The Federal Government, through the Equipment Leasing Registration Authority (ELRA) and the Bureau of Public Procurement (BPP), has set up a seven-member strategy and implementation committee to strengthen regulation of Nigeria’s leasing industry.
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 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, he said, was aimed to prevent unregistered firms from participating in public procurement processes.
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.
This 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.
The committee’s work is expected to establish a clear and enforceable regulatory framework for leasing companies across Nigeria
𝗙𝗼𝗹𝗹𝗼𝘄 𝗢𝘂𝗿 𝗪𝗵𝗮𝘁𝘀𝗔𝗽𝗽 𝗖𝗵𝗮𝗻𝗻𝗲𝗹 𝗧𝗼 𝗚𝗲𝘁 𝗟𝗮𝘁𝗲𝘀𝘁 𝗡𝗲𝘄𝘀 𝗔𝘀 𝗜𝘁'𝘀 𝗗𝗿𝗼𝗽!
