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Things To Look Out For When Buying Used Cars In Nigeria

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Things To Look Out For When Buying Used Cars In Nigeria
Image used for illustrative purpose

A large percentage of people would rather settle for used cars compared to brand new ones. For many reasons, which include prices, this has been the situation for most people in the country. According to Suomobroto Ganguly, the Chief Executive Officer (CEO) of Cars45, used cars in Nigeria constitute 95% of the country’s auto market.

With this, Newsrand understands that nine out of 10 Nigerians are driving used cars; it is in this light that this publication presents below the basic things to look out for before considering an automobile purchase…

Review your budget: This is a very vital part to consider when buying a fairly used car. It is important for you to define a budget and stick with it. Sometimes after paying for the car, additional expenses might arise. For example, you might need to rewrap the interior or change the tyre as well as do some mechanical/electrical maintenance, all these will mean extra spending. You should decide how much you are willing to spend on the car.

Compare prices: Having an idea of what the price of your car choice should be will help your bargaining process. To do this, you can search the internet for your automobile choice, which would enable you to see the prices. It is advisable you do this before initiating a meeting with your car dealer.

Define your car taste and choice: Clearly knowing what you want is an advantage that will help you make smart decisions, and the interesting part of this is that it will make your buying process seamless. In Nigeria, people use more Toyota, Lexus, and Honda for reasons best known to them. So, it is safer to have more than one proposed car brand.

Confirm the mileage: What this means is the total distance a car has travelled since it was manufactured. When buying used cars in Nigeria, the mileage may be a dealbreaker because experts are of the opinion that the average annual mileage of every automobile product should be 12,000.

The mileage is how you will get to know how long the car has been used, how long it has run, which can influence how much it should be sold for.

Be sure of the spare parts’ availability: This is one of the most integral processes of buying used cars in Nigeria. Sometimes, an automobile product might thick all the aforementioned boxes, but when the spare parts are not readily-available, we are sure you don’t even want to be near such a car. So, it is strongly advisable you take out time to research the used cars in Nigeria that you are considering as their spare parts readily available for purchase in the markets. This is because all cars are prone to have issues that should be fixed at one point or the other.

Have a pre-purchase inspection: You need to engage a mechanic and other professionals in the automobile industry, like rewire, to check the functionality of your car choice. Inspecting the car will uncover what is not working well, or not working at all in the car.

It is in the course of this process that you will confirm the engine’s strength, amongst other things.

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Dangote Surpasses $21bn In Net Worth For First Time Since 2014

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Dangote Surpasses $21bn In Net Worth For First Time Since 2014

Aliko Dangote, the founder of the most diversified manufacturing conglomerate, Dangote Industries Limited has surpassed $21 billion in net worth for the first time since 2014 when his wealth fell from $25.7 billion to below $15 billion.

The news comes as shares in his cement company, Dangote Cement Plc, which is listed on the Nigerian Exchange reached an all-time high price of N3000 ($0.7224) per share, bringing the cement company’s market capitalization to N5.11 Trillion ($12.3 billion).

Being the African Richest man and the only black man worth over $15 billion, Dangote derives a majority of his net worth from his 86% stake in Dangote Cement, which is now valued at $10. 6 billion.

For the tenth time in a row, Aliko Dangote was named the richest man in Africa in 2021, with an estimated net worth of $12.1 billion.

The business empire he began to build more than three decades ago, Dangote Group, is one of the largest private-sector employers in Nigeria as well as the most valuable conglomerate in West Africa.

Shortly after graduating from college at 21, Dangote borrowed $3,000 from his uncle to import and sell agricultural commodities in Nigeria, his native country. His business venture quickly became a success, and as a result, he managed to repay the entire loan within three months of starting operations. Ultimately, Dangote was able to turn a local commodities trading business into a multibillion-dollar corporation.

Dangote’s business interests encompass many industries, including oil and gas, consumer goods, and manufacturing. According to Forbes magazine, the subsidiary produces 45.6 million metric tons of cement every year and operates in 10 African countries.

Dangote also owns the world’s third-largest sugar refinery. As of March 31, 2021, Dangote Cement Group reported quarterly revenue of 332.7 billion Nigerian nairas, approximately US$808.5 million.

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Osinbajo Drums Support For FIRS Digitisation Agenda

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Osinbajo Drums Support For FIRS Digitisation Agenda

The Chartered Institute of Taxation of Nigeria (CITN) has been urged to support the Federal Inland Revenue Service (FIRS) in its drive towards full digitalisation of tax administrative processes.

Vice President Yemi Osinbajo SAN made this call in his speech at the Chartered Institute of Taxation of Nigeria’s (CITN) 24th Annual Tax Conference held at the International Conference Centre, Abuja.

The Vice President was represented at the event by the Executive Chairman of the FIRS, Muhammad Nami who delivered the address on his behalf.

Professor Osinbajo noted that the theme for the tax conference, “Global Disruption, Taxation and Digitalisation: Implication for Socio-Economic Development” aptly captures the prevailing realities within the national and global fiscal space.

He said, “Nigeria’s economy is fast digitalising. The digitalisation of the Nigerian economy means that the ways and manners of organising and doing businesses have changed. Indeed, the radical changes brought about by digitalisation have displaced the traditional approach to tax administration. Consequently, the digitalisation of tax administration is unavoidable, that is why our government has continued to heavily invest in the automation of tax administrative processes and digital infrastructure.

He further noted that the government had provided the enabling environment for digitalised tax administration by making necessary tax policy changes, developing rules for taxation of the digital economy, enactment of required legislation, and providing necessary political backing for the team negotiating the new international tax rules for the digitalised economy.

The Vice President urged the institute to see its role in society as a pillar for the country’s socio-economic development.

The possible impact of non-compliance by taxpayers—whom you hold briefs for—on the government’s revenue and the larger society is crucial and must be given topmost priority while holding briefs for them.

In doing so, you must always bear in mind the pronouncement of the Court of Appeal in Phoenix Motors v. National Provident Fund Management Board (1993) that it is in the best interest of the society at large that government be in revenue.

It is through this prism that I see your Institute as a pillar for the socio-economic development of Nigeria and the emancipation of the downtrodden of our society. Without a doubt, your members will continue to discharge the solemn and sacred responsibility of ensuring that the interest of the larger society in Nigeria is not trodden upon; and this you must do with patriotic zeal,” he noted.

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Lagos Airport Shutdown After Corpse Was Discovered On Runway

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Lagos Airport Shutdown After Corpse Was Discovered On Runway

The international wing of the Murtala Muhammed International Airport, Lagos, was temporarily shut in the early hours of Thursday, May 19, 2022, after the mangled body of a dead man was found on Runway 18R of the nation’s flagship airport.

The identity of the corpse could not be ascertained as of press time. Also, it could not be established whether the dead man was knocked down by an aircraft taking off or landing on the runway.

However, airport officials revealed that the runway was temporarily shut down while a team of officials from the Federal Airports Authority of Nigeria (FAAN) and the Nigeria Police Force (NPF) evacuated the corpse from the runway.

During the temporary shutdown of the runway, international flights were prevented from landing and taking off from the airport’s international terminal.

Among the flights that could not land due to the shutdown was an Ethiopian Airlines flight 3907, a Boeing 77F aircraft with registration number ETAVN, which was coming from Lome, Togo to Lagos, Nigeria.

The flight was later diverted back to Lome after holding for a while.

Airport officials said the corpse was suddenly found on Runway 18R during a routine runway inspection by FAAN personnel.

The officials were said to have reported a corpse on the runway around the cargo area.

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