Equipment Leasing Association Of Nigeria

Poised to promote leasing in Nigeria, the Equipment Leasing Association of Nigeria () has concluded plans to implement the Equipment Leasing Act 2015.

Consequently, the association has inaugurated the Equipment Leasing Registration Authority (ELRA).

Mr. Chuka Onwuchekwa, the group’s Chairman, disclosed this during the quarter one business forum organised by the body in collaboration with the Law Union & Rock Insurance Plc in Lagos, recently.

Onwuchekwa, who spoke through a representative, Mrs. Elizabeth Ehigiamusoe, Director, , said that the association was presently at the implementation stage of the Equipment Leasing Act 2015, especially with regards to the formal inauguration of the Equipment Leasing Registration Authority.

He informed the stakeholders that was working with the Ministry of Finance to ensure that the body was formally inaugurated and operational, adding that this was key to the successful implementation of the Act.

According to him, the future of leasing remained bright in Nigeria, as leasing tended to thrives whether the economy boomed or recessed, noting that diversification and developmental plans of government required huge investment in capital, which presents immense opportunities for the leasing industry.

He explained further that the need for the leasing industry to continue to enhance its capacity was to meet the demand of filling the wide financing gaps in various sectors and contribute more effectively to capital formation in the Nigerian economy.

In order to enhance service delivery to members, the boss said the body had developed value propositions for major stakeholders in the leasing value chain, aimed at strengthening business referencing for members.

He disclosed that intended to work through various trade bodies to reach its members and that it has contacted some of them including the Lagos Chamber of Commerce and Industry (LCCI), Nigerian Association of Small Scale Industrialists (NASSI) and Manufactures’ Association of Nigeria (MAN).

According to him, the outcome of these engagements would create more business opportunities for members, while a similar arrangement had been made with a member, Swiss Biostadt Limited, a renowned vendor on medical equipment, to facilitate medical equipment leasing.

“We are presently collating request from their customers and an initial transaction value of over N1.4billion, have been received. This transaction will be done in a special arrangement with members of the association,” he added.

Continuing, Mr. Onwuchekwa highlighted the programmes for this year, which he said, have been packaged in response to market dictates and the bid to continually enhance human capital development in the industry to include the Fleet Management and Transport Logistics, followed by the Nigerian Leasing School in May and other programmes.

He observed that it was imperative for practitioners to continue to equip themselves with relevant knowledge and skills to succeed in leasing business.

He commended the Law Union & Rock Insurance Plc, for their support to make the event a success.

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