C&I Leasing plans to raise additional capital for business expansion
The Vice Chairman, C & I Leasing, Chukwuemeka Ndu, who disclosed this in Lagos during the company’s investor conference for the year, 2015 said: “We are in the process of reorganisation in order to position our business for higher growth and profitability.
“With the new auto policy, we would be merging the C& I Motors into the group as we would only be providing vehicle support services. So the C& I Motors will serve as division of C& I Leasing, focusing on maintenance, rather than joining the auto policy train.”
He further disclosed that following the retirement of the Chairman of the company, Abdul D. Bello and reorganisation of the entity, Andrew Otike-Odibi was appointed as the new Managing Director of C & I a Leasing, while himself was promoted to the position of Vice Chairman.
In his speech at the conference which coincided with the 25th year anniversary of the company, Otike-Odibi reaffirmed the diversification process, saying. It would help boost productivity and reduce risk in its operations.
According to him, “over the last two years, the company has divested of peripheral activities to focus on core operational areas starting with the 2014 divestment to a group led by the management of its iconic Red cabs.
“ By the end of 2015, we expect to complete the merger. In fact, the company has diversified its leasing business to include sale of automobiles, as well as fleet management services. We have Hertz Rent-A-Car.
“We are the sole franchisee and operator of the popular Hertz-Rent- A-Car brand in Nigeria. The company currently manages over a thousand vehicles and professional chauffeurs around the country; offering, pick up and drop off, Airport shuttle and daily rental services.