Tayo Adekoya , is the MD/CEO of Adept Lessor Limited, a Lagos-based asset finance leasing company. Adekoya spoke to the trajectory of the sector on the back of its enormous potential, which he considered untapped in Nigeria. Excerpt by JOHN SALAU.

Can you give us an insight into the finance leasing and asset management sector of the Nigerian market?

The finance lease industry in Nigeria has seen significant growth, with lots of focus in generating awareness and a lot of financial literacy orientation programmes to ensure the right knowledge to individuals, entrepreneurs towards assessing finance and managing assets, hence creating a wide and bigger market untapped with solutions to provide. The sector has remained untapped even though we are seeing increasing traction due to several awareness by players like us who are trying to position it to customers. According to reports over a decade, Nigerian Leasing Industry has consecutively and consistently recorded growth in business transactions.

According to Equipment Leasing Association of Nigeria (ELAN), the industry has further displayed its resilience and ability to support economic investment and development, either in times of boom or challenges. After recording a sharp decline in growth from 14.5% in 2019 to 4.3% in 2020, the year of high prevalence of the Covid-19 pandemic, the industry recovered with a 28.65% growth in 2021. This growth can do better because other subsector that has been neglected are beginning to see traction as the market continues to expand with more awareness.

Why is the sector considered untapped?

The potentials are massive when it comes to financing and asset acquisition as wants are insatiable and need for change and growth always arises amongst entrepreneurs and business owners therefore creating an ever-growing market with solutions to problems of assets acquisition. Asset acquisition is growing in the country and we will continue to see more investment.

What is the policy focus to improve the leasing sector in Nigeria?

ELAN the umbrella body where finance lease practitioners belong to in the country have committed goals to ensure adequate awareness and strategies to further propagate the market. Also, easy onboarding process and training programs to ensure right ethics and practices towards improving the leasing sector in the country.

As a member of ELAN, what do you consider as challenges facing the sector?

The finance lease sector has a peculiar challenge of steady availability of funds to mitigate the ever-growing need for financing and asset acquisition to credit worthy individuals. With over two-decade experience in this industry it still remains an existing challenge, but the years of experience and value-oriented cycle has greatly stimulated mutual beneficial relationships with angel investors, financial institutions and bodies.

What is Adept Lessor doing to chart a new path for the sector?

Adept Lessor is committed to adding value in an excellent way, that’s it .. Very simple…, we recognize and can pass that down through all involved in the organogram, that adding value and customers delight at every meeting point is priority. If we continue to live by that, we are well to do to champion a great cause. Integrity is what matters in any business/sector and it also matters in the sector we play in. At Adept we are championing great products that are very attractive and partnering with reputable organisations to also deepen the market in the country. We are always looking at creating enabling brand that recognises the terrain we are playing, while looking at various opportunities that we can explore to develop the market. However, we have dedicated professionals who understand the dynamics of the sector on how data is shaping investment choices. So, we clearly know where the trends in the sector is going and can interpret them with data to influence decision of our customers. We are also trying to change the narrative around car lease, car finance, and a very noble innovation that customers can buy and pay small; we have champion this in the last two years and we have seen it work. Equally I have successfully steered the affairs of Adept Lessor since 2015, ensuring it ranks high in the leasing industry. Adept Lessor emerged as the Gold winner for Customer Excellence at the Africa Brands Awards in 2022.

How can Nigerians leverage this neglected area of the financial sector; considering the investment atmosphere in the country?

Investments are what makes economies function and thrive. It is one of the factors that makes the growing entrepreneur with good ideas become valuables companies in the future. The concern is recognizing good investment opportunities, doing proper research and understanding the space to which such investment offerings run and carries out day to day businesses. For me investment offerings in the finance sectors are considerable opportunities to look at.

As a professional in the financial sector; what can clients do to hedge against inflationary trends?

Inflation is like rainfall, these trends happen, hedging against them requires proper financial knowledge on viable investments. For example people need to consider investments on real estates as they appreciate with such trends. Another type is investments where rising cost are passed to the consumers are also considerable. So, people have to be proactive when making choices with their funds.

Looking at organisational CSR: what are some of the things that motivate your drive to give back to society?

The saying ‘A Good Name’ is better than all the riches in the world, really resonates with me. I find time to give back to the society be it personal or as a corporate entity to ensure the goodwill of what we represent remains intact and preserved. You see giving back to the society has become part of me. I organize a masterclass that covers essential leadership skills, including effective communication, team building, and strategic thinking. Participants will learn how to inspire and motivate their teams, manage conflicts, and drive organizational change. The course includes case studies, interactive exercises, and guest lectures from industry leaders.

At the programme we are focused on aspiring and current entrepreneurs, this masterclass will delve into the fundamentals of starting and growing a business; business planning, market analysis, funding strategies, and scaling operations. Participants will gain practical insights and tools to navigate the entrepreneurial journey successfully.

I understand the significance of finance as critical pillar; this masterclass will provide a deep dive into financial management, covering topics such as budgeting, financial analysis, investment strategies, and risk management. Participants will learn how to make informed financial decisions, optimize cash flow, and enhance their financial acumen to drive business growth.

So, when you combine all my activities over the last two decades you will see is all centered on humanity. This I do through the Tayo Adekoya Foundation, which focus on empowering individuals and communities through education, entrepreneurship, and leadership development. The foundation offers scholarships, mentorship programs, and community development projects aimed at creating sustainable impact.

In all of these, who would you say Adetayo Adekoya is?