FG, partners roll out structured leasing scheme for okada, tricycle operators

The Federal Government, through the Equipment Leasing Registration Authority (ELRA), has partnered 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.

According to a statement signed by Adebola Sunday, Head, Media, and Corporate Communication of ELRA, the leasing model was aimed at eliminating exploitative hire purchase arrangements for motorcycle and tricycle operators nationwide.

Donald Wokoma, Registrar and Chief Executive Officer of ELRA, described 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 the heavy upfront costs and rigid repayment conditions that have long burdened operators in Nigeria’s informal transport sector.

Under the framework, he said riders would benefit from flexible, structured leasing arrangements designed to enhance affordability and provide 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, Abdul Balarabe, Managing Director of Century Information Systems Ltd., 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, Alhaji Usman Gwoza, National President of NATOMORAS, 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.