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The Three Musketeers: Emerging Electric Mobility Solutions in Nigeria

By
Nnamdi Madichie
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2

Nigeria’s transportation sector is at the cusp of a clean mobility revolution. The combination of rising fuel costs, sustainability imperatives, and growing technological adoption is driving innovation in both corporate and public transport. In 2025, three pioneering companies, i.e., “Three Musketeers” – Cabzero, Bolt, and Janus Cleantech – introduced electric mobility solutions that promise to redefine how Nigerians commute and how organizations manage staff mobility. These initiatives highlight opportunities for businesses, commuters, and policymakers to align around a shared vision of cost efficiency, innovation, and environmental responsibility.

Case #1 Cabzero: Corporate All-Electric Fleet Solution

Launched in April 2025, Cabzero is Nigeria’s first all-electric corporate fleet service. It targets businesses that want to cut operational costs while strengthening Environmental, Social, and Governance (ESG) credentials. Key features include:

  • Exclusive Model – A dedicated fleet leased at a fixed monthly fee, offering predictable costs and operational control.
  • Shared Model – Employees book rides via the Cabzero app, with billing centralized to the company. This model supports hybrid workforces and firms with flexible commuting needs.

Cabzero positions itself as a corporate partner that not only reduces fuel dependency but also enhances the employee experience through reliable, modern mobility solutions. 

Case #2 Bolt: Electric Tricycle Rollout in Lagos

In May 2025, Bolt expanded its footprint in Nigeria by introducing 25 electric tricycles in Lagos, in partnership with SGX Mobility. This marks Bolt’s first foray into Nigeria’s EV tricycle segment, complementing its existing operations in cities like Jos and Uyo. Highlights of the initiative include:

  • Cleaner Transport – Zero-emission rides compared to traditional petrol-powered tricycles.
  • Cost Relief – Aimed at offsetting rising fuel costs impacting both riders and drivers.
  • Market Testing – Bolt is adopting a cautious rollout, adjusting leasing and deployment strategies based on market reception.

Bolt’s initiative reflects a measured but forward-looking approach, balancing sustainability goals with economic realities for low-income drivers. 

Case #3 Janus Cleantech: Dual-Purpose Electric Tricycles

In September 2025, Lagos-based clean energy company Janus Cleantech introduced Nigeria’s first passenger and cargo electric tricycles, named Ketekete and Ayoka. Unlike other players, Janus integrates mobility with energy access, making its solution particularly distinctive. Key innovations include:

  • IoT-Enabled Design – Vehicles run on swappable lithium batteries equipped with Vehicle-to-Home (V2H) and Vehicle-to-Business (V2B) capabilities.
  • Mobile Power Solutions – The e-trikes double as power banks, providing electricity for households and small businesses.
  • Driver Affordability – With petrol tricycles consuming up to 60% of a driver’s daily income, Janus’ e-trikes lower operational costs, enabling long-term savings.

Janus Cleantech’s dual approach—transport plus energy—positions it as both a mobility provider and an energy enabler, directly addressing Nigeria’s challenges around energy poverty and fuel dependency.

Market Context and Opportunities

The combined entry of Cabzero, Bolt, and Janus Cleantech underscores a rapidly evolving Nigerian EV market. Common drivers include:

  • Rising Fuel Prices – Escalating costs of petrol make EV solutions increasingly attractive.
  • Infrastructure Gaps – While CNG and other alternatives exist, limited infrastructure hampers large-scale adoption.
  • Sustainability Imperatives – Businesses and individuals are seeking greener, more affordable alternatives.
  • Energy Access Needs – Janus Cleantech’s innovation taps into Nigeria’s broader challenge of unreliable electricity access.

 Strategic Implications

For Businesses:

  • Adopt EV Fleets Early: Leverage Cabzero’s corporate model to manage commuting costs while boosting ESG alignment.
  • Support Staff with Flexible Mobility: Hybrid workforce models can benefit from Cabzero’s Shared Model or Bolt’s EV tricycles for staff transportation.
  • Explore Dual-Use Solutions: Businesses in energy-constrained areas can benefit from Janus Cleantech’s vehicles as both transport and backup power sources.

