By HOSEA NYAMLONG
THE Equipment Leasing Registration Authority (ELRA) and the Bureau of Public Procurement (BPP) have inaugurated a seven-member strategy and implementation committee to strengthen the regulation of Nigeria’s leasing industry.
This was contained in a statement issued in Abuja recently by the Head of Media and Corporate Communication, ELRA, Adebola Brookslyn Sunday.
Registrar/CEO of ELRA, Mr Donald Wokoma, said the committee would ensure that all leasing companies comply with statutory registration requirements.
According to him: “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.”
A major outcome of the meeting was that possession of ELRA’s registration certificate would now be compulsory for all leasing companies and lessors engaging in transactions involving public funds or public institutions.
The requirement is aimed at preventing unregistered firms from participating in public procurement processes.
Responding, BPP Director-General, Dr Adebowale Adedokun, welcomed the initiative, stressing that it would enhance transparency in public leasing transactions and ensure that procurement processes comply with the law.
The committee, comprising three representatives each from ELRA and BPP, along with a Joint Secretariat Officer, has two weeks to produce a detailed position paper.
The document is expected to outline the implementation framework, compliance procedures, stakeholder roles and how the requirements align with the Public Procurement Act and other relevant regulations.
Both agencies emphasised the importance of inter-agency collaboration as a driver of institutional efficiency and economic growth.
The committee’s work is expected to provide a clear and enforceable regulatory framework for leasing companies across Nigeria.