We invested over N5B into bike business in Lagos before ban – Max CEO

Forum 4 years ago

We invested over N5B into bike business in Lagos before ban – Max CEO

Lagosians continue to count the cost from the ban on Motorcycle and tricycle operators in major parts of the state.

Already commuters have lamented the long hours they spend trekking to their places of work due to lack of bikes.  The Lagos state government has taken the enforcement of the ban seriously and already bikes have disappeared from major roads in the state.

The CEO of one of the largest bike operating companies in Lagos before the ban, Adetayo Bamiduro has lamented the huge lose the company has faced.

He regretted that the government made no distinction between formal operators and the local riders when enacting and enforcing the ban.

He also revealed the amount the company invested in the scheme. He said:

In terms of equity investment and shareholders, MAX has put in close to $10m (about N3.6bn) in the state. And in terms of financing, things that have been done cost well over $5m (about 1.8bn) in the business that has been mobilised for providing micro loans to okada and vehicle operators in the state. We have very big plans for Nigerians as a whole and we have very big plans for Lagos as well.