The federal government has called on all lessors and leasing companies operating in Nigeria’s equipment leasing sector to undertake the compulsory registration of lease agreements, warning that failure to comply may attract sanctions.
According to a press statement issued Monday by the Registrar and Chief Executive Officer of Equipment Leasing Registration Authority (ELRA), Donald Wokoma, the directive aligns with the provisions of the Equipment Leasing Act, 2015.
Speaking further, he emphasised that registering lease agreements is a crucial regulatory requirement that ensures legal recognition and protection of leases.
He said, the registration process 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 have already completed their registration and obtained annual operational licences via the ELRA portal, calling their compliance a boost to best practices and integrity within the leasing industry.
He noted that the ELRA portal (www.elra.gov.ng) now serves as the central platform for monitoring leasing activities, ensuring compliance with industry standards, and facilitating improved communication across the sector.
He further announced that the agency had approved a waiver on late registration fees for lease agreements covering the first and second quarters of 2025.
This waiver, he said, reflects our commitment to easing compliance and encouraging broader adherence to the Equipment Leasing Act.
Wokoma assured stakeholders of ELRA’s continued support and encouraged them to contact the agency for assistance via email at [email protected].