DG, NSE, Oscar Onyema

By Goddy Egene

The management of The Nigerian Stock Exchange (NSE) is demanding the replacement of the new Toyota Corolla car it purchased from Kojo Motors Limited (KML) in 2011 having discovered that the car was not a new one.

It was gathered that the NSE had in April 2011 bought 11 cars from KML, which is said to be an accredited dealer to Toyota Nigeria Limited (TNL). However, in July of the same year, one of the cars was said to have stopped working while in motion without any warning.

The NSE had to tow vehicle to the vehicle to the office of KML and asked for a replacement, saying it was unusual for a brand new car to malfunction.

Sources said against the NSE’s request, KML kept the car for two months after which it was returned by the company claiming the vehicle had been repaired.

“The car was returned to the NSE but not up one week after, it started to emit smoke from its engine that was supposed to be a new one. Again, the exchange returned the car to KML with fresh demand for a replacement with a brand new car. However, KML refused and insisted on repairing the car and it was returned to NSE six weeks after,” the source said.

The source explained that unfortunately, the car developed another fault, this time around, it was the boot, saying that KML admitted the car was actually converted to its own use and was involved in an accident which led to the booth problem.

The source added that while NSE returned the car for the third time and demanded a brand new one, KML has refused to accede to NSE’s request since then.

It was gathered that peeved by this attitude, the NSE has written to KML, demanding a new car without further delay and payment of some money as damages.

However, reacting to the NSE’s demand, KML said the car in question was a brand new one, stressing that all its cars are imported by Toyota Motor Corporation of Japan, through TNL.