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…Says AI, EVs’ll revolutionalise transportation
From Adanna Nnamani, Abuja
Chief Executive Officer of C&I Leasing Plc, Lenin Ugoji, has said Nigeria’s leasing industry is gradually bouncing back after years of depressed utilisation and service failures caused by inflation, foreign exchange pressures and cost-cutting in asset management.
Ugoji spoke during a recent interview with Nairametrics, where he explained that many companies had in recent years struggled to maintain their assets adequately, opting instead to extend their life cycles.
This, he said, led to lower efficiency, reduced availability, and ultimately poor utilisation rates.
“Prices could not be raised in line with inflation, so many operators cut corners. That led to service failures. Some new entrants even underpriced services unsustainably, but clients soon discovered the risks and many have since returned to us,” Ugoji said.
According to him, the sector is now witnessing a resurgence, with rising demand and an upsurge in new asset purchases, especially in vehicle fleets, for the first time in years.
The leasing boss described the situation as a “good problem,” noting that the challenge is now capacity rather than demand. He cited the unusually high level of logistics demand in Lagos last December as evidence that Nigeria’s cultural and economic growth is attracting both domestic and external opportunities.
On fleet acquisition, the CEO noted that Japanese vehicles remain dominant due to their quality and durability, which are critical for service-based operations. However, he added that Chinese manufacturers are fast taking the lead in the electric vehicle (EV) space due to their competitive cost, durability, and technology.
“The future looks like a portfolio approach. Fossil fuel-powered vehicles will co-exist with gas and electric vehicles. For us, the strategy is to follow all markets while consolidating on the ones we know best,” he said.
Ugoji also stressed the importance of technology in scaling operations, pointing out that C&I Leasing employs nearly 8,000 staff.
He said technology is now being deployed for personnel management, outsourcing, and even vessel operations to reduce costs and support sustainability.
While the firm has not fully adopted artificial intelligence (AI), he acknowledged its potential in areas such as vehicle life prediction, maintenance scheduling, and turnaround optimisation.
On the recently signed tax reform bill, he welcomed the government’s move to streamline multiple taxation and exempt low-income earners, but stressed that the ultimate test of the reform would be whether it helps create more jobs and expand the tax net sustainably.
Turning to Pan-African expansion, Ugoji disclosed that C&I Leasing already operates the largest leasing company in Ghana and is now exploring other African markets by aligning with Nigerian banks that are expanding across the continent.
He admitted that market size remains a challenge in many West African economies but said the company is positioning to take advantage of the African Continental Free Trade Area (AfCFTA).
