The Nigerian Navy has pledged full support for the Equipment Leasing Registration Authority (ELRA) in enforcing the Equipment Leasing Act, 2015.
The assurance was given by the Chief of Naval Staff, Vice Admiral Idi Abbas, during a courtesy visit by ELRA officials to the Naval Headquarters in Abuja.
In a statement issued by ELRA’s Head of Media and Corporate Communication, Adebola Sunday, the Registrar and Chief Executive Officer, Donald Wokoma, reaffirmed the Authority’s commitment to strengthening transparency and accountability in the leasing sector.
According to him, the Equipment Leasing Act, 2015 was enacted to regulate leasing transactions in Nigeria, protect the interests of stakeholders, and create a transparent framework for the growth of the leasing industry.
Wokoma noted that the Authority was intensifying efforts to ensure full compliance with the provisions of the law, particularly the mandatory registration of leasing transactions and operators, which he said would help curb fraudulent practices and enhance investor confidence in the sector.
He explained that collaboration with key government institutions, including security agencies like the Nigerian Navy, was critical to achieving effective enforcement of the Act and safeguarding leased assets across the country.
The ELRA chief added that the partnership would also facilitate information sharing, monitoring of equipment movements, and protection of leased assets used in strategic sectors of the economy.
Wokoma commended the Navy for its readiness to support the Authority’s mandate, expressing confidence that the collaboration would strengthen regulatory compliance and contribute to the overall development of Nigeria’s leasing industry.
“ELRA promotes leasing as a driver of economic growth and ensures leased assets are properly registered and traceable to enhance transparency and maritime enforcement,” Wokoma said.
Responding, the Chief of Naval Staff described asset registration as critical to economic stability within the maritime domain.
“The Nigerian Navy stands ready to collaborate with ELRA, as effective asset registration strengthens economic activity and oversight,” Vice Admiral Abbas stated.
He also commended the partnership between ELRA and Admiralty Maritime Services Limited (AMSL), noting that leasing enables operators to expand their fleets without heavy upfront capital investment.
He noted that such arrangements were vital for strengthening maritime operations, improving service delivery, and supporting the growth of Nigeria’s maritime economy.
The naval chief emphasised that strategic partnerships within the maritime sector would enhance operational efficiency, encourage private sector participation, and stimulate investments in marine assets and infrastructure.
According to him, the Nigerian Navy remains committed to supporting initiatives that promote transparency, proper asset documentation, and responsible utilisation of maritime equipment.
Vice Admiral Abbas added that collaboration between regulatory bodies and industry players would help create a more structured and secure operating environment within the nation’s maritime domain, ultimately contributing to national economic development.
Both sides agreed to deepen operational collaboration, strengthen information sharing, and develop structured frameworks to enhance compliance, boost investor confidence and safeguard national economic interests.
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