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The Equipment Leasing Registration Authority (ELRA), in partnership with Mutual Dividends Ltd., on Friday held an awareness programme to enlighten Nigerians on the economic opportunities available in the equipment leasing sector.
The Head, Media and Corporate Communication, ELRA, Adebola Brookslyn-Sunday at the event in Abuja on Friday, said the creation of ELRA was to regulate the leasing Sector.
Tbis, he said marked a significant milestones in Nigeria’s economic reform under the Renewed Hope Agenda of the Federal Government in fostering a strategic drive towards building a more resilient and competitive economy.
He also reiterated the need for all businesses operating as lessors or lessees in Nigeria to register with the agency.
According to him, proper registration with ELRA provides the legal backing required for equipment recovery in cases of default and ensures that leasing transactions comply with national standards.
He further explained that the federal government had taken a firm stand against shortcuts in business processes, insisting that all leasing contracts must be backed by a non-objection letter to ensure transparency and compliance.
Alao, the Managing Director, Mutual Dividends, Mr Frank Oko, said the initiative was designed to encourage citizens and businesses to take advantage of leasing as a tool for empowerment and productivity.
Oko explained that ELRA, a federal government agency, regulates leasing activities across various sectors and protects the rights of both lessors and lessees.
He said registering with ELRA would give participants legal backing and enhances confidence in leasing transactions.
According to him, the programme seeks to broaden understanding of how leasing can support entrepreneurship, reduce capital barriers, and contribute to national economic growth.
He urged Nigerians to register either as lessors or lessees through the ELRA portal at www.elra.gov.ng, noting that both categories enjoy equal rights under the agency’s regulatory framework.
Oko added that the awareness drive would continue across the country to deepen participation and unlock the full potential of the leasing industry.
In the same vein, Ibrahim Oguche, focal person at ELRA said the establishment of its organisation had strengthened confidence in Nigeria’s leasing ecosystem and enhanced both foreign and local investment in the sector.
He said the leasing sector had operated without regulation for many years, a gap the federal government sought to close by setting up ELRA to provide structure, transparency and protection for all participants.
According to him, the regulatory framework has encouraged foreign direct investment by assuring international partners of Nigeria’s commitment to global best practices.
He added that the framework had also boosted local confidence, enabling individuals and businesses to engage in leasing for productive ventures with greater security.
Ibrahim commended the federal government for its support and said sustained backing was crucial to achieving ELRA’s long-term goals.
He reaffirmed the Authority’s commitment to deepening regulation, enhancing investor trust and expanding participation in the country’s leasing industry.
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