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Access Bank launches AutoFest to boost vehicle ownership in Nigeria
via Punch Nigeria2 min read
Access Bank Plc has introduced AutoFest, a vehicle financing initiative designed to make car ownership more accessible for Nigerians. The program offers up to 90 percent funding for new and certified pre-owned vehicles, requiring a minimum 10 percent equity contribution from customers. It features flexible repayment tenures exceeding four years and a digital application process. Iyabo Soji-Okusanya, Executive Director of the Corporate and Investment Banking Division at Access Bank, stated the initiative aims to remove financial barriers to vehicle ownership. Ishmael Nwokocha, Group Head of Access Bank Mobility, noted that the bank collaborated with major automotive manufacturers and dealers, including CIG Motors, Mikano Motors, and Stallion Motors, for six months to tailor the program to current market realities. He highlighted that rising vehicle prices have reduced affordability, with only about 10 percent of Nigeria's 100,000 annual vehicle sales being new cars. The facility is available to individuals, corporate organizations, schools, and hospitals, with plans to include transport and ride-hailing operators. Chizoba Iheme, Group Head of Product and Segment at Access Bank, assured applicants of safety nets for borrowers facing temporary financial distress, allowing loan repackaging and early liquidation without penalty. Eniola Olutimilehin, Managing Director of CIG Motors, welcomed the partnership, stating it connects buyers with structured credit and improves dealership
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Must ReadHalima Mahdi, the Gombe State and North-East Zonal Coordinator of the Civil Society Action Coalition on Education for All CSACEFA, has condemned the ongoing abduction of schoolchildren in Nigeria. She stated that these attacks on schools pose a significant threat to the future of education in the country. Mahdi's warning comes amidst a resurgence of insecurity, with a recent police report indicating 50 bandit attacks within one week. Pupils, students, and teachers abducted from schools in Borno and Oyo states remain in captivity. Public schools in Oyo State have been closed for about a month due to demands from the Nigerian Union of Teachers for adequate security measures. Mahdi emphasized that the persistent abductions are creating fear, discouraging access to education, and undermining efforts to improve school enrollment and learning outcomes. She warned of severe social and economic consequences if the safety of children and educational institutions is not guaranteed, highlighting the dangerous combination of rising out-of-school children and youth unemployment. Mahdi called on federal, state, and local authorities to intensify efforts to address insecurity, secure the release of abducted children, and prioritize protecting children and ensuring uninterrupted access to education.
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Sweden is nearing its goal of becoming Europe's first smoke-free society, with adult smoking rates at approximately 5.6 percent. This achievement is attributed to a public health strategy focused on tobacco harm reduction, which distinguishes between combustible and non-combustible nicotine products. Many nicotine users in Sweden have transitioned from cigarettes to reduced-risk alternatives, such as snus, a traditional smokeless tobacco product. This shift has led to Sweden having the lowest smoking prevalence in Europe and among the lowest incidences of smoking-related illnesses, including lung cancer. The Swedish experience challenges the assumption that meaningful progress in tobacco control can only come from complete cessation, demonstrating that significant public health gains can be achieved when adult smokers switch to reduced-risk alternatives. This approach provides lower-risk options for individuals who may not quit immediately or entirely, leading to reduced exposure and improved health outcomes. The success in Sweden also underscores the importance of informed choice, where individuals, understanding the relative risks, opt for lower-risk products. While the World Health Organization maintains that all tobacco and nicotine products carry health risks, Sweden's trajectory suggests a need for a more nuanced, evidence-based approach that acknowledges the continuum of risk across nicotine products. Sweden's success is rooted in a pragmatic alignment of science, beha