 For Policymakers:

  • Provide Incentives: Offer tax waivers, reduced import duties, and subsidies for EV purchases and fleet adoption.
  • Expand Charging & Battery Swap Infrastructure: Invest in charging stations and battery swap hubs to support large-scale adoption.
  • Support Local Innovation: Encourage partnerships with companies like SGX Mobility and Janus Cleantech to strengthen Nigeria’s EV and battery manufacturing ecosystem.
  • Integrate Energy and Mobility Policy: Recognize and support dual-use innovations like Janus Cleantech’s V2H/V2B features as part of national electrification strategies.

Ultimately, the launches of our “Three Musketeers” in Clean Energy — Cabzero, Bolt, and Janus Cleantech — represent a pivotal shift in Nigeria’s transportation sector. Cabzero is redefining corporate fleet management, Bolt is expanding sustainable public transport, and Janus Cleantech is bridging the gap between mobility and energy access. Table 1 shows how Cabzero, Bolt, and Janus Cleantech occupy different but complementary niches: Cabzero ? corporate fleet management. Bolt ? everyday urban transport. Janus Cleantech ? dual transport-energy solution for drivers and communities.

Table 1. Comparative Overview of Emerging EV Mobility Players in Nigeria

Company Focus Area Service Model Unique Features Target Audience
Cabzero Corporate staff mobility. Exclusive Model: Dedicated fleet leased at fixed monthly fee.

Shared Model: App-based ride booking, billed to company.

 Corporate ESG alignment.

Predictable budgeting.

Hybrid workforce support.

 Medium-to-large organizations.
Bolt Public ride-hailing (urban transport). EV tricycles integrated into Bolt app.

Lease structure for drivers.

 Zero-emission keke rides.
Fuel cost relief for drivers.
Market-testing rollout.		 Commuters in Lagos & other cities.
Janus Cleantech Passenger & cargo e-tricycles + energy. Ketekete (passenger) & Ayoka (cargo) e-trikes.

 

Battery swap model.

 IoT-enabled.
Swappable lithium batteries.
Vehicle-to-Home/Business (mobile power bank).		 Drivers, SMEs, households with energy needs.

 Sources: Compiled from Asaolu (2025), Business Insider Africa (2025), and Omoniyi (2025).

Together, these players not only address the pressing challenges of rising fuel costs and environmental impact but also position Nigeria at the forefront of Africa’s electric mobility revolution. With the right mix of business adoption and supportive policy frameworks, Nigeria has the potential to scale these innovations into a robust ecosystem that delivers sustainable growth, cost efficiency, and improved quality of life for its people.

Background reading:

Madichie, N. O., & Nkamnebe, A. D. (2025) Africa’s Indigenous Automotive Innovation: A Focus on Innoson Vehicle Manufacturing and the Future of Electric Vehicle Marketing, Journal of Sustainable Marketing, 1-16 https://doi.org/10.51300/JSM-2025-151

House Republicans Launch Investigation into Gary Gensler’s Deleted SEC Text Messages

By
Paul Ugbede Godwin
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1
WASHINGTON, DC - OCTOBER 03: Securities and Exchange Commission (SEC) Chair Gary Gensler listens during a meeting with the Treasury Department's Financial Stability Oversight Council at the U.S. Treasury Department on October 03, 2022 in Washington, DC. The council held the meeting to discuss a range of topics including climate-related financial risk and the recent Treasury report on the adoption of cloud services in the financial sector. (Photo by Anna Moneymaker/Getty Images)

A group of Republican leaders in the U.S. House of Representatives initiated an oversight probe into the deletion of nearly a year’s worth of text messages from former Securities and Exchange Commission (SEC) Chair Gary Gensler’s government-issued phone.

The investigation, led by House Financial Services Committee Chairman French Hill (R-Ark.), along with Reps. Ann Wagner (R-Mo.), Dan Meuser (R-Pa.), and Bryan Steil (R-Wis.), focuses on the circumstances surrounding the loss of these communications, which occurred between October 18, 2022, and September 6, 2023.

