ELRA, BPP Constitutes Committee For Leasing Industry Regulation

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

In a statement in Abuja, the Registrar of ELRA, Mr Donald Wokoma during a courtesy visit to the Director-General BPP, Dr Adebowale Adedokun, said that the committee would ensure that all leasing companies comply with statutory registration requirements.

The statement signed by the ELRA Head of Media and Corporate Communication, Adebola Brookslyn Sunday, explains that Wokoma emphasised the importance of enforcing this regulation, to ensure that only duly registered and compliant leasing firms are allowed to operate, especially where public funds are involved.

This requirement, he said, was aimed at preventing unregistered firms from participating in public procurement processes.

Responding, Adedokun welcomed the initiative, saying it would enhance transparency in public leasing transactions and ensure that procurement processes were carried out in line with the law.

The committee, made up of 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.

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

The committee is also expected to establish a clear and enforceable regulatory framework for leasing companies across Nigeria.

PR Florence Adewale