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Tag: ELRA

  • ELRA urges airline operators to comply with Equipment Leasing Act

    ELRA urges airline operators to comply with Equipment Leasing Act

    The Equipment Leasing Registration Authority (ELRA) has commended Azman Air for its commitment to full compliance with the Equipment Leasing Act.

    This is contained in a statement signed by the Head of Media and Corporate Communication of ELRA, Adebola Brookslyn, on Monday in Abuja.

    The statement quoted the Registrar/CEO of ELRA, Donald Wokoma, as having called on all airline operators in Nigeria to fully leverage the regulatory and commercial benefits of the Equipment Leasing Act (ELA) 2015.

    Wokoma said this call followed a courtesy and fact-finding visit by the Chief Financial Officer of AZMAN Air Services Limited, Dr Muhammad Abdulmunaf, to ELRA, after the Authority issued an advisory on the mandatory registration of leased movable assets.

    “Compliance with the Act offers operators legal certainty, stronger asset protection, and far greater confidence from financiers and international lessors,” Wokoma said.

    The Registrar also provided a comprehensive overview of key provisions of the Act, particularly those mandating the registration of all leased movable assets, including aircraft, engines, ground support equipment, IT infrastructure, and operational tools within Nigeria’s aviation sector.

    He emphasised the importance of full compliance, noting that registration under the ELA 2015 provided airlines with critical advantages.

    “The law is designed to protect both lessors and lessees. By registering leased aviation assets, operators gain stronger legal certainty, improved financial standing, and better protection during disputes or insolvency situations,” he said.

    He highlighted key benefits of the registration to include enhanced legal certainty and ownership protection for leased aircraft and aviation assets, and improved access to financing and increased investor confidence.

    Others, he said, are strengthened rights during dispute resolution, repossession, or insolvency, a clear framework for cross-border leasing, vital for airlines reliant on imported aircraft, and faster, cost-effective dispute management through the use of Alternative Dispute Resolution (ADR).

    Additionally, he said it would also enhance greater regulatory transparency and operational security across the aviation leasing value chain.

    Wokoma reaffirmed the agency’s commitment to supporting Nigeria’s aviation sector with globally accepted regulatory standards.

    He noted that Nigeria’s leasing framework is increasingly aligned with international best practices, giving domestic operators a stronger footing in cross-border leasing markets and improving the country’s attractiveness to foreign investors.

    Wokoma emphasised the commitment of the agency to supporting a transparent, safe, and investment-friendly leasing environment for all operators in Nigeria.

    AZMAN Air Chief Financial Officer, Abdulmunaf, described the ELA 2015 as “a forward-looking regulatory framework that enhances operational protection, strengthens corporate governance, and supports aviation sector stability.”

    Abdulmunaf assured ELRA that the airline was ready to fully comply and would immediately establish an internal compliance team to work closely with the Authority, ensuring seamless alignment with regulatory requirements.

  • FG launches ministerial project approval board

    FG launches ministerial project approval board

    The Federal Government has launched the Ministerial Project Approval Board (MPAB) in addition to promoting a strategic digital transformation partnership with the Equipment Leasing Registration Authority (ELRA).

    All these are aimed at modernising Nigeria’s leasing industry and expanding access to equipment finance for businesses across the country.

    The initiative, according to the Ministry of Finance in a statement on Wednesday, seeks to digitise regulatory processes, enhance transparency in the market, and support small and medium-sized enterprises (SMEs) that depend on leasing to acquire machinery, vehicles, and technology essential for growth and competitiveness.

    Minister of Finance and Coordinating Minister of the Economy, Wale Edun, inaugurated the Ministerial Project Approval Board at his office in Abuja and presided over its first review session, during which the Board considered a public-private partnership (PPP) proposal from ELRA to transform the nation’s equipment leasing landscape.

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    Speaking at the inauguration, Edun commended the clarity and ambition of the proposed project, noting that the Board would maintain strict standards of due process, value for money, and accountability in evaluating all PPP initiatives.