This period overlapped with the SEC’s most aggressive enforcement actions against the cryptocurrency industry, including high-profile lawsuits against firms like Coinbase and Binance.

According to a September 2025 report from the SEC’s Office of the Inspector General (OIG), the deletions resulted from “avoidable errors” in the agency’s information technology (IT) systems.

Gensler’s phone became inactive in July 2023 due to a communication failure with the SEC’s device management system. In August 2023, the Office of Information Technology (OIT) implemented a new automated “45-day wipe” policy for inactive devices, which erased the texts without proper backups or alerts being addressed.

Additional issues involved poor change management, unpatched software vulnerabilities, and inadequate record preservation protocols, violating federal recordkeeping laws under the Federal Records Act.

The OIG reviewed about 1,500 recovered messages from colleagues and other sources, determining that many of the lost texts qualified as federal records. These included administrative discussions, settlement negotiations with major financial institutions, and—critically—communications related to SEC enforcement actions against crypto companies.

The report explicitly cleared Gensler of personal misconduct but highlighted systemic failures that could undermine public trust in the agency. The timing is particularly contentious for the crypto sector.

During the deleted period, the SEC pursued lawsuits alleging that major exchanges like Coinbase and Binance operated unregistered securities platforms. Enforcement intensified following the November 2022 collapse of FTX, with Gensler’s team coordinating responses that critics say stifled innovation through “regulation by enforcement.”

Some lost messages reportedly involved discussions on crypto cases, potentially including strategies for Bitcoin ETF approvals like the Grayscale’s legal battles and interactions with the White House on commissioner appointments.

Crypto advocates, including Coinbase’s Chief Legal Officer Paul Grewal, have long accused Gensler’s SEC of hypocrisy: While fining Wall Street firms over $400 million for similar recordkeeping violations, the agency itself failed to preserve its own records.

In a related development, Coinbase filed a court motion in September 2025 seeking sanctions against the SEC for withholding these texts in ongoing litigation.

In a letter to current SEC Chair Paul Atkins appointed by President Trump in early 2025 and seen as more crypto-friendly, the Republican lawmakers expressed “serious concerns” about the SEC’s compliance with transparency obligations and the integrity of its oversight.

They emphasized a perceived “double standard,” noting that Gensler’s tenure saw aggressive fines for industry recordkeeping lapses while internal controls faltered. The group is collaborating with the OIG to: Assess if other senior officials’ communications were similarly lost.

Review the SEC’s remedial measures, such as improved backups and device policies. Explore potential links to specific crypto enforcement decisions. The probe signals a shift in congressional scrutiny under Republican control, potentially leading to hearings or further reforms.

For the crypto industry, it amplifies calls for clearer regulations and less adversarial oversight, especially as Atkins has pledged a “balanced” approach in his first crypto roundtable.

Gensler, who stepped down in January 2025 after a contentious term marked by lawsuits and delayed ETF approvals, has not publicly commented on the matter.

This investigation underscores ongoing tensions between regulators and the crypto sector, where transparency gaps could fuel litigation and erode confidence. As the probe unfolds, it may reveal more about how SEC decisions were made during a pivotal era for digital assets.

Stripe Launches Stablecoins Open Issuance and Launchpad, as Phantom Launches “Phantom Cash”

By
Paul Ugbede Godwin
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0

Stripe announced a major expansion into the stablecoin ecosystem with the launch of Open Issuance, a developer-friendly platform described as a “stablecoin launchpad.” This tool allows businesses to create, mint, manage, and burn their own custom stablecoins with minimal effort—just a few lines of code.

The service is powered by Bridge, a stablecoin infrastructure provider Stripe acquired for $1.1 billion in October 2024, and integrates treasury management from partners like BlackRock, Fidelity Investments, and Superstate.

Businesses can customize reserves like balancing cash and treasuries, design reward systems tied to holdings, and ensure full interoperability across issuers. Early adopters include: CASH: An open-loop stablecoin from Phantom wallet.

Stripe positions Open Issuance as a white-label solution to capitalize on the stablecoin market’s projected growth from $300 billion today to $2 trillion by 2028, per U.S. Treasury estimates.

