The Equipment Leasing Registration Authority (ELRA) has announced a waiver of penalties for non-compliance with lease agreement registration for the first and second quarters of the 2025 fiscal year.
The Registrar and Chief Executive Officer of ELRA, Donald Wokoma, disclosed the approval in a statement to newsmen in Abuja on Sunday.
Wokoma explained that the strategic decision reflected ELRA’s commitment to easing compliance burdens while reinforcing its mandate to ensure proper documentation and regulation of leasing transactions across Nigeria.
“The waiver applies to statutory penalties and surcharges on late registration of lease agreements due for submission during Q1 and Q2, in accordance with Section 8(c) of the ELRA Act.”
However, he stressed that registration of lease agreements remained mandatory. Lessors and lessees were strongly encouraged to take advantage of the window to regularise all outstanding agreements.
“This Act provides that any person operating as a lessor in Nigeria must register with the Authority, as well as all lease agreements entered between lessors and lessees.
“This waiver demonstrates ELRA’s dedication to supporting industry players and fostering an enabling environment for leasing businesses to thrive.
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“It is imperative that all stakeholders take this opportunity to ensure full compliance, as mandatory registration is critical for legal enforceability, transparency, and industry credibility,” Wokoma said.
The Registrar emphasised that the move aimed to increase awareness and adoption of the central lease registry and help streamline leasing operations nationwide.
He noted that registration promoted transparency, credibility, regulatory support, and legal protection of leases.
“”It also safeguards the rights of all parties, enhances risk mitigation, and improves access to capital and financing.”
Wokoma advised stakeholders to register their lease agreements promptly by visiting www.elra.gov.ng/Registration.
He warned that failure to register going forward might result in legal and regulatory penalties under the ELRA Act.(NAN)
