The federal government has directed all lessors and leasing companies operating in Nigeria’s equipment leasing industry to compulsorily register their lease agreements, warning that failure to comply may lead to sanctions.
This was disclosed in a press release issued 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 stated that the directive aligns with the provisions of the Equipment Leasing Act, 2015, which mandates registration as a key regulatory requirement for legal recognition and protection of leases.
He emphasized that “registering lease agreements is a crucial regulatory requirement that ensures legal recognition and protection of leases.”
According to him, the process also “enhances access to online services, promotes industry compliance, attracts foreign investment, and supports the development of a transparent and efficient leasing environment.”
Wokoma commended companies that had already complied by completing their registrations and obtaining annual operational licenses via the ELRA portal, describing their actions as a boost to best practices and integrity within the leasing industry.
He added that the ELRA portal (www.elra.gov.ng) now functions as the central platform for monitoring leasing activities, ensuring industry-wide compliance, and facilitating improved communication across the sector.
In a move to encourage broader participation, Wokoma announced 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 also reassured stakeholders of the agency’s readiness to provide support and urged them to contact ELRA for assistance via email at [email protected] or by phone at +234 705 032 4595.
(NAN)
