Cars45 Breaks Hard in Nigeria!

Cars45 Breaks Hard in Nigeria!

It seems like a business pandemic and the virus may take time to get a solution vaccine. Yes, Cars45 CEO, and about 11 employees, left around the same time in the company, and the firm went out with a Public Notice with mugshots of the workers. Why did they resign about the same time? You may recall how Naspers invested $400 million in the European parent of Cars45. This is hard breaking for Cars45; we hope the pad is not burnt. TC Daily explains.

Mind you, these were not some low level staff. Mohammed Iyamu is a co-founder of the business, and Olajide Adamolekun was the chief financial officer. Mayokun Fadeyibi, who was the VP Commercial, is an experienced executive with a PhD in Business.

What we know for now is that at least 8 out the 11 in the graphic (including Iyamu, Adamolekun and Fadeyibi) have joined former Cars45 CEO and co-founder Etop Ikpe in a new car financing venture called NewCo. We also know that Sujay Tyle, another Cars45 co-founder, left Frontier Car Group (Cars45’s parent company) last week.

It means three out of the car company’s four founders have signed off. The company insists there isn’t cause for alarm but we can’t help wondering what’s gone wrong with the wheels over there. (TC Daily)

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3 thoughts on “Cars45 Breaks Hard in Nigeria!

  1. Most of them left Cars45 for other entities in same type of business, so it’s more or less an internal balkanization at Cars45. The framing of their public notice announcement only confirmed that they are in crisis, you don’t tell people there’s no cause for alarm when there’s every cause for alarm.

    We are watching.

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  2. “…with mugshots of the workers”. I found that so funny because that’s exactly what I was thinking with the tone of the message and images used.

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  3. This is a very poor way into deal with issues such as this. Very very bad publicity and bordering on libel. Leaving your company should not make you put their pictures out there like criminals.

    Sigh.

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