Business
FG Introduces New Leasing Scheme To Replace Rider Hire-Purchase System
The Federal Government has unveiled a new leasing model aimed at replacing what it described as exploitative hire purchase arrangements for motorcycle and tricycle operators across the country.
The initiative, introduced through the Equipment Leasing Registration Authority in partnership with Century Information Systems Ltd. and the National Commercial Tricycle and Motorcycle Owners and Riders Association of Nigeria, is designed to improve access to vehicles while easing financial burdens on operators.
In a statement issued in Abuja on Thursday by the Head of Media and Corporate Communication of ELRA, Adebola Sunday, the agency said the model would provide a structured alternative to existing financing systems that have long disadvantaged riders.
Sunday quoted the Registrar and Chief Executive Officer of ELRA, Donald Wokoma, as describing the partnership as a major step toward promoting financial inclusion and economic empowerment within the informal transport sector.
“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 can preserve capital, improve productivity, and increase daily earnings. It is a model that strengthens both individual livelihoods and the national economy,” he said.
He added that access to newer and better-maintained vehicles would help reduce breakdown-related losses and improve operational efficiency across the sector.
Also speaking, the Managing Director of Century Information Systems Ltd., Abdul Balarabe, said the programme would leverage technology-driven solutions to enhance safety and accountability.
According to the statement, Balarabe noted that advanced tracking systems would be deployed to monitor leased assets, curb theft, and improve recovery efforts.
Balarabe said the company would continue to onboard trade associations, cooperatives, and other stakeholders into the leasing ecosystem in order to expand access to structured financing and asset acquisition opportunities.
He urged interested organisations to engage with the company to begin the onboarding process.
In his remarks, the National President of NATOMORAS, Usman Gwoza, welcomed the development, describing it as long-awaited relief for members burdened by high-cost financing and unsustainable repayment terms.
Gwoza assured that the association would mobilise its members nationwide to participate in the scheme, adding that the model would promote dignity, stability, and financial independence among riders.
The move aligns with broader efforts by FG to deepen financial inclusion and formalise large segments of the informal economy, particularly the transport sector, which employs millions of Nigerians.
These conditions have limited operators’ ability to build equity, expand their businesses, or achieve long-term financial stability.
Nigeria’s Dangote refinery has boosted exports of petrol and urea to African countries hit by supply disruptions caused by the Iran war.
Aliko Dangote said on Monday that the 650,000-barrels-per-day refinery had helped cushion the full impact of the crisis both in Nigeria and across the continent.
“What I can do is assure Nigerians … and most of West Africa, Central Africa, and East Africa, we have the capacity to supply them,” Dangote said during a tour of the facility.
He said the refinery had shipped some 17 cargoes of gasoline to other African nations, and exports of urea fertiliser had also recently risen, as buyers sought alternative sources of supply.
“In the last couple of days, we’ve been looking to mostly African countries, which we were not doing before,” he said, referring to the fertiliser shipments, without giving figures.
The refinery has capacity to produce up to 3 million metric tons of urea annually, most of which is typically exported to the United States and South America, officials say.
Fuel prices in Nigeria have reached record-high levels, industry figures show, as maximum output from Dangote refinery has not offset the impact of high crude prices.
Dangote said the refinery hoped to get more crude cargoes priced in local currency to help curb fuel costs.
A Reuters report last week quoted two trade sources and a refinery official that the Nigerian National Petroleum Company (NNPC) was allocating seven May cargoes to Dangote refinery, up from five in previous months.
Oil extended gains on Tuesday as a U.S.-imposed deadline for Iran to open the Strait of Hormuz or be “taken out” approaches.
President Donald Trump threatened to order attacks on Iranian bridges and power plants and to rain “hell” on Tehran if it fails to comply with his deadline of 8 p.m. EDT Tuesday (0000 GMT Wednesday) to reopen the strait.
About a fifth of the global oil supply is normally shipped through the Strait.
Brent crude futures rose $1.74, or 1.6%, to $111.51 a barrel by 0530 GMT, while U.S. West Texas Intermediate crude futures were up $3.45, or 3.1%, at $115.86.
On Sunday, OPEC+ agreed to a modest rise of 206,000 barrels per day for May. Saudi Arabia also set the official selling price of May Arab Light crude oil to Asia at a record premium of $19.50 a barrel, above the Oman/Dubai average, an increase of $17 from the previous month.
Wema Bank has introduced a new jingle to mark the next phase of its digital banking journey, tagged the ALAT: The Evolution jingle. Designed to capture the energy of a smarter and more seamless banking experience, the jingle is bright, catchy, and full of life.
It reflects a platform built to simply work, pairing sound with innovation as ALAT: The Evolution steps forward with enhanced features and a refreshed user experience.
Everyday banking can often feel routine or even stressful, with multiple steps and delays slowing things down. The ALAT: The Evolution jingle reimagines that experience with a lively and confident tone that mirrors the app’s capabilities.
From voice banking with SAW to Tap and Pay and bank uptime prediction, each feature is echoed in the rhythm and flow of the sound. It brings to life the speed, convenience, and reliability that define this new phase of ALAT: The Evolution.
More than just music, the ALAT: The Evolution jingle represents a clear statement of intent. It signals a shift towards banking that feels natural, responsive, and in tune with the user.
As customers update their app and explore ALAT: The Evolution, the jingle serves as a reminder that a better, smoother way to bank is already here. Wema Bank is not just evolving its technology; it is shaping how banking feels.
Wema Bank has introduced a new jingle to mark the next phase of its digital banking journey, tagged the ALAT: The Evolution jingle. Designed to capture the energy of a smarter and more seamless banking experience, the jingle is bright, catchy, and full of life. It reflects a platform built to simply work, pairing sound with innovation as ALAT: The Evolution steps forward with enhanced features and a refreshed user experience.
Everyday banking can often feel routine or even stressful, with multiple steps and delays slowing things down. The ALAT: The Evolution jingle reimagines that experience with a lively and confident tone that mirrors the app’s capabilities. From voice banking with SAW to Tap and Pay and bank uptime prediction, each feature is echoed in the rhythm and flow of the sound. It brings to life the speed, convenience, and reliability that define this new phase of ALAT: The Evolution.
More than just music, the ALAT: The Evolution jingle represents a clear statement of intent. It signals a shift towards banking that feels natural, responsive, and in tune with the user. As customers update their app and explore ALAT: The Evolution, the jingle serves as a reminder that a better, smoother way to bank is already here. Wema Bank is not just evolving its technology; it is shaping how banking feels.
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