Abuja: The Federal Government 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 aimed at eliminating exploitative hire purchase practices for motorcycle and tricycle operators nationwide.
According to News Agency of Nigeria, the initiative, as detailed in a statement by Mr. Adebola Sunday, Head of Media and Corporate Communication at the Equipment Leasing Registration Authority (ELRA), seeks to bring financial inclusion and economic empowerment to transport operators. Mr. Donald Wokoma, the Registrar and CEO of ELRA, emphasized that the new model will alleviate the financial burden faced by operators by providing flexible leasing arrangements that ease upfront costs and offer clearer asset ownership pathways.
Wokoma highlighted that this leasing model facilitates broader economic participation by removing hefty upfront payment barriers and introducing structured repayment plans. This approach is expected to help operators preserve capital, boost productivity, and enhance daily earnings, thereby strengthening individual livelihoods and the national economy. Access to newer and well-maintained vehicles will also reduce breakdown-related losses and improve operational efficiency in the sector.
Dr. Abdul Balarabe, Managing Director of Century Information Systems Ltd., explained that the initiative would incorporate technology-driven solutions, such as advanced tracking systems, to improve the monitoring, safety, and accountability of leased assets. These technological integrations are designed to curb theft, improve asset recovery, and enhance security for both riders and passengers. Balarabe also mentioned ongoing efforts to onboard trade associations, cooperatives, and other stakeholders into the equipment leasing ecosystem to broaden access to structured financing and asset acquisition.
Alhaji Usman Gwoza, National President of NATOMORAS, expressed his support for the initiative, describing it as a long-needed relief for members struggling with high-cost financing and unsustainable repayment structures. He assured that the association would mobilize its nationwide membership to engage with the scheme, which promises to promote dignity, stability, and financial independence among riders.