FG Sets Up Committee To Tighten Leasing Regulation

The Federal Government has inaugurated a seven-member strategy and implementation committee to strengthen regulation in the country’s leasing industry.

The initiative, a joint effort of the Equipment Leasing Registration Authority (ELRA) and the Bureau of Public Procurement (BPP), was unveiled during a courtesy visit by the Registrar and Chief Executive Officer of ELRA, Mr Donald Wokoma, to the Director-General of BPP, Dr Adebowale Adedokun, in Abuja.

Wokoma said the move was part of efforts to enforce statutory compliance and ensure professionalism in the sector.

“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.

A key highlight of the new framework is that possession of ELRA’s registration certificate will now be mandatory for all leasing companies and lessors engaged in transactions involving public institutions or public funds. The measure, Wokoma explained, is to shut out unregistered firms from procurement processes.

On his part, Adedokun commended the collaboration, describing it as a step towards enhancing transparency and accountability in public leasing transactions. He noted that the development would also align procurement practices more closely with the provisions of the Public Procurement Act.

The joint committee comprises three representatives each from ELRA and BPP, alongside a Secretariat Officer. It has two weeks to submit a position paper detailing the implementation framework, compliance processes, stakeholder responsibilities, and alignment with existing regulations.

Both agencies agreed that inter-agency collaboration was vital to driving efficiency and boosting economic growth. The committee’s recommendations are expected to pave the way for a clear and enforceable regulatory regime for leasing companies across Nigeria.