The Federal Government has mandated all leasing companies to register their lease agreements or face strict penalties. The directive was announced by Donald Wokoma, the Director-General of the Equipment Leasing Registration Authority (ELRA), during a press briefing held in Abuja on Friday.
Wokoma emphasized that the order aligns with the provisions of the Equipment Leasing Act of 2015, which mandates the registration of all lease agreements to ensure their legal validity and enforceability. According to him, unregistered leases may not only lack legal protection but also hinder companies from accessing key services and investor confidence.
He stressed that lease registration enhances transparency, supports regulatory compliance, improves access to online leasing services, and boosts the sector’s attractiveness to foreign investors. It also helps create a structured, secure, and thriving leasing ecosystem in Nigeria.
Commending organizations that have already registered their lease agreements and secured their annual operational licenses via the ELRA portal, Wokoma noted that their compliance has set a strong precedent for accountability and professionalism in the sector.
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The ELRA online portal, he explained, now serves as the central hub for monitoring leasing activities, enforcing standards, and fostering seamless communication within the industry.
In a move seen as a gesture of goodwill, ELRA announced a temporary waiver of late registration penalties for leases signed in the first and second quarters of 2025. Wokoma said the waiver is intended to ease the burden on businesses and encourage mass compliance moving forward.
“This waiver is a demonstration of our commitment to supporting businesses and ensuring a smooth transition toward full compliance with the Equipment Leasing Act,” he stated.
Wokoma urged all leasing companies yet to register their agreements to take advantage of the waiver window and avoid sanctions. He assured stakeholders that ELRA is ready to assist with the registration process and urged companies to reach out via official channels for guidance and support.
With this directive, the Federal Government signals a renewed focus on regulatory enforcement and sector-wide accountability, positioning Nigeria’s leasing industry for greater integrity and global competitiveness.
