Not many people believed it would actually happen that Globe Motors’ announcement in 2016 of a ‘new car assembly plant in Nigeria’ will become a reality so soon. Globe motors recently announced in August 2018 that the plant has begun rolling out vehicles and now has over 50 employees. The project is worth over $150 million.
Globe Motors’ indigenous car assembly competitor, Innoson Motors reached a financial snag in 2016 and has been engaged in a legal battle with Nigeria’s Guaranteed Trust Bank (GTB) ever since.
Globe Motors is an automobile dealership founded in 1984 in Lagos, Nigeria. The company sells brand new passenger and commercial vehicles of brands such as Mercedes-Benz, Toyota, Hyundai and China’s Higer.
According a report published by the Central Bank of Nigeria (CBN) in 2010, William Anumudu, founder of Globe Motors, was said to be in significant debt, owing then Equitorial Trust Bank (ETB) 3 Billion Naira.