    “This administration is committed to partnerships that leverage private capital and innovation to deliver real economic value,” the Minister said. “Our focus is on reforms that stimulate investment, productivity, and job creation.”

    Edun explained the Board would play a central role in accelerating responsible private-sector investment within the Ministry’s oversight, ensuring that all PPPs are structured to safeguard the public interest while advancing sustainable economic development.

    He noted that the initiative aligns with President Bola Tinubu’s economic agenda to strengthen Nigeria’s industrial base, improve access to credit, and create an enabling environment for businesses to thrive.

  • BPP, ELRA set up committee to strengthen leasing regulation

    BPP, ELRA set up committee to strengthen leasing regulation

    The Equipment Leasing Registration Authority (ELRA) and the Bureau of Public Procurement (BPP) have set up a seven-member strategy and implementation committee to strengthen regulation of the leasing industry.

    The committee’s work is expected to establish a clear and enforceable regulatory framework for leasing companies across Nigeria.

    This was disclosed in a statement on Monday by the Head of Media and Corporate Communication for ELRA, Adebola Brookslyn.

    The statement quoted the Registrar/CEO of ELRA, Mr Donald Wokoma to have said during a courtesy visit to the Director-General BPP, Dr Adebowale Adedokun, that the committee would ensure that all leasing companies comply with statutory registration requirement.

    Wokoma emphasised the importance of enforcing this regulation, stating, “We must ensure that only duly registered and compliant leasing firms are allowed to operate, especially where public funds are involved.

    “This is about enforcing the law, protecting public interest, and fostering professionalism within the industry,” he stated.

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    The statement said a key decision from the meeting was that possession of ELRA’s registration certificate would now be mandatory for all leasing companies and lessors engaging in transactions involving public funds or public institutions.

    This requirement, it said, was aimed to prevent unregistered firms from participating in public procurement processes.

    Responding, Adedokun welcomed the initiative, saying it would enhance transparency in public leasing transactions and ensure that procurement processes were carried out in line with the law.

    The committee, made up of three representatives each from ELRA and BPP, along with a Joint Secretariat Officer, has been given two weeks to produce a detailed position paper.

    The document will outline the implementation framework, compliance procedures, stakeholder roles, and how the requirements align with the Public Procurement Act and other relevant regulations.

    Both agencies underscored the importance of inter-agency collaboration as a driver of institutional efficiency and economic growth.

  • ELRA, NCR partner to boost leasing, expand access to finance

    ELRA, NCR partner to boost leasing, expand access to finance

    The Equipment Leasing Registration Authority (ELRA) and the National Collateral Registry (NCR) have partnered to strengthen equipment leasing and expand access to finance through the registration of movable assets in the country.

    Head, Media and Corporate Communication of ELRA, Brookslyn Adebola, disclosed this in a statement on Saturday in Abuja.

    The statement said the collaboration, formalised at a meeting between executives and technical experts from both institutions, seeks to promote secured transactions and build a more inclusive credit system for businesses across the country.

    He quoted the Registrar/CEO of ELRA, Donald Wokoma, to have said that the leasing sector had shown resilience and growth, recording about ₦5.1 trillion in lease volume in 2024, with a projected 20 percent growth in 2025.

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    The statement said: “This initiative is timely and essential for creating an enabling environment where leased equipment can serve as credible security for financing in Nigeria.

    “With sustainable financing, lessors can expand operations and provide SMEs with the tools they need to grow.

    “This aligns with the Renewed Hope Agenda on wealth creation and revenue generation.”

    The statement called on the NCR to support sensitisation efforts and encourage stakeholders to register all lease transactions with ELRA.

    Registrar of the NCR, Xavier-Itam Okon, reaffirmed the registry’s commitment to promoting secured transactions in partnership with banks and finance companies.

    Okon noted that reforms by the NCR have already attracted more foreign capital into Nigeria’s financial system.

    “Our goal is to ensure that movable assets are fully recognised as bankable collateral. By working with ELRA, we are deepening financial inclusion and creating opportunities for entrepreneurs who would otherwise struggle to access credit,” Okon said.