ELAN urges registration of lease agreements with ELRA to strengthen compliance

The Equipment Leasing Association of Nigeria (ELAN) has called on lessors and leasing companies to register all lease agreements with the Equipment Leasing Registration Authority (ELRA) to enhance transparency and regulatory compliance in the industry. This was contained in a statement issued in Abuja by Adebola Brookslyn Sunday, Head of Media and Corporate Communication at […]

The Equipment Leasing Association of Nigeria (ELAN) has called on lessors and leasing companies to register all lease agreements with the Equipment Leasing Registration Authority (ELRA) to enhance transparency and regulatory compliance in the industry.

This was contained in a statement issued in Abuja by Adebola Brookslyn Sunday, Head of Media and Corporate Communication at ELRA.

According to the statement, the Executive Secretary of ELAN, Mr. Andrew Emonuwa, made the call during a capacity-building programme for ELRA staff themed “Equipment Leasing: From Principle to Practice.”

Emonuwa noted that equipment leasing plays a vital role in supporting businesses across key sectors such as agriculture, construction, transportation, healthcare, and manufacturing, where access to machinery and equipment is essential for growth.

He explained that proper registration of lease agreements with ELRA would help generate reliable data for the industry, boost investor confidence, and support policy development for the sector’s expansion.

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

 

He added that compliance with registration requirements could stimulate capital formation, create jobs, and improve access to equipment for small and medium-sized enterprises (SMEs), which are critical to national economic development.

Also speaking at the event, the Chief Executive Officer of ELRA, Mr. Donald Wokoma, said the collaboration between ELAN and ELRA would enhance regulatory oversight and promote cooperation among industry stakeholders.

Wokoma reaffirmed ELRA’s commitment to transparency, innovation, and accountability in the leasing sector under the supervision of the Federal Ministry of Finance. He said the agency would continue to provide an enabling environment for sustainable growth and national development.

The training programme, he added, was aimed at strengthening the capacity of ELRA staff to implement policies effectively and promote best practices across the industry.