Stakeholders set up joint committee to strengthen leasing industry regulation

The Equipment Leasing Registration Authority (ELRA) and the Bureau of Public Procurement (BPP) have established a seven-member strategy and implementation committee to strengthen the regulation of Nigeria’s leasing industry.

Registrar/CEO of ELRA, Mr. Donald Wokoma, speaking during a courtesy visit to the Director-General of BPP, Dr. Adebowale Adedokun, noted that the committee would work to ensure that all leasing companies comply with statutory registration requirements.

In a statement issued in Abuja, the Head of Media and Corporate Communication at ELRA, Adebola Brookslyn, quoted Wokoma as emphasizing the importance of enforcing this regulation:

“We must ensure that only duly registered and compliant leasing firms are allowed to operate, especially where public funds are involved. This is about enforcing the law, protecting the public interest, and fostering professionalism within the industry.”

He stated that a key outcome of the meeting was the decision to make possession of ELRA’s registration certificate mandatory for all leasing companies and lessors engaging in transactions involving public funds or public institutions.

This requirement, he explained, aims to prevent unregistered firms from participating in public procurement processes.

In his response, Dr. Adedokun welcomed the initiative, saying it would enhance transparency in public leasing transactions and ensure that procurement processes are conducted in accordance with the law.

The committee, comprising three representatives each from ELRA and BPP, along with a Joint Secretariat Officer, has been given two weeks to produce a detailed position paper.

This document will outline the implementation framework, compliance procedures, stakeholder roles, and how the requirements align with the Public Procurement Act and other relevant regulations.

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Both agencies underscored the importance of inter-agency collaboration as a key driver of institutional efficiency and economic growth.

The committee’s work is expected to establish a clear and enforceable regulatory framework for leasing companies operating across Nigeria.a press release version or summary for social media.