The agreement establishes a financial collaboration to support EMVC’s business growth, customer financing and the development of Nigeria’s electric vehicle ecosystem.
LAGOS, NIGERIA — 28 October 2026 — EMVC has signed a strategic partnership agreement with Sterling Bank, establishing the Bank as its financial partner to support the growth of its electric mobility business and expand access to financing opportunities across Nigeria’s electric vehicle (EV) ecosystem.
The partnership reflects a shared commitment to addressing the funding barriers surrounding electric mobility adoption and supporting the development of the infrastructure needed to grow the market. Areas of focus include financing opportunities for EMVC and its customers, electric vehicle purchases, charging station expansion and related EV infrastructure development. The agreement sees EMVC and Sterling Bank establish a shared commitment to exploring solutions that respond to the needs of electric mobility businesses and their customers. The collaboration also recognises the importance of investment in charging stations and supporting infrastructure in making EV adoption more practical and commercially viable.
For EMVC, the partnership strengthens its ability to engage with a financial institution in addressing funding needs across its business and customer base. For the wider EV ecosystem, it creates a foundation for collaboration between electric mobility expertise and financial services, with the potential to support vehicle acquisition, infrastructure development and broader market participation as specific opportunities are assessed.
Prince Mustapha Moma Audu, Chief Executive Officer of EMVC, described the partnership as an important step in the company’s mission to build a complete electric mobility ecosystem in Nigeria. He noted that access to finance remains one of the biggest barriers to EV adoption for customers and operators.
“We have always believed that electric mobility in Nigeria must be built as a complete ecosystem, with vehicles, energy, financing, servicing and skills working together. Financing has been one of the missing links. Many of our customers, from fleet operators to individual drivers, are ready to make the switch but need flexible ways to pay for it. Our partnership with Sterling Bank gives us a strong financial partner to close that gap, expand our charging infrastructure, and scale our operations across the country. Together, we are making electric vehicles not just a cleaner choice, but a practical and affordable one for Nigerians.”
The collaboration further reinforces Sterling Bank’s commitment to its HEART strategy, which focuses on five critical sectors of the Nigerian economy: Health, Education, Agriculture, Renewable Energy and Transportation. With renewable energy and transportation now among these priority sectors, the collaboration with EMVC reflects the Bank’s broader ambition to finance solutions that address infrastructure gaps, support sustainable businesses and improve access to essential services. By supporting the development of Nigeria’s electric mobility ecosystem, Sterling is bringing these priorities together, recognising the potential of cleaner transportation to reduce dependence on fossil fuels, create new economic opportunities and contribute to a more sustainable future.
Darlington Nwankwo, Divisional Head, Renewable Energy and Mobility Division at Sterling Bank, emphasised the importance of innovative financing solutions that address the practical challenges of electric mobility adoption and support the Bank’s long-term growth.
“Nigeria’s transition to electric mobility will depend as much on access to finance as it does on the technology itself. Bringing electric vehicles into the market is one part of the equation. Making them affordable for customers and ensuring that businesses have the capital to expand their operations and build the necessary infrastructure is equally important. At Sterling, we see an opportunity to help close these gaps. Our partnership with EMVC is about developing practical financing solutions that support the businesses driving this transition, make adoption easier for customers, and help build a commercially sustainable electric mobility market in Nigeria.”
Also present at the formal signing ceremony were Udensi Bernard, Sales Manager, EMVC; Oluwatoyin Oladapo, Group Head, Sales and Finance Operations, Renewable Energy and Mobility Division, Sterling Bank; and Modupe Dawodu, Head of Mobility, Sterling Bank, among other members of staff of Sterling Bank and EMVC.
As Nigeria explores cleaner and more sustainable transportation alternatives, access to financing will be critical to moving electric mobility beyond early adoption and into the mainstream. The collaboration between Sterling Bank and EMVC represents a step towards addressing this challenge, with a focus on making electric vehicles more accessible, supporting business expansion and developing the infrastructure needed for the sector to grow.
About EMVC
Electric Motor Vehicle Company (EMVC) is an indigenous Nigerian electric vehicle and mobility solutions company, incorporated in 2021, with a bold vision to accelerate the transition to sustainable transportation across Nigeria and Africa.
Our mission is to keep Africa’s electric vehicle ecosystem running by building, powering, financing and servicing electric vehicles, while developing the technical expertise and human capacity required to sustain the industry’s growth. At EMVC, we believe the future of transportation goes beyond manufacturing and selling electric vehicles. It requires a complete ecosystem that integrates vehicle assembly, clean energy infrastructure, innovative financing, technical support, battery technology, after-sales services and professional training. This integrated approach is at the heart of our operations and long-term vision.
About Sterling Bank
Sterling Bank Limited is a full-service national commercial bank in Nigeria and a member of Sterling Financial Holdings Group. With a heritage of more than 60 years, the Bank has evolved from Nigeria’s pre-eminent investment banking institution to a trusted provider of retail, commercial and corporate banking services.
Sterling is a forward-thinking financial institution committed to transforming lives through innovative solutions, exceptional service, unwavering integrity and a steadfast focus on its HEART strategy, which centres on Health, Education, Agriculture, Renewable Energy and Transportation. As pioneers in digital banking and financial inclusion, Sterling continues to lead by example, showing how purpose-driven leadership can deliver transformative outcomes for individuals, businesses and society at large.
Guided by a culture of innovation and a passion for excellence, Sterling Bank remains dedicated to redefining the banking experience for millions of customers across Nigeria.
Copyright Warning!
Disclaimer
Just to let you know, comments expressed here do not reflect the opinions of OHAFIATV News or any employee thereof. Also, every opinion expressed in any article is strictly that of the author(s), except where otherwise stated.
