Nigerian Government mandates lease registration for all equipment operators
The Federal Government has directed all lessors and leasing firms in Nigeria’s equipment leasing sector to ensure mandatory registration of lease agreements, warning that non-compliance could lead to sanctions.
This was disclosed in a statement by Donald Wokoma, Registrar and Chief Executive Officer of the Equipment Leasing Regulatory Agency (ELRA), and made available to journalists in Abuja on Friday.
Wokoma noted that the directive aligns with the provisions of the Equipment Leasing Act, 2015.
He stressed that lease registration is a vital regulatory requirement that guarantees legal recognition and protection of leases.
According to him, the registration process facilitates access to online services, encourages industry compliance, attracts foreign investment, and contributes to a transparent and efficient leasing framework.
Wokoma praised firms that have already registered and obtained their annual operational licences through the ELRA portal, describing their compliance as a reinforcement of best practices and integrity in the industry.
He explained that the ELRA portal (www.elra.gov.ng) now functions as the central platform for tracking leasing operations, enforcing standards, and enhancing communication across the sector.
He also revealed that the agency had approved a waiver on late registration fees for lease agreements covering the first and second quarters of 2025.
“This waiver reflects our commitment to easing compliance and encouraging broader adherence to the Equipment Leasing Act,” he said.
Wokoma assured stakeholders of ELRA’s ongoing support and urged them to contact the agency for assistance via email at info@elra.gov.ng or telephone at +234 705 032 4595.
(NAN)