Register All Lease Agreements With ELRA To Strengthen Economy – ELAN

The Equipment Leasing Association of Nigeria (ELAN) has urged lessors and leasing companies to register all lease agreements with the Equipment Leasing Registration Authority (ELRA), describing the move as crucial to strengthening Nigeria’s economy.

This is contained in a statement made available to newsmen in Abuja by Head, Media and Corporate Communication, ELRA. Adebola Brookslyn Sunday.

According to the statement, the Executive Secretary of ELAN, Mr Andrew Emonuwa, said leasing remained a key financing option for businesses, especially in sectors such as agriculture, construction, transportation, healthcare and manufacturing, where access to equipment was critical for growth.

He explained that proper registration of lease agreements would enhance transparency, provide accurate industry data, strengthen investor confidence and support policy formulation for the sector’s expansion.

According to Emonuwa “By registering lease agreements with ELRA, lessors will not only fulfill regulatory obligations but also contribute directly to building a stronger financial ecosystem.”

Emonuwa also commended ELRA’s innovation in the leasing industry, noting that the Authority had improved regulation, compliance and stakeholder engagement, thereby positioning the industry for a more significant role in Nigeria’s economic diversification efforts.

In his remarks, the Chief Executive Officer of ELRA, Mr Donald Wokoma said the partnership would enhance regulatory oversight, promote industry cooperation, and reinforce leasing as a driver of sustainable economic growth.

He reaffirmed ELRA’s commitment, under the supervision of the Federal Ministry of Finance, to foster transparency and account!qfability in the leasing sector.

Wokoma stressed that the agency would continue to provide an enabling environment that ensures the leasing industry contributes meaningfully to national development.

The capacity-building programme for ELRA staff with the theme “Equipment Leasing: From Principle to Practice was aimed at equipping ELRA staff with the knowledge and tools needed to effectively implement policies, strengthen collaboration and promote best practices to advance the leasing profession nationwide

PR Florence Adewale