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BusinessDay 08 Nov 2017

40 BUSINESS DAY

40 BUSINESS DAY C002D5556 Wednesday 08 November 2017

Toyota seeks more investments in auto tech, robotics Page 42 BUSINESS DAY Hyundai begins 30-days discounted service campaign C002D5556 Wednesday 08 November 2017 ExecutiveMotoring Page 42 Guinness, FRSC, harp on safety on Nigerian roads Page 42 41 Nigerian, top pro athletes earns millions …Yet chose to drive super cheap cars MIKE OCHONMA Professional athletes who earn millions are not known for always making the best financial decisions. Many blow their paychecks on fancy cars and extravagant homes. But not every football or basketball star lives an overthe-top lifestyle. In fact, many choose to live like they’re broke. Findings show that there are up to five athletes who still drive super cheap cars despite earning the means to afford something grander. Below are name of those who choose to live frugally. Nnamdi Asomugha: Nnamdi Asomugha has had an impressive career so far. He played 11 seasons in the NFL after being drafted by the Oakland Raiders in 2003, where he earned up to $11 million a year. Since stepping away from football, Asomugha has successfully transitioned into acting and recently starred in the feature film “Crown Heights.” But, despite earning millions, Asomugha chooses to live modestly.”I was never a big spender. We didn’t have much growing up, so I guess I got used it. Even when I was a Pro Bowl player in the NFL, I lived the same way because that’s what I knew.” His frugal habits include keeping the 1997 Nissan Maxima his brother passed down to him in high school, which he drove to his prom. He still uses the car today. Michael Ade-Ojo, fondly called ‘Mr Toyota’, a celebrated and foremost industrialist and automobile business legend, is set to be honoured as an icon of the Nigeria’s auto industry by the Nigerian Auto Journalists Association. He is the founder of Elizade Nigeria Limited and Chairman of Toyota Nigeria Limited, A statement by NAJA said the award was in recognition of the business mogul’s worthy contributions to the development of auto industry in Nigeria. “Ade-Ojo’s contributions “That car is the one thing that everyone makes fun of me for,” he tells Wealthsimple. “Even after I started earning good money, I was still in the mentality of ‘I know this is all I need so I’m doing fine.’” Ex-NFL player and actor Nnamdi Asomugha still drives the 20-year-old car. Kirk Cousins : Washington Redskins quarterback Kirk Cousins made $19.9 million last year. This year, he’ll earn $23.9 million. But you wouldn’t guess his salary based on what he drives: a dented GMC Savana passenger van with more than 100,000 miles on it. He and his wife bought it from his grandma for $5,000 in 2014. “It’s better to buy appreciating assets than depreciating,” Cousins told Kevin Clark of The Wall Street Journal in 2016. “No yachts, no sports cars.” The starting quarterback makes a good point. The moment you drive a new car off the lot, its value depreciates by about 20 percent. This NFL starting quarterback drives a dented van he bought from his grandma for $5,000 Last year, Dallas Cowboys running back Alfred Morris agreed to a two-year contract worth $5.5 million. In addition to a $1 million signing bonus, Morris will earn a fully guaranteed base salary of $1.2 million this season and is eligible for up to $1 million more if he leads the league in rushing and runs for 1,500 yards. But Morris’s spending habits don’t reflect his paycheck. Case in point: He still drives a 26-yearold Mazda 626 sedan from 1991. Morris purchased the vehicle, affectionately known as “Bentley,” from his pastor for just a couple bucks during his junior year at Florida Atlantic University. It garnered national attention in 2012 when he was drafted to the Washington Redskins and took Bentley with him. “It just keeps me grounded, where I came from and all the hard work for me to get to this point,” said Morris in 2012 on the Redskins’ website. John Urschel had a short but lucrative NFL career. The offensive lineman, who retired at age 26 in 2017 to pursue his PhD at MIT, earned $1.8 million over his three seasons with the Baltimore Ravens. His salary was as high as NAJA names Ade-Ojo icon auto industry and experience in the nation’s automotive industry span many decades,” said the organisers of the award, adding that it was the first time it would