The offer runs for two tranches with different maturities and returns. Tranche A carries a tenor of 272 days with a discount rate of 18.53% and an implied yield of 21.50%. 

Tranche B runs for 364 days, with a discount rate of 19.53% and an implied yield of 24.25%.

The minimum subscription is N5 million, while additional investments come in multiples of N1,000. The offer closes on Monday, May 25, 2026, with the funding date set for Tuesday, May 26, 2026.

The company said proceeds will go into core operational needs and also listed inventory support and wider expansion plans. 

In its disclosure, it stated: “Proceeds from the issuance will be used for inventory financing, working capital optimisation, operational expansion, and broader mobility infrastructure development across Nigeria.”

United Capital Plc is the lead issuing house for the transaction. Cordros Capital Plc and Rand Merchant Bank act as joint issuing and placing agents. Wema Bank Plc, Access Bank Plc and Providus Bank serve as receiving banks.

Credit rating agencies assigned investment-grade ratings to the programme. DataPro Limited gave it an A1 short-term rating and an A long-term rating. Agusto & Co. assigned an A2 short-term rating and a Bbb long-term rating.

CIG Motors returned to the market after completing full redemption of its N10.2 billion Series 1 commercial paper. The company pointed to that repayment as part of its track record in meeting obligations and managing institutional funding.

Recent financial disclosures show revenue of N177.4 billion. Earnings before interest, tax, depreciation and amortisation stood at N35.3 billion. Profit after tax came in at N17.3 billion. These figures are part of the documentation supporting the new issuance.

Executives say the numbers reveal steady operational growth, pointing to expanding activity in vehicle assembly, mobility services and after-sales support.

Chairman Diana Chen described the transaction as a strong vote of confidence in both Nigeria’s economic outlook and the company’s long-term growth strategy.

Group Chief Financial Officer Ram Murugesan said the company’s financial performance shows a deliberate platform-building approach driven by disciplined leverage management and expanding operational capacity.

Gbadebo Adenrele also noted that the successful redemption of Series 1 strengthened the company’s position in the local capital market. He added that United Capital’s involvement in the Series 2 issuance followed CIG Motors’ execution record and financial discipline.

The fundraising is seen within a pattern in Nigeria’s commercial paper market. Corporate issuers have turned more to short-term debt as bank lending costs are high and liquidity stays tight.

In 2025, Nigerian companies raised more than N1 trillion through commercial paper programmes. Yields in that period generally ranged between 18% and 25%, reflecting inflation pressures and funding demand across sectors.

CIG Motors’ current pricing falls within that range. It also places the offer in line with other mid-tier industrial and manufacturing issuers competing for investor funds.

Ratings on the programme point to moderate risk with investment-grade status. That places it below top-tier corporates, but still within acceptable thresholds for institutional investors seeking yield.

The company’s operations include vehicle assembly, electric mobility solutions and transport services. Its structure reflects a drive toward integrated automotive services rather than import-heavy distribution.

In 2024, Lagos State Government, through IBILE Holdings Limited, entered a partnership with CIG Motors. The deal covered the acquisition of 5,000 vehicles for the Lagos Ride transport scheme, with an estimated value of $260 million.

The programme aims to modernise urban transport in Lagos and replace older vehicles across parts of the public mobility system. It also positioned CIG Motors more firmly inside state-backed transport infrastructure projects.

Nigeria’s automotive sector is operating under pressure from import tariffs on fully built vehicles. Foreign exchange volatility also affects spare parts costs and local assembly operations. Policy direction, however, continues to support local assembly and electric mobility.

CIG Motors’ model is within that policy direction. Its focus on assembly, mobility services and electric vehicle expansion aligns with government efforts to reduce import dependence and build local capacity in transport infrastructure.

This was revealed on Tuesday at the launch of Bolt’s flagship Gig Economy Report, conducted in partnership with Ipsos, held at the Radisson Blu Hotel, Ikeja GRA, Lagos.

The report was launched at a time when more than 92% of employed Nigerians work in the informal sector, focusing more on flexible, platform-based jobs.

Covering Nigeria and four other African markets, the report shows that gig work has gone beyond a side option to a main source of income.

