…IBILE holdings, CIG Motors for electric vehicle acquisition

Oredola Adeola

The Lagos State Government has entered a Joint Venture partnership with IBILE Holdings Limited and CIG Motors Company Limited to enhance the LAGRIDE fleet with 1,000 electric vehicles and 4,000 other brand-new vehicles.

The agreement was formalized at a ceremony led by Governor Babajide Sanwo-Olu in Lagos on Monday.

Advisors Reports’ check showed that the Joint Venture Agreement, which began in 2021, involves Ibile Holding Limited—a Special Purpose Vehicle owned by the Lagos State Government—and CIG Motors, part of the Chinese Investors’ Community.

That partnership led to the establishment of an automobile company and a vehicle assembly plant in the state, producing various classes of brand-new cars that now crisscross the Lagos metropolis, offering e-hailing services.

Since the inception of the agreement, IBILE Holdings Limited has been managing the investment agreements on behalf of the Lagos State Government.

Governor Sanwo-Olu in his remark on Monday stated that the government expects to receive 2,000 units of the new vehicles in the first phase, with subsequent deliveries in tranches.

He emphasised that the new fleet would include 1,000 electric vehicles, underscoring the government’s commitment to reducing dependence on fossil fuels and lowering carbon emissions.

Governor Sanwo-Olu stated, “We launched our first LAGRIDE initiative in 2022 with 1,000 brand-new cars and mini-SUVs, providing commuters with better transportation options and convenience.

“The new vehicles will be designed for our terrain, featuring low carbon emissions, improved technological interaction, and energy transition,” he said.

He emphasized that the partnership goes beyond e-hailing taxi services to include carpooling, chauffeur services, and tech-driven logistics.

The Governor highlighted the mutually beneficial relationship with CIG Motors and encouraged other private sector players to invest in the state’s transportation sector, enhancing mobility.

Governor Sanwo-Olu expressed the government’s interest in transforming Lagos into a city with an internationally standard, environmentally sustainable, and smart mobility system.