FG Directs Leasing Companies To Register Or Face Sanctions

The federal government has mandated all lessors and leasing companies operating in Nigeria’s equipment leasing sector to embark on compulsory registration of lease agreements or face sanctions.

In a statement by the Registrar and Chief Executive Officer of ELRA, Mr. Donald Wokoma in Abuja says the move was in line with provisions of the Equipment Leasing Act 2015 of the authority, operating under the Federal Ministry of Finance.

Wokoma, said that the registration of lease agreements was a critical regulatory requirement that ensures legal recognition and protection of leases.

According to him the registration will improve access to online services, promote industry compliance, attract foreign investment, and support the development of a transparent and efficient leasing environment.

Wokoma who commended companies that have already registered and obtained their annual operational licences through the ELRA portal described their efforts as a boost to best practices and integrity within the leasing industry.

He, however, urged stakeholders yet to comply or in the process of doing so, to complete their registration immediately to avoid regulatory consequences and potential challenges in enforcing lease agreements.

The Executive officer noted that the ELRA portal (www.elra.gov.ng) now serves as the central platform for tracking leasing activities, ensuring adherence to standards, and fostering better communication across the sector.

According to Wokama “To support industry stakeholders, we announced that the agency had approved a waiver for late lease agreement registration fees 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.”

Wokoma assured stakeholders of continued support.

PR Florence Adewale