Ride-hailing alone accounts for 24% of participation, second only to e-commerce, and nearly 6 in 10 workers remain active for over a year, pointing to sustained reliance rather than short-term engagement.

Speaking at the event, Teddy Appa-Dankyi, senior general manager for West Africa, Bolt, said, “Flexible earning opportunities  are becoming an essential part of how many Nigerians earn today. This report shows that ride-hailing is not just about mobility, it is helping people diversify income, manage financial uncertainty, and participate more actively in the digital economy.” 

From the presentation, the data show a labour market under stress but adapting quickly. Nigeria’s workforce has grown commendably, but formal jobs have not kept pace.

Youth unemployment is higher than the national average, pushing younger people toward gig work as a practical alternative.

The report notes that platforms provide low barriers to entry, allowing workers to start earning quickly, usually within days. For many, that speed is highly important as it fills gaps left by the formal economy.

“I like that I can earn daily, it feels good not depending on someone else’s schedule,” one driver said during the study.

At the policy level, government representatives acknowledged the sector’s indispensable role, describing ride-hailing as “a defining pillar” of the state’s transport system, adding that it is “creating jobs for thousands of drivers and offering mobility to millions of Nigerians.” 

Nonetheless, the event stressed that growth must be matched with regulation, pointing to ongoing initiatives around driver accreditation, vehicle inspection, and digital monitoring systems.

Beyond access to income, the report spotlights changes in living standards, with 64% of respondents saying their standard of living improved significantly, while another 31% reported slight improvement after joining gig platforms.

The report also shows how the gig economy is feeding into financial inclusion. More than 85% of ride-hailing transactions are now cashless, giving drivers access to banking records, loans, and digital financial tools.

Weyinmi Aghadiuno, head of Regulatory and Policy for Bolt Africa, said, “As flexible earning opportunities become more common across Africa, there is an opportunity for policymakers, platforms and stakeholders to work together to ensure the gig economy continues to expand access to opportunity while remaining sustainable and inclusive.” 

Still, the report flags some gaps. Participation is heavily male-dominated, with 96% of ride-hailing workers men and just 4% women, highlighting a major inclusion challenge.

There are also issues around costs, with drivers speaking about expensive fuel prices and the pressure to stay profitable, even as platforms introduced fare adjustments and incentive schemes to cushion the impact.

At the Bolt flagship Gig Economy Report launch, the panel session, moderated by communications executive Edafe Onoriode, included speakers who agreed that the gig economy is no longer emerging as it is already impacting how Nigerians live and work.

“The gig economy is no longer the future of work, it is a present reality,” she said.

Gig work is acting as a shock absorber in Nigeria’s economy, taking in workers the formal system cannot absorb, and giving them a way to earn, however uneven that income may be.

The company surveyed more than 1,800 driver-partners across Nigeria, with 76% of drivers saying rudeness or verbal aggression is the top reason they give low ratings after a trip.

Payment disagreements came next, with 49% of drivers mentioning arguments over fares or payments. Safety followed at 42%, the same level recorded for cases where riders left vehicles dirty or caused damage.

What stands out is this, drivers are not focusing on traffic delays or route choices as much as people assume. Instead, everyday behaviour during the ride appears to be more important.

Speaking on the findings, Bolt’s Senior General Manager for West Africa, Teddy Appa-Dankyi, said: “Many riders are aware they rate drivers after trips, but fewer realise drivers also rate passengers. What this survey shows clearly is that respectful communication and consideration during trips significantly improve the experience for both drivers and riders.”

The survey is part of Bolt’s Driver Rating awareness campaign aiming to remind both sides that ratings go both ways and that small actions during a trip can affect the outcome.

Ride-hailing has become a regular part of city life, with the market valued at over $380 million in 2025 and could reach $477 million by 2029. Nearly half of urban users now rely on these services several times a week.

At the same time, challenges within the system have been increasing. Fuel subsidy removal in 2025 pushed up costs for drivers.

In March 2026, drivers in Lagos and Ogun halted operations over low fares and high expenses. That pressure has made interactions between drivers and riders more sensitive.

Bolt says driver feedback is essential to how the platform maintains trust. According to the company, simple things matter, such as being ready on time, speaking politely, and treating the vehicle with care.

