FCMB Join Forces With CIG Motors to Provide Pathway Vehicle Acquisition for Nigerians

By Ed Malik, A | ed@ddnewsonline.com | posted november 10th, 2024

Leading business support bank, the First City Monument Bank (FCMB) and CIG Motors have joined forces to introduce a financing scheme aimed at making GAC Motor vehicles more accessible to individuals and corporate organizations in Nigeria.

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This partnership offers flexible auto loans with a maximum value of ₦70 million and a repayment period of up to five years, designed to ease vehicle ownership.

The key features of the Auto Scheme include the following:
Free Vehicle Registration: Customers will enjoy complimentary registration for their new GAC Motor vehicles.
First-Year Free Service Package: Routine maintenance services for the first year are covered.
₦600,000 Fuel Voucher: A significant fuel subsidy to support new vehicle owners.
Warranty: A five-year or 150,000 km warranty ensures long-term value and peace of mind.
Complimentary Accessories: Includes items such as fire extinguishers and foot mats.

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Jubril Arogundade, Executive Director at CIG Motors, highlighted the initiative’s vision of empowering Nigerians to achieve their aspirations through world-class mobility. The partnership represents a shared commitment to innovation and accessibility.

“By combining CIG Motors’ expertise in automotive excellence and FCMB’s robust financial solution, we are fostering economic growth and enabling dreams,” he said.

During the Memorandum of Understanding (MoU) signing ceremony held in Lagos on Friday, November 29, 2024, as part of the CIG Motors Grand Auto Fair, Mrs. Yemisi Edun, Managing Director, First City Monument Bank, who was represented by the Bank’s National Head of Sales, Mr. Emmanuel Comla, said the bank’s partnership with CIG Motors provides a unique opportunity for customers to fulfil their dreams of vehicle ownership.

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“It eases the challenges often associated with acquiring a vehicle, turning this cherished life milestone into a smooth and enjoyable experience.”

Furthermore, she reaffirmed the bank’s commitment to empowering Nigerians. “As a responsive institution, we ensure our customers, including first-time vehicle buyers, can now own the car of their choice without hassle, thanks to this partnership,” she said.

The FCMB-CIG Motors auto loan scheme is open to salaried individuals, self-employed Nigerians, and businesses seeking to expand their fleets. It is designed to empower qualified applicants to part-finance vehicle purchases while conveniently spreading repayments.

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This auto-bank support scheme aligns with the growing demand for high-quality vehicles in Nigeria and provides a pathway for customers to benefit from advanced automotive technology without immediate financial strain.