FG, partners introduce structured leasing model to end exploitative hire purchase arrangements
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Bajaj tricycle
The Federal Government has partnered with Century Information Systems Ltd. (CIS) and the National Commercial Tricycle and Motorcycle Owners and Riders Association of Nigeria (NATOMORAS) to introduce a structured leasing model.
This is contained in a statement issued on Thursday in Abuja by the Head of Media and Corporate Communication, Equipment Leasing Registration Authority (ELRA), Mr. Adebola Sunday.
Sunday said the leasing model was aimed at eliminating exploitative hire purchase arrangements for motorcycle and tricycle operators nationwide.
He quoted the Registrar and Chief Executive Officer of ELRA, Mr. Donald Wokoma, as describing the partnership as a significant step toward financial inclusion and economic empowerment for transport operators.
Wokoma said the initiative sought to improve access to motorcycles and tricycles by easing heavy upfront costs and rigid repayment conditions that had long burdened operators in Nigeria’s informal transport sector.
According to him, riders will benefit from flexible and structured leasing arrangements aimed at improving affordability and providing clearer pathways to asset ownership.
“Leasing opens the door to economic participation for many who were previously excluded.
“By removing heavy upfront payment requirements and introducing structured repayment plans, operators are able to preserve capital, improve productivity, and increase daily earnings.
“It is a model that strengthens both individual livelihoods and the national economy,” he said.
Wokoma added that access to newer and well-maintained motorcycles and tricycles would reduce breakdown-related losses and improve operational efficiency across the sector.
Also speaking, the Managing Director of Century Information Systems Ltd., Dr. Abdul Balarabe, said the initiative would leverage technology-driven solutions, including advanced tracking systems, to enhance monitoring, safety and accountability of leased assets.
Balarabe said the integration of tracking technology would help curb theft, improve asset recovery and enhance overall security for riders and passengers.
He added that the company would continue to onboard trade associations, cooperatives and other stakeholders into the equipment leasing ecosystem to expand access to structured financing and asset acquisition opportunities.
In his remarks, the National President of NATOMORAS, Alhaji Usman Gwoza, welcomed the initiative, describing it as long-awaited relief for members facing high-cost financing and unsustainable repayment structures.
Gwoza assured that the association would mobilise its nationwide membership to participate in the scheme, noting that the model would promote dignity, stability and financial independence among riders.
