Association Urges Lessors To Register Lease Agreement

The Equipment Leasing Association of Nigeria (ELAN) has urged lessors and leasing companies to registry each lease agreements with the Equipment Leasing Registration Authority (ELRA), describing the determination arsenic important to strengthening Nigeria’s economy.

This is contained successful a connection made disposable to newsmen successful Abuja by ELRA head, Media and Corporate Communication, Adebola Brookslyn Sunday.

Sunday quoted the enforcement caput of ELAN, Mr Andrew Emonuwa, during a capacity-building programme for ELRA unit with the taxable “Equipment Leasing: From Principle to Practice” arsenic saying leasing remained a cardinal financing enactment for businesses, particularly successful sectors specified arsenic agriculture, construction, transportation, healthcare and manufacturing, wherever entree to instrumentality was captious for growth.

He explained that due registration of lease agreements would heighten transparency, supply close manufacture data, fortify capitalist assurance and enactment argumentation formulation for the sector’s expansion.

“By registering lease agreements with ELRA, lessors volition not lone fulfil regulatory obligations but besides lend straight to gathering a stronger fiscal ecosystem,” Emonuwa said.

He added that compliance with registration requirements would stimulate superior formation, make jobs, and amended entree to indispensable instrumentality for tiny and mean enterprises (SMEs), which are captious to Nigeria’s economical development.

Emonuwa besides commended ELRA’s innovation successful the leasing industry, noting that the Authority had improved regulation, compliance and stakeholder engagement, thereby positioning the manufacture for a much important relation successful Nigeria’s economical diversification efforts.

In his remarks, the main enforcement serviceman of ELRA, Mr Donald Wokoma, welcomed the collaboration betwixt ELAN and ELRA, describing it arsenic a “win-win for each stakeholders.”

Wokoma said the concern would heighten regulatory oversight, beforehand manufacture cooperation, and reenforce leasing arsenic a operator of sustainable economical growth.

He reaffirmed ELRA’s commitment, nether the supervision of the Federal Ministry of Finance, to fostering transparency, innovation and accountability successful the leasing sector.

According to him, the bureau would proceed to supply an enabling situation that ensures the leasing manufacture contributes meaningfully to nationalist development.