Why I’m Investing $100m In Auto Industry – Ashogbon, US-Based Nigerian

A US-based Nigerian entrepreneur and Chief Executive Officer of Asper Online Auction, Otunba Saheed Ashogbon, has announced plans to invest $100 million in an online auto auction platform in Nigeria.

Unveiling his plans to the media in Lagos, Ashogbon, who has lived in the US for over 30 years, explained that his return to Nigeria was in response to President Bola Tinubu's call on Nigerians in the diaspora to come home and support the government with their investments.

He said: “I want to introduce a business that will benefit the country. I propose to bring an auction platform from the USA to sell all disused and abandoned vehicles across the country.

“The total funds earmarked for this project in Nigeria amount to $100 million. We intend to have our headquarters in Lagos and establish branches across all 36 states of the federation.”

Ashogbon stated that research conducted by his the company had identified over 500,000 indiscriminately parked and abandoned vehicles in Lagos alone.

The entrepreneur noted that his investment would help remove abandoned vehicles and makeshift dealers from the roadsides, generate employment for thousands of youths and provide tax revenue for the government.

He added that aside from helping the government ensure the roads are free from unnecessarily parked cars, it would also serve as a platform where owners of ‘end of life cars' could quickly get a buyer for their abandoned vehicles.

The Asper boss disclosed that he has written to President Bola Tinubu and Governor Babajide Sanwo-Olu seeking their support for the venture, stressing that he requires about 50 hectares of land in Badagry, Epe, and Ikorodu to commence operations in Lagos, where he hopes to clear abandoned vehicles from the roads.

“At the start of the business, 20 youths from each of the 57 local governments and local council development areas will be employed immediately for different already mapped duties. All we are waiting for is the government's buy-in by providing 50 hectares of land in Badagry, Epe, and Ikorodu for the commencement of operations.

“I will need 50 hectares of land in Badagry, Epe, and Ikorodu to commence operations in Lagos. We have found that there are 500,000 abandoned vehicles on the streets and roads of Lagos,” he stated.

Last updated on July 11th, 2024 at 12:24 am

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