“Ride-hailing works best when both drivers and riders contribute to a positive experience. Simple actions like being polite, ready at pickup, and respecting the driver’s vehicle can make a meaningful difference.”

Ratings go beyond feedback for drivers. They can affect how often they get trips and, in some cases, how much they earn. Bolt said its top 50 drivers earned N9.6 million in the first half of 2025, with strong ratings being a big part in that performance.

A litre of petrol can swing from affordable to outrageous overnight, and every fluctuation hits a livelihood. A large share of urban trips, including deliveries, in sub-Saharan Africa are still made on two-wheelers, most of them powered by engines that choke on fuel prices as much as they choke the air.

It is here, in a region where transport reliability is a daily gamble, that Spiro is doing something unusual: building an electric mobility system that does not collapse under Africa’s stubborn challenges. 

The company isn’t simply selling e-bikes; it is constructing a technology stack that runs from motor efficiency to data analytics, battery intelligence, GPS telemetry, fast-charging grids and automated swap stations, all in places where the electricity supply can disappear without warning.

But then, somehow, it works.

The Problem Spiro Wants to Solve

Africa’s motorcycle economy is a lifeline, but it is also a burden. Riders spend anywhere between 30–40% of their daily revenue on fuel. Maintenance costs pile up. Governments struggle to regulate emissions. Fleet owners cannot track assets. And riders themselves live with constant anxiety from fuel shortages, theft risks, unpredictable downtime and the dread of a breakdown in the middle of a delivery round.

Spiro’s value proposition, to create an electric alternative that does not demand perfect power supply, does not impose long charging delays, and does not ask riders to gamble with expensive batteries, sits directly in this mayhem. It is mobility re-engineered around African conditions rather than imported expectations.

This is where the company’s engineering becomes interesting.

Building Intelligence Into the Bike

In a chat with Techeconomy, Rahul Gaur, Spiro’s director for West Africa, spoke about the company’s technology with the steadiness of someone who has tested it across countries with wildly different challenges.

For him, the breakthrough is the integration of GPS, IoT and real-time telemetry within both the bike and the battery. As he explained, “the bike and the battery both have different trackers inside them,” a design choice that instantly changes the maths for fleet owners and governments trying to protect high-value assets.

The system allows full digital oversight: location, routes, braking behaviour, idle time, health status, power consumption and even sleep cycles. Gaur described it as an essential layer of trust: “You can also go to an extent of remotely immobilising the bike or put it in standby mode with just a click of a button.”

For operators handling thousands of riders, this level of control is a luxury they’ve never had.

He went further: “With geo-fencing and time-fencing, you can program the bike to ‘sleep’ at 10 pm and wake at 6 am. Once set, the bike automatically continues this routine.”

With asset security being a constant challenge in our region, the technology goes beyond a feature, it’s a tool helping users overcome limitations in the space.

The Swap Station: An Engineering Triumph

Battery-as-a-Service (BaaS) is the core of Spiro’s model. A rider does not own the battery; the network does. This eliminates the biggest obstacle to electric adoption, the battery’s cost, and places all responsibility for battery health and performance on the company.

It also demands precision.

Each automated swap station is built around a simple but powerful handshake between the bike and the battery.
“It is very important for the bike and battery to be married together,” Gaur explained. That marriage is monitored in real time. The moment a rider pulls in, the system already knows the specific battery he is carrying.

The swap itself is extremely fast, one to two minutes.

Gaur broke down the workflow: “The swap station agent just scans the incoming battery… and then scans the outgoing battery, making it a very, I’ll say, a faster swap, within one minute or two minutes.”

What looks like a quick scan is backed by a deep battery analytics pipeline, the company constantly monitors cycles, temperature, performance history and overall health. Nothing is guesswork.

Power Outages Are Not the End of the Story

Nigeria’s grid is unpredictable, and Gaur does not pretend otherwise. Instead, Spiro has engineered around the reality.

Before launching in any city, the company studied power availability block by block. Swap stations are placed in locations with the most reliable power sources. Where this still isn’t enough, the firm built internal redundancy.

Solar-powered swap stations.
Fast-charging nodes at stations with high load capacity.
Second-life batteries acting as power buffers.

