The Equipment Leasing Registration Authority has commended Azman Air for its commitment to full compliance with the equipment leasing act.

This was disclosed in a statement in Abuja on Monday by Adebola Brookslyn.

The CEO of ELRA, Donald Wokoma, called on all airline operators in Nigeria to fully leverage the regulatory and commercial benefits of the Equipment Leasing Act 2015.

Mr Wokoma said this call followed a courtesy and fact-finding visit by the CFO of AZMAN Air Services Limited, Muhammad Abdulmunaf, to ELRA, following the authority’s advisory on the mandatory registration of leased movable assets.

“Compliance with the Act offers operators legal certainty, stronger asset protection, and far greater confidence from financiers and international lessors,” Mr Wokoma said.

Mr Wokoma also provided a comprehensive overview of key provisions of the Act, particularly those mandating the registration of all leased movable assets, including aircraft, engines, ground support equipment, IT infrastructure, and operational tools within Nigeria’s aviation sector.

He restated the importance of full compliance, noting that registration under the ELA 2015 provided airlines with critical advantages.

“The law is designed to protect both lessors and lessees. By registering leased aviation assets, operators gain stronger legal certainty, improved financial standing, and better protection during disputes or insolvency situations,” Mr Wokoma stated.

He highlighted key benefits of the registration, including enhanced legal certainty and ownership protection for leased aircraft and aviation assets, improved access to financing, and increased investor confidence.

Others, he said, were strengthened rights during dispute resolution, repossession, or insolvency; a clear framework for cross-border leasing, vital for airlines reliant on imported aircraft; and faster, cost-effective dispute management through Alternative Dispute Resolution.

Additionally, he said, it would also enhance greater regulatory transparency and operational security across the aviation leasing value chain. Mr Wokoma reaffirmed the authority’s commitment to supporting Nigeria’s aviation sector with globally accepted regulatory standards.

He added that Nigeria’s leasing framework was increasingly aligned with international best practices, giving domestic operators a stronger footing in cross-border leasing markets and improving the country’s attractiveness to foreign investors.

Mr Wokoma emphasised the company’s commitment to supporting a transparent, safe, and investment-friendly leasing environment for all operators in Nigeria.

Mr Abdulmunaf described the ELA 2015 as “a forward-looking regulatory framework that enhances operational protection, strengthens corporate governance, and supports aviation sector stability”.

Mr Abdulmunaf assured ELRA that the airline was ready to fully comply and would immediately establish an internal compliance team to work closely with the Authority, ensuring seamless alignment with regulatory requirements.

(NAN)