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Spiro in Uganda: The Inside Story of Shegun Bakari and Yoweri Museveni’s Deal

By Julien Clémençot

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Posted on April 5, 2023 14:35

Ugandan President Yoweri Museveni and Benin’s Shegun Bakari in the presidential gardens.
Ugandan President Yoweri Museveni and Benin’s Shegun Bakari in the presidential gardens. © SPIRO

Spiro, formerly known as Mauto and led by Beninese investor Shegun Adjadi Bakari, is set to launch its electric mobility services in Uganda this October with support from the presidency. The project is expected to receive an injection of $200 million, and the company plans to assemble its first motorcycles in its Kampala factory within 18 months.

Spiro, controlled by the investment firm African Fund for Transformation and Industrialization (Atif), already offers electric mobility services in Togo and Benin. According to Bloomberg, on April 3rd, the former advisor to Togolese President Faure Essozimna Gnassingbé announced his ambition to introduce 140,000 electric two-wheelers in Uganda within five years.

Negotiations with Ugandan authorities began in January, and Spiro is expected to start with 30 to 40 stations where drivers can exchange their batteries. Ultimately, the company plans to establish 3,000 stations and create 9,000 jobs. Of the total $200m investment, $15m will go toward building an assembly plant that should produce its first vehicles in 18 months. At full capacity, the plant is expected to manufacture at least 25,000 motorcycles annually. Uganda currently has more than 150,000 new two-wheelers registrations per

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