Efforts to reduce the long-standing barriers to vehicle ownership in Nigeria have received a boost following a new partnership between Elizade JAC Autoland Limited and Sterling Bank Plc, aimed at expanding access to brand-new vehicles through flexible and structured financing arrangements.
The collaboration, unveiled recently at the Elizade JAC Autoland headquarters in Lagos, is designed to respond to rising demand for affordable mobility solutions, particularly at a time when high upfront costs and limited financing options continue to restrict access to new vehicles for individuals and businesses.
In a statement made available on Friday, Elizade JAC Autoland explained that the partnership will enable customers to purchase vehicles using financing plans with repayment tenors of up to four years. Under the arrangement, buyers will benefit from structured auto loans, flexible repayment options, and dedicated support throughout the purchase process and beyond.
Speaking through the statement, the Managing Director of Elizade JAC Autoland Limited, Demola Ade-Ojo, described the initiative as a strategic step toward deepening customer value and simplifying the path to vehicle ownership. He noted that the company has consistently focused on making quality vehicles more accessible to Nigerians.
“At Elizade JAC Autoland, our goal has always been to make quality vehicle ownership more accessible and rewarding. Today’s partnership brings that goal closer to reality,” Ade-Ojo said.
He added that customers would enjoy “structured vehicle financing solutions, flexible repayment tenors and dedicated support from both Sterling Bank and Elizade JAC throughout the entire purchase process and after.” According to him, the partnership reflects a shared commitment by both organisations to customer-centric innovation, combining Sterling Bank’s financial expertise with Elizade JAC’s automotive portfolio and service experience.
“We are simplifying the vehicle ownership journey and removing traditional barriers to access,” he stated.
From the banking side, Sterling Bank’s Vice President for Consumer Banking, David Adebayo, said the collaboration aligns with the lender’s broader HEART strategy, which focuses on health, education, agriculture, renewable energy, and transportation. He emphasised that transportation remains a critical enabler of economic productivity and growth.
“Transportation is our focus here, and we understand that we cannot achieve maximum impact alone. Collaboration across industries is essential,” Adebayo said.
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| Arvind Bhardwaj, Chief Operating Officer; Elizade JAC Autoland; Demola Ade-Ojo, MD/CEO, Elizade JAC Autoland; David Adebayo, VP, Consumer Banking at Sterling Bank; Oluwaseun Ayanbadejo, Head, Corporate Sales, Elizade JAC Autoland and Damian Umeasala, Head, Affluent Banking, Sterling Bank, all at the vehicle financing partnership signing ceremony held at the Elizade JAC Autoland Headquarters in Lagos, yesterday. |
He explained that the auto-financing scheme was deliberately structured to remove the bottlenecks traditionally associated with vehicle financing in Nigeria, while ensuring customers receive reliable vehicles. According to him, the offer is open to both existing and prospective Sterling Bank customers and allows repayments over a reasonable and flexible period.
“Even if customers want to upgrade their vehicles within months, support will be provided. This system benefits individuals, staff, and SMEs alike,” Adebayo noted.
Outlining how the process works, he said customers can select a vehicle, obtain a proforma invoice from Elizade JAC, and submit it to Sterling Bank for processing. He added that Sterling Bank customers would enjoy a 10 per cent discount on all vehicles, while pre-approved credit limits for existing customers would enable faster approval and quicker delivery once documentation is completed.
Providing further insight into the operational framework, the Head of Corporate Sales at Elizade JAC Autoland Limited, Oluwaseun Ayanbadejo, said the partnership was specifically designed to eliminate delays that often characterise auto financing in the country.
“Our main goal is to ensure that all customers receive the solutions they need and can complete their vehicle purchase efficiently,” he said. “This partnership with Sterling Bank supports fast delivery for auto financing, so customers do not need to wait months for their vehicles.”
Both companies expressed confidence that the initiative would improve access to new vehicles, support mobility for individuals and businesses, and contribute to broader economic activity by making vehicle ownership more attainable across different customer segments.