The Bureau of Public Procurement (BPP) has directed bidders in public procurement processes involving leased equipment to present a valid Equipment Leasing Agreement Registration Certificate (ELARC).
- Advertisement -
This is contained in a statement made available to newsmen in Abuja on Monday by the Head, Media and Corporate Communication of Equipment Leasing Registration Authority (ELRA), Adebola Sunday.
Sunday quoted the Director General/CEO of BPP, Dr Adebowale Adedokun to have said that equipment leasing was recognised as an approved acquisition option under Section 55(5)(b) of the Public Procurement Act (PPA), 2007, and remained critical to executing many government contracts.
Adedokun said bidders must present an ELARC issued by the Equipment Leasing Registration Authority (ELRA) as a condition for responsiveness in procurement processes involving leased equipment.
He explained that ELRA is the statutory authority responsible for registering equipment leasing agreements in Nigeria.
He said the directive was aimed at ensuring compliance with Section 4 of the Equipment Leasing Act, 2015, which outlines statutory requirements for equipment leasing agreements.
He advised all bidders to comply strictly with the directive, warning that defaulters would be sanctioned in line with applicable laws and regulations.
