ELRA, BPP set up joint c’ttee to strengthen leasing regulation
To strengthen regulation and leasing practices effectively in the country, the Equipment Leasing Registration Authority (ELRA) and the Bureau of Public Procurement (BPP) has set up a seven -member strategy and implementation committee .
In a statement made available to journalists in Abuja by the ELRA Head of Media and Corporate Communication, Mr. Adebola Sunday, quoted the Registrar/CEO of ELRA, Mr Donald Wokoma to have disclosed during a courtesy visit to the Director-General BPP, Dr Adebowale Adedokun.
Wokoma said the committee would ensure that all leasing companies comply with statutory registration requirements, and also explained the importance of enforcing the regulation.
“We must ensure that only duly registered and compliant leasing firms are allowed to operate, especially where public funds are involved.
“This is about enforcing the law, protecting public interest, and fostering professionalism within the industry.”
The Registrar added that a key decision from the meeting was the possession of ELRA’s registration certificate that would now be mandatory for all leasing companies and lessors engaging in transactions involving public funds or public institutions.
This requirement, Wokoma said, was aimed to prevent unregistered firms from participating in public procurement processes.
While responding, the Director General of BPP, Adedokun welcomed the initiative, saying it would enhance transparency in public leasing transactions and ensure that procurement processes were carried out in line with the law.
The committee, it said made up of three representatives each from ELRA and BPP, along with a Joint Secretariat Officer, has been given two weeks to produce a detailed position paper.
The document will also outline the implementation framework, compliance procedures, stakeholder roles, and how the requirements align with the Public Procurement Act and other relevant regulations.
These two agencies have underscored the importance of inter-agency collaboration as a driver of institutional efficiency and economic growth.
However, the committee’s work is expected to establish a clear and enforceable regulatory framework for leasing companies across Nigeria.
