The Equipment Leasing Association of Nigeria has emphasised the critical need for all lease agreements in the country to be registered with the Equipment Leasing Registration Authority, describing the move as essential for ensuring transparency, protecting stakeholders, and strengthening the national economy.
Speaking at a capacity-building programme for ELRA staff themed “Equipment Leasing: From Principle to Practice,” ELAN Executive Secretary, Andrew Emonuwa, outlined the far-reaching benefits of lease registration, noting that it is not only a regulatory requirement but a strategic step towards building a credible and data-driven leasing industry.
In a statement issued by Adebola Sunday, Head of Media and Corporate Communication at ELRA, Emonuwa stated:
“By registering lease agreements with ELRA, lessors will not only fulfill regulatory obligations but also contribute directly to building a stronger financial ecosystem.”
He explained that proper registration would promote transparency, provide reliable industry data, and boost investor confidence—critical elements in attracting both local and foreign investments to the leasing sector. It would also support effective policy formulation and planning for the sector’s sustainable growth.
Emonuwa further noted that lease registration is essential for stimulating capital formation, improving access to equipment, and driving growth in sectors such as agriculture, healthcare, construction, and transport—where equipment financing plays a key role.
He warned that operating outside the regulatory framework weakens industry credibility and poses risks to lessors and lessees alike.
“Compliance with registration requirements will stimulate job creation and improve access to equipment, especially for small and medium enterprises (SMEs), which are vital to Nigeria’s economic development,” he added.
Emonuwa also praised ELRA’s regulatory advancements, stating that the Authority has strengthened industry oversight and stakeholder engagement, positioning leasing to contribute meaningfully to Nigeria’s economic diversification drive.
In his remarks, Chief Executive Officer of ELRA, Donald Wokoma, underscored the importance of the partnership between ELAN and ELRA in enhancing compliance and promoting leasing as a tool for sustainable economic growth.
“This collaboration is a win-win for all stakeholders,” Wokoma said.
“It will enhance regulatory oversight, foster transparency, and reinforce leasing as a viable means of financing for businesses.”
He reiterated ELRA’s commitment, under the supervision of the Federal Ministry of Finance, to creating an enabling environment where the leasing industry can thrive and contribute significantly to national development.
Wokoma added that the training programme was designed to empower ELRA staff with the technical knowledge and tools to implement policies effectively, strengthen collaboration, and promote best practices across the leasing value chain.
The call by ELAN reinforces the importance of regulatory compliance in building a resilient leasing sector and supporting Nigeria’s broader economic objectives.
