US-based Nigerian Investor Commits $100m To Boost Business In 36 States

In line with President Bola Tinubu’s efforts to attract foreign investors, a US-based Nigerian, Otunba Saheed Ashogbon, is set to invest $100 million across all 36 states of the country, hence, calling for the support of state governors to facilitate this venture.

Speaking with newsmen on Wednesday in Lagos, Ashogbon, who has been residing in the US for over 30 years, announced his return to Nigeria to establish an online auto auction platform and clear abandoned vehicles from the roads.

As the CEO of Asper Online Auction, Ashogbon highlighted that the business will generate employment for thousands of youths and provide tax revenue for the government. He has written letters to President Bola Tinubu and Governor Babajide Sanwo-Olu, seeking their support to start the business.

“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,” Ashogbon stated.

Ashogbon also revealed his plans to expand the same business to Ghana but prefers to launch it in Nigeria first if he receives adequate support from the governors.

In a letter addressed to President Bola Tinubu dated June 26, 2024, titled “Proposed Investment Opportunity to Benefit the Nation,” the Asper CEO outlined his business proposal: “I want to introduce a business that will benefit the country. I propose to bring an auction platform from the USA to sell all disused and abandoned vehicles within Nigerian police stations nationwide and assist Nigeria Customs in auctioning these vehicles globally.”

He added, “The total funds earmarked for this project in Nigeria amount to $100 million. We intend to have our headquarters in Lagos and establish branches across all 36 states of the federation.”

Ashogbon, a businessman based in Atlanta, Georgia, is among the Nigerians whom President Tinubu encouraged to invest in Nigeria during the Eko Day festival in Atlanta in 2022.

He called on governor Babajide Sanwo-Olu to provide land in Ikorodu, Epe, and Badagry for the business, emphasizing the benefits to the state and its residents.