The Nigerian Navy has committed to working closely with the Equipment Leasing Registration Authority (ELRA) to enhance the enforcement of the Equipment Leasing Act, 2015, as part of efforts to improve transparency and accountability in Nigeria’s leasing sector.
The pledge was made by the Chief of Naval Staff, Vice Admiral Idi Abbas, during a courtesy visit by ELRA officials 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 engagement was aimed at strengthening institutional cooperation and improving the monitoring of leased maritime assets operating within Nigeria’s territorial waters.
During the visit, ELRA’s Registrar and Chief Executive Officer, Donald Wokoma, outlined the agency’s mandate and emphasized the importance of collaborating with maritime security institutions to ensure that leased assets are properly documented, traceable, and compliant with the law.
Vice Admiral Abbas highlighted that close collaboration with regulatory bodies like ELRA would enhance the Navy’s capacity to monitor maritime operations effectively, reduce fraud, and safeguard national assets in the leasing sector.
Officials noted that the partnership is expected to foster a more transparent and accountable leasing ecosystem, particularly in the maritime domain, where unregistered or improperly documented assets can pose security and operational risks.
Both institutions agreed to pursue joint initiatives, including information sharing, capacity building, and regular monitoring of leased maritime assets, to ensure full compliance with the Equipment Leasing Act, 2015.
The collaboration reflects a broader commitment by the Nigerian Navy and regulatory agencies to strengthen governance, accountability, and regulatory enforcement in key sectors of the Nigerian economy.
