The Federal Government has directed all lessors and leasing companies operating in Nigeria’s equipment leasing sector to undertake the compulsory registration of lease agreements, warning against non-compliance.
Registrar and Chief Executive Officer of the Equipment Leasing Registration Authority (ELRA), Donald Wokoma, conveyed this in a statement made available to newsmen on Friday in Abuja.
According to him, the directive aligns with the provisions of the Equipment Leasing Act, 2015.
He warned against non-compliance as this could lead to regulatory consequences and compromise the enforceability of lease agreements.
Wokoma emphasised that registering lease agreements is a crucial regulatory requirement that ensures legal recognition and protection of leases.
He explained that 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.
He lauded 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.
Part of the statement read: “The authority hereby informs and reminds all stakeholders that the registration of lease agreements is mandatory for Lessors and Leasing Companies that operate in equipment Leasing landscape in Nigeria.
“In line with regulatory requirements, registration ensures: legal recognition of leases; protects the rights of all parties involved; and contributes to the development of a transparent and efficient leasing environment, amongst others.
“As we move forward, the ELRA portal will serve as the central hub for tracking leasing activities, ensuring adherence to industry standards, and facilitating better communication within the sector.
“Meanwhile, we are pleased to inform you that the Agency has approved a waiver for Lease agreement registration fees covering the First and Second Quarters for the year 2025.
“This waiver is part of ELRA’s commitment to supporting industry stakeholders and encouraging full compliance with the Equipment Leasing Act 2015.”
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