On June 29, 1983, six merchant banks listed below formed the Equipment Leasing Association of Nigeria (ELAN) to promote and protect the interest of members as equipment lessors. These merchant banks are:

Continental Merchant Bank (Nigeria) Limited
ICON Limited (Merchant Bankers)
International Merchant Bank (Nigeria) Limited
NAL Merchant Bank Limited
Nigerian – American Merchant Bank Limited, and
Nigeria Merchant Bank Limited,
Saw the need to establish a formal form to discuss ideas and current developments in the leasing industry as their leasing activities expanded.

Originally, ELAN was formed as an Incorporated Trustee, but in 1991, the members started a process of re-organisation that would ensure a virile Association in order to meet the challenges posed by the rapid growth of the industry. Part of this effort, was the election for the first time of a Board of Directors to formulate policies and steer the affairs of the Association. Also an Executive Secretary was appointed to head the Secretariat. The first Executive Secretary was Dr. Bankole Abiola. Three years later, ELAN was re-incorporated as a company Limited by Guarantee, the process of re-incorporation was concluded in 1994.