The Federal Government has ordered all the landlords and lease companies that operate in the Nigerian equipment lease sector to undertake the mandatory registration of the lease contracts, warning against breach.
The Registrar and Executive Director of the Equipment Lease Registry Authority (Elra), Donald Wokoma, transmitted this in a statement made available to journalists on Friday in Abuja.
According to him, the directive is aligned with the provisions of the Team Lease Law, 2015.
He warned against breach, since this could lead to regulatory consequences and compromise the execution of lease.
Wokoma emphasized that registering lease contracts is a crucial regulatory requirement that guarantees legal recognition and protection of leases.
He explained that the registration process improves access to online services, promotes industry compliance, attracts foreign investment and supports the development of a transparent and efficient lease environment.
He praised the companies that have already completed their registration and obtained annual operational licenses through the Elra portal, calling for compliance with impulse to best practices and integrity within the lease industry.
He pointed out that the Elra portal (www.elra.gov.ng) now serves as the central platform to monitor lease activities, guarantee compliance with industry standards and facilitate improved communication throughout the sector.
In addition, he announced that the agency had approved an exemption in late registration rates for lease contracts that cover the first and second quarter of 2025.
Part of the statement said: “The authority informs and reminds all interested parties that the registration of the lease contracts is mandatory for the landlords and the lease companies that operate in the land lease landscape in Nigeria.
“In line with the regulatory requirements, the registration guarantees: legal recognition of leases; protects the rights of all parties involved; and contributes to the development of a transparent and efficient lease environment, among others.
“As we advance, the Elra portal will serve as the central center to trace lease activities, guarantee adherence to industry standards and facilitate better communication within the sector.
“Meanwhile, we are pleased to inform him that the agency has approved an exemption for the registration rates of lease contracts that cover the first and second quarter for the year 2025.
“This exemption is part of Elra's commitment to support the interested parties of the industry and encourage full compliance with the 2015 team lease law.”
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