Sterling Bank Partners with Peugeot Automobile Nigeria

Managing Director at Peugeot Nigeria, Ibrahim Boyi

Sterling Bank Partners with Peugeot Automobile Nigeria

Sterling Bank, a national commercial bank has announced its partnership with Nigeria’s premier automobile manufacturer, Peugeot Automobile Nigeria.

The partnership involves Peugeot delivering 50 made-to-order vehicles for official use across the bank’s locations nationwide.

In a bid to support the growth and development of the Nigerian economy, Sterling Bank said it teamed up with the Kaduna-based car maker to customise the vehicles based on its understanding of the Nigerian terrain as well as required mode of usage.

A statement released by the bank’s Chief Operating Officer, Raheem Owodeyi said “following our strategic drive as a bank to focus on impacting the critical sectors of the Nigerian economy, we had to evaluate every aspect of our business transactions to ensure we were doing same to support the growth of the economy.”

Raheem also said “by acquiring our company pool cars from a local manufacturer, we ensured that not only will the funds circulate within Nigeria, the impact of the partnership will equally boost our local manufacturing sector to provide jobs and improve the skills of people participating in that sector”.

The Head, General Internal Services at Sterling Bank, Adebomi Adewale said “we see this partnership as a game changer and one that will influence the perception people have about locally manufactured vehicles as the procured vehicles will be deployed in all our branches nationwide”.

He also noted that “it is also the first time a bank in Nigeria will look beyond the short term gains of patronising affordable foreign based manufacturers to the impact of its dealings on the wider economy.”

To ensure utilisation of the fleet to optimum capacity over a three-year period, the bank signed a fleet maintenance agreement with Peugeot Automobile Nigeria which would see the car maker carry out routine maintenance on the vehicles.

The Managing Director at Peugeot Nigeria, Ibrahim Boyi said “when the Sterling Bank team approached us, they were specific on the kind of vehicles they wanted and the impact they wanted to make in the society, which made it easy for us to design vehicles with the right kind of efficiencies and an understanding of the locations in which the cars will be used.”

He added that “we are certain this is beyond a one-off procurement deal but a partnership that will set the standards on how company cars should be used and maintained.”

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