Every second brings Nigerians closer to exercising their democratic right and shaping the future of our nation.
Exercise your democratic right responsibly, peacefully and lawfully.
The Federal Government has introduced a new compliance requirement for companies seeking equipment leasing contracts, directing prospective bidders to obtain certification from the Equipment Leasing Registration Authority (ELRA).
The directive is expected to affect businesses participating in equipment leasing transactions, particularly contractors and service providers seeking government-related contracts that involve leased machinery and other equipment.
Under the new arrangement, eligible companies will be required to present the relevant ELRA certificate as part of their bidding documentation. The measure is intended to strengthen regulatory compliance and ensure that operators in the equipment leasing industry meet established requirements.
The policy also signals the government’s intention to improve oversight of equipment leasing activities, an important segment of the economy that supports construction, manufacturing, transportation, agriculture and other commercial operations.
Industry stakeholders are expected to review their existing documentation and registration status to determine whether they meet the new conditions before submitting bids. Companies that fail to satisfy the prescribed requirements could face difficulties participating in affected procurement exercises.
The development comes as authorities continue efforts to strengthen standards across business sectors and promote transparency in commercial transactions. Proper regulation of equipment leasing is also considered important for protecting the interests of lessors, lessees and other parties involved in contractual agreements.
Businesses operating in the sector will need to pay attention to the implementation of the directive and obtain clarification from the relevant authorities on the certification process, applicable deadlines and categories of contracts covered.
The new requirement is expected to place greater emphasis on formal registration and regulatory accountability among equipment leasing operators seeking to participate in bidding opportunities.