It enables firms to retain interest income from reserves minus a 0.5% fee while handling compliance and liquidity. Federal Charter and NY License To comply with upcoming U.S. stablecoin regulations under the GENIUS Act.

Stripe plans to apply for: A national trust charter from the Office of the Comptroller of the Currency (OCC), allowing federal oversight for stablecoin issuance. A trust license from the New York Department of Financial Services (NYDFS).

These steps ensure Stripe can continue operations post-legislation, similar to recent moves by competitors like Paxos. The applications are in preparation, with no filing dates announced yet. This builds on Stripe’s earlier 2025 stablecoin efforts, including Stablecoin Financial Accounts rolled out in May for 101 countries, supporting USDC storage and multi-currency balances.

Stripe’s entry intensifies competition in crypto-as-a-service, challenging platforms from Binance and Coinbase. By simplifying issuance, it lowers barriers for non-crypto natives, potentially accelerating stablecoin adoption in payments, remittances, and DeFi.

The timing aligns with a pro-crypto regulatory shift, making the U.S. a more attractive hub for innovation. Open Issuance lowers the technical and operational barriers for businesses to issue stablecoins, enabling non-crypto companies to integrate stablecoins into payments, remittances, or loyalty programs.

Building on Stripe’s existing Stablecoin Financial Accounts, Open Issuance’s interoperability and multi-currency support could make stablecoins a standard for cross-border payments, reducing reliance on traditional banking rails like SWIFT.

With the stablecoin market projected to grow from $300 billion to $2 trillion by 2028, Stripe’s platform positions it to capture a significant share, especially among SMBs and enterprises new to crypto.

Stripe’s entry into stablecoin issuance directly competes with crypto exchanges like Binance, Coinbase, and Kraken, as well as specialized issuers like Paxos and Circle. Its developer-friendly approach and existing merchant base give it a competitive edge.

By allowing businesses to retain interest income from stablecoin reserves, Stripe undermines traditional banking models that profit from holding customer funds. This could pressure banks to innovate or partner with crypto platforms.

The $1.1 billion acquisition of Bridge signals Stripe’s aggressive push into crypto infrastructure, potentially triggering further M&A activity as competitors seek to bolster their own offerings.

Applying for a national trust charter (OCC) and NYDFS trust license positions Stripe as a regulatory leader in the stablecoin space, aligning with the GENIUS Act’s requirements. This could set a precedent for other issuers to seek federal oversight, fostering a more unified U.S. regulatory framework.

Federal and New York licenses enhance Stripe’s credibility, reassuring businesses and consumers wary of crypto’s regulatory uncertainty. This could attract risk-averse enterprises to adopt stablecoins via Stripe’s platform.

As a major player, Stripe’s regulatory moves could influence U.S. stablecoin policy, especially given the pro-crypto shift under the current administration. Its involvement may push for clearer, innovation-friendly rules.

By enabling businesses to earn interest on stablecoin reserves minus Stripe’s 0.5% fee, Open Issuance democratizes access to yield typically reserved for banks or large issuers. This could empower smaller firms but may strain traditional financial institutions’ revenue models.

Partnerships with BlackRock, Fidelity, and Superstate for treasury management bridge decentralized finance (DeFi) with traditional finance (TradFi). This could normalize crypto assets in institutional portfolios, driving further mainstream acceptance.

Stablecoins issued via Open Issuance could lower transaction costs for businesses, especially for cross-border payments, challenging high-fee models of payment processors like Visa and Mastercard.

Open Issuance’s “few lines of code” model simplifies stablecoin creation, fostering innovation in use cases like tokenized rewards, micropayments, or decentralized lending. This could spur a wave of new applications in Web3 and beyond.

By ensuring stablecoins are interoperable across issuers, Stripe reduces fragmentation in the crypto ecosystem, making it easier for businesses to adopt and integrate multiple stablecoins.

The crowded stablecoin market may limit Stripe’s ability to differentiate, especially if rivals offer lower fees or more advanced features. As a high-profile platform, Stripe’s stablecoin infrastructure could be a target for cyberattacks, requiring robust security measures to protect reserves and user funds.