confer such honour on any industry player. “This is a rare award as he is the first player in the industry to be honoured in this category,” the group said. Apart from automobile industry, Ade-Ojo has also invested in other sectors of the nation’s economy such as insurance, real estate, telecommunications and shipping. He recently established a university, Elizade University, in his country home, Ilara- Mokin, Ondo State. He has also set up a worldclass golf resort very close $600,000 in 2016, but Urschel never lived like he was making six figures. In fact, he did the opposite. “I drive a used hatchback Nissan Versa and live on less than $25,000 a year,” the athlete wrote on The Players’ Tribune in 2015. Urschel bought the Nissan after he was drafted by the Ravens in 2014. It cost him $9,000, just a fraction of his $144,560 signing bonus. On his part, LeBron James isn’t only one of the best athletes alive today, he’s also one of the richest: he has a net worth around $275 million, according to Forbes. By the end of 2016, King James had earned a total of $595 million in salary and endorsements since joining the National Basketball Association in 2003 as No. 1 draft pick to the to Elizade University in his hometown, which accommodates not just golf events but auto rally. After graduating from the University of Nigeria, Nsukka in Business Administration, he joined the CFAO Motors as a salesman and successfully sold 20 trucks to the Electricity Corporation of Nigeria that year (1966). That same year, got a job at the British Petroleum (BP) and within three months of his employment, he increased the sales of his division by 25%. He later approached Cleveland Cavaliers. So when he started appearing in Kia ads in 2015, many fans expressed skepticism. But James stuck by the endorsement and insisted that he really does own a Kia K900. Confirmation came in 2016 when teammate Richard Jefferson posted a video to his Snapchat of James getting into his Kia after the team arrived back in Cleveland fresh off a win against the Hawks in Atlanta. “You come home, eight straight, and he rocking the Kia,” Jefferson says in the video. “There’s a 1,000 percent chance that there’s a 100 percent chance that LeBron drives a Kia.” The Kia isn’t James’ only ride, however. He also owns a 2006 Hummer H1 and a 2012 Bentley GT. the RT Briscoe Group and made them an offer to sell their trucks and automobile equipment for a commission on every successful sale. In just four months after sealing the deal with Briscoe, he sold about 40 cars. In 1971, he established Elizade Independent Agencies (EIA), with his wife, Elizabeth Wuraola Ojo, and focused on the distribution of Japanese vehicles in Nigeria. The honour will be bestowed on him at the 2017 edition of NAJA Awards holding at the prestigious Eko Hotel, Victoria Island, Lagos on December 12. FRSC to deploy 100 vehicles for Anambra polls The Federal Road Safety Corps (FRSC) is to deploy 100 vehicles and personnel for the November 18 gubernatorial election in Anambra State. Bisi Kazeem, FRSC Corp Public Education Officer (CPEO) said the men and vehicles would be drawn from neighbouring Delta and Enugu states to complement the Sector Command and sister security agencies in the state. “We are deploying patrol vehicles from Delta and Enugu state commands and the unit commands with monitors from RSHQ (Road Safety Head Headquarters) to ensure road blockage and diversion on the day of the election, aside deployment at polling stations. “So, the additional patrol vehicles will be drawn from the following commands: Asaba, Enugu Night Mile, Agbor, Issele Ukwu, Nsukka, Okigwe, Obolo-Afor, Agwu and RSHQ. “In all, we are hoping to deploy about 100 vehicles in all, while about 2,000 personnel will be deployed for the duties.” Asked what road traffic management personnel would be doing at polling centres, the FRSC spokesman explained that their role would be purely complementary to ensure crowd control and disciple. “You know we are a paramilitary organisation. So, we do security duties too. If they put two policemen somewhere, they can put one immigration and road safety All the security agencies will come together – police, SSS, FRSC, NDLEA, Immigration and Customs if they are there.They will have them in a pool and distribute in polling stations to do security duties just to maintain order and discipline.” He stated.

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