• Wednesday, December 06, 2023
businessday logo


Mack, Lanre Shittu simplifies trucks financing deal


In recent times, prohibitively high interest rates offered by local banks have made it difficult for haulage and construction companies to purchase new premium heavy trucks, many times forcing them to settle for older used models not suitable for the difficult conditions in Nigeria that trend.

But this time around, manufacturers of Mack Trucks, known throughout the world for their durability, reliability and application excellence and Lanre Shittu Motors (LSM), the local accredited dealer in Nigeria have taken an important step to make Mack brand, the absolute best solution for the Nigerian heavy duty truck market.

With this development, customers interested in purchasing new premium heavy duty trucks now have access to international banks guaranteed by European and American Export Credit Agencies (ECAs). Qualified customers can secure financing of up to 85 percent of the total purchase price of the new equipment.

The other 15 percent is required as a down payment before the trucks are delivered. Lanre Shittu, the official distributor of Mack Trucks in the country has successfully negotiated with several to help customers cover the 15 percent equity contribution. This offer is only available when purchasing new trucks from an official Mack Trucks distributor in Nigeria.

Reacting to this new development Frank Oliveira, Vice President of Business Development for Mack Global Brand said, “Nigeria is a very important market for Mack Trucks, and having new, safe, efficient Mack Trucks is very important for Nigeria. We now have a solution to the main financing road block that used to hinder customers from purchasing new Mack Trucks commercial.”

To set the ball rolling, last Wednesday, Lanre Shittu made its second handover of new trucks that were financed through EKN financing solution. A total of 45 Mack Granites Elites trucks handed over to Haulage Oil & Gas Limited. It was preceded with the delivery of 10 units of Mack Granite Elites to Green Assets Limited last May 6, 2013.

Making a remark on his experience with the Mack Trucks, Frank Nweke, Managing Director, and CEO of Haulage Oil & Gas Limited said, “Mack Trucks have proven to be unequalled in durability, ruggedness and reliability. The truck perfectly fits into our business model of long term operations and sustainable provision to haulage logistics to blue chip companies in Nigeria.”

The company chief said that Haulage Oil & Gas Limited is excited at the financing concept provided by Lanre Shittu Motors and EKN, especially the single digit interest rate. This financing, if extended to spare parts purchase he said, will further promote Mack truck brand in Nigeria and added that his company appreciates the speed of consummating the current transaction.