Stripe’s stablecoin charter application and Open Issuance launch position it as a pivotal player in the evolving crypto landscape. By blending regulatory foresight, technological innovation, and a merchant-friendly approach, Stripe could drive mass adoption of stablecoins while challenging both crypto and traditional finance incumbents.

However, success hinges on navigating regulatory hurdles, managing risks, and maintaining a competitive edge in a rapidly crowding market. This move signals a broader shift toward integrating crypto into mainstream commerce, with Stripe at the forefront.

Phantom Launches “Phantom Cash” Bridging Crypto and Everyday Payments

Meanwhile, Phantom—the popular Solana-based crypto wallet with over 15 million users—announced Phantom Cash, a new payments platform that evolves its wallet into a full-fledged “money app” for seamless crypto-fiat integration.

This launch coincides with the debut of CASH, a USD-pegged stablecoin designed specifically for consumer use, marking the first stablecoin issued via Stripe’s newly unveiled Open Issuance platform.

The move positions Phantom as a direct competitor to traditional fintech apps like Cash App and Venmo, but with on-chain efficiency and crypto-native features.

Phantom Cash builds on the existing Phantom mobile app, allowing users to handle both crypto and fiat in one place. Here’s a breakdown:Feature

Virtual and soon physical card for spending CASH anywhere Visa, Apple Pay, or Google Pay is accepted. Use crypto balances for online, app, or in-store purchases without bridges.

Earn yield on unspent balances held in CASH. Passive income on stable value, encouraging everyday holding. Buy/sell tokens directly in-app with fiat. Simplified entry/exit for new users, no external exchanges needed.

Upcoming Stripe network support for payments at millions of merchants. Real-world utility, like paying bills or shopping with stablecoins. CASH itself is a fully backed, open-loop stablecoin issued by Bridge Stripe’s stablecoin arm, with reserves managed by institutions like BlackRock and Fidelity.

It’s Solana-first for low fees and fast transactions but designed for broader adoption, addressing gaps in existing stablecoins like USDC or USDT that Phantom says “weren’t built for everyday life.”

Developers can now integrate CASH, earning rewards for originating supply. The Stablecoin Supercycle Heats Up this launch arrives amid explosive growth in stablecoins, with the market nearing $300 billion in valuation.

Competitors like Tether’s Plasma superapp, Cloudflare’s NET stablecoin, and Visa’s cross-border tools are vying for dominance, but Phantom’s focus on user-friendly UX could onboard millions more to crypto.

As Phantom CEO Brandon Millman noted, it’s a “turning point” toward a “global, crypto-first consumer finance platform.” Early reactions on X highlight its potential to “strike at Cash App & Venmo” by making on-chain payments effortless.

Phantom Cash’s integration of a stablecoin (CASH) with everyday payment tools like a Visa debit card, P2P transfers, and merchant support via Stripe lowers barriers for non-crypto users. This could accelerate mainstream adoption by making crypto as intuitive as Venmo or Cash App.

Crypto becomes a practical tool for daily transactions, not just speculation, shifting perceptions from niche to necessity. This could pressure traditional fintechs to integrate blockchain or risk losing market share.

With the stablecoin market nearing $300B, CASH enters a competitive field dominated by USDT and USDC. Its Solana-based low fees, yield on balances, and consumer focus differentiate it.

By leveraging Stripe’s infrastructure, Phantom Cash benefits from trusted reserve mmanagement like BlackRock, Fidelity and merchant networks, enhancing credibility and reach. CASH could capture significant market share if it delivers on speed and cost, potentially sparking a “stablecoin supercycle” where consumer-focused tokens outpace older models.

However, regulatory scrutiny on stablecoins could complicate growth. Phantom Cash’s global, low-fee P2P payments and crypto-backed debit card directly target fintech apps. Its ability to offer yield on balances is a unique edge traditional apps can’t match without crypto integration.

Established players may be forced to adopt blockchain or partner with crypto platforms to stay competitive. This could lead to a wave of fintech-crypto mergers or integrations, reshaping consumer finance.

