Looking ahead, this partnership positions Stanbic IBTC Bank as a key enabler of Nigeria’s renewable energy transition, expanding access to sustainable transport for a broader audience. Through strategic collaborations like this, the bank continues to drive innovation in financial services tailored to eco-conscious consumers. 

​  

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    Related Posts

    MAN Honours Gov Otu for Championing Made-in-Nigeria Goods

    MAN Honours Gov Otu for Championing Made-in-Nigeria Goods

    ‎

    ‎

    ‎Cross River State Governor, Bassey Otu, has been conferred with the Champion of Made-in-Nigeria Products award by the Manufacturers Association of Nigeria (MAN), in recognition of his administration’s commitment to the growth and patronage of indigenous products and services.

    ‎

    ‎The award was presented at the 5th Adeola Odutola Lecture held in Lagos, where captains of industry, policymakers and development partners gathered to celebrate contributions to Nigeria’s industrial advancement. 

    Governor Otu was represented by his deputy, Hon. Peter Odey, who received the plaque on his behalf.

    ‎

    ‎Presenting the award, MAN President, Francis Meshioye, commended Governor Otu’s administration for “walking the talk” on local content development through practical policies and procurement choices that have stimulated domestic manufacturing and created jobs. 

    “The Cross River example proves that leadership by example is the most powerful endorsement of the Made-in-Nigeria vision,” he stated.

    ‎

    ‎In his remarks, Deputy Governor Odey described the recognition as “a validation of Governor Otu’s deliberate and consistent policies to reawaken Nigeria’s productive capacity.” 

    He noted that the administration’s focus was not merely on consumption but on creating a strong ecosystem where local manufacturers thrive. 

    “We have shown preference for locally made goods not out of sentiment, but conviction that Nigeria’s future lies in what we produce,” Odey said.

    ‎

    ‎Highlighting tangible examples of this commitment, Odey disclosed that the Cross River State Government had within two years, procured about 80 vehicles from Innoson Vehicle Manufacturing (IVM), the Anambra-based automobile giant, with  130 pieces already pre-ordered. 

    “This singular action reflects our belief that Nigerian ingenuity deserves the highest level of state patronage,” he affirmed.

    ‎

    ‎The deputy governor further revealed that the state had also purchased over 100 tractors from an indigenous manufacturing company based in Kwara State with an additional 220 yet to be delivered to the state government.

    “Our agricultural mechanization drive is proudly supported by Nigerian-made equipment, showing that local manufacturers can compete on quality and reliability,” he added.

    ‎

    ‎Odey said that the administration’s local content drive extends beyond procurement.

    “Several of the roads we have completed—and those ongoing—are being executed by indigenous contractors,” he said, stressing that such empowerment strengthens local capacity, creates employment and retains capital within Nigeria’s economy.

    ‎

    ‎He reiterated the government’s readiness to sustain an enabling environment for industry to flourish, noting that tax policies have been reviewed to incentivize local producers. 

    “We are building a Cross River where industry, innovation and investment can thrive. Our bias for homegrown solutions is unwavering,” the deputy governor said. 

    ‎

    ‎Odey then invited MAN to host its 2026 Annual General Meeting in Calabar. 

    “Cross River offers not just hospitality but a growing industrial base that reflects the spirit of the Nigerian manufacturer,” he said, assuring MAN of the state’s full support in advancing the nation’s industrial renaissance.

    ‎

    ​  

    ‎ ‎ ‎Cross River State Governor, Bassey Otu, has been conferred with the Champion of Made-in-Nigeria Products award by the Manufacturers Association of Nigeria (MAN), in recognition of his administration’s

    Continue reading
    Senate Passes Bill Proposing Life Imprisonment for Defilement of Minors

    Senate Passes Bill Proposing Life Imprisonment for Defilement of Minors

    * Raises penalty for rape to minimum of 10 years

    Sunday Aborisade in Abuja 

    The Senate on Tuesday proposed life imprisonment without an option of fine for anyone convicted of defiling a minor, as part of sweeping amendments to the Criminal Code Act (Amendment) Bill, 2025.

    The upper chamber said the stiffer penalty was necessary to deter offenders and protect children from sexual abuse, which it described as “a grievous crime capable of destroying a child’s life forever”.

    The bill, which originated from the House of Representatives and was sent to the Senate for concurrence, seeks to overhaul several provisions of the nation’s criminal code to address contemporary realities.

    During plenary, lawmakers unanimously voted to approve the life sentence clause for the offence of defilement, which currently carries a maximum punishment of five years’ imprisonment.

    Senate President, Godswill Akpabio, who presided over the session, said: “Defilement is even more serious than rape.

    “It is a very serious issue and should carry the most severe punishment. Any defilement of a minor in Nigeria henceforth attracts life imprisonment. Let everyone be aware.”

    The Senate also increased the penalty for rape and other forms of forced sexual intercourse, whether involving male or female victims, to a minimum of 10 years in prison.

    While former Kebbi State Governor, Senator Adamu Aliero, had proposed life imprisonment for rape, the chamber resolved to fix 10 years as the minimum sentence upon conviction.

    Clause 2(1) of the new bill states: “Any person who detains a man or boy, a girl or a woman against his or her will in any premises to have unlawful carnal knowledge of him or her, commits a felony and shall be liable to imprisonment for not less than 10 years.”

    Former Nigerian Labour Congress President, Senator Adams Oshiomhole, drew attention to the need to recognize that rape victims could be male or female.

    He argued that the law should reflect this reality.

    He said: “The rapist could be a male raping a male, a male raping a female, a female raping a female or female raping a male.”

    The Senate accordingly amended the clause to cover all genders.

    However, consideration of other sections of the bill, particularly those relating to pregnancy termination and abortion, was suspended and referred to the Committee on Judiciary, Human Rights and Legal Matters for further scrutiny.

    Lawmakers said the abortion clause required clearer definition to avoid endangering the lives of women or medical practitioners in emergency situations.

    Senator Abdul Ningi cautioned: “If left vague, the provision could put doctors in a difficult position when they need to save a woman’s life through abortion. The law must clearly define what constitutes an unlawful abortion.”

    The Senate gave the committee two weeks to review the pregnancy and abortion provisions and report back with recommendations.

    Meanwhile, a brief procedural dispute arose during plenary when Senator Natasha Akpoti-Uduaghan sought to make additional comments on the abortion clause after the matter had been stepped down.

    Citing Senate rules, Oshiomhole objected, insisting that fairness required equal opportunity for all senators if fresh debate was to be allowed.

    Ruling on the matter, Akpabio invoked Rule 52(6), declaring: “Since the Senate has already reached a conclusion and stepped down this matter, it shall be out of order to reopen it. I therefore rule Senator Natasha out of order.”

    The bill is expected to return to the Senate for final passage after the judiciary committee submits its report.

    ​  

    * Raises penalty for rape to minimum of 10 years Sunday Aborisade in Abuja  The Senate on Tuesday proposed life imprisonment without an option of fine for anyone convicted of

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