According to Gaur:

“We have got one or two prototypes working very perfectly now in Nigeria using Second Life batteries, they work to keep the swap station during power outages.”

This is smart engineering, designed for countries where diesel generators are still part of everyday life.

Fast Charging: The New Expansion Front

Swap stations solve commercial riders’ biggest problem: speed. But they are not the only answer. Private users and intercity riders need flexibility, so Spiro is deploying public fast-charging stations across major urban corridors.

Each station provides multiple charging “guns”, allowing six to eight riders to charge simultaneously.

A full charge takes under an hour, although Gaur notes that riders rarely wait that long: “They will charge for 30-40% and then move to the next trip… and may be charged 100% at their will at home.”

Fast charging, in Gaur’s view, will become as common as petrol stations for electric bikes in Nigeria.

Home Charging: Simple, Safe and Familiar

For private users, Spiro includes a compact home charger built with the same philosophy as a laptop adapter. Riders plug in at night or early morning and start the day charged without visiting a station.

Gaur explained: “I wouldn’t call it a backup, because our home chargers are simple, like laptop chargers. Riders can charge conveniently at home and start the day with a full battery, giving them a head start.”

This small detail, access to free home charging, removes another layer of anxiety for users who fear being stranded.

Local Assembly and the Economics of Scale

Nigeria and Kenya now host Spiro assembly operations, but the company has gone further by creating a continental tech centre in Nigeria. This means diagnostics, software, technical support and battery intelligence are handled locally.

Gaur emphasised this: “99.9% manpower today in the plant is local.”

Localisation has not yet massively reduced costs, but its long-term impact is clear. “We will see a lot more validation coming in… in 2026 where we go all out with the plant operations.”

A future where most components are built or integrated locally becomes more possible with each expansion cycle.

Engineering a Bike for African Roads

Spiro’s bikes are powered by a 4.5 kW motor with a 6 kW peak, placing them firmly in the performance range of 100–150cc petrol bikes.

Gaur explained the reasoning: “The 4.5 kW motor, if tuned very well, can be compared to 100 and 125 cc petrol bike easily, and its peak output of 6 kW can match or even exceed  a 150 cc bike.”

African riders value torque, stability and hill-climb capacity more than abstract performance metrics, which is why Spiro tuned the motor for harsh terrain, heavy loads and stop-and-go commuting.

Fighting Range Anxiety Through Behaviour and Data

Range anxiety is universal, but Gaur has seen how quickly it fades. “Once they are used to it for at least two or three months, they know what to do with the machine.”

With the app showing the nearest swap and charging locations, riders learn their routes the way they once memorised petrol stations. It becomes instinctive.

Like a smartphone, you don’t panic when the battery falls to 15%; you just know when to plug in.

State-of-Charge (SOC) Billing: Precision and Fairness

Spiro introduced a billing system based entirely on the State of Charge of the battery. Riders pay only for the energy they consume.

Gaur’s explanation is very apt: “If I’m charging N2000 for 100%, you do 50% you pay me N1000.”

This removes disputes and eliminates the old assumption that every swap equals a full charge. Riders are billed fairly; the company gains granular data to optimise battery life across the entire network.

Scaling Electric Mobility: What the Future Looks Like

Gaur is optimistic about Africa’s potential, pragmatically optimistic. Success for Spiro goes beyond selling bikes, the company is building a transport ecosystem that overcomes the limitations of the grid.

On the key technical and operational factors that would support battery-swap model as a potential standard for urban mobility in Africa, Gaur said:

“Firstly, we identify the right locations. Second power supply has to be very reliable. And thirdly, I say, the choice of state to go ahead with… states which are progressive in supporting or promoting electric mobility.”

These factors will dictate where swap stations, fast chargers and assembly extensions appear next.

But the bigger vision is what happens when this system scales; lower emissions, lower costs for riders, more jobs around stations, and mobility that does not break every time the grid does.

Spiro is building sustainable stability, one battery, one motor, one data point at a time. With transport usually unpredictable in Africa, Spiro is working to make reliability feel normal.

It is not a perfect system. It is an evolving one. But in the incredible, fuel-burning sector of African cities, an electric bike with intelligence, fast charging, solar-powered stations, automated swapping and real-time data is a brilliant revolution.

A very practical revolution.