Phantom’s push for developers to integrate CASH could drive DeFi and payment app innovation on Solana. Solana could solidify its lead over competitors like Ethereum or Layer-2s in consumer applications, attracting more projects and capital.

Stablecoins face increasing global regulation like U.S. clarity on stablecoin legislation, EU’s MiCA. Phantom’s partnership with Stripe and reputable reserve managers may mitigate risks, but compliance costs could rise.

Global P2P payments and low fees could empower underbanked populations, especially in regions with limited access to traditional banking. Phantom Cash could drive financial inclusion but must navigate a complex regulatory landscape. Missteps could lead to restrictions or bans in key markets.

Phantom Cash could redefine how crypto integrates with daily life, challenging fintech giants and boosting Solana’s ecosystem. Its success hinges on seamless execution, regulatory navigation, and user trust.

A Look At SEC Guidance on State-Chartered Trust Companies as Crypto Custodians

By
Paul Ugbede Godwin
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0

The U.S. Securities and Exchange Commission (SEC) has effectively allowed state-chartered trust companies often referred to as “state trusts” to serve as qualified custodians for cryptocurrency assets held by registered investment advisers (RIAs) and regulated funds.

This comes via a no-action letter issued on September 30, 2025, by the SEC’s Division of Investment Management. The letter provides assurance that the SEC staff will not recommend enforcement action under the custody provisions of the Investment Advisers Act of 1940 or the Investment Company Act of 1940, provided specific conditions are met.

Under federal securities laws, RIAs and funds must use a “qualified custodian” typically defined as a “bank” with fiduciary powers to hold client assets, including crypto. State-chartered trust companies—specialized entities authorized by state banking regulators to hold assets without full deposit-taking powers—have operated in a gray area.

While some states like New York, Wyoming have robust crypto custody frameworks, the SEC had not uniformly recognized them as equivalent to federally chartered banks for crypto holdings. This limited options, especially as traditional banks hesitated due to past SEC guidance like Staff Accounting Bulletin 121 withdrawn earlier in 2025.

The guidance aligns with the SEC’s more crypto-friendly stance under Chairman Paul Atkins, who launched “Project Crypto” in July 2025 to reduce regulatory burdens and clarify rules. It’s described as an “interim step” toward broader custody rule modernization.

The no-action relief applies specifically to “crypto assets” like Bitcoin, Ethereum and related cash equivalents. State trust companies can be treated as a “bank” for these purposes if they meet these criteria.

State Authorization must be chartered by a state banking authority with explicit permission to custody crypto assets, exercising fiduciary powers similar to national banks. Subject to state examination and supervision; must provide audited financial statements and independent verification of internal controls.

Implement written policies for private key management, asset segregation client assets separate from the trust’s own, and prohibiting unauthorized lending/rehypothecation without client consent.

RIAs/funds must perform ongoing due diligence, confirm the arrangement benefits clients, and ensure custodial agreements include protections like prompt asset return in insolvency.

This does not extend to non-crypto assets and is limited to staff enforcement discretion—not a formal rule change. Boosts institutional adoption by validating custodians like: Coinbase Custody Trust Company (New York-chartered). Ripple’s Standard Custody & Trust (New York). Affiliates of Kraken, Gemini, BitGo, Paxos, and WisdomTree.

This reduces reliance on a handful of federally chartered entities like Anchorage Digital and addresses concentration risks in crypto ETFs.
Industry Praise: Seen as “clarity for the digital asset space” by analysts like James Seyffart of Bloomberg Intelligence.

Wyoming Sen. Cynthia Lummis highlighted her state’s pioneering 2020 framework, which faced earlier SEC criticism. Democratic Commissioner Caroline Crenshaw dissented, arguing it creates a “troubling hole” in uniform standards, bypasses federal chartering processes (e.g., OCC applications), and exposes investors to varying state oversight.

She called for rulemaking over ad-hoc relief.
Could accelerate crypto ETF growth, adviser offerings, and competition among custodians. However, it’s temporary—full reforms are expected via rulemaking.

This development substantiates a pro-innovation pivot at the SEC, but advisers should consult legal experts for compliance.

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