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Ade-Ojo bemoans hike in prices of vehicles rewards customers


Chief Michael Ade-Ojo

Chairman, Toyota Nigeria Limited, Michael Ade-Ojo, has expressed concern over the impact of the prevailing economic challenges and business environment on the automotive industry.

Speaking in Lagos in an event organised by the firm to reward loyal customers,
Ade-Ojo said prevailing situation, particularly the economic shortfall coupled with 70 per cent duty on imported new vehicles has crippled the buying power of Nigerians.

Rewarding its customers with a total sum of N7 million for their loyalty in the previous year, he lamented that cost of duty on vehicles surpassed the actual cost of some vehicles.


He urged Nigerians to prioritise the culture of preventive maintenance, avoid unauthorised workshops and fake spare-parts to avert damages that may add unnecessary cost in the face of the harsh economic situation.

First Bank Nigeria Plc, emerged the winner of Toyota Evergreen Customer of the Year Award, and went home with a sum N2.5 million for patronising the Toyota brand consistently for a period of five years.

Peace Mass transit Limited won Toyota’s Customer of the Year Award (2016) and received a reward of N2 million

Other beneficiaries include; Department of Petroleum Resources (DPR), which emerged the second place (1st Runner Up) with a reward of N1.5 million and Master Global Concept settled for the third place (2nd Runner Up) wining a reward of N1 million.

The event also honoured three Nigerian motoring journalists, in the Motoring Journalist of the year category of the awards.

Businessday correspondent, Mike Ochonma won, the Motoring Journalist of the Year award, while Femi Owoeye of Motoring World emerged second best, followed by The Punch Newspapers Rasheed Bisiriyu, who came third.

Ade-Ojo, who attributed the success of the organisation in the face of the challenging economy to its customers, said: “It is because of their patronage that Toyota Nigeria has remained the country’s leading brand.

Managing Director of the company, Kunle Ade-Ojo, said the event has strengthen the organisation:s relationship and fostered effective service delivery.

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