The federal government has called on all lessors and leasing companies operating in Nigeria’s equipment leasing sector to undertake the compulsory registration of lease agreements, warning that failure to comply may attract sanctions.

This was stated in a press release by Donald Wokoma, the registrar and CEO of the Equipment Leasing Regulatory Agency, on Friday.

Mr Wokoma explained that the directive aligns with the provisions of the Equipment Leasing Act, 2015.

He explained that registering lease agreements is a crucial regulatory requirement ensuring legal recognition and leases’ protection.

According to him, the registration process enhances access to online services, promotes industry compliance, attracts foreign investment, and supports the development of a transparent and efficient leasing environment.

Mr Wokoma commended companies that have already completed their registration and obtained annual operational licences via the ELRA portal, calling their compliance a boost to best practices and integrity within the leasing industry.

He noted that the ELRA portal (www.elra.gov.ng) now serves as the central platform for monitoring leasing activities, ensuring compliance with industry standards, and facilitating improved communication across the sector.

He further announced that the agency had approved a waiver on late registration fees for lease agreements 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,” he said.

Mr Wokoma assured stakeholders of ELRA’s continued support and encouraged them to contact the agency for assistance via email at info@elra.gov.ng or telephone at +234 705 032 4595.

(NAN)