The Federal Government, acting through the Equipment Leasing Registration Authority (ELRA), has joined forces with Century Information Systems Ltd (CIS) and the National Commercial Tricycle and Motorcycle Owners and Riders Association of Nigeria (NATOMORAS) to roll out a structured leasing model for transport operators.
The development was disclosed in a statement issued to journalists in Abuja by ELRA’s Head of Media and Corporate Communication, Adebola Sunday.
Sunday explained that the initiative is designed to phase out exploitative hire purchase arrangements that have long affected motorcycle and tricycle operators across the country.
He quoted the Registrar and Chief Executive Officer of ELRA, Mr Donald Wokoma, to have described the partnership as a significant step toward financial inclusion and economic empowerment for transport operators.
Wokoma said initiative sought to improve access to motorcycles and tricycles by easing the heavy upfront costs and rigid repayment conditions that have long burdened operators in Nigeria’s informal transport sector.
According to him, the framework will enable riders to access flexible and structured leasing plans aimed at improving affordability while creating more transparent routes to ownership of assets.
“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.
According to him, the integration of tracking technology will help curb theft, improve asset recovery, and enhance overall security for both riders and passengers.
Balarabe said 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.
He encouraged interested organisations to engage with the company to begin the onboarding process.
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.
