The Nigerian Navy has pledged to work with the Equipment Leasing Registration Authority (ELRA) to strengthen enforcement of the Equipment Leasing Act, 2015 and improve transparency in Nigeria’s maritime leasing sector.
The commitment was made by the Chief of Naval Staff, Vice Admiral Idi Abbas, during a courtesy visit by officials of the Authority to the Naval Headquarters in Abuja.
According to a statement issued on Friday by ELRA’s Head of Media and Corporate Communication, Adebola Sunday, the meeting focused on strengthening cooperation and improving monitoring of leased maritime assets.
During the visit, ELRA Registrar and Chief Executive Officer Donald Wokoma explained the agency’s mandate and stressed the need for collaboration with maritime security institutions.
He said the partnership would ensure that leased assets operating within Nigeria’s maritime domain are properly documented and traceable.
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Wokoma said: “ELRA promotes leasing as a driver of economic growth and ensures leased assets are properly registered and traceable to enhance transparency and maritime enforcement.”
Responding, Abbas said asset registration is important for economic oversight and stability in the maritime sector.
He said: “The Nigerian Navy stands ready to collaborate with ELRA, as effective asset registration strengthens economic activity and oversight.”
The statement added that the naval chief also welcomed the partnership between ELRA and Admiralty Maritime Services Limited, noting that leasing arrangements enable maritime operators to expand their fleets without heavy upfront capital investment.
Both institutions agreed to deepen cooperation through improved information sharing and structured operational frameworks aimed at strengthening compliance, boosting investor confidence and protecting national economic interests.
The Equipment Leasing Act, 2015 provides the legal framework for regulating leasing activities in Nigeria and mandates the registration of lease agreements to ensure transparency and legal recognition for parties involved.
The law also established a registration authority responsible for documenting leasing transactions and promoting best practices in the industry under the supervision of the Federal Ministry of Finance.
