US businessmen plans to invest $100m in venture to rid Nigeria of abandoned vehicles

AMERICAN-based businessman Otunba Saheed Ashogbon has announced plans to invest $100m in Nigeria to help clear the country's roads of unwanted vehicles which will then be recycled and the scrap metal put to productive use.

Otunba Ashogbon, who lives in the US is the chief executive of Asper Online Auction and met with President Bola Tinubu at Eko Day festival in Atlanta, Georgia, in 2022, who encouraged him to come and invest in Nigeria. He has thus decided to take up this offer investing $100m across all 36 states of Nigeria to clear the country of broken down vehicles and has called for the support of state governors to facilitate his venture.

Under ambitious plans he has mapped out Otunba Ashogbon said he plans to establish an online automobile auction platform to help clear abandoned vehicles off Nigerian roads. He added that his venture will generate employment for thousands of youths and provide tax revenue for the government.

Already, he said the first set of compactors to clear dirt from Lagos roads have arrived in Nigeria. he also revealed long term plans to expand the same business to Ghana but for now, he will launch it in Nigeria and he is hoping to receive adequate support from state governors to execute the project.

Otunba Ashogbon said: “I will need 50 hectares of land in Badagry, Epe and Ikorodu to commence operations in Lagos. We have found that there are 500,000 abandoned vehicles on the streets and roads of Lagos.

“I propose to bring an auction platform from the US to sell all disused and abandoned vehicles within Nigerian police stations nationwide and assist Nigeria Customs in auctioning these vehicles globally. The total funds earmarked for this project in Nigeria amount to $100m.

"We intend to have our headquarters in Lagos and establish branches across all 36 states of the federation.” In a letter addressed to President Bola Tinubu dated June 26, 2024, titled Proposed Investment Opportunity to Benefit the Nation, Otunba Ashogbon added that  his mission is to begin a business that will benefit the country.