Association Urges Lessors To Register Lease Agreement

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 ELRA head, Media and Corporate Communication, Adebola Brookslyn Sunday.

Sunday quoted the executive secretary of ELAN, Mr Andrew Emonuwa, during a capacity-building programme for ELRA staff with the theme “Equipment Leasing: From Principle to Practice” as saying 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.

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

He added that compliance with registration requirements would stimulate capital formation, create jobs, and improve access to essential equipment for small and medium enterprises (SMEs), which are vital to Nigeria’s economic development.

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, welcomed the collaboration between ELAN and ELRA, describing it as a “win-win for all stakeholders.”

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 fostering transparency, innovation and accountability in the leasing sector.

According to him, the agency would continue to provide an enabling environment that ensures the leasing industry contributes meaningfully to national development.