CIG Motors, FCMB boost vehicle ownership with N70m auto loan

CIG Motors has partnered with First City Monument Bank to offer flexible financing solutions that make vehicle ownership more accessible for Nigerians.

In a statement on Tuesday, the firm noted that the collaboration introduced an auto loan scheme that provides customers with up to N70m in loans to purchase brand-new GAC Motor vehicles, with repayment terms extending to five years.

According to CIG Motors, the scheme includes benefits, such as free vehicle registration, a complimentary service package for the first year, a N600,000 fuel voucher, a five-year or 150,000km warranty, and essential accessories like fire extinguishers and foot mats.

The Executive Director of CIG Motors, Jubril Arogundade, emphasised the transformative nature of the partnership.

“With this new collaboration, we are turning possibilities into realities. More Nigerians will now have access to world-class mobility, and we are excited to be part of their journey towards vehicle ownership.

By combining CIG Motors’ automotive expertise with FCMB’s strong financial solutions, we are empowering individuals and contributing to Nigeria’s economic growth,” he noted.

The firm added that at the Memorandum of Understanding signing ceremony on November 29, 2024, held during the CIG Motors Grand Auto Fair in Lagos, the Managing Director of FCMB, Yemisi Edun, highlighted the partnership’s importance in easing the vehicle acquisition process.

“This partnership allows customers to fulfil their dreams of vehicle ownership with ease, turning what is often a complex process into a smooth and enjoyable experience,” she stated.

Represented by FCMB’s National Head of Sales, Emmanuel Comla, Edun further emphasised the bank’s commitment to empowering Nigerians.

“As a customer-centric institution, we are ensuring that first-time vehicle buyers and businesses looking to expand their fleets can now own the vehicle of their choice, thanks to this collaboration,” she added.